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Marine liability insurance provider London P&I Club is advising shipowners and brokers to place more emphasis on war risks cover, rather than focusing primarily on price, as claims increasingly arise from events outside traditional high-risk areas. Ben McKeith, senior underwriter at the London P&I Club, said many shipowners did not adequately integrate long-term war risk…
ZestyAI, a provider of artificial intelligence-driven insurance risk analytics, announced that Scott Stephenson, former chairman, president and CEO of Verisk Analytics, has joined its board of directors. StephenZestyAI emphasized that as the insurance industry accelerates into the era of artificial intelligence, enson, who is considered one of the main architects of data modernization in the…
AXA XL, a global insurance and reinsurance company part of the AXA Group, published the report Future Energy Finance: How Captives Can Drive Renewable Energy Growth, The report considers how the transition to low-carbon energy systems will increase demand for adaptive risk financing approaches and highlights captive insurance arrangements as a key mechanism to support…
Major insurer Zurich has returned to the catastrophe bond market with the successful issuance of $150 million in catastrophe bonds covering named storms and earthquakes in the United States through the issuance of Turicum Re 2026-1. The Turicum Re Ltd. Series 2026-1 issuance is Zurich’s first Rule 144A natural catastrophe bond issuance since late 2012….
Insurer American International Group (AIG) has announced the appointment of new leadership as part of its continued expansion of its energy and construction capabilities in Europe, the Middle East and Africa. Alejandro Muñiz Velázquez has been appointed head of construction for Europe, the Middle East and Africa. He brings a wealth of industry experience and…
Tysers, an independent Lloyd’s insurance broker and part of Australia’s AUB Group, has announced that Paul Chapman will step down as chief executive of Tysers Live after returning from leave in early April. Chapman has been with Tysers for the past six years and has served as CEO of Tysers Live since August 2023. He…
SiriusPoint, a specialty insurer and reinsurer, has had its financial strength rating upgraded to A (Excellent) from A- (Excellent), with a stable outlook from credit rating agency AM Best. At the same time, AM Best also adjusted the long-term issuer credit rating (“ICR”) of SiriusPoint and its operating subsidiaries from “a-” (excellent) to “a” (excellent)…
Independent reinsurance broker Price Forbes Re announces appointments Erik Matson, a market veteran with 35 years of industry experience, serves as a Senior Consultant. Mattson is a highly respected figure in the reinsurance market, best known for founding bridgeport European and Horizontal Insurance Group, He is credited with coining the term “hybrid frontier.” His extensive…
The global energy insurance market continues to weaken despite mounting losses and a more uncertain operating environment, according to the latest Energy Market Review from WTW firm Willis. The report noted that high levels of available capacity and continued competition continue to outweigh the impact of rising claims, social inflation and geopolitical developments, resulting in…
Mark McGrady will take on the role of new casualty director for Arch Insurance’s UK regional division, with immediate effect, leading underwriting strategy, product development and distribution. Based in Glasgow, McGrady will be responsible for spearheading the expansion of Arch’s casualty portfolio across its UK regional network, leading the underwriting strategy, product development and distribution…