Hannover Re secured $20 mn cloud outage cat bond with Parametrix support
Hannover Re, an Europe’s top reinsurers, has secured $20 mn of retrocessional protection for losses from sustained cloud outages
News
Mitsui Sumitomo Insurance acquires 15% of W. R. Berkley
Mitsui Sumitomo Insurance (MSI), a Japanese property and casualty insurer, has agreed to acquire 15% of the outstanding common stock of W. R. Berkley
Sompo Insurance grows European presence in Belgium and the Netherlands
Sompo Insurance, a Tokyo-based insurance group, has expanded its operations in Continental Europe by securing regulatory approval to provide primary insurance
Cinven nears completion of €3.5 bn Viridium Group sale to Allianz consortium
Cinven is finalizing the sale of Viridium Group, Germany’s largest life insurance administrator, to a consortium led by Allianz for €3.5bn
Germany’s BaFin targets 30 to 40 insurers with high alternative asset exposure
Germany’s Federal Financial Supervisory Authority (BaFin) is scrutinizing 30 to 40 insurance companies with significant alternative asset holdings
The next phase of Lloyd’s Blueprint Two will be delayed beyond 2025
The next phase of Blueprint Two, an electronic platform developed by Lloyd’s and Velonetic, will be delayed beyond 2025
Lloyd’s underwriter Chaucer announced “Smart” consortium
Lloyd’s underwriter Chaucer Group announced an international direct and facultative property “Smart” consortium using InsurX’s exchange technology
China Life Insurance more than doubled profit to $14.74 bn
China Life Insurance more than doubled its 2024 profit due to rapid asset growth and a reversal in investment income from a previous loss
Utah Insurance Commissioner seeks rehabilitation for A-Cap affiliates amid insolvency allegations
Utah Insurance Commissioner Jon Pike has petitioned the court to place Sentinel Security Life Insurance, Haymarket Insurance, Jazz Reinsurance under rehabilitation
NAIC Life Actuarial Task Force drafts new rules for offshore reinsurance accuracy
NAIC Life Actuarial Task Force is developing new rules to assess the accuracy of offshore reinsurance agreements
Lloyd’s Syndicate 1699 increased loss to £950 mn after exiting D&O business
Lloyd’s Syndicate 1699 reported a larger loss in 2024 after exiting directors and officers (D&O) and transactional liability business due to market softening
NAIC pushes to eliminate Federal Insurance Office and preserve ACA subsidies
The National Association of Insurance Commissioners (NAIC) has outlined its federal priorities for 2025, advocating for the elimination of the FIO
Swiss Re plans to sell shares of Definity Financial for C$655 mn
Swiss Re plans to sell 11.7 mn common shares of Definity Financial Corp., a Canadian property/casualty group, for C$655 mn
Digital Banking & Fintech Forum 2025: The Main Event of the Year in Financial Technology
The financial sector is rapidly evolving under the influence of technology, making banking and financial services faster, more accessible, and more secure
Air Lease secures $328.5 mn insurance settlement over aircraft stranded in Russia
Air Lease Corp. (ALC) secured a partial insurance settlement of $328.5 mn over aircraft stranded in Russia. The proceeds, received as cash, will be recorded as an insurance recovery
Severe weather cost Canadian insurers C$1.7 bn, total insured damage exceeded C$8.5bn
Severe weather events cost Canadian commercial carriers over C$1.7bn ($1.19bn) in 2024, according to Catastrophe Indices and Quantification
Allianz, BlackRock, T&D lead €3.5bn acquisition of Viridium, life insurance consolidator
A consortium led by Allianz SE, BlackRock, and Japan’s T&D Holdings will acquire Viridium Group, a German life insurance consolidator, for €3.5bn
PERILS released 3rd insurance industry loss estimate for the Central Europe and Italy floods
PERILS, a Zurich-based organization providing catastrophe insurance data, released its third industry loss estimate for the Central Europe and Italy floods
Lloyd’s reported a 6.5% increase in premiums written, raising to £55.5bn
Lloyd’s of London announces its full year 2024 financial result. 2024 saw the continuation of positive returns, with profit before tax of £9.6bn
U.S. medical liability insurer Doctors Co. acquires ProAssurance for $1.3 bn
The Doctors Co., the largest physician-owned medical liability insurer in the U.S., will acquire ProAssurance Corp. for $1.3 bn
IK Partners acquires stake in Seventeen Group to expand UK insurance presence
Private equity firm IK Partners announced that one of its funds will acquire a minority stake in Seventeen Group, a London-based company
