Emerging risks

Property MGA Arden Insurance Services specialises in multi-family habitations.

It is targeting $25mn GWP this year and $50mn GWP in 2025.

Praedicat CEO Bob Reville outlined the firm’s approach to "casualty cat" as liability risk modeling continues to mature.

The carrier is designing an investable portfolio of long-tail risk.

Insurance competition remains vibrant in some of the segments that remain most exposed to persistent risks highlighted by the flagship World Economic Forum report.

The broker said the risk from wildfire is also set to increase substantially.

The report outlined 17 recurring and emerging risks (re)insurers should be aware of.

The insurer can issue policies for mid-market clients in France, while its existing portfolio will still be serviced by the MGA.

The firm also hired Aspen’s Crystal Ottaviano as global risk solutions chief risk officer.

The property reinsurance market may be fast approaching a true ‘hard’ market, the broker said.

In his new role, the executive will work directly with Steve Tulenko, president of Moody’s Analytics.

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.

The incoming SVP joins from BMS Re, where she led the catastrophe analytics team for more than 10 years.

The company will use the funding to invest in new software hires and expansion in Hong Kong and Madrid.

Maya Bundt referred to cyber security threats as the “dark side” of proliferating digitalisation.

Megan Kempe is now based in Bermuda as senior vice president of emerging risks.

Lloyd’s report details how the Corporation will support carriers and their clients across the main themes of greener energy, industry and transport.

Public-private partnerships such as state-backed reinsurance pools can also enable a more “proactive” approach to climate innovation, the organisation said.

The insurers is to sever all ties with the German utility this year due to the size of its coal operation.

The broker forecast that this hard market may be more akin to the “discriminate and relatively short-lived" phase following 2005.

California blazes including the Glass Fire have driven up the estimate considerably since September.

The new guidance is the first update to Bermuda's SPI framework.

The Covid crisis will have a modest impact on capacity, he suggested.

The ratings agency also said ILS capacity would ‘hold the line’ on returns following catastrophes.

Kaniewski spent over two years as FEMA’s second in command.

The carrier’s overall reinsurance premiums dropped by 4.7 percent as renewal rates were up 2.8 percent.

Alex Kaplan has joined AmWins as executive vice president of alternative risk.

The Munich Re Innovation Syndicate will underwrite a wide range of business starting in 2020.

The programme has been designed to provide $2bn of excess cover for Sempra and CalEdison.

The insurer bought a $325mn cover for the Caribbean and Hawaii as well as retro for Validus Re.

This cohort will spend 10 weeks working on technological solutions designed to improve the efficiency of the market.

AIR Worldwide put the direct losses from the incident at between $200mn and $600mn.

ILS markets are expected to participate in the $1bn cyber pool.

The new model estimates the likelihood, severity, and insurance impact of security breach and cloud service provider downtime incidents.

AIR Worldwide and RenaissanceRe said they are collaborating to develop a probabilistic model for extreme liability events.

Hiscox Re has introduced the first ever cyber industry loss warranty to the ILS and reinsurance markets.

Is catastrophe risk as exotic as the reinsurance industry thinks it is?

Los Angeles-based modelling company Praedicat has announced it has raised $6mn to develop latency catastrophe models for emerging casualty risk..

AM Best said it would keep its negative outlook on the US reinsurance sector as it said pressure on property catastrophe rates remained.

RMS has hired ILS executive Pierre Wiart to be managing director of its new office in Sydney, it said in a statement today.

Hudson Structured Capital Management (HSCM) Bermuda has invested client funds with specialist managing general agency (MGA) Sciemus, which will be used to expand its Lloyd's underwriting platform.

GC Securities has established a new platform Cerulean Re to write and manage private collateralised reinsurance deals and cat bond lites.

Reinsurers are better placed to take on new risks than ILS capital, Leadenhall Capital chairman John Wells said during a panel on the future of ILS at the Global Insurance Forum yesterday.

ILS managers can differentiate themselves by offering cover for "non-cat catastrophe" risks, according to Aon Benfield's Jonathan Davies.

RMS has released a new class of "cyber-physical" risk model aimed at cyber-attack scenarios that could cause physical damage to property

London should leverage its specialist insurance expertise to focus on offering emerging risks such as cyber through its planned ILS framework, BNY Mellon said in a report released today (27 April)

Global uninsured losses from future natural disaster events could total $153bn annually, according to research released by Swiss Re's Sigma unit.

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