Number of successful cyber attacks against UK companies increased by 586%
Successful cyber attacks against UK utility companies surged to 48 in 2023, a 586% increase from seven cases in 2022
News
Anders Malmström will succeed John Dacey as Swiss Re’s Group CFO
Swiss Re announced today that Anders Malmström will succeed John Dacey as Group Chief Financial Officer as of 1 April 2025
IRDAI grants approval for InsuranceDekho to enter reinsurance broking
Indian insurtech platform InsuranceDekho has gained approval from the Insurance Regulatory and Development Authority of India (IRDAI) to enter the reinsurance broking
CyberCube estimates cyber insurance losses from CrowdStrike outages above $1.5 bn
Insured losses from CrowdStrike outages in the standalone cyber insurance market may reach $1.5 bn, according to CyberCube
Cyber insurers covers of business interruption from CrowdStrike outage
Cyber insurance provides for broad coverage of business interruption resulting from network outage. The trigger for this coverage includes System Failure
Guy Carpenter estimates $35-40bn in add property catastrophe reinsurance purchased
Guy Carpenter’s review from January to July 2024 estimates $35-40bn in additional property catastrophe reinsurance purchased globally due to favorable conditions
AXA announced a €13 mn lead investment in Novocuff’s financing round
AXA IM Alts, a leader in alternative investments and AXA Investment Managers’ alternative business unit, manages over €184 bn ($197 bn) in assets
Chubb’s acquisition of pet insurance MGA Healthy Paws valued at $300 mn
Insurance gigant Chubb announced in April a definitive agreement to acquire Healthy Paws, a U.S.-based managing general agent specializing in pet insurance
Alphabet is investing $5 bn in Waymo, a self-driving car unit
Alphabet is investing $5 bn in its self-driving car unit, Waymo. This funding will help Waymo build the world’s leading autonomous driving company
Sixth Street acquired Enstar by total 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 Zebra acquired digital platform Marble
Insurtech Zebra has acquired digital platform for managing and saving on insurance Marble. The acquisition is effective as of July 25
U.S. homeowner’s insurance market suffered a $15.2 bn loss – AM Best
The U.S. homeowner’s insurance market experiencing its worst underwriting results since at least 2000, according to AM Best report
2024 Global private equity fundraising review: capital raised $365 bn
Global private equity fundraising declined in the first half, with capital raised totaling $365.75 bn, according to S&P
US life insurers are expected to report stronger Q2 2024 earnings
Most traded US life insurers are expected to report stronger second-quarter earnings due to favorable economic conditions
Bermuda reinsurer Martello Re raised $935 mn of equity funding
Martello Re, a Bermuda-based life and annuity reinsurer, closed a second round of equity funding, raising $935 mn from existing and new shareholders
District Cover, a benefit insurance agency, raised $7 mn capital
District Cover, a new public benefit insurance agency, has raised over $7 mn from venture capital firms and insurance industry leaders
Hiscox launched a digital Professional Liability product for contractors
Hiscox, a specialist global insurer, has launched a digital Professional Liability product for contractors, including versions for both general contractors
AI-powered technology company IntelePeer sequred $140 mn
AI-powered technology company IntelePeer has sequred $140 mn in new growth funding and debt financing led by Savant Growth
Insurtech Cowbell sequred €55 mn Series C led by Zurich
Cyber insurtech Cowbell has closed a €55 mn Series C equity round led by Zurich Insurance Group, a global multi-line insurer
Liane Hirner (VIG) re-elected for 4-year term on the EIOPA
Liane Hirner, CFRO of Vienna Insurance Group (VIG), secured another four-year term on the Insurance and Reinsurance Stakeholder Group
S&P awarded Vienna Insurance Group an “A+” rating
Standard & Poor’s has awarded Vienna Insurance Group (VIG) an “A+” rating with a stable outlook. This ranks VIG among the top companies in the Austrian Traded Index
Verisk estimates Hurricane Beryl’s insured Losses $2-3 bn
Verisk estimates that industry insured losses to onshore property from wind in the U.S. due to Hurricane Beryl will range between $2 bn and $3 bn
WTW appointed Lucy Clarke as president of Risk & Broking
WTW, a global advisory, broking, and solutions company, has appointed Lucy Clarke as president of Risk & Broking. Adam Garrard takes on the new role
Indian insurtech Plum launched Plum Perks, a healthcare benefits
Indian insurtech platform Plum has introduced Plum Perks, a comprehensive healthcare and wellness benefits suite for employees
Eleos released white paper about Financial Super-Apps
Eleos, a digital provider of income protection and life insurance in the UK, has released its white paper titled “Financial Super-Apps: Rising on the Digital Tide.”
