Canadian insurers Beneva and Gore Mutual plan to merge to drive growth
Canadian mutual insurers Beneva and Gore Mutual plan to merge to drive growth, reinforcing the role of mutuals in the country’s insurance industry
News
FCA eliminates unnecessary regulations in the UK and introduce digital service standards
FCA plans to eliminate unnecessary regulations, reduce reporting requirements, introduce digital service standards in the UK
North Carolina home insurance rates will rise by an average of 7.5% in both 2025 and 2026
North Carolina home insurance rates will rise by an average of 7.5% in both 2025 and 2026. This increase is significantly lower than the 42.2% average
U.S. casualty reserve development poses major risk for reinsurers in 2025
Moody’s insurance executives have identified U.S. casualty reserve development as the biggest uncertainty for reinsurers in 2025
CatIQ raised insurance industry loss estimate for the Jasper, Alberta, wildfire to C$1.23 bn
Catastrophe Indices and Quantification Inc. (CatIQ) has raised its industry loss estimate for the Jasper, Alberta, wildfire to C$1.23 bn
WTW introduced CyCore Asia, a cyber insurance facility in Singapore and Hong Kong
Willis Towers Watson (WTW) has introduced CyCore Asia, a cyber insurance facility designed for businesses in Singapore and Hong Kong
Alpine Intel acquires BSC Forensics to enhance claims investigations
Alpine Intel, a US-based insurance solutions provider, has acquired BSC Forensics for an undisclosed sum. The acquisition is expected to improve efficiency and accuracy for its clients
WTW stresses importance of data & risk models as 2024 insured losses reach $140bn
WTW’s Natural Catastrophe Review estimates the global insurance protection gap for natural catastrophes at 60%. Insured losses exceeded $140bn in 2024
Re/insurance broker Miller expands in Asia with Miller Korea
Re/insurance broker Miller has strengthened its presence in Asia by launching Miller Korea, focusing on delivering global specialty expertise to the Korean market
GRAM ABF acquires majority stake in UniVista Insurance at $700 mn valuation
Entities tied to GRAM’s Americas Buyout Fund, have made a majority investment in Miami-based UniVista Insurance
78% of life insurers identified data readiness as biggest challenge in leveraging AI
A lack of data readiness is the main obstacle preventing global life insurers from realizing AI’s full potential, according to research by Equisoft, LIMRA
Ariel Re’s third-party reinsurance capital platform ARCP completes funding
Ariel Re has completed the first fundraising round for its third-party capital vehicle, Ariel Re Capital Partners (ARCP), launched in 2024
Winter storms affected the U.S., potentially causing insured losses in the tens of mn
Winter storms from Jan. 9-11 affected the southern U.S., potentially causing insured losses in the tens of mn, Aon reported
Australian Competition & Consumer Commission moves to block hospital boycott of major insurers
The Australian Competition Commission intends to deny Catholic Health Australia’s request to allow its hospital members to boycott large private health insurers
Canadian Fairfax becomes the 100% owner of Ukrainian insurers – ARX, ARX Life, UNIVERSALNA
Fairfax Financial Holdings has completed a deal with the EBRD and has become the 100% owner of Ukrainian insurance companies UNIVERSALNA, ARX, and ARX Life
Passenger plane Bombardier CRJ700 and Black Hawk helicopter crash into Potomac
A regional passenger plane, a Bombardier CRJ700 operated by PSA Airlines, collided mid-air with a U.S. Army Sikorsky H-60 Black Hawk helicopter
Lloyd’s underwriter Aegis London launched a portfolio solutions division
Lloyd’s underwriter Aegis London has launched a portfolio solutions division to follow third-party underwriting expertise within the London market
AI Financial Technology expands into Japan’s crypto insurance market
AI Financial Technology (AIFT), which operates the insurtech platform OneDegree, announced plans to expand into Japan following its rebranding last year
Insured losses from the Palisades & Eaton fires in LA estimated at $35-45 bn
Insured losses from the Palisades and Eaton fires in Los Angeles are estimated at $35 bn to $45 bn, according to CoreLogic’s catastrophe modeling
Juniper Re entered the London market, appointing Nick Hawke as head of office
Juniper Re, the reinsurance broking arm of Baldwin Group, has entered the London market, appointing Nick Hawke as head of office
FERMA called on the EU Council to prioritize strengthening cyber insurance resiliency
The Federation of European Risk Management Associations (FERMA) has called on the Council of the European Union to prioritize strengthening cyber insurance resiliency
California FAIR plan reports surge in policies amid wildfires
Year-over-year, California FAIR Plan policies in Pacific Palisades (ZIP code 90272) increased by 85% to 1,430. This area has suffered significant damage
Polo Insurance Managers launched Clockwork Re in Guernsey
Polo Insurance Managers (PIM) is launching Clockwork Re, a Category 4 commercial general reinsurer, in Guernsey
U.S. Supreme Court to hear challenge to ACA preventive care provisions on religious grounds
The U.S. Supreme Court will hear a challenge to the Affordable Care Act’s (ACA) preventive care provisions brought by individuals and small businesses citing religious objections
IUA’s 2025 Plan: Tackling Technology, Sustainability & Digital Transformation in the London Market
The International Underwriting Association (IUA) has prioritized technology and sustainability risks as part of its 2025 business plan for London insurers
Generali Investments acquires a 77% stake in MGG Investment Group for $320 mn
Assicurazioni Generali’s investment arm is acquiring a 77% stake in U.S.-based middle-market investment firm MGG Investment Group for $320 mn
Insurtech Boxx announced 3 key appointments to drive growth in the U.S.
