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Credit rating agency AM Best has assigned Florida Insurance and Reinsurance Company (Florida Re), a subsidiary of global independent reinsurance group MNK Group Holdings, a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent). Meanwhile, London-based MNK Group has received a long-term ICR of “bbb-” (good), with…

According to Moody’s RMS model, two-thirds of residential flood damage in the United States is uninsured, putting millions of homeowners and the broader economy at financial risk. Moody’s highlights that flooding remains the most underinsured natural risk in the United States, with only a small portion of residential properties carrying flood insurance despite the increasing…

Mosaic Insurance, a specialty insurance company specializing in financial institutions and cyber risks, announced on December 15 the appointment of Sachin Warty as global head of financial institutions and professional liability (FinPro). Watty’s hiring is part of the firm’s plans to expand its financial institutions and professional liability business lines in North America. Based in…

The UK’s Financial Conduct Authority (FCA) has announced reforms to simplify its insurance rules and reduce costs for insurers while providing appropriate protection for small business customers, with further reforms planned for next year. The FCA stressed that the final rules are intended to give insurers greater flexibility and responsibility, such as deciding how often…

International specialist underwriting agency DUAL Group has entered into a global partnership with CyberCube, known for its analytics and modeling solutions focused on cyber risk. The agreement is designed to strengthen DUAL’s underwriting capabilities and enhance its support for brokers and clients. As cyber risks continue to challenge organizations across industries, DUAL is expanding its…

White Mountains Insurance Group has completed the sale of a controlling stake in data-driven insurance distribution platform Bamboo to a fund affiliate advised by CVC Capital Partners. The deal, initially announced in October, valued Bamboo at $1.75 billion. At the time, White Mountains said it would continue to hold approximately 15% of the company’s fully…

Liberty Specialty Markets (LSM), a division of Liberty Mutual Insurance Group, has announced the appointment of Rob Groenen as the newly created Head of European Portfolio Solutions. Groening will be based in the Netherlands and retain his current role as general manager for the Benelux and Nordic regions. He will continue to report to Pierre-Edouard…

Parametrix, a provider of digital business interruption solutions, has raised $27 million in Series B funding led by Mundi Ventures, FirstMark Capital and HDI Group, with participation from F2 Venture Capital and several other strategic investors. The round brings Parametrix’s total funding to $45 million and positions revenue to grow 300% by 2025, driven by…

The German Insurance Association (GDV) has unveiled a framework to ensure protection against natural disasters remains widely available, affordable and sustainable in the long term, centered on a new reinsurance vehicle called Elementar Re. GDV said that through the Elementar Re model, insurance companies are making “concrete proposals” on how to build Germany’s national protection…

ICEYE, the global leader in synthetic aperture radar (SAR) satellite data and natural disaster solutions, has entered into a new global strategic partnership with Munich Re Risk Management Partners, which will leverage the group’s reinsurance expertise to deliver advanced climate risk insights through its location risk intelligence platform. Through this partnership, ICEYE’s flood solutions will…