Ascot, the Bermuda-domiciled global specialty insurer, has launched a unified capital management platform, Leadline Capital Partners, to support its expanded third-party capital business. Under the Leadline Capital platform, Ascot has strategically partnered with institutional investors to provide collateralized reinsurance for its global property portfolio through a Bermuda special purpose insurer. Ascot says that these developments […]

Analysts at Morningstar DBRS predict that the total insured losses from the recent UK riots will be manageable for British insurers, estimating that they will remain below £250 million. The impact on the insurance industry is expected to be limited, as claims under £1 million per property can be covered by local police authorities under […]

Insurance brokerage firm, Brown & Brown has announced the appointment of Stephen P. Hearn to its board of directors. H. Palmer Proctor, Jr., Brown & Brown’s lead independent director and chair of the Nominating/Corporate Governance Committee of Brown & Brown’s board of directors, said: “Steve has established himself as a fixture in the London insurance […]

After taking a $1 billion slice in 2023, it’s notable that Berkshire Hathaway did not participate in Florida Citizens Property Insurance Corporation’s 2024 catastrophe reinsurance renewal, which was dominated by Bermuda-based and collateralised reinsurers. As we reported previously, Florida’s property insurer of last resort secured a cost-effective risk transfer program of approximately $3.564 billion at […]

Following today’s Microsoft Cloud outage, analysts currently expect business interruption claims to drive the bulk of insurance industry losses, and question whether this could be the litmus test for cyber underwriters, notably UK headquartered, specialist insurer Beazley. One of the largest-ever IT outages hit companies across the world today, causing significant disruption to airlines, hospitals, […]

Bangkok-based Asian Reinsurance Corporation (Asian Re) has announced the appointment of a new Chairperson, Sumalee Satitchaichareon, Deputy Director-General, Fiscal Policy Office, the Ministry of Finance of Thailand. Asian Re is an intergovernmental organisation established in 1979 with the support of the United Nations Economic and Social Commission for Asia and the Pacific (UN-ESCAP). The organisation […]

S&P Global Ratings has upgraded Fairfax Financial Holding and its re/insurance subsidiaries, which include Odyssey Re and Allied World amongst others, on revised criteria and assigned a positive outlook. The agency raised its long-term issuer credit rating on Fairfax Financial Holdings to ‘BBB+’ from ‘BBB’. The long-term issuer credit and financial strength ratings on Fairfax’s […]

Howden, Allianz Trade, and Saudi EXIM bank have signed an Initial Framework Agreement to bolster Saudi Arabia’s economic growth and facilitate international trade. As part of the initial agreement, facilitated by Howden, Allianz Trade and Saudi EXIM Bank will collaborate to provide dedicated non-payment insurance for international exporters and banks. This insurance will support the […]

International re/insurance broker Consilium, part of the Aventum Group, has announced the appointment of Rori-Leigh Mighty as Partner for its Cayman office. She will be reporting to Yaremis Hydes, Managing Partner in Consilium Cayman, who joins the business from Aon. Mighty is joining Consilium with close to two decades of P&C broking experience. Through her […]

Nassau Financial Group, an insurance and financial services firm, and Golub Capital, a credit asset management firm, have announced the signing of a definitive agreement to form a strategic partnership. As part of this agreement, Golub Capital will invest $200 million in minority non-voting common equity in Nassau, becoming the largest minority equity holder in […]