MNK’s Florida Re gets A- rating from AM Best
Credit ratings agency AM Best has assigned Florida Insurance and Reinsurance Company (Florida Re), a subsidiary of global independent re/insurance conglomerate, MNK Group Holdings, a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of…
Two-thirds of modelled US flood losses go uninsured: Moody’s
Two-thirds of modelled U.S. residential flood losses go uninsured, leaving millions of homeowners and the broader economy financially exposed, according to Moody’s RMS modelling. Moody’s highlighted that flooding remains the most underinsured physical risk in the U.S., with only a…
Warty to lead Mosaic finpro lines for Americas expansion
Mosaic Insurance, a specialty insurer focused on financial institutions and cyber risk, has announced the appointment of Sachin Warty as Global Head of Financial Institutions & Professional Liability (FinPro), December 15. Warty’s hire is part of the firm’s expansion plans…
FCA announces changes to simplify its rules and lower costs for insurers
The Financial Conduct Authority (FCA) has announced changes to simplify its insurance rules and reduce costs for insurers, while maintaining appropriate protection for smaller commercial customers, with further changes planned next year. The FCA emphasised that the final rules aim…
DUAL Group forms global partnership with CyberCube to strengthen cyber underwriting
DUAL Group, an international specialist underwriting agency, has entered a global partnership with CyberCube, a company known for its analytics and modelling solutions focused on cyber risk. The agreement is aimed at strengthening DUAL’s underwriting capabilities and enhancing the support…
White Mountains completes sale of insurance distribution platform Bamboo
White Mountains Insurance Group has completed the sale of a controlling interest in Bamboo, a data-enabled insurance distribution platform, to affiliates of funds advised by CVC Capital Partners. The transaction, originally announced in October, assigns Bamboo a valuation of $1.75…
Groenen appointed as LSM’s head of portfolio solutions, Europe
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has announced the appointment of Rob Groenen as head of portfolio solutions, Europe, a newly created position. Groenen will be based in the Netherlands and will also retain his current…
Parametrix raises $27m in funding round and rolls out new cyber insurance product
Parametrix, a provider of digital business interruption solutions, has completed a $27 million Series B funding round led by Mundi Ventures, FirstMark Capital, and HDI Group, joined by F2 Venture Capital and several other strategic investors. The round brings total…
German insurers propose Elementar Re safeguard system for nat cats
The German Insurance Association (GDV) has unveiled a framework to ensure that protection against natural catastrophes remains widely available, affordable, and sustainable over the long term, centred on a new reinsurance vehicle called Elementar Re. With the Elementar Re model,…
ICEYE partners with Munich Re unit to expand access to nat cat intelligence
ICEYE, a global leader in synthetic aperture radar (SAR) satellite data and natural catastrophe solutions, has entered into a new strategic global partnership with Risk Management Partners, a Munich Re unit that draws on the group’s reinsurance expertise to deliver…