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Somerset Reinsurance Brokers News & Blog
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JAN
23
Fidelis secures $75m of reinsurance protection with latest cat bond
By:
Kane Wells
on
JAN
23
Fidelis Insurance Bermuda Limited (FIBL), part of Fidelis Insurance Group, has successfully placed a new catastrophe bond, providing its parent with annual aggregate, industry-loss triggered protection against losses from earthquakes affecting the United States and the District of Columbia. The new catastrophe bond was placed through the issuance of Series 2026-1 Class A Principal-at-Risk Variable […] The post Fidelis secures $75m of reinsurance protection with latest cat bond appeared first on ReinsuranceNe.ws.
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JAN
23
Hannover Re appoints Prateek Maheshwari as CFO, India Branch
By:
Taylor Mixides
on
JAN
23
Hannover Re, a global reinsurer operating across property and casualty, life, and health lines, has announced the appointment of Prateek Maheshwari as Chief Financial Officer of its India Branch. Maheshwari has been part of Hannover Re since 2017, when he joined the India Branch as Finance Manager. Prior to his current appointment, he held the […] The post Hannover Re appoints Prateek Maheshwari as CFO, India Branch appeared first on ReinsuranceNe.ws.
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JAN
23
Fitch Ratings: US P&C market to soften further in 2026 as competition intensifies
By:
Taylor Mixides
on
JAN
23
Fitch Ratings, the credit rating agency, expects the US property and casualty (P&C) insurance market to face continued softening through 2026. According to the analysis, the US P&C insurance market is set to become more competitive in 2026, with abundant capital and easing pricing continuing to weigh on premium growth. As rate momentum slows amid […] The post Fitch Ratings: US P&C market to soften further in 2026 as competition intensifies appeared first on ReinsuranceNe.ws.
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JAN
23
Everest Group names Christopher Kujawa as Chief Human Resources Officer
By:
Taylor Mixides
on
JAN
23
Everest Group, Ltd., an underwriting organisation offering reinsurance and specialty insurance solutions, announced the appointment of Christopher Kujawa as Executive Vice President and Chief Human Resources Officer, effective January 20, 2026. Kujawa will report to Jim Williamson, President and Chief Executive Officer, and will become a member of Everest’s Executive Leadership Team. He will assume […] The post Everest Group names Christopher Kujawa as Chief Human Resources Officer appeared first on ReinsuranceNe.ws.
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JAN
23
James Pearce joins BMS Cyber team as Senior Broker
By:
Kassandra Jimenez-Sanchez
on
JAN
23
BMS, an independent insurance and reinsurance broker, has announced the appointment of James Pearce as a Senior Broker, Cyber, reporting to Daniel Leahy, Cyber Practice Leader. Pearce brings to his new role extensive experience in the placement of complex Cyber Liability, Tech Errors & Omissions (E&O) and Cyber Property Damage risks into the London market. […] The post James Pearce joins BMS Cyber team as Senior Broker appeared first on ReinsuranceNe.ws.
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JAN
23
Willis flags emerging risks for defence industry amid surging demand
By:
Beth Musselwhite
on
JAN
23
The defence industry is experiencing surging demand amid an increasingly volatile geopolitical landscape, but is constrained by lagging production, economic nationalism, fiscal fragility, and supply chain risks, according to a new report from Oxford Analytica and Willis, a WTW business. The report draws on in-depth interviews with senior executives across the defence industry. It outlines […] The post Willis flags emerging risks for defence industry amid surging demand appeared first on ReinsuranceNe.ws.
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JAN
23
AIG names Neil Smallcombe President of Lexington Insurance Company
By:
Kassandra Jimenez-Sanchez
on
JAN
23
Global insurer American International Group (AIG) has announced the promotion of Neil Smallcombe as President, Lexington Insurance Company, the firm’s U.S. surplus lines insurer. In his new role, Smallcombe will leverage his over two decades of industry experience to lead Lexington’s A&E, Casualty, Healthcare and Western World businesses. He will also work closely with Lexington […] The post AIG names Neil Smallcombe President of Lexington Insurance Company appeared first on ReinsuranceNe.ws.
