Cyber cloud data startup Sentra completed of a $30 mn Series A funding
Sentra, a cloud data security company, announced the completion of a $30 million Series A funding round led by Standard Investments, with participation from Munich Re Ventures
News
Fed issued guidance with implications for US banks with respect to cryptoasset
Federal Reserve Board issued guidance with important implications for banks in the US with respect to cryptoasset activities.
FCA warns blockchain and cryptoasset firms about financial promotion obligations
Financial Conduct Authority (FCA) has now published an update reminding cryptoasset firms to prepare for the changes
Global credit insurer Coface acquired a big data provider Rel8ed Analytics
Global credit insurer Coface is acquiring Rel8ed Analytics. Founded in 2015, Rel8ed is a Canadian company offering predictive analytics, public data, and big data analysis
Insurtech Wefox begun shrinking workforce of around 1,400 employees
According to a report by Süddeutsche Zeitung, Berlin-based digital insurtech wefox has begun shrinking its workforce of around 1,400 employees
Ukrainian insurtech «hotline.finance» shows enormous growth on the market hitted by the War
hotline.finance changed focus from implementing e-commerce and marketing tools to adding new products and new insurance companies to the platform
Pet insurtech Fluffy closed a $450k pre-seed round led by QVentures
Pet care insurtech startup Fluffy has closed a $450k pre-seed round led by QVentures and Techstars
Munich Re launched Reflex, a proactive cyber risk management program
Munich Re Specialty Insurance has launched Reflex, a proactive cyber risk management program offering complimentary risk control services
Tractable helps Verisk accelerate insurance claims processing & home repairs
Verisk, a global data analytics provider, is expanding its claims ecosystem by teaming up with Tractable, applied AI company. By integrating with Tractable
WTW launches new Lloyd’s excess layer cyber facility, called CyXS
WTW has launched an excess layer cyber facility, called CyXS, which is available to WTW clients globally who purchase excess layer cyber programmes
Hannover Re generated a net income of €1.4 bn, gross written premium of €33.3 bn
Hannover Re generated a Group net income of €1.41 billion (previous year: €1.23 billion) in the 2022 financial year based on preliminary, unaudited key figures
Swiss Re`s Reinsurance Business Unit will be split into P&C Re and L&H Re
Swiss Re announced plans to streamline its organisational structure. The reorganisation, which aims to simplify structures, improve efficiency and client experience
WTW introduced ESG Clarified – analytical solutions suite through RiskIQ
WTW, a global advisory, broking and solutions company, introduced ESG Clarified, an analytics platform generating new insights to help organizations better understand
Essent Group purchases the title insurance business Incenter for $100 mn
Essent Group agreed to purchase the title insurance subsidiaries of Finance of America’s Incenter business for $100 mn, the latest company looking to find synergies
US P&C insurer Westfield Specialty acquires of Lloyd’s Syndicate 1200
US P&C insurer Westfield Specialty has announced the completion of its acquisition of Lloyd’s of London Syndicate 1200 from Argo Group International Holdings.
Powerful earthquakes in Turkey & Syria could result in $1 bn of losses & 2,600 people killed
A huge earthquake killed more than 2,600 people across a swathe of Turkey and northwest Syria on Monday, with freezing winter weather adding to the plight
McKinsey acquires AI and machine-learning tech company Iguazio
McKinsey acquires Iguazio, a leader in AI and machine-learning technology. With the addition of Iguazio’s technology and a team of more than 70 data and AI experts
Insurtech Candid with iptiQ entered into a distribution partnership in UK life insurance
UK-based insurtech Candid (part of the Clark Group of companies) and Swiss Re’s iptiQ join forces to provide affordable and accessible life insurance solutions to UK
Losses pressures U.S. P&C Insurers needing to service financial obligations
A confluence of factors, including rising interest rates, increased unrealized losses and declines in capital has led to leverage ratios ticking up among U.S. property & casualty
Trade credit insurers are expected to report strong results, despite the war in Ukraine
Despite the Russia-Ukraine war, trade credit insurers are expected to report strong results for 2022, according to analysts at insurance credit rating agency AM Best
Lloyds Banking Group has invested £4 mn in insurtech Caura – UK motoring app
Lloyds Banking Group has invested £4 million in Caura, an award-winning all-in-one motoring app designed to take the hassle out of car ownership
