Fronting companies in the property-casualty industry serve as intermediaries, enabling insurance companies to access otherwise inaccessible markets. They serve as a platform for insurance programs, managing policy issuance and claims administration. They often find market distribution sources in the Program Business Storefront Directory.
Tag: reinsurance
Navigating the Hard Market for Reinsurance
As 2023 drew near, the reinsurance market entered a challenging phase characterized by significant rate increases and a more cautious approach to risk. Reinsurance is insurance for carriers. And, when reinsurance rates fluctuate, they impact distribution channels on all sides, as seen in robust marketplaces such as the Program Business Storefront Directory.
Cyber Insurance Is Yet to Evolve to the Same Levels as Property Cat: Swiss Re
During Swiss Re’s press briefing at RVS Monte Carlo 2023, Gianfranco Lot, Swiss Re’s Chief Underwriting Officer, Property & Casualty Reinsurance, explained that cyber insurance is yet to evolve to the same levels as property cat.
Reinsurers Name Climate Change as the Top Risk They Face – PwC Banana Skins 2023
The ‘Reinsurance Banana Skins’ biennial research carried out by PwC and CSFI shows respondents from the reinsurance sector identifying climate change as the most significant risk they face.
Tx Regulators Place Porch’s Insurance Subsidiary Under Supervision Amid Vesttoo Fallout
Fallout from the bankruptcy of reinsurer Vesttoo Ltd. in the wake of fraud allegations are rippling through the insurance industry, with Porch Group announcing Tuesday that its insurance subsidiary, Homeowners of America Insurance Company, has been placed under temporary supervision by Texas regulators.
Best’s Market Segment Report: Europe’s Big Four Reinsurers Benefit from Hard Market Conditions
Heightened demand and higher prices contributed to a 6% increase in net premiums written in 2022 (when measured in USD) by Europe’s Big Four reinsurance groups—Munich Re, Hannover Re, Swiss Re and SCOR—according to a new AM Best report.
Munich Re on Track to Achieve Annual Profit Target
Munich Re generated a profit of €1,154m (1,585m) in the second quarter of 2023, and €2,425m in the first six months of the year.
Hannover Re H1 Net Income up 18%
German reinsurer Hannover Re on Wednesday posted a 18% rise in net income in the first half of 2023, helped by its life and health insurance unit and investment income, and it said it was confident about meeting its full-year targets.
Israeli AI Startup Vesttoo Sparks a Global Insurance Scandal
A hot Israeli startup promised to use artificial intelligence to spread the risk of insurance policies. Now, Vesttoo is embroiled in scandal thanks to an old-fashioned problem: an alleged multi-billion-dollar fraud involving faked letters of credit.
Vesttoo Laying Off 75% of Employees Amid Fraud Scandal
Under fire Vesttoo is laying off around 150 employees, accounting for 75% of the company’s workforce. Most of the company’s employees are headquartered in Israel.