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JAN
22
IMAC reports continued strength in Cayman’s captive insurance sector for 2025
By:
Taylor Mixides
on
JAN
22
The Insurance Managers Association of Cayman (IMAC), the representative body for Cayman’s captive insurance and reinsurance sector, has released an update pointing to continued expansion in the jurisdiction, following the Cayman Islands Monetary Authority’s (CIMA) fourth-quarter 2025 licensing figures. IMAC has reported that Cayman’s captive insurance industry maintained a strong upward trajectory throughout 2025, underpinned […] The post IMAC reports continued strength in Cayman’s captive insurance sector for 2025 appeared first on ReinsuranceNe.ws.
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JAN
22
AXA XL forms dedicated Alternative Risk Solutions team in Americas
By:
Kane Wells
on
JAN
22
AXA XL has launched a dedicated Alternative Risk Solutions (ARS) team, appointing Sylvain Bouteillé as its leader. In addition to leading the newly established ARS team within AXA XL’s Large Commercial business segment, Bouteillé will continue to serve as Chief Underwriting Officer, Specialty in the Americas. He joined AXA XL in August 2025 and holds […] The post AXA XL forms dedicated Alternative Risk Solutions team in Americas appeared first on ReinsuranceNe.ws.
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JAN
22
Geoeconomic uncertainty presents opportunities to help businesses thrive: Marsh CEO
By:
Kane Wells
on
JAN
22
John Q. Doyle, President and CEO of Marsh, has stated that today’s geopolitical and geoeconomic uncertainties create real opportunities for the firm to leverage its broad capabilities to help businesses navigate and thrive in challenging times. Speaking with Bloomberg at the ongoing World Economic Forum in Davos, Doyle said that business leaders around the world […] The post Geoeconomic uncertainty presents opportunities to help businesses thrive: Marsh CEO appeared first on ReinsuranceNe.ws.
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JAN
23
Commercial Lines Market Overall Remains Firm, Says Ivans
By:
on
JAN
23
Premium renewal rates increased year-over-year for all major commercial lines, except workers’ compensation, according to fourth quarter 2025 results of the Ivans Index. “The commercial insurance market remains firm overall, though renewal trends suggest it is gradually moving off the …
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JAN
23
AI Data Center Boom Risks Roiling Global Carmaker Supply Chains
By:
Admin
on
JAN
23
The auto sector is bracing for yet another potential supply chain disturbance, this time spurred by the rush to build data centers that train and develop artificial intelligence models. A shortage of memory chips caused by the data center boom …
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JAN
23
20,000 AI Users at Travelers Prep for Innovation 2.0; Claims Call Centers Cut
By:
Susanne Sclafane
on
JAN
23
Days after announcing a deal to equip 10,000 engineers and data scientists at Travelers with AI assistants, the insurance company’s leader detailed “differentiating domain expertise” around data and technology, which fuel long-term profit growth for the insurer. Travelers Chief Executive …
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JAN
23
Security First Latest Florida Insurer to Roll Back HO3 Rates
By:
on
JAN
23
Hot on the heels of a significant rate cut in December, Florida’s Security First Insurance has announced another average decrease for one of its homeowners products. The use-and-file decrease will average about 5.2% for the carrier’s Signature+ HO3 policies, a …
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JAN
23
Washington Bill Granting Restitution to Insurance Consumers Passes State Senate
By:
on
JAN
23
A bill to provide restitution to policyholders harmed by their insurer or agent passed the Washington Senate on Wednesday on a 29 to 20 vote. The bill, sponsored by Insurance Commissioner Patty Kuderer and sponsored by Senator Adrian Cortes (D–Battle …
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JAN
23
Relation Insurance Acquires PT Business Solutions in California
By:
on
JAN
23
Relation Insurance Services has acquired the assets of PT Business Solutions in South Pasadena, California. PT Business Solutions is a provider of employee benefit, HR, payroll, workers’ compensation and group retirement plans. The agency has been serving clients since 2003. …
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JAN
23
New Jersey Announces $16 Million More in Medical Debt Relief
By:
on
JAN
23
In the state’s seventh round of medical debt relief, outgoing Governor Phil Murphy announced that nearly 14,000 New Jersey residents will see almost $16 million in medical bills abolished. The relief is a result of the state’s ongoing partnership with …