Insurance Europe criticizes EU Sustainability Risk Rules for duplication & cost
The European Insurance and Occupational Pensions Authority’s proposed sustainability risk rules would duplicate existing regulations and increase costs
Vienna Insurance Group posts higher 2024 profit despite €617 mn flood loss
Vienna Insurance Group boosted its 2024 profit despite taking a €617 mn hit from flooding caused by storm Boris in Central and Eastern Europe
U.S. Senate moves to extend National Flood Insurance Program through 2026
A new Senate bill seeks to extend the National Flood Insurance Program (NFIP) through December 2026, aiming to end a decade of frequent short-term extensions
New York attorney general sues Allstate over National General’s cybersecurity failures
Allstate Corp. is being sued by the New York attorney general, who claims its subsidiary, National General Holdings Corp., failed to protect consumer data
25% of insurers have fully adopted digitalization across value chain
Only 25% of insurers surveyed have fully adopted digitalization across their value chain, while 10% have made minimal use of digital technologies
Fairfax Financial appointed Amy Sherk as CFO, replacing Jennifer Allen
Fairfax Financial Holdings Ltd. has appointed Amy Sherk as chief financial officer, replacing Jennifer Allen
Swiss Re published its Annual Report and Sustainability Report
Swiss Re published its Annual Report 2024, Sustainability Report 2024 and the invitation for the upcoming Annual General Meeting of shareholders
Insurtech Norm Ai, a compliance AI platform, secured $48 mn in new funding
Insurtech Norm Ai, a compliance AI platform, secured $48 mn in new funding, reflecting strong investor confidence in its technology
EU Insurance markets could benefit from public-private reinsurance for climate risks
EU insurance markets could gain from a proposed public-private reinsurance scheme for climate-related losses
Allianz extends Worldwide Olympic & Paralympic Partnership through 2030-2032
Allianz will continue as the worldwide insurance partner of the Olympic and Paralympic Winter Games French Alps 2030 and the Olympic and Paralympic Games Brisbane 2032
Allianz to sell 26% stake in Bajaj Insurance Joint Ventures for €2.6 bn
Allianz SE entered into binding share purchase agreements with Bajaj Finserv to sell its 26% stake in its successful non-life and life insurance joint ventures – Bajaj Allianz General Insurance
Property catastrophe reinsurance pricing to stabilize at US-focused renewal rounds
After a mixed pricing environment at the January 1, 2025, reinsurance renewals, Moody’s analysts expect property catastrophe reinsurance pricing to stabilize
Flood Re secured £140 mn in retrocession reinsurance coverage with catastrophe bond
Flood Re has secured £140 mn in retrocession reinsurance coverage with its first catastrophe bond, Vision 2039 – Series 2025-1
Insurity formed a partnership with insurtech InsCipher
Insurity, a provider of cloud-based software for insurance carriers, brokers, and MGAs, has formed a partnership with InsCipher
Insurtech Lemonade leverages ZestyAI’s advanced risk insights to strengthen coverage
ZestyAI announced today that Lemonade, the digital insurance company powered by AI and social impact, has adopted the ZestyAI platform to further optimize underwriting
Insurtech ZestyAI partnered with the Colorado FAIR Plan
Insurtech ZestyAI, an AI-driven climate and property risk analytics provider, has partnered with the Colorado FAIR Plan to improve insurance access for homeowners
The UK needs over £1 bn in annual flood defence investment to address rising climate risks
The UK needs over £1 bn in annual flood defence investment to address rising climate risks, according to a study by flood risk modelling firm Fathom
Re/insurance executives remain cautiously optimistic about 2025
Re/insurance executives remain cautiously optimistic about 2025, though expectations vary between property catastrophe and casualty lines
Canada Life completed a £361 mn full-scheme buy-in with an pension scheme
Canada Life has completed a £361 mn full-scheme buy-in with an undisclosed pension scheme, covering over 850 deferred members and about 650 pensioners
Key Features of the UK AI bill: balancing regulation & innovation in a shifting policy landscape
Momentum is building around AI regulation in the UK following the reintroduction of the UK Artificial Intelligence (Regulation) Bill (AI Bill)
Global insurance M&A fell to a 16-year low in 2024 due to high interest rates
Global insurance mergers and acquisitions (M&A) fell to a 16-year low in 2024 due to high interest rates, geopolitical risks, and stricter regulations