Nat Cat losses and volatility made property cat exposures a less favourable play for reinsurers
The reinsurance segment has been generating return-on-equity ratios of approximately 4-5%, in a market where the cost of capital is at least twice that
Insurtech Betterview has completed a new round of funding led by existing investors
Insurtech Betterview has completed a new round of funding of undisclosed amount led by existing investors EMC Insurance, Guidewire Software, Nationwide, MaidenRE
Insurer Nippon Life invested an additional commitment of $1 bn in Resolution Life
Nippon Life Insurance Company has agreed to invest an additional commitment of $1 bn in Resolution Life, a leading global life and annuity insurance consolidation business
SaaS insurtech Eazy Digital secured a seed funding led by Wavemaker Partners
Lloyds Banking Group has invested £4 million in Caura, an award-winning all-in-one motoring app designed to take the hassle out of car ownership
Reinsurance buyers discusses early and explored a wide range of program options
The most difficult conditions during the recent 1 January 2023 renewals were experienced in the property segment, driven by an evident mismatch in demand and supply
Top 10 Global Economic & Insured Loss Events. List of natural disasters
At least five events topped the economic loss threshold of $10 billion. Hurricane Ian dominated the ranking with an aggregated toll of approximately $95.5 billion
Covr offers a digital life insurance platform for Smart Choice agents
Life Insurtech Covr Financial Technologies has partnered with Smart Choice to bring its digital insurance platform for independent agents, Covr Pro, to 9,500 Smart Choice
Elon Musk shared insights about Tesla Insurance results
Tesla has discussed its results. CEO Elon Musk and CFO Zach Kirkhorn shared some insights about Tesla Insurance
Insurtech Ladder gives AmeriSave customers the life insurance online
Direct-to-consumer mortgage lender AmeriSave Mortgage Corporation has partnered with Ladder Insurance, giving customers the option to apply for life insurance online
Insurers must be able to offer many sustainable insurance products
Insurance Europe has responded to the European Supervisory Authorities’ call for evidence on greenwashing
Cyber insurance provider Coalition approved Lloyd’s coverholder in the UK
Coalition is now even better placed to deliver its Active Cyber Insurance to licensed territories around the world
Southeastern Australia floods insurance loss estimates to AUD 840mn – PERILS
The catastrophe insurance data provider PERILS has disclosed its second industry loss estimate for the Southeastern Australia floods, amounting to AUD 840 mn
Pathpoint raised $12.5 mn for E&S insurtech-platform for insurance agents
Pathpoint, the digital wholesaler where insurance agents can get bindable small commercial E&S quotes, has raised $12.5 mn in funding from existing investors
AI tech reducing insurance shipping losses ang efficiency in claims management
According to ShipIn Systems, the industry is facing a challenging 2023, with inflation driving up costs for repairs and breakdowns, geopolitical tensions
Japanese insurers increases insurance premiums by 80% for LNG ships in Russian waters
Japanese insurers are planning to increase insurance premiums for ships carrying liquefied natural gas (LNG) that traverse Russian waters
Insurers asked UK government about reinsurance cover state-backed cyber attacks
Insurers have held discussions with the UK government over whether its terrorism reinsurance scheme should cover state-backed cyber attacks
German regulator Bafin wants to put a stop to excessive costs in life insurance
German Financial regulator Bafin wants to put a stop to excessive costs in life insurance. High costs do not always mean an appropriately increased return
Unemployment insurance fraud in U.S. totaled more than $60 bn
Unemployment insurance fraud since April 2020 could total more than $60 bn, according to a report by the U.S. Government Accountability Office
Life insurtech Dayforward secured $25 mn funding led by AXA Venture
Digital life insurtech startup Dayforward has closed a $25 million funding round led by AXA Venture Partners, with participation from existing investors including HSCM
Insurtech Peppercorn creates the conversational AI insurance assistant
Insurtech Peppercorn has created the “world’s first” conversational AI insurance assistant. Peppercorn’s platform enables customers to benefit from a more responsive
Insurtech SaaS-provider insured:io announced new Payment Center
insured.io, a provider of cloud-based, customer engagement solutions for the insurance industry, has announced the availability of a new payment processing feature, Payment Center
