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In Lloyd’s second quarter market news, Rachel Turk, head of performance and strategy, warned that cyber risk vectors continue to evolve, with artificial intelligence adding further complexity and uncertainty through the use of threat actors and raising new questions around potential coverage. Lloyd’s has classified the network business for a “marginal” adequacy assessment, indicating significant…
Fidelis Partnership (TFP) has announced the launch of Broker Connect, a new feature within its underwriting platform designed to significantly automate and streamline the pre-bundling submission process for complex risks, with Howden being the first brokerage partner to go live via ACORD ADEPT. TFP explained that ACORD ADEPT is one of the key platforms integrated…
Somerset Re chief executive Danish Iqbal said the life reinsurer was in a unique position in the market, being highly regarded among players focused on smaller businesses and having a very strong balance sheet, while also having the expertise, track record and financial strength to focus on larger transactions. Speaking to Reinsurance News at the…
Global reinsurance broker Guy Carpenter has appointed Andrew Hare as managing director and head of growth for Asia Pacific. In his new role, Hare will focus on accelerating sustainable profitable growth across the region by aligning client strategies, market opportunities and Guy Carpenter’s global capabilities. He is a senior reinsurance and insurance executive with extensive…
After successfully pricing its latest catastrophe bonds, the Texas Windstorm Insurance Association (TWIA) now needs approximately $1.23 billion in new reinsurance to meet risk transfer requirements through 2026, our insurance-linked securities (ILS) sister publication Artemis reports. We reported in February that the TWIA board set a $4.3 billion fiftieth PML for the 2026 storm season,…
Willis, a WTW company, has announced the launch of a new carbon capture and storage (CCS) insurance solution. The fully integrated insurance suite is designed to support developers and operators across the entire CO2 capture, transportation and storage value chain. According to the announcement, the new solution adapts upstream energy, ocean, liability and environmental protection…
Howden Re, the reinsurance, capital markets and strategic advisory arm of Howden, has announced further changes to its Swiss platform and leadership team as the company continues to strengthen its presence in Europe. Switzerland remains a strategically important market, the company said, highlighting its ongoing efforts to build on the platform it established following the…
Odyssey Reinsurance Company (OdysseyRe), the property and casualty reinsurance division of Odyssey Group Holdings, Inc., a subsidiary of Fairfax Financial Holdings Limited, has appointed Tegwen Gromellon and Anne-Claire Serres as co-chief underwriting officers (CUO) for its Europe, Middle East and Asia (EMEA) division, effective July 1, 2026. The pair succeed long-time CUO Gaël Le Païh,…
The European Center for Medium-Range Weather Forecasts (ECMWF), the European intergovernmental organization specializing in weather and climate forecasting, has signed a memorandum of understanding with international insurance company and asset manager Generali Group to expand the use of quality-assured climate information to support climate risk resilience across Europe. The agreement strengthens the existing relationship between…
Cyberattacks are expected to cost large UK businesses £11.7bn in 2025, with shareholder litigation accounting for £3.7bn of the total cost, according to new research by international insurance broking, risk management and consultancy firm Gallagher, in collaboration with the Center for Economics and Business Research (CEBR). The study simulated a scenario in which each affected…