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HSB, a specialist insurer and part of Munich Re, has launched a new liability policy that protects businesses from lawsuits arising from the use of artificial intelligence (AI) technology. AI liability insurance is designed for small and medium-sized businesses that increasingly rely on artificial intelligence to increase productivity, reduce costs and stay competitive by automating…
BP Marsh portfolio company Sodalis Capital has acquired 100% of the issued share capital of independent international managing general agent (MGA) Amiga Specialty from BP Marsh, a specialist private equity investor in early-stage financial services businesses, for an initial consideration of £1.8 million. Although BP Marsh will withdraw as an Amiga shareholder, it remains a…
The Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension schemes, welcomes Hitesh Patel as an independent non-executive director to its board of directors and that of its parent company, The Pension Insurance Corporation Group Limited (PICG). This announcement follows the recent completion of the acquisition of PICG by Athora Holding Ltd. Patel…
OAK Global announced the appointment of James Irvine and Roland Morse as active underwriters on Syndicates 2843 and 1440, respectively, to expand its footprint. Irvine and Morse will assume underwriting responsibilities for their respective primary reinsurance and retrocession syndicates and will continue to report to Cathal Carr, founder, CEO and group chief operating officer of…
Insurers in the Gulf Cooperation Council (GCC) are likely to maintain stable credit profiles despite the ongoing conflict in the Middle East, international credit rating agency S&P Global Ratings said. The agency stressed that its assessment is shaped by considerable uncertainties about how long the conflict will last and how far its effects may spread…
Fitch Ratings’ review of the 2025 GAAP financial results of 41 North American property and casualty reinsurers found that operating returns remained at favorable levels, supported by strong underwriting performance and investment income growth. The overall operating return on the group’s common shares will be 10.9% in 2025, down from 11.1% in 2024, with almost…
Arrowhead Programs, a master administrator that designs and manages specialty insurance programs, has launched Arrowhead Professional, a practice group of seven U.S. offices and more than 125 underwriting, claims and operations experts led by a dedicated leader. By 2025, these teams have combined combined written premiums of more than $175 million. Unified practice teams combine…
Renew Risk, a provider of specialist analytics focused on risks affecting renewable energy assets, has appointed Joshua Macabuag OBE FREng as its new chief executive. The company develops catastrophe risk models and data tools designed to support the insurance and energy sectors in assessing and managing risks associated with renewable infrastructure, including wind and solar…
The Hamilton Project, an economic policy initiative within the Brookings Institution that promotes economic opportunity, prosperity and growth in the United States, proposes the establishment of a federal reinsurance entity, US Re, that would sell reinsurance contracts to U.S. homeowners insurance and reinsurance providers to protect against the most extreme weather events. The new policy…
Marsh Risk, the insurance brokerage arm of Marsh, has launched BX1, a new insurance facility in Bermuda designed to provide substantial excess casualty insurance to U.S. customers. BX1 provides a unified $50 million excess casualty capability to U.S. customers facing demanding casualty markets. Leveraging the integrated capabilities of Bermuda’s leading insurers Ascot, Markel, Ark and…