Lemonade’s Giveback brings $10 mn donations across 86 organizations
AI insurtech Lemonade announced its 2024 Giveback, marking the eighth year of donations to various local and global charities selected by customers
US companies suffer $5.4 bn cyber loss from CrowdStrike outage. Impact for (re)insurers
Parametrix estimates the direct financial loss for US Fortune 500 companies (excluding Microsoft) from the CrowdStrike outage at $5.4 bn
Insurtech Juno sequred an $8.5 mn Series A led by Spero Ventures
Insurtech Juno, the US company to offer child disability insurance, has sequred an $8.5 mn Series A funding round led by Spero Ventures
Natural disasters in 1H 2024: $117 bn economic & $58 bn insured losses
Aon estimated of more than $117 bn in economic losses from global natural disasters during the 1H 2024, lower than the 21st-century 1H average
EY highlights a rise in disclosed M&A deals in the UK insurance sector
EY report highlights a notable rise in publicly disclosed M&A deals in the UK insurance sector, increasing from 54 in H1 2023 to 94 in H1 2024
Re/insurers have started implementing the IFRS17 Standard
Most reinsurance and insurance companies have started or are about to start implementing the IFRS17 Standard, a finance transformation and modernization
Moody’s estimates U.S. insured losses from Hurricane Beryl to $2.5-4.5 bn
Moody’s RMS Event Response estimates U.S. insured losses from Hurricane Beryl to be between $2.5 billion and $4.5 billion. This includes damage from wind, storm surge
Verisk introduced ISO Experience Index for insurers
To help insurers, Verisk introduced the ISO Experience Index. This innovative tool modernizes how actuaries analyze risk patterns
Insurtech Otonomi launched Air Cargo Delay Parametric Insurance
Insurtech Otonomi has introduced a new global three-hour Air Cargo Delay Parametric Insurance. This product addresses a critical gap in air cargo insurance
Lloyd’s Lab hosted ‘Demo Day’ for insurtech startups (Cohort 12)
Lloyd’s Lab, an innovation accelerator launched by Lloyd’s of London, hosted ‘Demo Day’ for Cohort 12 of its 10-week Accelerator programme
Lloyd’s insurers expected to hit targets, says JP Morgan
JP Morgan has estimated changes for Lloyd’s insurers ahead of their first-half 2024 results, expecting them to meet their 2024 guidance
Cover Genius launched technology-driven travel insurance for Priceline
Priceline and embedded insurtech Cover Genius have announced a new partnership to introduce enhanced travel protection for flights, hotels, rental cars
Global insured losses from natural disasters to rise annually by 5-7% relative to GDP
Global insured losses from natural disasters are expected to rise annually by 5-7% relative to GDP, according to Swiss Re
Insurtech Lemonade launched Buildings & Contents insurance in the UK
Lemonade, the AI-driven insurtech company, has launched Buildings and Contents insurance in the UK. This expansion allows UK homeowners to purchase
Climate Change Boosts Extreme Weather: Time for Insurance to Adapt
Climate change is making severe weather more common worldwide, which greatly affects the electric grid. Insurance funding is crucial for adaptation
Commercial real estate poses an exposure for US life insurers
Commercial real estate (CRE) poses a significant exposure for US life insurers, who hold over $900 bn in CRE, representing about 17% of their total invested assets
Aviva acquired of Probitas Holdings (Bermuda) for £249 mn
Aviva has finalized the acquisition of Probitas Holdings (Bermuda) Limited for £249 mn, marking its entry into the Lloyd’s market
European financial & insurance M&A activity rebounded
M&A activity in the European financial afn insurance services industry rebounded in the first half of 2024 after a slow
Lloyd’s Inclusive Futures Coalition funds & supports 3 key initiatives
Lloyd’s launched the Inclusive Futures Coalition, a group of market firms and delivery partners leading the Inclusive Futures program
