Natural disasters during the first half of 2023 cost insurers an estimated US$43 billion with an overall economic price tag of $110 billion, according to Munich Re. These insured losses were slightly lower than the US$47 billion reported for the …
Wildfire Defense Systems Inc., Polo Managing Agency Ltd. (PMA) and Aon, announced Lloyd’s has approved the launch of Wildfire Defense Syndicate 1996, which started underwriting on July 1, 2023. Created under Lloyd’s “Syndicate-in-a-Box” program, Wildfire Defense Syndicate 1996 will focus …
Insured losses from hurricanes have risen steadily over just the past 15 years, with nine of the 10 costliest hurricanes in U.S. history occurring since 2005, according to the Insurance Information Institute (Triple-I). U.S. population growth in hurricane-prone states, coupled …
Capacity was more readily available during the mid-year renewals, which brokers described as “orderly,” in comparison to the turbulent January renewals. At the same time, prices saw some moderating trends while reinsurers continued to maintain underwriting discipline, according to reports …
Aon, Lloyd’s and Vienna Insurance Group (VIG) announced they are collaborating to provide foreign re/insurance capacity to support Ukraine’s recovery and reconstruction. As part of the UK-Ukraine Private Finance Partnership, Lloyd’s and Aon have committed to deliver fast-track access to …
This edition of International People Moves details appointments at Howden Broking, Aon and Everest Re. A summary of these new hires follows here. Howden Hires 3 for Casualty Team in London, Bermuda Howden, the international insurance broker, announced the appointment …
A UK printing firm that sends mail for clients ranging from major health-insurance providers to multinational banks was a victim of the extensive MOVEit cyberattack. Adare SEC confirmed to Bloomberg News on Monday that it was hit by the MOVEit …
Four intrepid reinsurance executives from Convex and Swiss Re are rowing from Monterey, Calif. to Hawaii – as part of the “World’s Toughest Row – Pacific.” It’s all for charity – and, of course, for a challenging, life-changing adventure. In …
In a June 9 ruling, a federal judge denied Aon a temporary restraining order against Alliant Insurance Services related to the latter’s alleged “unlawful raid” of employees to start a reinsurance business. Last month, Aon filed suit against Alliant, claiming …
Two new hurricane forecast models promise to help property owners and insurers better predict the losses from storms that may be increasing in intensity as ocean waters continue to warm. The National Hurricane Center announced just ahead of the 2023 …
