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Markets/Coverages: MGA Rokstone Launches Contingency Portfolio
Insurance Journal | November 30, 2023
Markets/Coverages: MGA Rokstone Launches Contingency Portfolio
Rokstone, the international speciality re/insurance MGA that is part of the Aventum Group, announced the launch of a new contingency portfolio with backing from “A”-rated carriers. Rokstone is launching the contingency account initially in the UK and Europe with plans …
Shadow Banks, Such as Insurers, Hedge Funds, Could Be Sitting on Elevated Risk: ECB
Insurance Journal | November 30, 2023
Shadow Banks, Such as Insurers, Hedge Funds, Could Be Sitting on Elevated Risk: ECB
The European Central Bank may need to take on a bigger role in supervising shadow banks as they are now bigger than conventional lenders and may be sitting on elevated risk, the outgoing head of the ECB’s supervision arm told …
London Metal Exchange Triumphs in Lawsuit Over Canceled Nickel Trades
Insurance Journal | November 30, 2023
London Metal Exchange Triumphs in Lawsuit Over Canceled Nickel Trades
The London Metal Exchange (LME) won a legal battle with U.S. financial firms on Wednesday which brought a case demanding $472 million in compensation after the exchange canceled billions of dollars in nickel trades last year following a surge in …
Massachusetts Climate Strategy Brings Together Its 78 Coastal Communities
Insurance Journal | November 30, 2023
Massachusetts Climate Strategy Brings Together Its 78 Coastal Communities
Massachusetts Governor Maura Healey has announced a plan to assist the state’s 78 coastal communities from Cape Cod to the North Shore where 2.5 million live with their development of long-term regulatory, policy, and funding solutions to the effects of …
Reinsurance Market Outlook ‘Stable’ on Improved Rates, Higher Demand: AM Best
Insurance Journal | November 30, 2023
Reinsurance Market Outlook ‘Stable’ on Improved Rates, Higher Demand: AM Best
Substantial rate improvements, higher attachment points and rising investment income are combining with increased demand for reinsurance cover to create a stable outlook for the global reinsurance sector, according to AM Best. Of course, headwinds still exist for reinsurers such …
Red Sea Attacks on Ships Spark Safety Concerns for Sailors
Insurance Journal | November 30, 2023
Red Sea Attacks on Ships Spark Safety Concerns for Sailors
Commercial ships face increasing dangers at sea after armed groups have attacked and seized vessels in waters around the Red Sea and off the coast of Yemen, adding to perils for seafarers, shipping officials said on Wednesday. An attempted hijacking …
India’s GIFT-City Financial Hub Plans to Grow in Re/Insurance, Direct Listings
Insurance Journal | November 30, 2023
India’s GIFT-City Financial Hub Plans to Grow in Re/Insurance, Direct Listings
Gujarat International Finance Tec-City, India’s newest financial hub and a flagship project of Prime Minister Narendra Modi, is preparing for its next phase of growth. The first phase followed the creation in 2020 of a new regulator, the International Financial …
AM Best: Adverse Results Linger For Nonstandard Auto
Insurance Journal | November 30, 2023
AM Best: Adverse Results Linger For Nonstandard Auto
AM Best reported a net underwriting loss of $333 million for the U.S. nonstandard auto insurance segment during the first half of 2023 — a year-over-year improvement from the $773 million loss seen in the first six months of 2022. …
Q3 2023 Signals Six Years of Premium Increases for Commercial Lines: CIAB
Insurance Journal | November 30, 2023
Q3 2023 Signals Six Years of Premium Increases for Commercial Lines: CIAB
Overall commercial property/casualty premiums increased slightly more than 8% on average in the third quarter, marking six full years of steady increases. According to The Council of Insurance Agents and Brokers’ Q3 Market Survey, the 8.1% average increase in Q3 …
Insurtechs Unite to Launch InsurTech Coalition
Insurance Journal | November 30, 2023
Insurtechs Unite to Launch InsurTech Coalition
Members from several insurtechs, including Boost, Branch, Clearcover, Lemonade and Root Insurance, published an open letter to the insurance industry announcing the launch of the InsurTech Coalition, a trade organization working to shape the future of insurance. The letter states …