Siebert highlighted the benefits of the partnership, stating, “Over the course of our 70+ year history, we’ve strived to improve our clients’ experience through enhanced levels of service, carrier relationships, and product offerings. Our partnership with Highstreet and continued leadership from Tiffany, Krista, Joe, and I, will better enable us to achieve these goals while … Read more
Increase in cybercrime complaints: In 2023, the FBI received over 880,000 cybercrime complaints, with reported losses exceeding $12.5 billion, a 13% rise compared to 2022. Rising ransomware costs: Ransomware attacks accounted for 58% of large claims in 2024, with the average cost per ransomware incident increasing to $432,000, up from $334,000 in 2023. Legal pressures … Read more
The group stated that Equipment Pro expands on its core contractor’s equipment policy by including broader coverage for property, customizable limits, and adjustable deductibles to suit varying levels of exposure. Basic protections cover risks such as fire, water damage, theft, earth movement, and wind-related perils. Additionally, the product employs a new rating system that rewards … Read more
How robust is the market today? Bailey noted that in McGill’s reinsurance world, which is mainly London, Bermuda and US clients, clients and markets had a good year in 2024, which followed on from a strong 2023. Some ‘loss-affected’ Florida companies may see some knocks, he said, but that goes with their territory. “In the … Read more
Hurricane Helene was the most destructive event of 2024, causing US$75 billion in damages and resulting in 243 fatalities when it made landfall in the US in September. It was closely followed by Hurricane Milton in October, which contributed US$20 billion to insured losses. Overall, the United States accounted for 78% of global insured losses, … Read more
Since joining Arch in 2015, Nema has led efforts to enhance the company’s infrastructure, implement enterprise-wide security measures, and integrate shared service desk operations. His work has focused on aligning IT investments with Arch’s strategic priorities, ensuring cost efficiency and operational resilience.
The news of the job cuts comes as Munich Re shares experienced an uptick, rising 3.9% on the Xetra stock exchange and 4% on the Börse Frankfurt, trading at €521.20 and €522.60, respectively. Looking ahead, the company forecasts €59 billion in insurance revenue for 2024.
For the fiscal year ending March 31, 2024, Malaysian Re’s net profits saw a significant increase, driven by improved claims experience, higher investment returns, and the success of its ongoing business remodeling and portfolio remediation efforts. Higher domestic interest rates further supported investment income, a key contributor to overall earnings.
Eric Herman has been named group head of underwriting performance management, a newly created role based in Iselin, New Jersey. Reporting to group chief operating officer Elizabeth Johnson and group chief underwriting officer Mark Pepper, he will work across Ascot’s functions to analyze market trends, optimize business portfolios, and guide the allocation of group capital.
Find out which firms are leading the way