Industry News
Typhoon Haiyan, European Storms Top 2013 Natural Catastrophes: Munich Re
Typhoon Haiyan and exceptionally high losses from weather-related catastrophes in Europe dominated the overall picture of natural catastrophes in 2013, according to Munich Re. Floods and hailstorms ...
Mexico to Mandate Auto Coverage in Push Toward ‘Culture of Insurance’
President Enrique Pena Nieto is giving the car insurance market a boost with a plan to mandate policies on federal highways in Mexico, where almost three in four drivers lack coverage. Congress ...
The Hidden Cost of Standing Still: Legacy Platforms Slow Growth and Halt the Shift to AI-Enabled Insurance Business
Presented by Majesco
There is a hidden disease that is killing insurers — the disease of legacy technology. The problem is a matter...
Fitch Changes Tower Group’s Rating Watch Status from Negative to Evolving
On Monday, Fitch Ratings revised the Rating Watch status of Tower Group International, Ltd. to Rating Watch Evolving from Rating Watch Negative following Tower's announcement of a planned merger with ...
ACE Establishes $95M SPV Altair Re II
ACE Limited announced Monday that it has established Altair Re II, a $95 million special purpose vehicle to provide additional collateralized capacity for its global reinsurance business. Altair Re ...
Argo Establishes 2014 Sidecar, Issues Cat Bonds
Argo Group International Holdings, Ltd. announced Monday that it establised a new sidecar reinsurer and separately announced that it issued $172 million in catastrophe bonds. The sidecar, Harambee Re ...
AmTrust Acquiring Tower Commercial Renewals; Tower Merging with ACP Re
In two separate announcements this morning, AmTrust Financial Services said it would acquire renewals rights for Tower Group International's commercial lines business for $125 million, and Tower said ...
Regulation-Fueled ‘Collateral Crunch’ Not Expected in 2014
If pension funds, insurers and sovereign wealth funds were hoping to cash in on lending "high-quality" assets to those scrambling to meet tougher collateral requirements in 2014, they are likely to ...
Katrina Suit Recoveries Fall Short of Plaintiffs’ Lawyers Expectations
A team of plaintiffs' attorneys has spent roughly $16 million to sue the Army Corps of Engineers over levee breaches that flooded most of New Orleans after Hurricane Katrina. Joseph Bruno, one of ...