Insurance

Kita unveils OxCarbon partnership to facilitate carbon project investment

Carbon insurer Kita has signed a memorandum of understanding with OxCarbon to ensure that data provision and ongoing processes related to measurement, reporting and verification are sufficiently transparent to facilitate the development of viable insurance products for OxCarbon projects.

Lloyd’s seeks to leverage licensing power with one global policy

Lloyd’s has launched a new initiative to examine the feasibility of developing a global policy that would allow commercial clients to secure multi-jurisdictional, cross-border coverage from a single umbrella placement, The Insurer can reveal.

BoE launches stress test for non-banking sector in UK financial markets

The Bank of England has launched its first system-wide exploratory scenario exercise to better understand how non-banking financial institutions, including insurers and funds, are responding to stressed financial market conditions.

IAG exits NZIA as total departures climb to 19

Insurance Australia Group has become the 19th carrier to exit the Net-Zero Insurance Alliance, leaving just 12 members remaining.

Argo NY construction head Justin Hobbs to depart in latest prominent exit

Argo’s head of New York construction Justin Hobbs is leaving his position with the insurer, where he had oversight of a portfolio that was once as large as $100mn in premium, marking the latest significant exit from the carrier in recent months ahead of Brookfield Re’s takeover, The Insurer can reveal.

QBE names Farrer Fisher CFO of captive units

Australian carrier QBE has appointed Hannah Farrer Fisher as chief financial officer of Equator Re and Blue Ocean Re, captive reinsurers for the firm’s Bermuda and North American operations respectively.

Climate change reversal technologies pose eco and geopolitical risks: Swiss Re

Technologies aimed at reversing the impact of climate change may in fact produce their own environmental risks as well as potentially fuelling societal tensions, Swiss Re has warned.

African Risk Capacity launches flood risk insurance product in Africa

African Risk Capacity Group, an African Union risk-pooling initiative, has launched a parametric insurance product to provide member states with protection and financing against flood risk.

Swiss Re: AI technologies and digital systems could give rise to PL and E&O claims

The growing use and capabilities of machine learning systems present new systemic vulnerabilities which could lead to increased loss accumulations and rising professional indemnity and E&O claims, according to Swiss Re.

Sole North American member Beneva exits NZIA

Canadian mutual Beneva has left the Net-Zero Insurance Alliance, ending the membership of the UN-convened collective’s sole North American constituent.

Hearn to serve as interim Axa XL UK & Lloyd’s CUO as Prato departs

Axa XL has appointed Simon Hearn as its interim UK and Lloyd’s CUO following the departure of Luis Prato to Liberty Specialty Markets after 14 years with the firm.

Corporate demand rising for civil unrest property damage cover: Chaucer

Cost-of-living pressures drove a 3 percent year-on-year increase in global civil unrest incidents during the first quarter of 2023, prompting rising concern over coverage gaps for damage caused by strikes, riots and civil commotion, according to Chaucer.

B&W: New programs and MGAs fuelling transportation competition as rates up <10%

Increased competition in the transportation insurance market, largely driven by new specialty programs and MGAs, is showing no sign of letting up with accounts being shopped to wholesalers and carriers while pricing trends up 7-10 percent as underwriters navigate a challenging claims environment fuelled in part by nuclear verdicts.

CNA hands Franzetti chief administrative officer role

CNA has appointed Dan Franzetti to a newly created position of chief administrative officer, a move that follows the executive joining the Chicago-based insurer as global head of claims in April 2020.

Insurers lose key ExCeL Covid-19 BI test case

Insurers have lost a key Covid-19 business interruption test case which could have ramifications for hundreds of thousands of UK BI claims related to the pandemic.

Zurich targets stake in general insurance arm of India's Kotak

European insurance giant Zurich Insurance Group is reportedly in talks to acquire up to 51 percent of India's Kotak General Insurance, a deal that would mark its first major move into the fast-growing South Asian insurance market.

Swiss Re: Cyber mirrors nat cat in modelling and capital struggles

Cyber has similarities with natural catastrophe as a peril where there is potential investor demand to transfer risks, particularly those of a systemic nature, to the capital markets amid the changing dynamics between insurers and reinsurers, according to Gianfranco Lot, P&C reinsurance CUO at Swiss Re.

Generali’s Liberty swoop “less attractive than a buyback”: KBW

Generali’s €2.3bn ($2.5bn) deal to acquire Liberty Mutual’s personal and small commercial insurance operations in Western Europe is “less financially attractive” than a buyback, according to KBW analysts.

Australian insurers back NSW home buyback scheme

The Insurance Council of Australia has welcomed the decision by the Northern Rivers Reconstruction Corporation to offer 1,100 home buybacks as a “once-in-a-generation opportunity” to remove people from the most weather-vulnerable areas.

GuideOne shuts down ~$125mn E&S casualty operation in latest reversal

Iowa-based mutual insurer GuideOne is putting its excess and surplus (E&S) lines casualty business into run-off and is parting ways with its underwriting staff for a portfolio that had grown to as much as $125mn in premium in a short period of time, The Insurer can reveal.

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