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JAN
23
Estee Lauder Sued by Beauty Tech Startup for Alleged Theft
By:
Admin
on
JAN
23
Estee Lauder was sued by a self-described “disruptive” startup that accused the cosmetics giant of effectively putting it out of business by stealing technology to boost sales from jet-setting travelers in hotels. In a complaint filed on Friday night in …
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JAN
23
People Moves: EverPeak Insurance Names Kranz President; Arrowhead Intermediaries Appoints Davis as CMO; Owens Joins Alliant as SVP
By:
on
JAN
23
EverPeak Insurance Names Kranz President EverPeak Insurance created a unified leadership team headed by Kathy Kranz. Kranz most recently served as interim COO at EverPeak. She previously served a long tenure as CFO of Pinnacol Assurance. The new EverPeak Insurance …
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JAN
22
Texas Officials Say State is Ready for Winter Storm
By:
Admin
on
JAN
22
Nearly five years after Winter Storm Uri sparked widespread power outages and killed hundreds of Texans, officials and residents are once more girding for a round of severe winter weather that will blanket large parts of the state. Dangerously cold …
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JAN
22
Kentucky DOI Warns Agents to Be Careful Giving Investment Advice
By:
on
JAN
22
The Kentucky Department of Insurance is reminding insurance agents to be careful when advising clients on securities transactions. State law requires that investment advisors be registered with the state. And when an insurance agent advises a consumer to “sell, surrender, …
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JAN
22
People Moves: Cottingham & Butler Names Hessling President; Blessing Named Office President of CRC Group Kansas City Operation
By:
on
JAN
22
Cottingham & Butler Names Hessling President Cottingham & Butler, headquartered in Dubuque, Iowa, named Mike Hessling as president. Hessling joins Cottingham & Butler from Gallagher Bassett, where he served as CEO of North America. As president, Hessling develops and executes …
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JAN
22
Pennsylvania Blocked $227.9 Million in P/C Insurance Hikes in 2025, Says Regulator
By:
on
JAN
22
The Pennsylvania Insurance Department (PID) said it saved residents $227.9 million by blocking proposed property/casualty insurance premium increases from taking effect in 2025. Through the rate review process in 2025, PID reported that its review of property/casualty (P/C) rate filings …
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JAN
22
Markets/Coverages: AXA XL Launches Alternative Risk Solutions; Bouteille to Lead
By:
on
JAN
22
AXA XL has launched a dedicated Alternative Risk Solutions (ARS) team, appointing Sylvain Bouteillé, current chief underwriting officer, specialty as its leader. The new team centralizes AXA XL’s alternative risk expertise to enhance its ability to quickly deliver innovative and …
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JAN
22
Georgia Farm Bureau Promotes Willis, LIRG Names Roche Marketing Chief
By:
on
JAN
22
Georgia Farm Bureau announced that Gary Willis, who recently served as executive director of insurance operations, is the general manager for the bureau’s insurance corporation. Willis takes over for George Monk, who retired Jan. 2, GFB said in news release. …
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JAN
22
Trial Underway for Ex-St. Louis Alderman Accused of Insurance Fraud
By:
Ezra Amacher
on
JAN
22
A federal trial is underway for a former St. Louis, Missouri alderman accused of defrauding an insurance company while in office. Brandon Bosley is charged with orchestrating a fraud scheme to obtain money from his insurance company by falsely inflating …
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JAN
22
Warner Pacific Builds SE Business With Brokers Holding Group
By:
on
JAN
22
Warner Pacific, a general agency for brokers, based in California, has acquired Brokers Holding Group, a South Carolina general agency specializing in health plans and alternative funding for employer groups. The move expands Warner Pacific’s presence in the Southeast, the …
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JAN
22
Texas Power Grid Faces Major Test From Season’s Biggest Storm
By:
on
JAN
22
A powerful winter storm descending on Texas on Friday will be one of the toughest tests of the state’s electric grid since the system collapsed during a deadly 2021 freeze. Ice is predicted for the Dallas area, the Panhandle is …
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JAN
22
Brown Students Return to Tighter Security After Campus Shooting
