NEXT Insurance said Allstate and Allianz X have invested $265 million in the digital small business insurer. NEXT and Allstate will partner on bringing new commercial products to what they call an underserved target market of 33 million small businesses. …
B3i Services AG, a two-year-old company owned by members of the insurance industry, announced that 30 contracts of reinsurance have been concluded on its platform, including some of the most complex catastrophe excess of loss (XoL) reinsurance treaties. Nine insurers, …
By the time David Kaisel got back from selling his flour at a farmers’ market, a wildfire in California’s Capay Valley had burnt both his tractor and the shipping container where he kept some tools. His insurer is set to …
PIMCO, the Newport Beach, Calif.-based fixed income investment manager, has hired Rick Pagnani from Mt. Logan Re as executive vice president, to lead the launch of the firm’s property and casualty insurance linked securities (ILS) business. The ILS market, which …
It won’t take another Hurricane Katrina for reinsurers to face losses from covering the cost of storms and earthquakes. Competitors such as hedge funds have eroded prices so much that a typical year of claims could move the industry into …
Reinsurers are running out of claims reserves that they can release to boost profits as pricing continues to fall, according to the head of Allianz SE’s reinsurance unit. “I don’t think there are too many loss reserves left and the …
Property and casualty reinsurance rates, which fell in seven of the last 10 years, probably won’t rebound in 2014, the head of Allianz SE’s reinsurance arm said. “Last year’s catastrophe activity was very light — capital from traditional and alternative …
