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Somerset Reinsurance Brokers News & Blog

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Berkshire Hathaway’s re/insurance underwriting gain rises to $9bn in 2024 as firm pegs LA wildfire loss at $1.3bn

Berkshire Hathaway, the Warren Buffett-run holding company and conglomerate, has reported a 66% year-on-year rise in net underwriting earnings for its insurance and reinsurance businesses in 2024 to $9.02 billion. 2024 was another strong year for Berkshire’s re/insurance operations as the underwriting performance of its Berkshire Hathaway Reinsurance Group and GEICO more than offset a […] The post Berkshire Hathaway’s re/insurance underwriting gain rises to $9bn in 2024 as firm pegs LA wildfire loss at $1.3bn appeared first on ReinsuranceNe.ws.

UK insurance premium growth forecast to stabilise over next three years: EY

Kassandra Jimenez-Sanchez

The UK insurance sector is predicted to experience steady but slowing growth in premium income over the next three years as economic conditions stabilise and premium rises ease, according to the latest EY ITEM Club Outlook for Financial Services. The forecast anticipates a return to more normal premium increase levels, averaging around 3.4%, similar to […] The post UK insurance premium growth forecast to stabilise over next three years: EY appeared first on ReinsuranceNe.ws.

AFG elects Craig Lindner Jr. & David Thompson to its Board

Beth Musselwhite

American Financial Group, Inc. (AFG) has announced the election of Craig Lindner Jr. and David Thompson to its Board of Directors. Additionally, James Evans will not stand for reelection at the 2025 Annual Meeting of Shareholders but will continue to serve as Executive Consultant, a role he has held since 2014. Lindner brings 20 years […] The post AFG elects Craig Lindner Jr. & David Thompson to its Board appeared first on ReinsuranceNe.ws.

Rankiteo aims to revolutionise cyber insurance with data-driven underwriting

Beth Musselwhite

Rankiteo, a cybersecurity risk management company, aims to revolutionise the cyber insurance industry by introducing a more scientific, data-driven approach to underwriting, leveraging advanced actuarial science, AI-driven risk modelling, and statistical methodologies. Rankiteo is a cybersecurity startup founded by former SwissRe/AXA cybersecurity expert Jeremy Canale in collaboration with Maochao Xu, Director of the Department of […] The post Rankiteo aims to revolutionise cyber insurance with data-driven underwriting appeared first on ReinsuranceNe.ws.

European insurers face rising costs and regulatory challenges with AI governance: Fitch Ratings

Fitch Ratings, a global credit rating agency, reports that the European insurance sector will face rising regulatory challenges and associated costs as the European Insurance and Occupational Pensions Authority (EIOPA) embarks on a public consultation to refine AI governance and risk management practices. Launched on 12 February 2025, the consultation will be pivotal in shaping […] The post European insurers face rising costs and regulatory challenges with AI governance: Fitch Ratings appeared first on ReinsuranceNe.ws.

MSCI and Swiss Re partner to boost climate risk assessment for financial sector

Kassandra Jimenez-Sanchez

Research provider MSCI is partnering with Swiss Re Reinsurance Solutions to enhance the financial sector’s ability to assess, manage, and mitigate their physical climate risk. This collaboration will see the combination of MSCI’s GeoSpatial Asset Intelligence with Swiss Re’s proprietary natural catastrophe and climate risk data and insights. This will give financial firms detailed, asset-level […] The post MSCI and Swiss Re partner to boost climate risk assessment for financial sector appeared first on ReinsuranceNe.ws.

Lloyd’s platform benefits most attractive for strategic gains, poll suggests

Kassandra Jimenez-Sanchez

Following Convex Group’s recent approval in principle for syndicate 1984 at Lloyd’s and AIG’s launch of syndicate 2478, we asked our readers their thoughts on the strategic advantages driving these global re/insurers’ ventures into the world’s oldest insurance and reinsurance marketplace. Most respondents (41%) cited the benefits of the Lloyd’s platform as the primary driver. […] The post Lloyd’s platform benefits most attractive for strategic gains, poll suggests appeared first on ReinsuranceNe.ws.

Bishop Street completes acquisition of MGA Landmark Underwriting

Beth Musselwhite

Bishop Street Underwriters, a multi-boutique insurance platform owned by RedBird Capital Partners, has completed its acquisition of Landmark Underwriting, a specialty managing general agent (MGA) in the London insurance market. The deal, first announced in November 2024, marks Bishop Street’s first expansion beyond North America, further strengthening the capabilities of its platform with Landmark’s specialised […] The post Bishop Street completes acquisition of MGA Landmark Underwriting appeared first on ReinsuranceNe.ws.

