SureGo Administrative Services announced that its North America and Europe operations have received delegated claims authority from Lloyd’s, the world’s leading insurance and reinsurance marketplace. By joining the Lloyd’s ecosystem, SureGo reinforces its position as a trusted partner in the global insurance market and demonstrates its commitment to excellence in claims management.
MS Amlin opened a new Australian branch office in Sydney, subject to Lloyd’s approval, and appointed Matt Botfield as head of Australia and New Zealand. The office will be a branch of MS Amlin’s Asia Pacific Reinsurance business, MS Amlin Pacific Pte.Ltd.
California wildfire losses in the first quarter of 2025 for Bermuda insurers monitored by Fitch represented about 60% of total catastrophe losses reported for all of 2024, which may pressure earnings but will not affect ratings given ample capital levels, Fitch Ratings says. Bermuda insurers' underwriting results will deteriorate in 2025 due to higher catastrophe losses as premium rates are pressured but should remain profitable.
According to Gallagher Re, the global reinsurance industry has grown its traditional capital to an all-time high of $655 billion, with expectations of attractive underwriting results and double-digit ROEs for 2025, assuming natural catastrophe losses remain within budget. Market capital increased by 5.3% year-on-year to $769 billion by the end of 2024. Buyers benefited from increased capacity, achieving better renewal outcomes with risk-adjusted price reductions and coverage improvements. However, primary rates have softened, affecting top-line growth due to insurers' search for growth in various lines of business.
bolt launched bolt Prevention Technology, a solution designed to help insurance carriers and managing general agents reduce water-related losses for their customers through real-time monitoring, automated policyholder engagement and seamless integration with carrier systems. By combining IoT-enabled water sensors with bolt’s integrated risk management capabilities, bolt Prevention Technology allows carriers to reduce losses proactively, while providing policyholders with smarter protection to prevent potential risks before they become a claim.
Local Evictions LLC launched a groundbreaking insurance plan designed to protect landlords from the financial uncertainties associated with property management. This first-of-its-kind insurance plan offers coverage for missed rent, legal fees and property damage, providing landlords with a safety net that ensures peace of mind and financial stability.
American Coastal Insurance Corporation announced the sale of Interboro Insurance Company to Forza Insurance Holdings. The company received approximately $26.4 million in cash from Forza based on the GAAP estimated equity of IIC as of the closing date. The company and Forza will reconcile the purchase price within approximately 30 days, based on the finalized GAAP equity of IIC as of April 1.
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