Market News
Rating Agency Examines Counterparty Risk in Wake of Vesttoo Situation
The situation surrounding the InsurTech Vesttoo, which was formed to help provide insurers access to noncatastrophe insurance-linked securities, highlights the importance of managing counterparty credit risk, according to A.M. Best. Vesttoo has been associated with allegations of fraudulent letters of credit connected to transactions it was involved in. Read More
US Crop Insurers See 2022 Underwriting Loss Despite Record Premiums
Despite US crop insurance premiums reaching a record high of $21.5 billion in 2022, the segment posted an underwriting loss due to challenging growing conditions amid widespread drought, according to a report from A.M. Best. Best said it's cautiously optimistic that crop insurers' underwriting results will show improvement this year. Read More
InsurTech Funding Fell in Q2 as Market Faces an Inflection Point
Global InsurTech funding fell 34 percent from the first quarter of 2023 to the second quarter, according to the "Gallagher Re Global InsurTech Report" for Q2 2023. InsurTech funding dropped to $916.71 million in this year's second quarter from $1.39 billion during the first quarter, Gallagher Re reports. Read More
Bermuda Registered 2 New Captive Insurance Companies in July
Bermuda registered two new captive insurance companies in July, according to information released by the Bermuda Monetary Authority (BMA). The two newly licensed Bermuda captives are Mackinlay Insurance Limited, a Class 1 single-parent captive, and Crescent Insurance Limited, a Class 2 multiowner captive. Read More
P&C Industry Forecast To Post 102.2 Percent Combined Ratio in 2023
The overall property and casualty (P&C) insurance industry is projected to finish 2023 with a net combined ratio of 102.2 percent, little changed from last year's 102.4 percent, according to a report from the Insurance Information Institute and Milliman. Poor personal lines underwriting performance is a key factor in both years' results. Read More