Insurance Australia Group secured a catastrophe reinsurance program for 2025
Insurance Australia Group Ltd. (IAG) secured a catastrophe reinsurance program for 2025 and provided up to A$10 bn ($6.25 bn) in coverage
News
Property catastrophe rates dropped globally during 1/1 reinsurance renewals
Property catastrophe rates dropped globally during the Jan. 1 reinsurance renewals, with the Asia-Pacific region experiencing the largest decline at 7.2%
Fintech Kamino secured $10 mn to expand AI-platform for mid-market CFOs
Kamino secures $10 mn to grow its mid-market footprint, build CFO tools, and scale AI-driven financial insights ahead of 2026
Farm Bureau Insurance partnered with insurtech Akur8 to enhance pricing process
Farm Bureau Insurance Company of Idaho, the largest property-casualty insurer based in the state, has partnered with Akur8 to enhance its pricing process
Lloyd’s CEO John Neal will step down in 2025 to join Aon
Lloyd’s has confirmed that CEO John Neal will step down in 2025 after more than six years leading the world’s largest insurance and reinsurance marketplace
Parsyl raised $20 mn to advance data-powered marine cargo insurance solutions
Parsyl, a technology-driven insurer specializing in complex supply chains, secured $20 mn in Series C funding to accelerate its expansion
Insurtech Root launches driver-based auto insurance in Minnesota
Root Insurance has expanded its auto insurance services to Minnesota, offering over 4 mn drivers a model based on driving behavior instead of traditional demographic factors
AI-driven insurtech Jones secured $15 mn in Series B funding
Jones, an AI-driven insurtech company, secured $15 mn in its Series B funding round led by NewSpring Capital.
Howden’s research highlights escalating cyberattacks on UK businesses
A new report from Howden reveals that cyberattacks are becoming a growing threat for UK businesses, with 52% of companies reporting at least one incident
Aiccelerate DAO launches to advance crypto and AI integration
Industry veterans from Coinbase, Google, ai16z, and other major firms have formed Aiccelerate, a new Decentralized Autonomous Organization (DAO)
Swiss Re targets $4.4 bn net income for 2025
Swiss Re projects a net income exceeding $4.4 bn for 2025, alongside a goal of growing its annual dividend per share by at least 7% over the next three years
PERILS releases final insured loss report for Australia Christmas Storms
PERILS has released its fourth and final estimate for the industry losses caused by the Australia Christmas Storms that impacted Victoria, New South Wales, and Queensland
British pension insurance deals totaled £45 bn in 2024, with a similar outlook for 2025
British pension insurance deals totaled approximately £45 bn in 2024, with a similar outlook for 2025, according to LCP. The adviser expects buy-in volumes to remain strong
SageSure acquired GeoVera Advantage Insurance Services
SageSure, a managing general agent focused on catastrophe-prone markets, has completed its acquisition of GeoVera Advantage Insurance Services
U.S. states will enforce higher mandatory auto liability insurance limits in 2025
California, Virginia, North Carolina, and Utah will enforce higher mandatory automobile liability limits in 2025 due to previously enacted legislation
Fairfax Financial names Brian Young as Insurance Group President
Fairfax Financial Holdings appointed Brian Young as president of Fairfax Insurance Group, effective Jan. 1, 2025. He succeeds Andrew Barnard
ASIC orders compliance overhaul for Sanlam’s Australian unit over licensing breaches
The Australian arm of South African financial services conglomerate Sanlam Group will need to have its compliance processes reviewed by an independent expert
Florida Insurance Regulator approves homeowners policy transfers from Citizens
The Florida Office of Insurance Regulation approved three insurers to assume 160,440 multiperil homeowners policies from Citizens Property Insurance Corp
Sentry Insurance acquired of The General, a non-standard auto insurer
Sentry Insurance announced the successful completion of its acquisition of The General, a leading provider of non-standard auto insurance, from American Family Insurance
Independent Health and Subsidiary’s CEO settle $98 mn Medicare fraud case
Independent Health Association and its subsidiary’s CEO have agreed to pay a $98 mn settlement over allegations of submitting invalid diagnosis codes
OCBC Hong Kong to sell stake in Hong Kong Life for $75 mn
