Victor Kuk, Chief Executive Officer of Peak Re, said, "The new...
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Thailand shifts disaster risk to insurers with $467 million plan
The government on Tuesday approved a 15.5 billion baht ($467...
Aon strikes $17 billion deal for rival USI as insurance consolidation accelerates
“Combining with USI will establish the premier U.S. middle-market...
Hormuz traffic slows as uncertainty over waterway persists
Traffic slowed further at the other major Middle East waterway, the Bab el-Mandeb strait.A total of 27 commodity vessels passed through Bab el-Mandeb on Wednesday, down from 32 on Tuesday, Kpler data showed.Some vessels may be sailing through the waterways with...
Munich Re acquires US based cyber insurtech At-Bay for $575 million
The acquisition is a strategic move to strengthen Munich Re’s and HSB’s position as a leader in the cyber market by combining insurance with proactive risk mitigation and a state-of-the-art technology platform. It also positions the company for greater access to a...
Wall street leans on Insurance Pools for $16 billion Kuwait deal
Blackstone Inc., Brookfield Asset Management Ltd. and KKR & Co. opted for insurance-backed financing for the debt portion of the landmark deal. The decision points to the growing role of insurers as providers of long-dated capital for infrastructure assets, whose...
Meta faces 29-state trial that could reshape Instagram and Facebook
The trial will test the four states’ allegations that Meta designed Facebook and Instagram to be addictive to children and teens and misled consumers about the safety of the platforms for young users. It will also address the claims of all 29 states accusing Meta of...
Envelop Syndicate 1925: Reinsurance MGA Envelop launches Lloyd’s Cyber Reinsurance Syndicate
While cyber treaty reinsurance will remain core, Syndicate 1925 will allow Envelop to expand its proposition to include other lines of business, increasing access to its proven capital management and underwriting capabilities to a broader range of partners. London:...
Hacking group claims mass data theft from Shell, Philips, GE, Fiserv and dozens of others
While it’s not clear how the hackers allegedly accessed the companies, Ransom-ISAC, an industry information sharing group, issued a notice July 22 warning that the hacking group was exploiting vulnerabilities in PTC Windchill and FlexPLM, software used to aid in...
Munich Re reclaims top global position among IFRS 17 reporting reinsurers
Lloyd’s moved to the top of the ranking for non-IFRS 17 reinsurers, lifted by premium growth and the British Pound appreciating against the U.S. dollar. GIC Re is the 10th largest global reinsurer among non-IFRS 17 reporting reinsurers OLDWICK:Foreign currency...
At least 47 dead in eastern Indonesia after magnitude 7.7 quake
Authorities issued a tsunami warning and urged coastal residents to move to higher ground, but later lifted the warning when Indonesia’s meteorological agency said monitoring showed no significant sea-level changes that posed a threat to coastal communities. Some...
Liberty Mutual Reinsurance makes world’s first earthquake parametric payment triggered by Safehub’s Shake Network
Jean-Christophe Garaix, head of parametrics and agriculture at Liberty Mutual Reinsurance, said: "Parametric insurance is increasingly being used to support natural catastrophe events. We deliver sophisticated parametric solutions which help clients in their times of...
Heatwaves could cost France €10-15 billion, environment minister says
The 2022 drought resulted in €5.6 billion in direct and indirect costs, but this year’s heatwaves have been longer and more intense, with more extensive forest fires and a greater decline in agricultural production, French environment minister Monique Barbut said. The...