Insurtech Wefox changes CEO: Mark Hartigan steps down
Wefox Holding is replacing Chief Executive Officer Mark Hartigan after the insurtech startup’s board rejected a proposal by its largest stakeholder
Insurtech Sidecar Health raised $165 mn Series D led by Koch Disruptive Tech
Sidecar Health raised $165 mn in a Series D funding round led by Koch Disruptive Technologies, supported by GreatPoint Ventures
Eastern Alliance Insurance selected CLARA Analytics’ insurtech platform
Eastern Alliance Insurance Group, a wholly-owned subsidiary of ProAssurance Corporation, has selected the CLARAty:ai platform
Insurtech Feather sequred €6 mn in funding led by Keen Venture
Insurtech Feather, a startup offering digital insurance solutions for expats in Europe, has secured €6 mn in funding. Keen Venture Partners led the round
Novidea acquires automated document generation startup Docomotion
Novidea, a developer of a cloud-based, data-driven insurance management platform, has announced the acquisition of Docomotion
Insurtech Kin achieved $113 mn in written premium in Q1 2024
Kin reported its operating results for the Q1 2024. The company achieved $112.7 million in gross written premium, marking a 53.8% increase
Reinsurtech Supercede sequred $15 mn in a Series A
Digital reinsurance platform Supercede has sequred $15 mn in a Series A funding led by Alven, with participation from Mundi Ventures, Outward, Seedcamp
Insurtech Wopta Assicurazioni closed a €4.1 mn Series A funding
Wopta Assicurazioni, an insurtech MGA focused on protecting businesses and professionals from everyday risks, has closed a €4.1 mn Series A funding round
Zurich Group acquires AIG’s global personal travel insurance business
Zurich Insurance Group announced an agreement to buy AIG’s global personal travel insurance and assistance business, AIG Travel, for $600 mn
Generali CEE Holding completes 4Life Direct acquisition
Generali CEE Holding has finalized the acquisition of 4LifeDirect, a life insurance distribution company in Poland
EIOPA’s enhances Cross-Border Cooperation for relocating (re)insurers
The European Insurance and Occupational Pensions Authority (EIOPA) has updated its 2021, decision on supervisory collaboration
Real-life Barbie Malibu DreamHouse is most popular stay on Airbnb
Barbie’s Malibu DreamHouse is most popular stay on Airbnb after release of the BARBIE film. AirBnb revamped and relisted the California home
U.S. banks increase insurance usage for Climate-Related Risks
U.S. banks are increasingly using insurance as a key mitigant against growing climate-related risks and potential losses in their commercial and residential real estate loan
French insurance market ratings remain stable amid political uncertainty
French insurers’ ratings remain resilient despite current political uncertainties. Fitch stated no immediate implications for France’s ‘AA-’/Stable rating
U.S. health insurers adapt to rising Medicaid utilization
The long-term credit profiles of large U.S. health insurers participating in state Medicaid managed care programs should not be significantly affected
Paul Davies decided to retire as Vice chair of Aon
Paul Davies has decided to retire as vice chair of Aon after a 36 years at the firm and 63 years in the brokerage industry
Involving HR professionals early in M&A due diligence can help deals close more quickly and increase the chances of a successful transaction
Forced virtualization of work during the pandemic has fueled revolutionary changes in employee expectations and upended many traditional employment models
Faced with many talent challenges, employers need better tools to evaluate and deliver individualized health, wealth, and wellness benefits to their future workforce
While some employers may see using cryptocurrency as a way to differentiate themselves in attracting next-generation talent, there is also a case for caution in seeking creative ways to reward employees