Reinsurers expected to shoulder most of $200m loss from Hong Kong fire: AM Best
According to ratings agency AM Best, a material portion of the gross incurred loss, which may exceed $200 million from the deadly Hong Kong apartment (Wang Fuk Court) fire, is expected to be transferred to reinsurers. This is because primary…
Who’s insuring Russia’s shadow fleet?
Since Western P&I clubs and reinsurers largely withdrew from underwriting sanctioned oil shipments, an informal and opaque re/insurance ecosystem has emerged to keep Russia’s shadow fleet trading. What was once dominated by London and the International Group of P&I clubs…
AXA XL goes live with PPL to strengthen links to London Market
AXA XL, the property and casualty division of AXA Group, has successfully connected its internal computer systems directly to the London Market’s main trading platform, Placing Platform Limited (PPL), opening a new data exchange gateway. This connection is powered by…
AXIS adds Edwards to newly created role of Head of Delegated Strategy, Global Markets
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, has appointed Lewis Edwards to the newly created role of Head of Delegated Strategy, Global Markets, effective immediately. He will be based in London and reports to Sara Farrup, Head of Global…
IDF and AXA announce first close of Infrastructure Resilience Development Fund
AXA and the Insurance Development Forum (IDF) have announced the first close of the Infrastructure Resilience Development Fund (IRDF). Managed by Global Infrastructure Partners (GIP), a BlackRock subsidiary, the IRDF is built upon the Infrastructure Resilience Development Blueprint developed over…
Heimann to develop European MGA practice for Augment Risk
Augment Risk, a risk capital and reinsurance solutions broker, has appointed Magnus Heimann as Partner for MGA, effective immediately. He will develop the firm’s European MGA presence, partnering with coverholders, capacity providers, and reinsurers to deliver capital-aligned program solutions that…
mea Platform and Regenvita parter to drive AI adoption in Scandinavian insurance market
mea Platform, a company specialising in AI solutions for the insurance industry, and Regenvita Ltd, the advisory firm founded by Clint Sookermany, have entered into a strategic partnership to accelerate artificial intelligence (AI) adoption across the Scandinavian insurance market. As…
Ben Quah appointed CEO of Asian financial hub Labuan IBFC Inc.
Labuan IBFC Inc., an Asian financial hub known for its insurance, reinsurance, Islamic finance, and digital business solutions, has announced the appointment of Ben Quah as its new Chief Executive Officer (CEO). Quah brings over two decades of experience in…
Red Cross leads pilot of parametric flood insurance in Malawi
The Malawi Red Cross Society and the Danish Red Cross, in partnership with African Risk Capacity (ARC) Ltd., JBA Global Resilience, the InsuResilience Solutions Fund (ISF), and the Danish Ministry of Foreign Affairs, have piloted Malawi’s first parametric flood insurance….
AM Best revises outlook for US homeowners insurance to stable
Credit rating agency AM Best has revised the outlook for the US homeowners insurance segment to stable from negative, citing moderating premium growth and enhanced catastrophe risk management practices amid improved property reinsurance market dynamics. According to the Best’s Market…