According to a recent poll from Reinsurance News, the re/insurance industry appears to be unsure in regards to how big of an impact the recent CrowdStrike IT global outage will have on the standalone cyber insurance market. For those who need a reminder, the outage, which took place on July 19, was caused by the […]
USAA’s Wallace becomes Chief Audit Executive, Seybold takes over as CFO
USAA has announced that Jeff Wallace, the firm’s current Chief Financial Officer (CFO), will take on a new role as Chief Audit Executive. Brett Seybold, who is currently the Senior Vice President and Senior Financial Officer for USAA’s property and casualty business, will replace Wallace as CFO. Throughout his 30-year-long career, Wallace has held leadership […]
Universal’s CR strengthens in Q2’24, net income rises to $35.4m
Universal Insurance Holdings has announced a net income of $35.4 million for the second quarter of 2024, an increase of 24% from the prior year quarter, as the company’s combined ratio strengthened by 3.2 percentage points to 95.9%. At the same time, the company has reported Q2 2024 total revenues of $380.2 million, up 12.0% from […]
CrowdStrike event to cost cyber insurers up to $1.5bn: CyberCube
Preliminary insured losses from the CrowdStrike IT outage for the standalone cyber insurance market are anticipated to fall between $400 million and $1.5 billion, according to CyberCube, a specialist modelling firm for cyber risks and exposures. For those unaware, the outage was caused by the security company CrowdStrike, which sent out a corrupted software update […]
Chubb’s P&C underwriting results improve despite elevated cat losses
Global property and casualty (P&C) insurer Chubb has reported Q2 2024 P&C underwriting income of $1.42 billion with a combined ratio of 86.8%, despite a rise in pre-tax catastrophe losses, net of reinsurance, to $580 million. In the second quarter of 2024, Chubb’s P&C underwriting income increased 0.5% year-on-year as the combined ratio improved by […]
RLI sees Q2 underwriting income climb to $70m as combined ratio improves
In its Q2 2024 results, RLI Corp has revealed that its underwriting income increased to $70 million on an 81.5 combined ratio, up from $41.2 million on an 87.2 combined ratio in Q2 of 2023. RLI’s Property segment reportedly made up $53.2 million of the total underwriting income, while the Casualty segment made up $10.3 […]
WTW hires Marsh’s Lucy Clarke as President, Risk & Broking
WTW, the global insurance and reinsurance broker, has appointed industry veteran Lucy Clarke as president, Risk & Broking. Clarke joins the firm with 25 years of industry experience, which includes previous tenures working in leadership roles at major firms, such as JLT Group and Marsh. Most recently, she served as the president of Marsh Specialty […]
BI claims the likely focus of insured losses from Microsoft IT outage, say analysts
Following today’s Microsoft Cloud outage, analysts currently expect business interruption claims to drive the bulk of insurance industry losses, and question whether this could be the litmus test for cyber underwriters, notably UK headquartered, specialist insurer Beazley. One of the largest-ever IT outages hit companies across the world today, causing significant disruption to airlines, hospitals, […]
2023 SCS losses were not extreme or surprising, says KCC
While the active 2023 severe convective storm (SCS) season led to higher-than-average insured losses, these losses were not extreme, according to Karen Clark & Company’s (KCC) SCS Model. The KCC US SCS Reference Model offers a realistic depiction of the impacts from SCS events, using advanced simulations of the actual atmospheric conditions during severe storms. […]
Everest appoints new Chief Claims Officers
Bermuda-domiciled global re/insurer Everest Group, Ltd. has promoted Andrew McBride to Group Chief Claims Officer and appointed Lope Garcia as Global Reinsurance Chief Claims Officer. In his new role, McBride will lead claims across Everest’s insurance and reinsurance divisions, working closely with the firm’s global leaders. Most recently, as the Global Head of Claims at […]