Toronto-based cyber insurtech Boxx Insurance has announced three key appointments to drive its growth in the United States
Standard Insurance sues Securian Financial over $50 mn earn-out dispute
Standard Insurance Co. has sued Securian Financial Group, Inc. and its subsidiary, Minnesota Life Insurance Co., over $50 mn in earn-out payments tied to a 2022 acquisition
South Korea debates health insurance rewards as other nations incentivize aging well
South Korea weighs health incentives for older adults while countries like Singapore, Japan, Germany and the Netherlands already reward healthy aging
Swiss Re’s Board of Directors proposes Morten Hübbe and George Quinn for election
Swiss Re’s Board of Directors proposes Morten Hübbe and George Quinn for election as new members of the Board at the upcoming AGM on 11 April 2025
Massachusetts’ Suffolk Court ordered UnitedHealth affiliates to pay $165 mn in penalties
Massachusetts’ Suffolk Superior Court ordered three UnitedHealth Group Inc. affiliates to pay $165 mn in penalties for deceptive practices
Reinsurance Group of America announced a strategic investment in PACT Capital
Reinsurance Group of America (RGA), a leading life and health reinsurer, has announced a strategic investment in PACT Capital LLC, an independent investment firm
Ping An plans to acquire the remaining shares of Ping An Healthcare for $1.7 bn
Ping An Group plans to acquire the remaining shares of Ping An Healthcare and Technology Co. for HK$13.23 bn ($1.70 bn
InsurTech Olé Life raised $13 mn in Series B funding
Olé Life, a Latin American InsurTech company, has raised $13 mn in Series B funding, led by PayPal Ventures
Lloyd’s appoints Alexander Baugh as new Council Member
Lloyd’s announced changes to its Council, appointing Alexander Baugh as an independent nominated member, subject to regulatory approval
Lloyd’s London Bridge risk transformation platform reaches $1.92 bn capital milestone
Lloyd’s announced that its London Bridge risk transformation platform reached a capital deployment milestone
AI insurtech Instabase secures $100 mn in Series D funding
Instabase, an insurtech specializing in applied AI for unstructured data, has closed a $100mn Series D funding round led by QIA
Frontier Risk sequred $3 mn seed+ round to underwrite cannabis risk
Frontier Risk closed of a $3 mn seed+ round, bringing investors from the cannabis and insurance sectors to build the industry’s first tech-enabled insurance ecosystem
Natural catastrophe losses reach $417 bn, with $154 bn insured
Gallagher Re has estimated global economic losses from natural perils in 2024 at $417 bn. The insurance industry covered $154 bn, leaving a $263 bn protection gap
Insurtech Naked sequred $38 mn to drive insurance transformation in South Africa
Naked, a South African insurtech firm, has raised $38 mn in its Series B2 funding round. This represents the largest insurtech investment in Africa
Insurtech ManyPets reports £33 mn loss for FY 2024
Pet insurtech ManyPets announced a net loss of £33 mn for the year ending March 31, 2024. This marks a significant improvement from the £67.5 mn loss reported the previous year
Vichai Srivaddhanaprabha’s family files record £2.2 bn claim over helicopter crash
The family of Vichai Srivaddhanaprabha, former Leicester soccer club owner, filed a historic fatal accident claim in England following his death in a helicopter crash in 2018
54% of insurers expect traditional roles to require advanced technical skills – RDT poll
A recent poll by RDT reveals that 54% of insurers expect traditional roles to require advanced technical skills due to increasing automation and digital transformation
Embedded insurtech Tint announced 7x growth
Insurtech Tint announced 7x growth in 2024, marked by significant expansion across its core markets and the launch of mbedded insurance solutions
Allianz UK strengthens commercial digital trading team with key appointments
Allianz UK has announced a series of hires and promotions within its commercial digital trading team, underlining its commitment to driving profitable growth