QBE able to ‘meaningfully reduce’ cat reinsurance retentions at Jan 1 renewal

Australian insurance carrier QBE secured “meaningfully” lower retentions for its catastrophe reinsurance programmes at the January 2025 renewal, driven by recent exposure reductions and improved portfolio quality. Alongside its full year 2024 results, the global insurer and reinsurer has provided an update on the outcome of its recent reinsurance renewal. The firm’s main catastrophe reinsurance […] The post QBE able to ‘meaningfully reduce’ cat reinsurance retentions at Jan 1 renewal appeared first on ReinsuranceNe.ws.

AIG elects Salesforce’s Juan Perez as Independent Director to its Board

Global insurer American International Group (AIG), Inc. has elected Juan Perez, Executive Vice President and Chief Information Officer (CIO) of Salesforce to its Board of Directors as an Independent Director, effective immediately. Perez has over three decades of experience leading strategic technology initiatives at Fortune 500 companies and is a distinguished technology executive with deep […] The post AIG elects Salesforce’s Juan Perez as Independent Director to its Board appeared first on ReinsuranceNe.ws.

LA Mayor Removes Fire Chief in Fallout From Palisades Blaze

Los Angeles Mayor Karen Bass removed Fire Chief Kristin Crowley, citing failures in the department’s response to the devastating Palisades wildfire. Bass appointed former LAFD Chief Deputy Ronnie Villanueva, a 41-year LAFD veteran, as interim chief while the city launches …

SEC to Drop Lawsuit Against Coinbase, Firm Says

Coinbase said on Friday the U.S. securities regulator planned to withdraw its lawsuit against the crypto exchange, ending a contentious years-long legal battle once considered existential for the trading platform and the broader sector. The Securities and Exchange Commission has …

Ohio Ex-Police Officer Sentenced for Starting 26 Arson Fires in Wayne National Forest

A former Ohio fire department administrator and police officer was sentenced in federal court here to 18 months in prison for starting dozens of arson fires in Wayne National Forest. James A. Bartels, 52, of Rio Grande, Ohio, started 26 …

People Moves: People Moves: Brown & Riding appoints Conyers, Jr. Energy Practice Leader

Brown & Riding, headquartered in Dallas, appointed Robert Conyers, Jr., as energy practice leader. Conyers joined Brown & Riding in 2017 and became a principal in 2023. As energy practice leader, he will focus on developing and growing talent within …

People Moves: Alliant Hires Leadley, Pelletiere and Rhatigano as Commercial Surety VPs

Alliant Insurance Services, headquartered in Irvine, California, hired Jeff Leadley, Glenn Pelletiere and Tom Rhatigan as senior vice presidents in Alliant Specialty, within the company’s national commercial surety practice. The commercial surety industry leaders specialize in developing and managing large, …

Hawaii’s Kilauea Again Spewing Lava in Its 10th Episode

Kilauea volcano began shooting lava into the air once again on the Big Island of Hawaii. Kilauea, one of the world’s most active volcanoes, has been erupting on and off for nearly two months since it burst to life on …

OID Announces Zip Codes for Strengthen Oklahoma Homes Grant Pilot Program

The Oklahoma Department of Insurance shared eight zip codes for the initial pilot launch of OKReady, the Strengthen Oklahoma Homes (SOH) program. SOH provides grants of up to $10,000 to homeowners to fortify homes pursuant to the IBHS Fortified standard. …

North Dakota Insurance Department Recovers Over $2M in 2024

The North Dakota Insurance Department recovered over $2 million for policyholders across the state in 2024, helping over 1,500 customers, Insurance Commissioner Jon Godfread announced. As a consumer protection agency, the Department works with individuals facing issues with health, life, …

Texas Bill Would Allow Vacant Offices to be Converted Into Dwellings

As Texas’ major urban areas grapple with a glut of vacant offices, state lawmakers may make it easier to transform empty office and commercial space into dwellings. A bill by state Sen. Bryan Hughes, a Mineola Republican, would effectively allow …

AM Best: US P/C Industry Improves Despite 2024 Underwriting Loss

The U.S. property/casualty industry took another underwriting loss in 2024, but results improved thanks to rate increases and changes in risk selection. A report from industry rating agency AM Best this week said U.S. P/C insurers posted an underwriting loss …

Birkenstock Sandals Are Pieces of Design and Not Protected by Copyright: German Court

Birkenstock sandals, which have evolved from a symbol of counterculture to a trendy fashion item, do not qualify as art and are therefore not protected by copyright, Germany’s highest civil court ruled on Thursday. The Federal Court of Justice dismissed …

People Moves: Price Forbes Rebrands Turkey Operations, Making 3 Key Appointments

Price Forbes, the London-based broker, has announced three key appointments in Turkey and a rebranding of its local business. Gökçen Süer has been named chairman & CEO of Price Forbes Turkey while Ali Arısoy was appointed chief broking officer and …

Georgia Commissioner Proposes New Rules on Lithium Batteries, Mobile Homes

The Georgia Office of insurance commissioner will hold a hearing March 20 on new rules regarding fire safety, including the storage of lithium-ion batteries, as well as new permitting rules for mobile homes. The first set of rules would bring …

