Insurance
Hudson Structured upsizes investment in insurtech Kin
Insurance-linked securities (ILS), reinsurance and transportation focused investment manager Hudson Structured Capital Management Ltd. has participated in a $35 million Series B funding round for home insurtech company Kin Insurance. The Series B is the second time Hudson Structured (doing its insurance investment business as HSCM Bermuda) has backed Kin, having participated in a $47…
Read MoreReinsurance “hard market phase” a cat bond market opportunity?
Reinsurance is now in “a hard market phase” across much of the market as the major players need to protect their earnings and capital against the still potentially unknown losses that could arise from the Covid-19 pandemic, according to analysis from Fitch Ratings. Explaining why the market has hardened so quickly this time around, rating…
Read MoreU.S. severe storms, hail & Derecho to drive multi-billion dollar losses: Aon
The United States has again been hit by a prolonged period of severe weather this week, with severe storms, convective weather, large hail storm events and a Derecho that struck the Iowa and Illinois region, all adding up to multi-billion dollar economic losses, with most of the wind and hail insured. Insurance and reinsurance broker…
Read MoreU.K. Business Interruption Litigation Seems Unlikely to Affect U.S. Insurers
The Financial Conduct Authority (FCA), which regulates insurers in the United Kingdom, has indicated that it doesn’t believe COVID-19-related losses trigger most business insurance policies because such policies typically require a direct connection between financial loss and physical damage to the insured property. Think fire, flood, wind, or earthquake damage. The FCA is now litigating…
Read MoreAIG names McElroy CEO General Insurance, Zaffino pivots to enterprise-wide role
Global insurance and reinsurance player American International Group (AIG) has promoted David McElroy to the role of Chief Executive Officer, General Insurance, and Executive Vice President, AIG, as Peter Zaffino pivots to his enterprise-wide role as COO of the insurer. The move is effective immediately and sees McElroy, who was President and Chief Executive Officer…
Read MoreEverest hires Allied World’s Hoffman to lead ceded reinsurance strategy
Everest Insurance, part of the global reinsurance group Everest Re, has announced the hiring of Mike Hoffman from Allied World, who joins the company as its new Head of Risk & Ceded Reinsurance. Hoffman, who is based in Bermuda, had most recently been Allied World Assurance’s Global Chief Underwriting Officer, Insurance. He has already joined…
Read MoreILS an option to consider for SiriusPoint: CEO Sankaran
SiriusPoint, the new Class of 2020 international insurance and reinsurance firm being launched out of the coming together of Third Point Re and Sirius Group, sees ILS as “an option to consider” in terms of its capital use, CEO Sid Sankaran told us in an interview. Speaking with Artemis and our sister publication Reinsurance News…
Read MoreRecession, Pandemic to Impact P/C Underwriting Results, New Report Shows
The COVID-19 pandemic and the recession it started will result in no premium growth for 2020 and a deteriorated combined ratio for the property/casualty industry, according to the new report, Insurance Information Institute (Triple-I) / Milliman P/C Underwriting Projections: 2020-2022. Sean Kevelighan Direct and net premium written will be virtually unchanged from 2019, while the industry…
Read MoreIt’s on the market to develop refined parametric structures: Panellists
It’s up to insurance, reinsurance and ILS market participants to improve the acceptability of parametric insurance structures across the Asia Pacific region, say industry experts at ILS Asia 2020. Although leveraged more widely in the Indian agricultural sector and the Japanese catastrophe arena, parametric insurance remains a relatively new concept across much of the APAC…
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