Small business MGU Rainbow expands restaurant program to three new statesCalifornia-based digitally enabled MGU Rainbow has launched its admitted restaurant insurance program in New Jersey, Virginia, and Iowa, bringing its presence to 24 US states.
Zurich promotes Bernard to head US middle market industry practicesZurich Insurance Group North America has promoted Stan Bernard to head of industry practices for the US middle market.
Tropical depression forms in Caribbean, posing flood risk for Central AmericaA tropical depression has formed in the Caribbean Sea and is expected to strengthen into a tropical storm later today, with the National Hurricane Center warning of the potential for life-threatening flash flooding, heavy rainfall and mudslides in parts of Central America.
KYND partners with e-trading platform Millennial Shift TechnologiesUK-based cyber insurtech KYND Limited has partnered with Millennial Shift Technologies (mShift), an e-trading platform suite based in Phoenix, Arizona.
Catlin warns some firms’ residual liability issues could take a decade to fixIndustry luminary Stephen Catlin has warned that some (re)insurance companies have a residual liability problem that could take up to a decade for them to shake out.
Allianz Commercial reshuffles in the Americas as Ryan accepts NCCI CEO roleTracy Ryan will step down from the board of Allianz Global Corporate & Specialty and her role leading Allianz Commercial in the Americas at the end of the year to become CEO of the National Council on Compensation Insurance, replacing Bill Donnell, who is set to retire.
Neptune Flood: $8.2bn-$10.2bn NFIP losses expected in 2024 with loss ratio above 200%An analysis from Neptune Flood has shown that the National Flood Insurance Program’s losses this year could top $10bn.
Epic names Moyles co-president and Bundschuh chief growth officerEpic Insurance Brokers & Consultants has appointed Philip Moyles as co-president alongside Tom O’Neil, with Gregg Bundschuh named chief growth officer.
Hamilton Americas enters US property with hire of CNA’s Van LeunenHamilton Global Specialty, an underwriting platform of Bermudian (re)insurer Hamilton Insurance Group, has entered US property insurance at Hamilton Americas with the appointment of Lissie Van Leunen as head of US property.
Allianz Commercial names Carslake head of London regionAllianz Commercial has appointed Rob Carslake as its new head of the London region for mid-market.
Unicef to scale up disaster risk financing initiative after $4mn parametric payouts in first yearThe United Nations Children’s Fund (Unicef) has described the flexibility of parametric insurance payouts as “a game-changer in emergency response” as it plans to scale up the risk transfer scheme designed by WTW that it piloted in 2023.
Rokstone expands MENA footprint with new Dubai officeInternational specialty MGA Rokstone has received a licence from the Dubai Financial Services Authority to establish a new office in Dubai International Financial Centre.
Scor forecasts risk-adjusted flat pricing at 1.1 as L&H recovery plan enters second phasePricing is expected to remain flat at the upcoming 1.1 renewals, with some double-digit increases on loss-affected programs, Scor’s Jean-Paul Conoscente has projected.
Aviva shares rise on “very strong” third quarterAviva shares jumped in morning trading on Thursday after the UK insurer reported growth in multiple segments, including a 15 percent increase in general insurance premiums for the first nine months of 2024.
Lloyd’s moves to outsource internal IT and operations rolesLloyd's is consulting staff on proposals to restructure its data and operations departments under a new organisational model that will result in some roles being outsourced.
Scor shares jump ~8% after L&H review completesScor’s share price jumped by ~8 percent in early morning trading after the reinsurer posted third quarter results that included the announcement it had completed its life and health assumption review.
Ambac shares close up 10% on Wednesday with CEO LeBlanc bullish on 2025Shares in Ambac rose around 10 percent on Wednesday as investors responded positively to the New York-based financial services holding company’s third quarter results, while CEO Claude LeBlanc gave a bullish outlook for 2025.
Scor posts 88.3% P&C CR as completed L&H review drives €210mn segment lossScor has posted a P&C reinsurance combined ratio of 88.3 percent for the third quarter of 2024 despite an active period for catastrophe claims, with overall group results also driven by “positive underlying trends” in the life and health segment.
Aviva GI premium jumps 15% as CR slips on Canada catsAviva has reported a 15 percent jump in general insurance premiums for the first nine months of 2024, while the combined ratio deteriorated modestly to 96.8 percent following increased loss activity in Canada.
Swiss Re reports 9M CR of 92.8% as Q3 cats exceed budgetSwiss Re has reported group net income of $102mn for the third quarter on the back of its previously disclosed $2.4bn strengthening of US liability reserves.