Insurtech Embroker launches AI & ML application ONE to simplify business insurance for startups
Digital business insurance platform Embroker has launched a new data science application, ONE — a universal application that utilizes AI and machine-learning
AI-led insurtech Concirrus launches new Marine Hull Market Model
The AI-led insurtech Concirrus, a data and analytics platform for commercial insurance, has launched its new Marine Hull Market Model – which is currently leading the… Read More »AI-led insurtech Concirrus launches new Marine Hull Market Model
Hanover Insurance Group estimates catastrophe losses of $190 mn for Q4 2022
Hanover Insurance Group has estimated catastrophe losses of $190 mn for the Q4 2022, of which $165 mn, or 87%, were driven by Winter Storm Elliott
Insurtech TONI Digital secures $12.5 mn in a Series B funding
TONI Digital is a digital insurance-as-a-service provider, offering personal and commercial insurance lines such as motor insurance
SaaS insurtech-platform Liberate raised $7mn led by Eclipse
Liberate Innovations, software-as-a-service (SaaS) platform that enables P&C insurers to fully automate claims and underwriting journeys, has raised $7mn in funding
Fintech Papara launch of pet insurance in Turkey
Papara, the market-leading Turkish fintech, today announces the launch of pet insurance product to users in Turkey
Swiss Re’s digital B2B2C insurer iptiQ and SunLife launch an life insurance for UK
SunLife, part of Phoenix Group, and iptiQ, Swiss Re’s digital B2B2C insurer launch an innovative life insurance product for UK-based customers aged 50 years and above
Stone Ridge Asset Management provides $100 mn in capital to support Hannover Re
Stone Ridge Asset Management, the New York based asset manager an alternative risk premia focus, including reinsurance & ILS, has provided $100 million in capital
Austrian insurtech Hi:health raised €6 mn in a pre-Series A financing
Vienna-based insurtech “Hi.health” raised €6 mn in a pre-Series A financing round led by existing investors SpeedInvest and Calm/Storm
Insurtech Hippo Insurance placed of reinsurance program’ 2023
Insurtech Hippo Insurance has placed of its reinsurance program for the 2023 year, which includes a 32% rise in per-occurrence excess of loss (XoL) limit
National Flood Insurance Program paid $2.2 bn in claims for Hurricane Ian
National Flood Insurance Program had paid $2.2 billion in claims for Hurricane Ian an increase of almost 28%
Insurtech Joyn secured a $17.7 mn Series A funding led by OMERS Ventures
Insurtech Joyn Insurance has announced it exceeded its target with a $17.7 mn Series A funding round led by OMERS Ventures, with participation from SiriusPoint
Saudi launched the Unified Compulsory Motor Insurance Policy
The Saudi Central Bank (SAMA) has introduced new amendments to the Unified Compulsory Motor Insurance Policy, allowing an option of repairing the vehicle instead of… Read More »Saudi launched the Unified Compulsory Motor Insurance Policy
Crypto Insurance. Why not require crypto projects to get special insurance after FTX crush?
There is extensive precedent for requiring companies providing critical infrastructure to get special insurance. Why not require crypto companies to back themselves
German non-life insurance market is ‘deteriorating’. Fitch Ratings’ outlook
Fitch Ratings’ sector outlook for the German non-life insurance market is ‘deteriorating’ for 2023, reflecting Fitch’s expectation that inflationary pressure on property and liability claims
InsurTech MGA Loadsure received capacity from insurer Tokio Marine Kiln
InsurTech MGA Loadsure has received capacity baking from leading specialist international insurer Tokio Marine Kiln to further enhance
Battleface rolles a new API-driven insurtech platform Robin Assist
Insurtech Battleface has rolled out a new tech-driven platform as a service to support insurance carriers, brokers, managing general agents (MGAs)
MS Amlin launched a special purpose reinsurance vehicle Phoenix 3 Re
Lloyd’s global specialty (re)insurer MS Amlin has strengthened its Asian reinsurance business by floating a local special purpose reinsurance vehicle (SPRV) with US$45 million
Bermuda-based reinsurers reported stronger underwriting profitability: 85.3% combined ratio and 15.7% ROE as catastrophe losses fall, premiums decline 9% and competition intensifies
Reinsurance capital remains strong as sector profitability holds despite softer pricing, rising loss risks and mounting pressure on underwriting margins in 2026
Reinsurance buyers expect property pricing to fall further at the January 2027 renewals, with double-digit reductions increasingly entering negotiations
Reinsurance market participants increasingly favour life and health (L&H) business when deciding where to allocate capital