Emerging risks
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Property MGA Arden Insurance Services specialises in multi-family habitations. -
It is targeting $25mn GWP this year and $50mn GWP in 2025.
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Praedicat CEO Bob Reville outlined the firm’s approach to "casualty cat" as liability risk modeling continues to mature.
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The carrier is designing an investable portfolio of long-tail risk.
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Insurance competition remains vibrant in some of the segments that remain most exposed to persistent risks highlighted by the flagship World Economic Forum report.
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The broker said the risk from wildfire is also set to increase substantially.
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The report outlined 17 recurring and emerging risks (re)insurers should be aware of.
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The insurer can issue policies for mid-market clients in France, while its existing portfolio will still be serviced by the MGA.
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The firm also hired Aspen’s Crystal Ottaviano as global risk solutions chief risk officer.
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The property reinsurance market may be fast approaching a true ‘hard’ market, the broker said.
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In his new role, the executive will work directly with Steve Tulenko, president of Moody’s Analytics.
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The carrier has introduced a number of ESG-focused roles, which sees Cathal Carr, SVP, underwriting, appointed as global head of climate and sustainability strategy.
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The incoming SVP joins from BMS Re, where she led the catastrophe analytics team for more than 10 years.
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The company will use the funding to invest in new software hires and expansion in Hong Kong and Madrid.
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Maya Bundt referred to cyber security threats as the “dark side” of proliferating digitalisation.
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Megan Kempe is now based in Bermuda as senior vice president of emerging risks.
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Lloyd’s report details how the Corporation will support carriers and their clients across the main themes of greener energy, industry and transport.
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Public-private partnerships such as state-backed reinsurance pools can also enable a more “proactive” approach to climate innovation, the organisation said.
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The insurers is to sever all ties with the German utility this year due to the size of its coal operation.
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The broker forecast that this hard market may be more akin to the “discriminate and relatively short-lived" phase following 2005.
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California blazes including the Glass Fire have driven up the estimate considerably since September.
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The new guidance is the first update to Bermuda's SPI framework.
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The Covid crisis will have a modest impact on capacity, he suggested.
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The ratings agency also said ILS capacity would ‘hold the line’ on returns following catastrophes.
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Kaniewski spent over two years as FEMA’s second in command.
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The carrier’s overall reinsurance premiums dropped by 4.7 percent as renewal rates were up 2.8 percent.
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Alex Kaplan has joined AmWins as executive vice president of alternative risk.
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The Munich Re Innovation Syndicate will underwrite a wide range of business starting in 2020.
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The programme has been designed to provide $2bn of excess cover for Sempra and CalEdison.
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The insurer bought a $325mn cover for the Caribbean and Hawaii as well as retro for Validus Re.
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This cohort will spend 10 weeks working on technological solutions designed to improve the efficiency of the market.
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AIR Worldwide put the direct losses from the incident at between $200mn and $600mn.
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ILS markets are expected to participate in the $1bn cyber pool.
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The new model estimates the likelihood, severity, and insurance impact of security breach and cloud service provider downtime incidents.
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AIR Worldwide and RenaissanceRe said they are collaborating to develop a probabilistic model for extreme liability events.
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Hiscox Re has introduced the first ever cyber industry loss warranty to the ILS and reinsurance markets.