By:
Admin
on
JAN
22
Brown University students resumed classes on Wednesday following a deadly shooting last month that shattered the typical sense of safety on the picturesque campus and spurred a review of the Ivy League institution’s security measures. A shooter attacked an exam-prep …
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JAN
22
Bill to Extend Federal Terrorism Backstop Weighed in House Committee
By:
Chad Hemenway
on
JAN
22
Looking to ensure the longevity of a worthwhile federal program, the insurance industry has continued to lobby in favor of the TRIA Program Reauthorization Act of 2026. A federal backstop for terrorism risk was first initiated late in 2002 by …
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JAN
22
Forecasters Warn of ‘Potentially Catastrophic’ Storm From Texas to the Carolinas
By:
Admin
on
JAN
22
With many Americans still recovering from multiple blasts of snow and unrelenting freezing temperatures in the nation’s northern tier, a new storm is set to emerge this weekend that could coat roads, trees and power lines with devastating ice across …
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JAN
22
Chicago Tow Truck Driver Charged Over Vehicle Thefts
By:
on
JAN
22
Illinois Attorney General Kwame Raoul last week announced that his office charged a Chicago man over his role in the thefts of multiple vehicles while he was working for the city of Chicago in the Department of Streets and Sanitation …
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JAN
22
Beazley Rejects Zurich Insurance’s £7.7 Billion Takeover Bid
By:
Admin
on
JAN
22
Beazley Plc has rejected Zurich Insurance Group AG’s £7.7 billion ($10.3 billion) takeover approach, the latest twist in the Swiss giant’s attempt to acquire the UK specialty insurer. London-listed Beazley said its board has unanimously turned down Zurich’s latest cash …
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JAN
22
Japan’s TEPCO Pauses Nuclear Reactor Reboot Day After Milestone Restart
By:
Admin
on
JAN
22
Tokyo Electric Power Co., Japan’s largest utility, suspended the restart process of its nuclear power plant in Niigata prefecture, less than a day after resuming its first reactor since the 2011 Fukushima disaster. TEPCO, as the utility is known, said …
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JAN
22
Markets/Coverages: DUAL LatAm Partners With Ki to Expand Region’s Property Capacity
By:
on
JAN
22
DUAL LatAm, part of DUAL Group, announced a significant increase in property capacity across Latin America, marking a strategic expansion of the property binder established with Brit in 2025 and reinforcing its commitment to delivering robust, reliable solutions in a …
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JAN
22
People Moves: Fagan Joins Brown & Riding’s National Property Practice
By:
on
JAN
22
Brown & Riding, headquartered in Dallas, Texas, hired Seth Fagan to its national property practice. Fagan has over 20 years of experience in the wholesale insurance space. He specializes in complex property risks, including, but not limited to, commercial real …
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JAN
22
Dairy Giants Rush to Recall Infant Formula After Expanding Contamination Scare
By:
Admin
on
JAN
22
Three of the world’s largest dairy companies are recalling and blocking batches of infant milk formula after a contamination scare that began with Nestle widened on Wednesday to French groups Danone and Lactalis. The recalls highlight how a single compromised …
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JAN
22
Water ‘Bankruptcy’ Era Has Begun for Billions, Scientists Say
By:
Admin
on
JAN
22
A new era has begun of “global water bankruptcy,” with humans depleting freshwater systems to the point they can’t recover, according to a new United Nations report. Three-quarters of the world’s population — about 6.1 billion people — now live …
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JAN
22
Trump Backs Down on Greenland Tariff Threats, Rules Out Use of Force
By:
Admin
on
JAN
22
U.S. President Donald Trump abruptly stepped back on Wednesday from threats to impose tariffs as leverage to seize Greenland, ruled out the use of force and suggested a deal was in sight to end a dispute over the Danish territory …
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JAN
22
AI Company Eightfold Sued for Helping Companies Secretly Score Job Seekers
By:
Admin
on
JAN
22
Eightfold AI, a venture capital-backed artificial intelligence hiring platform used by Microsoft, PayPal and many other Fortune 500 companies, is being sued for allegedly compiling reports used to screen job applicants without their knowledge. The lawsuit filed in California on …
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