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Fitch Ratings has upgraded the Insurer Financial Strength (IFS) rating of KAFOLAT Insurance Company, one of Uzbekistan’s leading non-life insurance companies, to “BB-” from “B+” with a stable outlook. The upgrade reflects KAFOLAT’s strengthening financial profile and improved capital position, as well as improved geographical diversification, which benefits from inflows in reinsurance business, particularly after…
Global specialist re/insurer Ascot Group Limited has appointed James Lee as President of Leadline Capital Partners, Ascot’s purpose-built third-party capital management platform to be launched in August 2024. Lee has more than two decades of expertise in capital markets and insurance-linked securities (ILS), specializing in designing, building and deploying risk transfer and financing solutions for…
Mutual and cooperative insurance companies generated record premium income of $1.61 trillion in 2024 while maintaining a 26.1% share of the global insurance market, according to the latest Global Mutual Market Share (MMS) report released today by the International Cooperative and Mutual Insurance Federation (ICMIF). The “Global Mutual Market Share 2026” report explains that the…
Apollo, a Skyward Group company, has appointed David Burke as head of its product recall operations, reinforcing Apollo’s continued commitment to building capabilities and investing in experienced underwriting professionals. Burke will be responsible for developing the underwriting approach to its product recall portfolio, supporting the continued growth of the product line and helping to expand…
International insurance company Mapfre, through its subsidiary Mapfre USA Corporation (Mapfre USA), has agreed to acquire Safety Insurance Group, Inc. (Safety) in an all-cash transaction worth US$1.54 billion. Safety is a property and casualty insurance company with a strong presence in Massachusetts and several Northeastern states. The acquisition is consistent with global reinsurer Mapfre’s long-term…
Climate X, a provider of climate resilience analytics, announced the launch of Global Wildfire, a global probabilistic wildfire model designed to help organizations assess and manage wildfire risk at the asset level. The increasing frequency and severity of wildfires creates challenges for organizations seeking accurate and consistent risk information, the company said. Climate X said…
During RenaissanceRe’s second-quarter 2026 earnings call, CEO Kevin J. O’Donnell said the company has spent decades dealing with real estate disaster markets and has a clear understanding of when to expand and when to stay disciplined. He added that real estate catastrophe rates remain broadly adequate and continues to guide the company’s underwriting approach. The…
AXA XL, AXA’s property, casualty and specialty risks division, has appointed Grace Xu as senior captive underwriter in its alternative risk solutions team. Based in Los Angeles, California, she serves in this role as the company continues to strengthen its captive insurance and alternative risk capabilities. Prior to Xu joining AXA XL, she worked for…
Brown & Brown, Inc. announced that it is making artificial intelligence (AI) a foundational enterprise capability and has selected Anthropic, McKinsey & Company, and Accenture as partners to help realign the business and responsibly scale AI across the organization. The program is designed to responsibly leverage artificial intelligence to transform critical business processes to accelerate…
Global investment firm KKR announced the appointment of Roy Gori, former President and CEO of Manulife, as a senior advisor. Gori will advise KKR on strategic opportunities in the financial services and insurance sectors, with a focus on Asia Pacific and international markets. He will provide strategic advice on opportunities across insurance, wealth management, banking,…