HCI estimates insured losses up to $750 mn from Hurricanes Debby, Helene, Milton
HCI Group estimates insured losses between $600 mn and $750 mn due to hurricanes Debby, Helene, and Milton
News
Ardonagh Group completes acquisition of PSC Insurance, expanding APAC & UK platforms
The Ardonagh Group, a major independent insurance broking platform, has completed the acquisition of PSC Insurance Group Limited
Munich Re Specialty expands into Spanish insurance market with 2025 launch
Munich Re Specialty has initiated steps to enter the Spanish commercial market for primary specialty insurance, aiming to start underwriting in 2025
U.S. Supreme Court seeks opinion on Oklahoma’s PBM law appeal
The U.S. Supreme Court requested the opinion of the Office of the Solicitor General on Oklahoma’s appeal regarding a Tenth Circuit Court ruling
MGA Coterie Insurance announced its entry into the cyber insurance market
Coterie Insurance, a managing general agent (MGA) focused on simplifying small business insurance, announced its entry into the cyber insurance segment
UNIQA Insurance Group sold of the Russian insurer Raiffeisen Life
UNIQA Insurance Group has completed the sale of its Moscow-based subsidiary, Raiffeisen Life, to the Russian company Renaissance Life
GrovesJohnWestrup Private Clients ends new and renewal operations
GrovesJohnWestrup Private Clients, a managing general agent (MGA) under Munich Reinsurance Co., has ceased new and renewal business operations
Florida faces record flooding: Hurricane Milton threatens billions in insured losses
Florida faces its second major hurricane, with predictions of record-breaking storm surges and flooding. Private flood insurance premiums in the state
U.S insurers challenge subrogation ban in $4bn Maui Wildfire settlement
U.S. insurance companies has filed a request with the U.S. district court in Hawaii to allow them to subrogate losses related to the Maui wildfires
Morningstar DBRS estimates Hurricane Milton insured losses exceeding $100 bn
Morningstar DBRS estimates Hurricane Milton insured losses could reach $60 bn, with $10 bn linked to flooding
Insurance industry in Cyprus continued its growth in 2024
The insurance industry in Cyprus continued its growth in the first half of 2024, with total gross written premiums (GWP) reaching €631.8mn, marking a 7.8% year-on-year (y-o-y) increase
Top risks for UK businesses in 2024: Economic, Cyber, Workforce Challenges
Marsh McLennan highlights the primary concerns for UK businesses over the next year. The TOP-3 issues identified are economic and financial challenges (43%), cyber threats (39%), and people-related risks (38%)
Africa Specialty Risks expands Lloyd’s reinsurance market access for Africa
Africa Specialty Risks (ASR) announced that its United Kingdom-based unit, Africa Specialty Risks Ltd., now operates as a Lloyd’s service company
Archdiocese of New York sues Chubb over denial of sexual abuse claims
Archdiocese of New York has filed a lawsuit against Chubb, accusing the insurer of violating state business laws by improperly denying sexual abuse insurance claims
Storm Boris flooding leads to €2-3 bn in insured losses across Europe
Insurers faced losses of €2 bn to €3 bn from flooding after Storm Boris hit Austria, Poland, and the Czech Republic last month, according to estimates from Verisk
U.S. Insurers Face Second Year of Declining Private Equity Income
U.S. insurers saw a second consecutive year of declining income from private equity investments in 2023, with earnings dropping to $7.7 bn, compared to $10.2 bn in 2022
Insurtech Hippo appointed William Malone as Vice President & Head of Agency
Home insurtech Hippo has appointed William Malone as Vice President and Head of Agency. Malone, with 25 years of industry experience, will oversee sales, account management
Hurricane Helene caused insured losses estimated at $6.4-15 bn
Hurricane Helene has caused insured losses estimated at around $6.4 bn, according to catastrophe risk modeling specialist Karen Clark & Company (KCC)
JMG Group acquired of Confidential Solutions Group
JMG Group has acquired its 40th business with the purchase of London-based Confidential Solutions Group. This acquisition includes a managing general agent
XN Worldwide Insurance adopts CoverGo for international mobility solutions
XN Worldwide Insurance, a MGA specialized in international mobility in Canada and part of the France-based Henner Group, adopted CoverGo
Tokio Marine Kiln and Marsh launch $50mn insurance facility for ports & terminals
Tokio Marine Kiln and broker Marsh introduced an insurance facility offering up to $50 mn in coverage for ports and terminals facing business interruption due to trade
Insurance Council of New Zealand urges government to strengthen Resource Management Act
The Insurance Council of New Zealand (ICNZ) is urging the government to ensure that changes to the Resource Management Act (RMA) will protect communities
Governor Gavin Newsom vetoes pay raise for CDI’s insurance fraud investigators
Governor Gavin Newsom vetoed a bill that aimed to raise the pay for insurance fraud investigators at the California Department of Insurance (CDI)
Hurricane Helene: Florida P&C insurers processed 48,341 claims, totaling $508 mn
Florida property & casualty insurers had processed 48,341 claims, totaling $507.5 mn in estimated losses, according to the Florida Office of Insurance Regulation
Marsh McLennan acquires McGriff Insurance Services for $7.75 bn
Marsh McLennan (MMC) announced plans to acquire McGriff Insurance Services for $7.75 bn. This move aims to expand MMC’s U.S. commercial and personal lines broking operations
Super Typhoon Yagi caused insured losses, estimated at $500 mn in China
Super Typhoon Yagi has caused substantial insured losses, estimated at 3.5 bn yuan ($500 mn) in China, according to Guy Carpenter, a reinsurance broker.
