Zurich Insurance Group announced that its subsidiary, Farmers Group Inc. (FGI), has agreed to acquire three insurance brokers of the Farmers Exchanges for US$760 million. The deal also includes the Farmers Exchanges’ flood program servicing arm. The wholesale brokerages – …
Insured losses from severe convective storms in the United States continued to increase during the third quarter, surpassing the $50 billion mark for the first time on record and accounting for roughly 60% of all global insured losses, according to …
One of the themes at this year’s reinsurance Rendez-Vous de Septembre (RVS) was that reinsurers have rediscovered client need, client interest and have again started to put clients at the center of conversations, according to Dirk Spenner, managing director at …
Japan’s competition watchdog has begun an investigation into whether the top four non-life insurers colluded to set premiums for their corporate clients, according to a person familiar with the matter, becoming the latest regulator to look into the issue. The …
Significant progress has been made in advancing vendor’s cyber catastrophe models, but a notable degree of variability exists across model outputs, which can pose a challenge to insurance and reinsurance companies as they formulate their views of risk, according to …
Natural disasters during the first half of 2023 cost insurers an estimated US$43 billion with an overall economic price tag of $110 billion, according to Munich Re. These insured losses in H1 were slightly lower than the US$47 billion reported …
Capacity was more readily available during the mid-year renewals, which brokers described as “orderly,” in comparison to the turbulent January renewals. At the same time, prices saw some moderating trends while reinsurers continued to maintain underwriting discipline, according to reports …
The rollout of the Lloyd’s Market Association’s (LMA) cyber war exclusions has received considerable criticism for the chaos and confusion caused in the weeks leading up to the March 31st effective date. But there are some certainties to keep in …
Spain and Portugal recorded their hottest April on record as a mass of hot air brought temperatures above 30C and close to 40C in some areas at the end of the month. Last month was the fourth-hottest month of April …
Banks, insurers and asset managers in the European Union would only be allowed to sell funds and other products across the bloc if they could prove to regulators they offer value for money, draft proposals seen by Reuters showed. The …