As Texas faces growing exposure to hurricanes and severe weather, the Texas Windstorm Insurance Association (TWIA) Board has taken a proactive stance by approving a substantial 22% increase in the reinsurance budget for 2025. This decision was driven by a sharp rise in projected losses, considering
The professional indemnity (PI) insurance market has encountered significant changes as rates dramatically decrease due to mounting competition from new entrants like Managing General Agents (MGAs). According to Clyde & Co's latest report for 2024, which gathered insights from underwriters,
Specialist Risk Group (SRG), a notable insurance intermediary with the backing of Warburg Pincus and Temasek, has announced the acquisition of specialist insurance broker R3 in a move set to boost their portfolio significantly. This acquisition marks SRG's eleventh acquisition in 2024, following
In a significant strategic move, Optalitix, a specialist in data analytics solutions, has partnered with PwC to enhance implementation services for its underwriting and pricing platform, Optalitix Quote. This collaboration specifically aims at insurers operating within the London Market, especially
In a move poised to revolutionize the life insurance industry, Canara HSBC Life Insurance has introduced OmniGen AI, an advanced artificial intelligence system aimed at transforming the underwriting process. Serving as a sophisticated assistant to human underwriters, OmniGen AI evaluates
The 66th edition of the Reinsurance News Monte Carlo Executive Roundtable, held during RVS in September 2024, provided a comprehensive discussion on the reinsurance market conditions leading up to the January 2025 renewals. Sponsored by BMS Re and PwC, the event highlighted the impressive
