The scale and economic cost of natural catastrophe losses seen in September highlights the lack of national disaster insurance in some countries and the strain this places on governments. This points to an opportunity for the industry to step in and take more risk.
Two rating agencies have downgraded Tower Group International following its announcement that it needs to strengthen loss reserves by approximately $365 million and will write down $214 million in goodwill in conjunction with its delayed second quarter 2013 earnings release.
Ironshore has increased capacity for its global terrorism & sabotage programme, which protects against diverse risk exposure worldwide, to $300 million.
Elements Property Insurance Company (EPIC) has been licensed by the Florida Office of Insurance Regulation to write homeowners business in the state of Florida.
Aspen Reinsurance has appointed Michael Dicker as global head of its agriculture reinsurance business.
Allied World’s Asia-Pacific platform has launched Allied World Agility Primary Professional Indemnity, a new product developed exclusively for the Asia-Pacific marketplace.
Endurance Specialty Holdings, a Bermuda-based provider of property and casualty insurance and reinsurance, has appointed Scott Galiardo, currently senior vice president, as group actuary with oversight responsibility for Endurance's corporate actuarial, reserving and ceded reinsurance activities on a global basis.
Broker Willis is sponsoring a scientific programme in Antarctica from November 2013 to January 2014 to better understand our changing climate and build resilience to weather-related risk.
Allied World Europe, part of Allied World Assurance Company, has hired the aviation underwriting team of Markel Europe and acquired the renewal rights to a book of aviation business written by Markel Europe and its Lloyd's Syndicate 1400.
Twelve Capital unveiled an extension of its investment strategy at this year’s Rendez-vous de Septembre in Monte Carlo.The new strategic approach aims to provide small and medium sized insurers with an additional source of regulatory capital and to generate attractive risk-adjusted returns for Twelve Capital’s investors’ base.