OCBC Bank (Hong Kong) announced it will sell its entire 33.33% stake in Hong Kong Life Insurance for approximately HK$589.3 mn ($75 mn) to Yue Xiu Enterprises (Holdings)
Flood events accounted for $18.2 bn in international Q4 catastrophe losses
Flood events accounted for $18.2 bn in international fourth-quarter catastrophe losses, led by October floods in Valencia, Spain
Terrorism insurance in the U.S. faces TRIA challenges
Authorities have confirmed that a pickup truck used to kill at least 14 people during New Year’s celebrations in New Orleans displayed an ISIS flag
Dataveo launches RFID solutions to enhance inventory management
Dataveo, a French leader in data management and identification solutions, announces the launch of offerings designed to enhance inventory management
Monte Chia raised funding to transform risk management for insurers and businesses
Monte Chia, an Italian insurtech startup, has closed a €500,000 pre-seed funding round. The investment efforts to revolutionize risk management
Insurtech Bikmo raised £4.75 mn funding from Puma Growth Partners
The UK-based cycle insurtech Bikmo has raised £4.75 mn in new funding from Puma Growth Partners. The funds will support its expansion across Europe
Insurtech bolttech secures $100+ mn in Series C funding, reaching $2.1 bn valuation
Bolttech announced its Series C funding round, led by Dragon Fund, Liquidity, and MUFG, with participation from Baillie Gifford, Generali
DvSum joined Guidewire’s Insurtech Vanguards program
DvSum, a provider of data intelligence solutions, has joined Guidewire’s Insurtech Vanguards program. This initiative promotes innovation in the P&C insurance sector
PERILS releases final insured loss estimate for Australia Christmas Storms
PERILS, an independent Zurich-based organization, has released its fourth and final industry loss estimate for the Australia Christmas Storms
California court rules in favor of aviation insurers in $128 mn lawsuit
A California state court ruled in favor of aviation insurers sued for $128 mn by aircraft lessors over three planes stranded in Russia due to the Ukraine war
Dubai Aerospace Enterprise received $201 mn insurance claims for aircraft in Russia
Dubai Aerospace Enterprise (DAE) reported receiving $201 mn in settlements over the past three months for aircraft previously leased to airline carriers in Russia
Prudential finalized an $11 bn reinsurance agreement with Wilton Re
Prudential Financial has finalized an $11 bn reinsurance agreement with Wilton Re, covering a significant portion of its guaranteed universal life
MetLife appoints Nick Nadgauda as Global EVP and CIO
MetLife announced that Nick Nadgauda will join the company as Executive Vice President and Chief Information Officer
Perils revised its estimated insured losses for floods in Central Europe & Italy
PERILS has disclosed its second industry loss estimate for the floods in Central Europe and Italy to €2.08 bn
Marine P&I insurers faced increased claims in the 2024-2025
Marine protection and indemnity (P&I) mutual insurers faced increased claims in the 2024-2025 fiscal year, driven by a higher level of claims activity
American Transit Insurance sues for $450 mn in alleged fraud case
American Transit Insurance Co. (ATIC), a provider of taxi and for-hire vehicle insurance, has filed a $450 mn lawsuit, alleging extensive fraud
MS&AD Insurance increases venture capital fund to $400 mn, prioritizing InsurTech
MS&AD Insurance Group Holdings Inc. announced a $100 mn increase to its venture capital fund, bringing the total to $400 mn. The fund focuses on startups
Helios Underwriting forecasts a reduced reinsurance capacity portfolio for 2025
Helios Underwriting forecasts a reduced reinsurance capacity portfolio for 2025, citing strategic shifts after trading in 2024 auctions and acquisitions
ConnectUW will take ownership of a Lloyd’s box for reinsurance
ConnectUW Holdings, the parent company of several specialist reinsurance managing agents, will take ownership of a Lloyd’s box
Munich Re is aiming for an IFRS net profit of €6bn in 2025
Munich Re is aiming for an IFRS net profit of €6bn in 2025. Group insurance revenue is expected to reach €64bn in 2025, and return on investment
Lloyd’s underwriter Ki Financial becomes standalone Fairfax Company
Brit said it Lloyd’s trading platform Ki Financial will operate as a standalone company within the Fairfax Financial Services group beginning Jan. 1, 2025
ICEYE enhanced its Earth Observation services by launching two SAR satellites
ICEYE has enhanced its Earth Observation services by launching two new SAR satellites, boosting its disaster management solutions