Chesnara acquires £1.5 bn portfolio from Canada Life Insurance in UK
Chesnara, a European life and pensions consolidator, has acquired a closed portfolio of unit-linked bonds and legacy pensions totaling 17,000 policies
PIC completed a £24 mn full buy-in of the Holophane Retirement Benefits Scheme
PIC has completed a £24 mn full buy-in of the Holophane Retirement Benefits Scheme, securing pension benefits for 95 pensioners, dependents
InsurTech startups to compete for £50,000 in Norton Rose Fulbright’s Insurathon
Global law firm Norton Rose Fulbright has launched the eighth annual Insurathon, a competition aimed at supporting start-ups and scale-ups driving innovation in insurance technology
Supply chain insurtech Overhaul secures $55 mn for AI and strategic expansion
Overhaul, a supply chain risk management and intelligence provider, has raised $55 mn in equity funding. The round was led by Springcoast Partners
Aviva and Direct Line Insurance anticipate £250 mn in one-off integration costs
Aviva and Direct Line Insurance Group anticipate £250 mn in one-off integration costs for their proposed £3.7 bn merger
North Carolina Court of Appeals reverses $29 mn judgment against Penn National Insurance
The North Carolina Court of Appeals overturned a $29 mn judgment against Penn National Security Insurance Co., ruling the insurer did not breach
Insurtech Rainbow secured $8 mn in a Series A funding led by Zigg Capital
Insurtech Rainbow, a managing general underwriter (MGU) specializing in business insurance, has secured $8 mn in a Series A funding round led by Zigg Capital
Africa Specialty Risks launched Africa Specialty Risks Mauritius as a Lloyd’s company
Africa Specialty Risks (ASR), a prominent (re)insurance group targeting Africa and the Middle East, has launched Africa Specialty Risks Mauritius as a Lloyd’s service company
DARAG acquires run-off portfolio from wefox Insurance
DARAG Group, a prominent legacy acquirer, has agreed to purchase a run-off portfolio from wefox Insurance AG. The portfolio includes motor damage, third-party liability
LA Wildfires to trigger record losses without immediate rating impact on (re)insurers
Fitch Ratings states these losses are unlikely to impact the ratings of property and casualty (P&C) (re)insurers due to strong capital buffers, diversified risk exposure
West P&I Club to acquire full ownership of Nordic Marine Insurance
West of England (West) P&I Club has announced plans to acquire full ownership of Nordic Marine Insurance, pending regulatory approvals
US Government plans to spend $9.2 tn on Medicare Advantage payments
The US Government plans to spend $9.2 tn on Medicare Advantage (MA) payments over the next decade
AXA become a founding patron of the Louvre Museum’s new Department
AXA Mutuelles d’Assurance has become a founding patron of the Louvre Museum’s new Department of Byzantine Arts and Eastern Christianities
Knighthead Insurance Group acquired Merit Life Insurance
Knighthead Insurance Group has acquired Merit Life Insurance for an undisclosed amount, rebranding it as Knighthead Life
Enstar’s Syndicate 2008 finalizes loss portfolio transfer deal with Atrium Syndicate 609
Enstar Group’s Syndicate 2008 has entered a loss portfolio transfer (LPT) agreement with Atrium Syndicate 609, managed by Atrium Underwriters
Discover how a secondary reinsurance market could improve capital efficiency, lower WACC, boost underwriting flexibility and support more efficient pricing
Global reinsurance pricing fell more than expected at Jan. 1, 2026 renewals, with abundant capital, weak catastrophe support, and easing terms
Reinsurance rates in several lines softened quicker than anyone expected this year, especially in casualty and cyber, yet trading conditions across the Lloyd’s market still look reasonably favorable
Re/insurance industry is showing strong momentum. Fund and Insure domain as the big opportunity—potentially generating $17 tn in gross value by 2035