All News articles – Page 27
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2022 fourth-costliest year on record for cat losses – S&P
A new report on catastrophe risk appetite among global reinsurers has found last year to be the fourth-costliest on record for annual global insured catastrophe losses.
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Howden Tiger provides optimistic interim market snapshot
Reinsurance broker Howden Tiger provided analysis jointly authored by Michelle To, head of business intelligence, and David Flandro, head of industry analysis and strategic advisory.
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Unrealised investment losses not a ‘material risk’ to leading reinsurers – S&P
A new report from S&P Global Ratings says that the current unrealised losses on most fixed-income securities for the world’s twenty leading reinsurers is not a material risk.
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Supercede discusses the avoidable tax on poor quality reinsurance data
The digital revolution has reshaped countless industries, so why is reinsurance seriously lagging behind? Especially when the ability to harness and effectively manage data is becoming the critical determinant of success in our unique marketplace.
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Hawaii wildfires: Moody’s RMS estimates insured property loss of $2.5-4bn
Most losses are expected to be from the town of Lahaina, which sustained catastrophic urban fires for 12 hours and destroyed almost 2,200 structures. Around 75% of the economic loss is expected to be insured, the cat modeller thinks.
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AM Best’s ranks top 50 reinsurers: Munich Re, Swiss Re make up a quarter of GPW
Munich Re was ranked top, across non-life and life business, followed by Swiss Re, Hannover Re, Canada Life Re and Berkshire Hathaway.
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Brazilian broker Latin Re gets Lloyd’s broking licence
Founded in 2019, Latin Re becomes the first Brazilian brokerage to secure a Lloyd’s licence.
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KCC estimates Hawaii property losses at $3.2bn
Karen Clark & Company (KCC) has estimated the property insurance losses arising from the wildfires in Maui to be around $3.2bn.
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Maui wildfires to surpass $1bn insured loss estimate – Moody’s
The devastating Maui wildfire is likely ranked among the most costly insured catastrophes in Hawaii’s history.
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Vesttoo seeks ‘breathing space’ with Chapter 11 bankruptcy filing
Insurtech firm Vesttoo has filed for Chapter 11 bankruptcy within Delaware, according to multiple reports.
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NOAA ups its Atlantic hurricane season prediction
The National Oceanic and Atmospheric Administration (NOAA) has raised the Atlantic hurricane season prediction to ‘above normal’, in a statement posted to its website.
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Liberty Mutual reports $660m net loss in the first six months
Liberty Mutual has reported net losses of $585m and $660m in the first three and six months of this year.
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QBE reveals disappointing H1 underwriting result
QBE North America posted a 106.9% combined ratio for the first six months, with a group-wide combined ratio barely into profit at 98.9%.
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Law firm Dentons quits China amid counter-espionage law fears
Dentons announced its split from its Chinese entity, Beijing Dacheng, citing concerns about data protection and cybersecurity since China’s new spying law took force in July.
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Lancashire performs at H1 with premium and profit rises
Gross premiums increased by 26% at the Bermuda-based re/insurer, while profit after tax soared to $159m.
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Hiscox performance improves at H1 – driven by reinsurance and London market arms
“Leaning into the hard market”, the group allocated additional organic capital to the Hiscox Re & ILS business.
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Lloyd’s veteran Peter Spires steps down as general counsel
Head of legal Claire Schrader assumes the role of general counsel at Lloyd’s on an interim basis.
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Severe US storms broke records for H1 nat cat losses – Swiss Re
Severe convective storms drove global natural catastrophe insured losses, which reached $50bn across all perils, according to the Swiss Re Institute.
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Gallagher Re: Insurtech funding falls in second quarter
Insurtech is un a secondary phase, focusing on the ‘how’ rather than the ‘what’ says reinsurance broker’s global head of insurtech.
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Hannover Re thinks profits are on target for 2023
The German reinsurer had a second quarter combined ratio of 90.8% and 91.7% for the first six months.