California raises auto liability coverage limits in 2025
Effective Jan. 1, California auto insurance policies must meet higher liability coverage limits under a 2022 law. Liability limits for bodily injury or death are doubling
Chavanges secured seed investment to drive next-gen climate risk solutions
Chavanges Tech, a French startup dedicated to developing cutting-edge digital tools for assessing and mitigating climate and environmental risks, secured seed investment
Aon partners with MS Amlin to back Ukraine War Risk Facility
Aon, in partnership with the European Bank for Reconstruction and Development (EBRD), has introduced a facility aimed at addressing war risk insurance in Ukraine
NAIC will implement its new principles-based bond definition
The National Association of Insurance Commissioners (NAIC) will implement its new principles-based bond definition starting January
Insurtech CyberCube partnered with Penguin Tech
CyberCube, a provider of cyber risk analytics, has partnered with Penguin Tech, an integration and consulting provider, to offer improved solutions
Insurtech wefox to sell wefox Insurance to a Swiss consortium
Insurtech wefox Holding AG has finalized an agreement to sell its Liechtenstein-based insurer, wefox Insurance AG, to a Swiss consortium led by BERAG
Insurtech Zhibao Technology launches longevity risk lab in Shanghai
Zhibao Technology, an InsurTech company, unveiled the Longevity Risk Lab (LRL) in Shanghai at its inaugural Longevity Risk Conference
Insurtech Orion180 expands residential private flood insurance to 10 states
Insurtech Orion180 has introduced residential private flood insurance in 10 states, with plans for further expansion in 2025. The Florida-based insurer aims
U.S. Senate proposes bipartisan flood insurance tax credit bill
A new bipartisan bill in the U.S. Senate aims to support low- and middle-income homeowners facing rising flood insurance premiums. The Flood Insurance Affordability Tax Credit Act
Cathay Life to acquire 50% stake in Offshore Wind Farm near Taiwan
Cathay Life Insurance Co. along with its subsidiary Cathay Wind Power Holdings Co.will purchase a 50% stake in the Greater Changhua 4 Offshore Wind Farm
Nippon Life to acquire 100% of Resolution Life in $8.2 bn deal
Nippon Life Insurance Co. will acquire full ownership of Resolution Life for $8.2 bn. The payment will secure Nippon Life the remaining shares from Resolution Life
North Dakota Insurance Reserve Fund closed 71.5% of claims without paymen
The North Dakota Insurance Reserve Fund (NDIRF) closed 71.5% of third-party claims without payment, according to a market conduct report
AIG sells Corebridge shares to Nippon Life for $3.8 bn
American International Group Inc. (AIG) finalized the sale of 120 mn shares of Corebridge Financial common stock to Nippon Life Insurance Co
Insurtech Duck Creek Technologies expanded senior global leadership team
Duck Creek Technologies, a insurtech provider of software for property and casualty (P&C) and general insurance, has expanded its senior global leadership team
MetLife and General Atlantic will establish Chariot Re, a Bermuda-based Class E life reinsurer
MetLife and General Atlantic will establish Chariot Reinsurance, a Bermuda-based Class E life and annuity reinsurance firm, set to launch in 2025
Property catastrophe reinsurance rates at 1/1 2025 will be flat or decline by up to 10%
TD Cowen analysts predict property catastrophe reinsurance rates at January 1 will be flat or decline by up to 10%. This outlook follows discussions
Insurtech Kita launched Active Risk Monitoring services for the carbon markets
Carbon insurtech Kita has launched its full-spectrum Active Risk Monitoring services for the carbon markets. Since March 2024, these services were available
77% of UK SMEs prioritise employee benefits to address workforce challenges
77% of UK small and medium-sized enterprises (SMEs) plan to enhance their employee benefits. These changes aim to attract and retain talent, address workforce issues
US 30-year mortgage rates reached 7.55% as refinancing and purchase applications declined, raising monthly costs and pushing more borrowers toward ARMs
Google and CoverGo examine how Agentic AI could reshape insurance operations, underwriting, data architecture, governance and human oversight
Mastiffs top the list of the most expensive dog breeds for pet insurance, with annual premiums averaging $2,546, according to Insurify data
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