Cyber threats as the top concern for businesses – Travelers Risk Index
Cyber threats as the top concern for businesses. This marks the fourth time in six years that cyber risks have taken the lead. according to 2024 Travelers Risk Index
Global marine insurance premium reached $39 bn, a 6% increase
The global marine insurance premium base reached $39bn, a 6% increase from the previous year. Growth occurred across all sectors. Cargo insurance premiums rose
MGA Optio Group acquires Luxembourg-based Circles Group, expanding European presence
Optio Group, a specialty managing general agent (MGA), has acquired Circles Group, a Luxembourg-based MGA, for an undisclosed sum. The transaction is pending regulatory approval
Adaptive Insurance launched GridProtect, climate risks protect product
Adaptive Insurance, a new parametric insurtech platform powered by AI, has launched with the goal of transforming how businesses protect against climate risks
New conditions for buyers in the US commercial insurance market
The Lockton Market report highlights favourable conditions for buyers in the US commercial insurance market across most lines of coverage. However, uncertainty surrounding both the economy
Ondo Insurtech partnered with NFU Mutual to introduce LeakBot
Ondo Insurtech has partnered with the National Farmers Union Mutual Insurance Society Limited (NFU Mutual) to introduce its LeakBot technology to the insurer’s customers
Insurtech Optalitix sequred $3 mn funding round led by Calculus Capital
London-based insurtech Optalitix, a software provider for insurance and finance, secured a $3 mn follow-on funding round led by Calculus Capital, with participation from 24 Haymarket and others
Insurtech Akur8 sequred $120 mn in Series C funding
French insurtech Akur8 has sequred $120 mn in Series C funding, bringing its total investment to $180 mn and its valuation to $400mn, led by One Peak with Partners Group and Guidewire Software
Munich Re North America Life introduced a longevity reinsurance for the US and Canada
Munich Re North America Life, a subsidiary of Munich Re, has introduced a longevity reinsurance solution for the US and Canada. This product helps clients transfer biometric risk while building assets
Cysurance partnered with 360 SOC, a cyber provider of response services
Cysurance, a firm focused on risk mitigation and certifying security solutions, has partnered with 360 SOC, a provider of managed detection and response services
Insurtech Koltin sequred $7.3 mn in Series A funding
Koltin, a Mexican insurtech focusing on private health insurance for seniors, secured $7.3mn in Series A funding. Left Lane Capital led the round, with its Vice President, Rachel Schow, joining Koltin’s board of directors
Insurtech Onsurity raised an additional $21 mn in Series B
Onsurity, an insurtech startup focused on SMEs, raised an additional $21mn in its Series B round, bringing the total to $45mn. Private equity firm Creaegis led the funding
French insurtech Alan reached a €1.4 bn valuation after latest Series D funding
French healthcare insurtech Alan has reached a €1.4bn ($1.7bn) valuation after its latest Series D funding round. Founded in 2016, Alan aims to bring transparency and fairness to healthcare through
Lloyd’s appointed Charles Roxburgh as next Chair, replacing Bruce Carnegie-Brown
Lloyd’s has appointed Charles Roxburgh as its next chair, replacing Bruce Carnegie-Brown, pending regulatory approval from the Prudential Regulation Authority
Natural catastrophes in Canada in H1 2024 caused losses of $5.2 bn
CatIQ estimates that recent Natural catastrophes in Canada caused losses of $5.2 bn from four major events within a few weeks. With estimated losses of C$7.12 bn ($5.24 bn)
Marsh McLennan Agency named Matt Stadler as next president
Marsh McLennan Agency has named Matt Stadler as its next president, effective January 1, 2025, replacing Bill Jeatran. Jeatran will take on the role of vice chairman
Reinsurers to maintain strong profitability in property catastrophe reinsurance
Fitch Ratings has released the results of reinsurance market survey, which saw 81 re/insurance market participants provide their expectations for the January 2025 reinsurance renewals
Insurance market losses from Hurricane Helen are expected to reach $6-10 bn
Hurricane Helene is in the Gulf of Mexico with maximum sustained winds near 90 mph with higher gusts, and strengthening is expected as it heads towards Florida
