Month: August 2022

August 31, 2022

Accelerant, an insurtech platform that aims to provide underwriters with risk exchange, data analytics and long-term capacity commitments, announced a new $175 million sidecar vehicle, Flywheel Re. Flywheel will provide multi-year risk capital to Accelerant and its team of underwriting-led […]

August 31, 2022

A Washington state judge has struck down a state rule banning the use of credit-based insurance scores. On Monday, Judge Indu Thomas rendered a final order declaring that Washington state Insurance Commissioner Mike Kreidler exceeded his authority when he issued […]

August 30, 2022

Many of the automatic braking systems automakers are using to prevent vehicles from hitting pedestrians do not work well in the dark, according to test results released Tuesday by the U.S. non-profitgroup Insurance Institute for Highway Safety. The group, backed […]

August 30, 2022

Insurance veterans Terry Ledbetter and Luke Ledbetter have announced their formation of a new insurance producer – Kestrel Group. Kestrel Group will serve as the “exclusive producer” for four A.M. Best “A-” rated (Excellent) carriers. Said carriers are widely licensed […]

August 29, 2022

Builders & Tradesmen’s Insurance Services (BTIS), an insurance intermediary serving small businesses, has announced the launch of a new cyber insurance marketplace with cyber provider At-Bay. At-Bay is a cyber insurance provider offering robust first- and third-party coverage for businesses […]

August 29, 2022

Another national insurance company has agreed to settle a class-action lawsuit alleging it underpaid hundreds of auto insurance claims. A federal court in Mississippi this month signed off on a confidential settlement in a suit brought by Mississippi drivers against […]

August 26, 2022

Swiss-based health insurance company Helsana AG came under fire this week for offering a 10% discount to members of the Pro Life Switzerland organization. Members of the Social Democratic Party of Switzerland wrote a letter to Helsana’s management urging the […]

August 26, 2022

Europe’s big four average net combined ratio from property and casualty (P&C) reinsurance deteriorated to 98.9% from 95.5% a year earlier, with only Munich Re reporting a stronger P&C combined ratio, says Moody’s. The report suggests that the group’s weaker […]

August 25, 2022

Russian coal exports were effectively halted by a European Union ban on entities within the 27-nation bloc servicing shipments of the fuel to anywhere in the world. Suek JSC, Russia’s largest thermal coal miner, was unable to ship the fuel […]

August 25, 2022

Insurance has been in the business of putting things back in place for 100s of years. Now, the concept of “human indemnity” could take this one step further – and help people who struggle to feel ‘normal’ again after a […]

August 24, 2022

Clyde & Co has expanded its Shipping and Marine Insurance practice in Singapore with the relocation of leading international litigator Andrew Bicknell. Bicknell’s relocation from London to Singapore is set to further strengthen the firm’s global Energy, Marine & Natural […]

August 24, 2022

Rating agency Moody’s Investors Service is the latest to forecast a continuation of reinsurance pricing trends, with more rate momentum predicted and additional hardening at the January 2023 renewals. Moody’s believes that the pressures facing reinsurance firms are set to […]

August 23, 2022

Broker Marsh and Lloyd’s of London insurer Ascot said on Tuesday they have provided coverage for a vessel carrying grain and food products from Ukraine’s Black Sea ports under its new marine cargo and war insurance facility. Launched last month, […]

August 23, 2022

UK-based insurtech Previsico has announced the launch of its live flood forecasting alert service in the US. The launch is in partnership with Nexus Alpha USA and aims to mitigate surface water flood losses for insurers and their customers in […]

August 22, 2022

Broker Marsh, a unit of Marsh & McLennan, said on Monday it was launching the world’s first dedicated insurance for hydrogen energy projects, as the nascent industry looks to scale up quickly in the fight against climate change. As the […]

August 22, 2022

According to a new AM Best report, the recent spike in dedicated reinsurance capital growth may prove short-lived, given expectations for depressed investment markets, continued geopolitical turmoil and a potential decline in global gross domestic product. Dedicated reinsurance capacity in […]

August 19, 2022

The economic viability of the insurance industry’s current business model has been in question for several years. McKinsey’s 2022 Global Insurance Report shows that 52% of the industry’s global equity had a return on equity (ROE) lower than their cost […]

August 19, 2022

Mergers and acquisitions in the global insurance industry hit their highest growth rate in 10 years in the first half of 2022, according to a new report by international law firm Clyde & Co. There were 242 deals completed worldwide […]

August 18, 2022

Costa Rica’s President Rodrigo Chaves said on Tuesday he plans to present a bill to sell state-owned banks Banco de Costa Rica and Banco Internacional de Costa Rica, as well as 49% of the state-owned INS insurance company to reduce […]

August 18, 2022

New research by KBRA says that Florida property insurers are facing storms on multiple fronts as the 2022 Atlantic hurricane season approaches its peak. The company’s work refers to the updated Atlantic hurricane season forecast that was released by Colorado […]