Month: July 2021

July 30, 2021

At-Bay pulled in a whopping $185 million in new financing that the cyber insurance startup plans to use for new product development, expansion into new markets and hiring more employees. Including the new round, the managing general underwriter said it […]

July 30, 2021

The pandemic has fostered a strong desire for clients to upgrade livings spaces, relocate or buy vacation homes. Research from Brookings showed that major metropolitans with populations of more than one million have seen a decline since 2019 with more […]

July 29, 2021

China’s banking and insurance regulator said on Thursday that it will guide insurers to increase investment in natural disaster insurance and enrich product offerings. It also plans to raise public awareness of risks, to let natural disaster insurance play a […]

July 29, 2021

A new law now allows California farmers to sign up for the state’s insurer of last resort. California Governor Gavin Newsom signed Senate Bill 11 into law, making farmers eligible to purchase insurance through the California Fair Access to Insurance […]

July 28, 2021

Ryan Specialty Group Holdings has announced that underwriters have purchased an additional 8,537,742 shares of its Class A common stock at the initial public offering (IPO) price of $23.50 per share. Ryan Specialty logoThe group previously announced an IPO of […]

July 28, 2021

Broker Aon has reset its Executive Committee following the collapse of its acquisition of rival insurance and reinsurance broker Willis Towers Watson (WTW). Aon logoAon said its new Executive Committee structure is a further acceleration of its Aon United strategy, […]

July 27, 2021

Global commercial insurance prices increased 15% in the second quarter of 2021, according to the latest market index report by Marsh. marsh-logoIt’s reported that this year marks the 15th consecutive quarter of rate increases in the global commercial insurance market. […]

July 27, 2021

Catastrophe risk modelling firm AIR Worldwide has updated its earthquake and typhoon models for Japan to help provide re/insurance companies with a more comprehensive view of risk in the region. air-worldwide-logoAIR’s earthquake model captures the country’s seismicity by generating events […]

July 26, 2021

Personal residential insurer Gulfstream Property and Casualty Insurance Co. has agreed to liquidate according to a July 22 order signed by the Florida Office of Insurance Regulation. The Florida Department of Financial Services must agree to receivership before the liquidation […]

July 26, 2021

Aspida Life Re (Aspida Re), the reinsurance subsidiary of Aspida Holdings, has appointed Jon Steffen as President. Steffen will lead Aspida’s reinsurance company, focusing on enhancing Aspida Re’s capital and risk management solutions offerings to its clients. Prior to joining […]

July 23, 2021

Rising home insurance premiums disproportionately impact seniors and homeowners with low credit scores, according to a new study from insurtech platform Matic. Matic’s mid-year survey reviewed trends from 45,000 policies and 3.2 million quotes. It found that home insurance premiums […]

July 23, 2021

The catastrophic floods seen recently across parts of Western and Central Europe are expected to drive preliminary economic losses of over $10 billion, according to a new Aon report. Torrential rainfall caused by a slow-moving area of low pressure “Bernd” […]

July 22, 2021

When is an insurance commissioner not a governmental authority? A federal district judge reminds us that a state insurance commissioner, when acting as receiver of an insolvent insurer, acts in a different capacity to his governmental role. This principle can […]

July 22, 2021

Global insurer Zurich has appointed Annarita Roscino as Group Claims Data and Insights Leader, and Nelcia Oliveira as Regional Chief Claims Officer for Latin America. In her new role, Roscino will focus on establishing and executing the Group Claims data […]

July 21, 2021

The devastating flooding experienced in the German states of North Rhine-Westphalia and Rhineland-Palatinate is expected to drive insurance and reinsurance industry losses of between €4 billion and €5 billion, according to the German Insurance Association (GDV). Last week’s flooding impacted […]

July 21, 2021

According to court documents, it appears that Aon, its acquisition target Willis Towers Watson (WTW) and the US Department of Justice (US DoJ) are hoping to reach a settlement quickly on counts related to three of the market segments where […]

July 20, 2021

The Travelers Companies, Inc. has reported a significantly improved net income of $934 million for the second-quarter of 2021 on the back of lower catastrophe losses, favourable reserve development, and a vastly improved investment result. Net income of $934 million […]

July 19, 2021

The shutdown that followed the COVID-19 pandemic ironically forced many companies forward when it came to technology and innovation, and the shift appears to be a permanent – and positive – one, especially for women. “Companies are recognizing if people […]

July 19, 2021

Global cyber reinsurance rates have soared by up to 40% in the July renewal season, reinsurance broker Willis Re said this month, as ransomware attacks increase in number and severity. A ransomware attack on Colonial Pipeline in May shut the […]

July 19, 2021

Having warned previously that inflationary factors will result in elevated property insurance claims, global reinsurance firm Swiss Re has now qualified this by saying that the inflationary effect of higher materials and construction prices may only last through this year. […]