Bicycle insurtech Laka acquired the Luko e-scooter business in France
Laka, a specialist bicycle insurer, has acquired the Luko e-scooter business in France from Allianz Direct, marking its third acquisition
Insurtech Sixfold introduced AI Accuracy Validator to strengthen underwriter confidence
Insurtech Sixfold, the insurtech empowering underwriters with a generative AI solution for end-to-end risk analysis, introduced an AI Accuracy Validator
Insurtech ResiQuant secured $4 mn seed funding led by LDV Capital
Insurtech ResiQuant, focused on property risk assessment, has secured $4 mn in seed funding. LDV Capital led the round
Eric Andersen transitioned from his role as AON’s president to serve as a senior advisor to Greg Case
AON, a global professional services firm, announced that Eric Andersen has transitioned from his role as president to serve as a senior advisor to Greg Case
Generali results: GWP grew to €95.2 bn, operating result grew to €7.3 bn in 2024
Generali surpassed its targets under the “Lifetime Partner 24: Driving Growth” plan, achieving record operating and adjusted net results
AON introduced Employee Benefits Cell Captive facility
AON, a global professional services firm, has introduced its Employee Benefits (EB) Cell Captive facility. This solution changes how multinational companies manage risk and finance employee benefits
Denise Perlman will join the AON to lead the middle market segment practice in North America
AON, a global professional services firm, announced Denise Perlman will join the firm to lead the middle market segment practice in North America
Insurtech InsureVision secured $2.7 mn in seed funding led by Rethink Ventures
Insurtech InsureVision, a company specializing in AI-driven driving risk assessment, has secured $2.7 mn in seed funding
AI-driven insurtech Outmarket AI raised $4.7 mn in seed funding
AI-driven insurance intelligence platform Outmarket AI has raised $4.7mn in seed funding to accelerate its expansion
Ant Insurance, AI-powered brokerage, reported significant growth in health insurance claims
Ant Insurance, the online insurance brokerage of Ant Group, has reported strong growth in health insurance claims
Nirvana Insurance, an AI-driven trucking insurer, raised $80mn in a Series C
Nirvana Insurance, an AI-driven commercial trucking insurer, raised $80mn in a Series C funding round, bringing its valuation near $850mn
New Zealand life insurance sector sees steady growth amid changing market trends
New Zealand’s life insurance sector has grown between 2% and 5% year-over-year since 2015, with seasonality having less impact on new business since 2021
Florida’s legislative session introduced several bills addressing property insurance
Florida’s legislative session, which began on March 4, introduced several bills addressing property insurance
Arthur J. Gallagher acquires San Francisco-based Woodruff Sawyer for $1.2 bn
Arthur J. Gallagher & Co. (AJG) will acquire San Francisco-based Woodruff Sawyer, a commercial property/casualty broker and risk management services provider, for $1.2bn
Gov. Ron DeSantis opposes efforts to repeal Florida’s no-fault automobile insurance laws
Gov. Ron DeSantis opposes efforts to repeal Florida’s no-fault automobile insurance laws, citing concerns about higher rates and the legal industry’s influence
U.S. retail annuity insurance sales rising 12% to a record $433 bn
Retail annuity sales exceeded $100 bn in each quarter of 2024 for the first time, rising 12% to a record $432.6 bn
U.S. House Bill proposes tax-exempt grants for home hardening projects
U.S. Representative Jared Huffman (CA-02) and U.S. Representative Blake Moore (UT-01) reintroduced the Water Conservation Rebate Tax Parity Act
Insurance Council of Australia classified the aftermath of Cyclone Alfred as an insurance catastrophe
The Insurance Council of Australia (ICA) has classified the aftermath of ex-tropical Cyclone Alfred as an insurance catastrophe
US insurance sector outlook for 2025-2026: capital strength, social inflation risks, P&C returns peak, Florida reforms, life insurance resilience and alt capital trends
Fitch estimates Winter Storm Fern insured losses at $4-7 bn. Losses hit earnings, not capital, with P&C insurers absorbing most claims and no rating downgrades
The 2025 Atlantic season had no US hurricane landfalls yet delivered Category 5 storms, inland flooding, and losses, highlighting rising intensity and protection gaps
Triple-I and Milliman forecast the US P&C industry’s lowest net combined ratio in more than 10 years for 2025, helped by a quiet hurricane season