Ahead of the 2024 Atlantic Hurricane Season, CoreLogic, a provider of property information and analytics, has released its 2024 Hurricane Risk Report to help insurers and risk managers prepare for the upcoming season. The report reveals that over 32.7 million homes from Texas to Maine are at risk of moderate to severe damage due to hurricane-force winds, with a total reconstruction cost of $10.8 trillion. It’s crucial to note that not all affected homes will experience complete destruction in a hurricane. “Insurance remains one of the most important tools for a resilient society, given the rol ..read more

Marsh McLennan Agency, a subsidiary of Marsh, has acquired Perkins Insurance Agencies, an Abilene, Texas-based independent agency. Established in 1977, Perkins provides commercial property and casualty (P&C) and personal lines coverage to West Texas-based organisations, non-profits, and families, with specialised expertise in the oil and gas, trucking, farm and ranch, and restaurant industries. It has been confirmed that all of Perkins’ employees, including Mark Perkins, the company’s Chief Executive Officer (CEO), will continue working out of their existing Abilene and Eastland, Texas, of ..read more

Credit rating agency AM Best has downgraded the credit ratings of Farm Bureau Mutual Insurance Company of Arkansas, Inc. (FBMICA), a regional insurer, due to severe weather-related losses. The Financial Strength Rating dropped from B+ (Good) to B (Fair) and the Long-Term Issuer Credit Rating from “bbb-” (Good) to “bb” (Fair), with the ratings remaining under review and the outlook revised to developing. These downgrades are driven by ongoing severe weather-related losses, which have significantly weakened FBMICA’s policyholder surplus and overall risk-adjusted capitalisation. Notable weather e ..read more

Universal Insurance Holdings, Inc. has announced the completion of its combined 2024-2025 reinsurance program, effective June 1, 2024, for its subsidiaries Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company, which provides $2.4 billion of coverage. The duo have set the top of their combined reinsurance tower for a single All States event, including Florida, to $2.404 billion for 2024, down from the previous year’s just over $2.8 billion, with no material changes to reinsurance partners. $1.023 billion of this coverage has l ..read more

In a recent interview with Reinsurance News, June Quah, Vice President, Integrated Analytics, Munich Re, Canada, discussed the reinsurance giant’s newest digital solution, Automated EHR Summarizer which is set to ensure efficient and accurate use of Electronic Health Record (EHR) data for automated and programmatic life insurance underwriting. In April, Munich Re Life US and Clareto, a Munich Re company, launched Automated EHR Summarizer. During the interview, Quah was asked how effective she sees Automated EHR Summarizer being for life insurers. “Automated EHR Summarizer makes it possible to ..read more

Core Specialty Insurance Holdings, and subsidiaries, have announced the addition of Sally Pope Davis to its Board of Directors, effective immediately. Jeff Consolino, Core Specialty’s Founder, President, and Chief Executive Officer, said, “We have come to know Sally during her time at Goldman Sachs Asset Management where, during her tenure, she co-led one of the industry’s largest U.S. small cap value funds. “Her expertise in investments across the financial sector, including insurance organizations, will be welcome on the Core Specialty Board of Directors.” Davis joined Goldman Sachs in 1989 ..read more

Global insurer, American International Group (AIG) has launched a secondary offering of Corebridge Financial common stock, priced at $29.20 per share. The insurer has offered 30 million existing shares of common stock, out of approximately 608 million total shares of common stock outstanding of Corebridge Financial. These correspond to approximately $876 million of gross proceeds. All of the net proceeds from the offering will go to AIG. AIG also noted that it has granted a 30-day option to the underwriter to purchase up to an additional 4.5 million shares. The offering is expected to close on ..read more

QBE North America, part of the global insurer, has announced a new program partnership with Catalytic Risk Managers & Insurance Agency, LLC, a division of DUAL North America, Inc. Both organisations will work together on the Builders Risk program, which has been established to offer builders risk coverage on a non-admitted basis. Moreover, Catalytic Risk Managers writes builders risk business exclusively through regional and national wholesale brokers. In addition, Catalytic Claims Services, Inc., a division of DUAL North America, will handle claims for the program. James Haggerty, Head of ..read more

Moody’s has selected TomTom’s global location data to enhance the accuracy and relevance of geocoding analyses across various workflows in its risk management solutions. This data will be integrated into Moody’s Insurance Geocoder, combining TomTom’s highly accurate location data with Moody’s modelling capabilities. This integration will provide organisations in the insurance, financial, real estate, and related sectors with better insights for managing risk, reducing uncertainty, and improving decision-making. For insurers dealing with high-risk events such as floods, storm surges, and wildfi ..read more

Insurance and reinsurance broker McGill and Partners has announced the appointment of Cabot Lyman as Partner in its US Property team. “The addition of Cabot to the team strengthens our highly differentiated value proposition that enables us to deliver market-leading global placement expertise and capabilities for both our clients and distribution partners,” a spokesperson stated. Lyman Brings over 10 years of industry experience to her new role, joining McGill and Partners from Aon, where she spent 11 years in their New York Property team. Most recently, she was a Team Leader and Senior Vice P ..read more