Lloyd’s partnered with MIGA to increase guarantee issuance to $20 bn by 2030
Lloyd’s of London has partnered with the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA) to increase annual guarantee issuance to $20 bn by 2030
UK’s Prudential Regulation Authority plans to release final rules on Solvency II
The UK’s Prudential Regulation Authority (PRA) plans to release its final rules on Solvency II in mid-November, with the new requirements for insurance firms and groups taking effect on Dec. 31
Annual flood damage in the U.S. totals between $180 bn and $500 bn
The Joint Economic Committee’s Democratic staff estimates that flooding in the U.S. costs between $180 bn and $500 bn annually. These estimates stem from studies on the financial impact of flooding
Storm Boris caused €1.5-3 bn in insured losses in Central Europe
Storm Boris’s torrential rains and flooding likely caused more than €1.5 bn in insured losses in Central Europe, according to an Aon
NAIC highlights climate risks & rising home insurance costs in response to lawmakers
The National Association of Insurance Commissioners (NAIC) said that for over a decade, state regulators have concentrated on climate risks and their effects on property insurance markets
Blockchain RWA platform Re tokenized reinsurance fund with $15 mn
Real-world asset (RWA) platform Re offering tokenized reinsurance, has launched its first open-ended reinsurance fund on the Avalanche (AVAX) network
Risk Administration Services leverages CLARA Analytics technology
CLARA Analytics announced that Risk Administration Services will leverage its technology to enhance its claims processes
AI-Insurtech Roots Automation raised $22.2 mn in a Series B
AI-Insurtech Roots Automation has raised $22.2 mn in a Series B funding round led by Harbert Growth Partners, with additional support from MissionOG, Liberty Mutual
Insurtech Functional Finance raised $20 mn Series A led by Walkabout Ventures
Functional Finance, a insurance software platform for managing general agents (MGA), insurers, and wholesalers, has raised a $20 mn Series A funding round led by Walkabout Ventures
Allianz Partners USA unveiled Universal Claims Portal, using AI
Allianz Partners USA unveiled their new Universal Claims Portal which includes a mobile-friendly design dedicated to helping customers easily get through the travel insurance claims process
Cyber startup BlackCloak raised $17 mn in Series B led by Baird Capital
BlackCloak, a cybersecurity insurtech specializing in protecting executives, high-net-worth individuals, and family offices, has announced a $17 mn Series B funding
Joachim Müller take over as CEO at insurtech wefox
wefox has announced that Joachim Müller will take over as CEO effective immediately. Mark Hartigan, who has been serving as both Chairman of the Board
US banks saw a 20% rise in high-volatility commercial real estate loans
US banks saw a 20% rise in high-volatility commercial real estate loans in Q2 2024, following a four-year low in the previous quarter
Regulatory scrutiny in banking-as-a-service. FinTechs looking to get bank charters
FinTech companies are increasingly looking into the possibility of getting bank charters, though few have actually taken the plunge
Sixth Street acquires Enstar Group, totalled equity value of $5.1 bn
Enstar Group has entered into a definitive merger agreement under which Sixth Street will acquire Enstar, with Liberty Strategic Capital, J.C. Flowers & Co.
Insurtech Ledgebrook secured $17 mn in Series B funding
Boston-based Insurtech Ledgebrook has secured of a $17 mn in Series B funding round. This opportunistic raise introduces two esteemed Family Offices to the Ledgebrook cap table
Global InsurTech funding rose 19.5% to $5.1 bn, with Q4 driving momentum as deal count and average size increased sharply, marking the first annual increase since 2021
InsurTech moves past disruption narrative, focuses on underwriting, AI, and operational efficiency as funding drops and insurers demand measurable results
The first notice of loss (FNOL) is the starting point for every insurance claim. It sets the tone for the entire claims cycle. And for years, this process has been manual
InsurTech funding crossed a significant milestone in Q2 2025, with $60.8bn raised since records began in 2012. The data reflects the scale of investor appetite over 10Y