Coalition adds HDI to Canadian cyber capacity panelCoalition has added HDI Global Specialty to the capacity panel supporting its Canadian cyber and tech E&O offering.
McGill partners with Renew Risk on offshore wind cat modelsMcGill and Partners has collaborated with risk analytics provider Renew Risk to develop catastrophe models for offshore wind portfolios.
US insurance stocks hold ground as markets react to Fed’s hawkish actionsThe North American insurance composite compiled by Stonybrook and Weild & Co ended last week only 0.5 percent down, despite a sell-off on Wall Street following the Federal Reserve’s suggestion that it now expects to hold rates higher for longer.
Swiss Re’s Americas reinsurance CEO Isherwood to exit at end of SeptemberJonathan Isherwood, Swiss Re’s CEO of Americas reinsurance, will leave the company at the end of September, The Insurer can reveal.
Brown & Brown continues MGA build-out with Occam Underwriting acquisitionUS intermediary Brown & Brown has agreed a deal to acquire 100 percent of the share capital of London-based MGA and Lloyd’s coverholder Occam Underwriting.
CatIQ: Storms in Alberta and Prairies to cost carriers C$300mn+Insurers are facing at least C$300mn in losses following several storms that tore through Alberta and the Prairies in recent months, according to an initial estimate from Catastrophe Indices and Quantification.
Trisura adds Aviva’s Michalakos as North American surety SVPTrisura Group has hired Terry Michalakos as senior vice president, North American surety, with the executive joining from Aviva.
CCRIF launches new parametric cover for Caribbean water utilitiesThe Caribbean Catastrophe Risk Insurance Facility has established a second segregated portfolio – the Caribbean Water Utility Insurance Collective – to provide cover for water utilities in the Caribbean.
US insurance stocks rise 2.1% despite weak performance on Wall StreetThe North American insurance composite compiled by Stonybrook Capital and Weild & Co rose 2.1 percent last week despite all major Wall Street benchmarks slipping for a second consecutive week.
Beat’s Brace Underwriting promotes Dorr to presidentBeat Capital Partners-backed Brace Underwriting has appointed Glenn Dorr as president, with the executive taking on the role in addition to his current responsibilities as head of distribution in North America.
Hurricane Lee windfield expands as storm tracks towards New England and Atlantic CanadaHurricane Lee is expected to bring tropical storm force winds to Bermuda as of early tomorrow, with the system on course for a New England or Atlantic Canada landfall in around four days’ time.
Mosaic adds four to its Canada underwriting teamMosaic Insurance has continued to build out its presence in Canada with the hire of four underwriters across five specialty lines.
Hard markets are here to stayJill Beggs, head of North America reinsurance at Everest, explains how insurers are reacting to increased insured losses in North America and the company’s strategy for this key market.
Maintaining discipline in a loss environmentJason Busti, president, North America at Axis Re, explains some of the key trends in the North American reinsurance market.
Beazley’s Cox: Evolution into international specialty carrier fuelled by US property growthBeazley CEO Adrian Cox hailed the firm’s evolution from a Lloyd’s syndicate to an international specialty insurer as he unveiled further details around how the group’s new US E&S carrier will capitalise on the growth of its expansive North American platform.
Definity facing wildfire-driven C$120mn cat hit in July and AugustDefinity Financial Corporation is facing a C$120mn ($88mn) hit from over 10 catastrophe events that impacted the Canadian carrier during July and August.
Verisk estimates Hurricane Idalia insured losses at $2.5bn-$4bnVerisk has estimated insured losses from Hurricane Idalia will total between $2.5bn and $4bn, with the majority of losses driven by wind damage.
Reinsurers and personal lines push US insurance composite up 2% as Idalia losses fall below expectationsThe North American insurance composite compiled by investment banks Stonybrook Capital and Weild & Co trailed the Nasdaq-100 and S&P 500 last week but beat the Dow Jones Industrial Average as eight of its 10 industry groups posted gains.
KCC estimates Hurricane Idalia insured losses at $2.2bnPrivately insured losses from Hurricane Idalia are likely to total around $2.2bn, according to a preliminary estimate from Karen Clark & Company.
Intact already facing C$570mn wildfire-driven Q3 cat hitIntact Financial Corporation has already taken an estimated C$570mn ($422mn) pre-tax hit from catastrophe losses during 2023’s third quarter as the Toronto, Canada-based carrier nurses the impact of wildfires and other weather events.