Month: April 2022

April 15, 2022

Four months after its largest subsidiary stopped writing new homeowner business in Florida, United Insurance Holdings Corp. announced it would consolidate four of its companies into three. Publicly traded United, also known as UPC Insurance, owns Journey Insurance Co., American […]

April 14, 2022

Losses arising from catastrophes for private and public insurers will top at least $14bn in the first-quarter of 2022, says a new report from re/insurance broker Aon. The report, the Q1 Global Catastrophe Recap, states that total economic losses in […]

April 13, 2022

Insurance brokerage platform Newfront announced a $200 million investment at a $2.2 billion valuation led by the Goldman Sachs Asset Management and B Capital with participation from existing investors including Founders Fund and Meritech Capital. Newfront said it plans to […]

April 12, 2022

Climate change protesters in London have targeted insurance underwriting house Lloyd’s of London for its role in enabling fossil fuel projects. The City of London Police said they were aware of protests at London’s Liverpool Street Station and the Lloyd’s […]

April 12, 2022

The Russia-Ukraine conflict is driving more exclusions into re/insurance, with Munich Re reportedly planning new wordings within its cyber insurance policies to exclude war, to avoid disputes over what is covered, according to Reuters. The war in Ukraine has raised […]

April 11, 2022

Societe Generale said on Monday it had agreed to sell its stake in Rosbank and the Russian lender’s insurance subsidiaries to Interros Capital, a firm linked to billionaire Vladimir Potanin, lifting the French bank’s share price. Russia’s invasion of Ukraine […]

April 11, 2022

Old school vs. new school. Every so often, a debate echoes down the corridor of time as the disrupters of the status quo burst on the scene with novel ways of doing things, while the established players cling to the […]

April 8, 2022

Inigo Ltd., the new Lloyd’s insurer, has entered the catastrophe bond market for the first time, less than 18 months after the firm began writing its portfolio of specialty insurance and reinsurance. Montoya Re, launched on April 1, is a […]

April 8, 2022

Analysts at Moody’s have reported that banks in the Baltics and in the Commonwealth of Independent States are most exposed to the effects from Russia’s invasion of Ukraine and have limited buffers to absorb the impact if it is prolonged. […]

April 7, 2022

The cost of insuring Russia’s government debt surged to signal a record 99% chance of default within the year after its Finance Ministry paid some of its dollar bonds with rubles. Credit-default swaps insuring $10 million of the country’s notes […]

April 6, 2022

Geopolitical uncertainty following events in eastern Europe is creating increased need for companies to manage their energy transition risk, according to WTW’s Energy Market Review 2022. The annual report covers the energy sector’s volatility, including how commodity prices surged to […]

April 6, 2022

According to the annual Energy Market Review by global re/insurance broker WTW, the need to manage energy transition risk is being accelerated by the requirement to seek alternative sources of energy to oil and gas, following events in Eastern Europe. […]

April 6, 2022

Global life insurance group, Resolution Life has announced the formation of its new Representative Office in Singapore, following recent approval by the Monetary Authority of Singapore. The formation of the Representative Office is the first step in the company’s plan […]

April 5, 2022

Insurers want to put more money into private equity this year as they contend with rising inflation and its effects on monetary policy, a survey by Goldman Sachs Asset Management showed on Monday. More than 40% of insurers plan to […]

April 5, 2022

American Integrity Insurance Company of Florida, Inc. has returned to the catastrophe bond market with its fifth issuance, Integrity Re Ltd. (Series 2022-1), to replace and expand on maturing coverage and with a target for $125 million or more of […]

April 4, 2022

The Louisiana Department of Insurance (LDI) recently issued cease-and-desist orders and license suspensions against two insurance producers for violations of the Louisiana Insurance Code. On March 11, the LDI issued a cease-and-desist order and license suspension to Kim Marie Holmes […]

April 4, 2022

Insurtech start-up Joe Flood Insurance Brokerage (JFIB) has announced the full launch of its tech-based flood insurance wholesale brokerage. JFIB was founded by Joe “Flood” Rossi, Art McKinney and Chris St. George with the aim of delivering state-of-the-art flood insurance […]

April 1, 2022

Ukraine, a major producer of grain, oilseeds and steel products, will guarantee insurance payments to cargo vessels damaged in hostilities on its stretch of the Danube, according to the government decision published on Friday. Ukraine exports almost all its commodities […]