Tesla Recalls 380,000 Vehicles Over Power Steering Assist Issue

Tesla said on Friday it was recalling nearly 380,000 vehicles in the United States due to a power steering assist failure that could increase steering effort, particularly at low speeds, potentially raising the risk of a crash. The recall follows …

Chilean Men Charged With Burglarizing Homes of Mahomes, Burrow, Other Players

ST. PETERSBURG, Fla. (AP) — Seven men from Chile have been charged in Florida federal court with orchestrating burglaries at the homes of prominent professional athletes around the country, according to a criminal complaint. The FBI complaint doesn’t name the …

Woman Sues Georgia Fertility Clinic, Saying She Gave Birth to Another Woman’s Baby

SAVANNAH, Ga. (AP) — Krystena Murray became pregnant after undergoing in vitro fertilization two years ago, and said she was unaware until she gave birth that the fertility clinic had made a fateful mistake. In December 2023, Murray delivered a …

Intel Resolves Antisemitism Lawsuit, Case Is Dismissed

A Jewish former employee of Intel has resolved his lawsuit accusing the chipmaker of firing him after he complained about an openly antisemitic supervisor, the former employee’s lawyer said on Thursday. Lawyers for Intel and the anonymous plaintiff John Doe, …

People Moves: Chesapeake Employers’ Insurance Names Swartz Chief Growth Officer

Chesapeake Employers’ Insurance Company, headquartered in Towson, Maryland, named Jodi M. Swartz as the company’s senior vice president and chief growth officer. Swartz has more than 20 years of C-suite and leadership experience, most recently serving as senior vice president, …

Update: Finland, Sweden Investigate Suspected Sabotage of Baltic Sea Telecoms Cable

Swedish and Finnish police are investigating a suspected case of sabotage of an undersea telecoms cable in the Baltic Sea, and Sweden’s coast guard has deployed a vessel to the area where multiple seabed cables have been damaged in recent …

Pro-Russian Hackers Attack Italian Websites After President’s Comments About Ukraine

A pro-Russian hacker group attacked Italian government websites on Tuesday [Feb. 18] in what it said was a reaction to a speech by Italian President Sergio Mattarella that compared Russia’s invasion of Ukraine to the Nazis ‘ “wars of conquest.” …

Climate Goals Still Make Business Sense, Rio Tinto CEO Says

Rio Tinto Group, the world’s second-largest mining company and a major polluter, came out in support of corporate efforts to curb emissions, insisting that pursuing green targets can add value. “Despite the fragmented policy landscape, decarbonization can still be good …

India Insurers Look to Hike Health Premiums as Pollution Stings

Indian insurers are considering making New Delhi residents pay 10% to 15% more for new health policies after an extraordinary spike in claims related to air pollution in 2024 in India’s capital, according to nine executives aware of the matter. …

Rebuilding Costs Rose More Than 60% in the Last Decade: Verisk

Over the past decade, there’s been a dramatic increase in reconstruction costs, according to Trish Hopkinson, head of 360Value at Verisk. The 10-year analysis examined residential and commercial reconstruction costs between October 2014 and October 2024. National residential reconstruction costs, …

Supreme Court Tackles Straight Woman’s ‘Reverse’ Discrimination Case

Marlean Ames received numerous promotions and good evaluations over the years working in Ohio’s youth corrections system, so when she was denied a promotion and demoted in 2019 with a $40,000 pay cut she said she felt “shocked and hurt …

New York Sues Vape Distributors for Fueling Teen Epidemic

New York sued several large e-cigarette manufacturers, distributors and retailers on Thursday, saying they fueled a youth vaping epidemic by selling products with cartoonish packaging and flavors such as Baja Slushie, Strawberry Cereal Donut Milk and OMG Blow Pop. Letitia …

Zurich Insurance Sees $200 Million LA Wildfire Loss

Zurich Insurance Group AG is expecting pretax losses of $200 million from the January California wildfires as the insurer reported a 5% gain in profit for 2024. Group operating profit rose to $7.75 billion in the year, the company said …

County Trash Collector’s Workers’ Compensation Claim Thrown Out

Andrew G. Simpson

When the garbage truck stopped, the worker stepped down from the metal step on the back of the truck to run and retrieve a trash can. When his feet hit the ground, he heard a pop in his leg, felt …

World Insurance Acquired Grandview Brokerage of Brooklyn

National insurance broker World Insurance Associates LLC announced that it acquired the business of Grandview Brokerage LLC of Brooklyn, New York last November. Grandview provides commercial and personal insurance with niches in the healthcare, real estate, and jewelry industry. Michael …

AM Best Revises Outlooks to Negative for Mercury and Subsidiaries Over LA Wildfires

AM Best revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) for the members of Mercury Casualty Group. Concurrently, AM Best revised …

AM Best Upgrades Credit Ratings of The General Following Sentry Acquisition

AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Ratings to “aa-” (Superior) from “a+” (Excellent) of Permanent General Assurance Corporation, Permanent …

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