Somerset Reinsurance Brokers News & Blog

Insurance and reinsurance broking group Aon feels great about its now completed acquisition of middle-market property and casualty (P&C) broker NFP, with Chief Executive Officer (CEO), Greg Case, describing it as “a tour de force revenue opportunity.” After announcing the completion of its $13.4 billion takeover of NFP and a strong set of first quarter […] The post Aon & NFP combination a ‘tour de force revenue opportunity,’ says CEO Case appeared first on ReinsuranceNe.ws.

Traditional insurance firms have reportedly had to adapt to high repair costs of electric vehicles (EV) and the rapid pace of adoption in China, Europe and the UK, which has resulted in significant insurance premium rate increases, says Morningstar DBRS. Even though governments have incentivised the reduction in the numbers of internal combustion engines (ICE) […] The post EV manufacturers’ bespoke solutions may change the auto insurance landscape: Morningstar DBRS appeared first on ReinsuranceNe.ws.

Pen Underwriting has announced the extension of its long-term strategic collaboration with Zurich in the Republic of Ireland to support its highly specialist fleet insurance offering, covering motor fleets in the hazardous goods, tankers and environmental industries, following a multi-year renewal of their existing capacity deal. This agreement will see Zurich continue to provide full […] The post Pen Underwriting extends fleet deal in Republic of Ireland with Zurich appeared first on ReinsuranceNe.ws.

Digital risk processing platform Cytora has expanded its global advisory board with the addition of James Platt, in line with its vision for global growth. Platt is a commercial insurance veteran, and has had a broad and successful career in the insurance industry from leading the big data and advanced analytics practice at BCG, before […] The post Cytora expands advisory board with addition of former Aon exec James Platt appeared first on ReinsuranceNe.ws.

Kinsale Capital Group has reported a net income of $98.9 million for the first-quarter of 2024, an improvement compared to $55.8 million for the first-quarter of 2023. The firm also saw a significant 25.5% increase in gross written premiums (GWP) in Q1’24, totalling $448.6 million compared to $357.6 million for the first-quarter of 2023. This […] The post Kinsale Capital reports $98.9m net income in Q1’24 results appeared first on ReinsuranceNe.ws.

U.S. auto safety regulators said Friday they have opened an investigation into whether Tesla’s recall of more than 2 million vehicles announced in December to install new Autopilot safeguards is adequate. The National Highway Traffic Safety Administration (NHTSA) said it …

The U.S. Federal Trade Commission’s ban on “noncompete” agreements commonly signed by workers is likely vulnerable to legal challenges, experts said, as some courts have grown increasingly skeptical of federal agencies’ power to adopt broad rules. The commission in unveiling …

A Baltimore small business has filed a class action against the owner and operator of the cargo ship Dali that crashed into the Francis Scott Key Bridge last month. The suit, filed Thursday by the Karen Austin, the founder of …

An active weather pattern could bring destructive tornadoes, heavy rains, large hail and strong wind gusts to parts of the central United States over the next several days, according to meteorologists at the National Weather Service and Accuweather. Two strong …

With cloud seeding, it may rain, but it doesn’t really pour or flood — at least nothing like what drenched the United Arab Emirates and paralyzed Dubai, meteorologists said. Cloud seeding, although decades old, is still controversial in the weather …

A simulated cyber catastrophe highlights the benefits and problems cyber insurance carriers will encounter as a result, according to a report released by Lockton Re. The report, “A Kaleidoscope of Possibilities: Preparing for Ivan Wiper,” focuses on the consequences of …

French President Emmanuel Macron called on Thursday for a revision of how Europe applies minimum capital rules to banks and insurers so that they are not too risk-averse and Europe is put at an economic disadvantage. The Basel Committee of …

The family of a Nigerian business leader who died in a Southern California helicopter crash that killed five others in February filed a lawsuit claiming the flight should have been grounded because of treacherous weather. Relatives of Abimbola Ogunbanjo, the …

The Workers’ Compensation Insurance Rating Bureau of California submitted its Sept. 1, 2024, pure premium rate filing to the California Department of Insurance, proposing advisory rates on average 0.9% above the average approved Sept. 1, 2023 rates. The proposed advisory …

Russia’s state-owned reinsurer has given financial backing to three Russian insurance firms, allowing them to get Indian approval to provide marine insurance cover to tankers, two sources said, as Moscow seeks to facilitate trade with India amid Western sanctions. A …

Aon plc said late Thursday that it has completed its $13 billion acquisition of middle-market P/C broker NFP. The purchase price will be funded by $7 billion in cash and $6 billion of Aon stock. Closing was earlier than originally …