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OLD REPUBLIC ANNOUNCES THE ADDITION OF J. ERIC SMITH TO THE BOARD OF DIRECTORS

Retrieved on:

Friday, March 17, 2023

Insurance, Allstate, Compensation, Retirement, Old Republic International, ORI, NYSE, Swiss Re, Management

CHICAGO, March 17, 2023 /PRNewswire/ -- Old Republic International Corporation (NYSE: ORI) today announced J. Eric Smith (65) has joined its Board of Directors as of March 17, 2023.

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CHICAGO, March 17, 2023 /PRNewswire/ -- Old Republic International Corporation (NYSE: ORI) today announced J. Eric Smith (65) has joined its Board of Directors as of March 17, 2023.
Including J. Eric Smith, ORI has added seven new, highly qualified individuals to ORI and its major regulated insurance company subsidiaries' Board of Directors in the last 5 years.
In the same time frame, five Directors have departed from the Board.
ORI continues to make significant progress to provide greater diversity of talents, profession, and other backgrounds to the Board.

Swiss Re closes second alternative capital transaction with J.P. Morgan

Retrieved on:

Thursday, March 16, 2023

Law, Partner, Notice, J. P. Morgan, Climate change, Risk, USD, Reconstruction, International Bank for Reconstruction and Development, Insurance, European Central Bank, Development, Crime, ILS, Cryptocurrency, Swiss Re

Swiss Re closes second alternative capital transaction with J.P. Morgan

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Swiss Re closes second alternative capital transaction with J.P. Morgan
Swiss Re partners with J.P. Morgan to secure USD 700 million protection for severe underwriting losses
Zurich, 7 March 2023 – Swiss Re has successfully closed a multi-year stop-loss transaction with funding led by J.P. Morgan.
Philipp Rüede, Head of Swiss Re Alternative Capital Partners, said: "This transaction with J.P. Morgan effectively provides Swiss Re with cost-efficient capital that can be deployed in the current attractive market.
This deal also represents another important step on Swiss Re's Alternative Capital Partners' journey, where we are increasingly using alternative capital to address our wider capital management needs, with the objective of lowering Swiss Re's cost of equity."
Swiss Re's Alternative Capital Partners division encompasses Swiss Re's sell-side ILS capabilities and its retrocession management, allowing the Group to leverage a broad range of third-party capital as it grows its business.

Fengate closes on battery energy storage development partnership with Alpha Omega Power

Retrieved on:

Wednesday, March 15, 2023

Retirement, Swiss Re, Credit Suisse, Wind, Partnership, United, Fengate, Peterborough, Merrill (company), AOP, Infrastructure Investment and Jobs Act, Swiss, Eastern Canada, BESS, Enron, Cryptocurrency, Renewable energy

HOUSTON, March 15, 2023 (GLOBE NEWSWIRE) -- Fengate Asset Management (“Fengate”) is pleased to announce financial close on a new development partnership with Alpha Omega Power (“AOP”) with the purpose of building a market-leading U.S. battery energy storage system (“BESS”) development platform.

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HOUSTON, March 15, 2023 (GLOBE NEWSWIRE) -- Fengate Asset Management (“Fengate”) is pleased to announce financial close on a new development partnership with Alpha Omega Power (“AOP”) with the purpose of building a market-leading U.S. battery energy storage system (“BESS”) development platform.
Fengate’s new development partner, AOP, is led by Paul Choi who brings more than 25 years of experience and a successful track record as a leader in power and renewable energy.
Most recently, Paul was the executive vice president of origination at Broad Reach Power where he built and led the origination team.
There is increasing demand for BESS projects due to the increasing supply of intermittent renewable energy projects and retirement of thermal power projects.

Hurricane Ian First Responders Honored at "Win the Storm Conference" in Fort Lauderdale

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Monday, March 13, 2023

FORT LAUDERDALE, Fla., March 13, 2023 /PRNewswire-PRWeb/ -- Storm Ventures Group (SVG) kicks off the 9th annual "Win The Storm Conference" (WTS) with a parade recognizing Hurricane Ian first responders on Wednesday, March 15 at 9 a.m. at the Greater Fort Lauderdale Broward Convention Center located at 1950 Eisenhower Blvd. Local politicians, dignitaries, community members and the media are invited to the parade and conference. RSVP is required.

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FORT LAUDERDALE, Fla., March 13, 2023 /PRNewswire-PRWeb/ -- Storm Ventures Group (SVG) kicks off the 9th annual "Win The Storm Conference" (WTS) with a parade recognizing Hurricane Ian first responders on Wednesday, March 15 at 9 a.m. at the Greater Fort Lauderdale Broward Convention Center located at 1950 Eisenhower Blvd.
A complimentary VIP luncheon will be held for the first responders and parade participants from 12-2 p.m. in the convention center's Main Conference Hall B.
Often, the first responders that help these communities recover don't get enough recognition," says Anthony Delmedico, producer of the Win The Storm Conference and Tradeshow Expo.
According to reinsurer Swiss Re, Hurricane Ian caused the second-largest insured loss after Hurricane Katrina in 2005 and was ranked top five costliest storm.

Powerfleet to Acquire Leading Insurance Telematics and Sustainable Mobility Solutions Provider Movingdots from Swiss Re

Retrieved on:

Thursday, March 9, 2023

Partnership, Acquisition, Artificial intelligence, Internet of things, Software as a service, Algorithm, Mobility, Internet, Risk assessment, ESG, Engineering, Insurance, People Power Company, Swiss Re, Safety, Mobile phone, Risk management, Management, PowerFleet

Backed with actuarial insights, Movingdots enables data-driven insurance propositions for insurers, car manufacturers, and mobility platform players worldwide.

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Backed with actuarial insights, Movingdots enables data-driven insurance propositions for insurers, car manufacturers, and mobility platform players worldwide.
Movingdots has been looking for the right strategic growth partner to deliver these precisely architected insurance solutions to the global market in a sustainable, profitable, and scalable way.
“I look forward to welcoming Movingdots’ exceptional team and great customers to Powerfleet,” said Steve Towe, Chief Executive Officer at Powerfleet.
The insurance risk insights from Swiss Re have contributed to the creation of Movingdots’ end-to-end telematics app solution, Coloride.

ICEYE natural catastrophe solutions support the development of the NYC parametric flood pilot program

Retrieved on:

Tuesday, March 7, 2023

IRVINE, Calif., March 7, 2023 /PRNewswire/ -- ICEYE, a world-leading provider of natural catastrophe solutions and insights, announced today its participation in a parametric pilot program to protect low-income communities in New York City from flooding.

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IRVINE, Calif., March 7, 2023 /PRNewswire/ -- ICEYE, a world-leading provider of natural catastrophe solutions and insights, announced today its participation in a parametric pilot program to protect low-income communities in New York City from flooding.
The parametric solution, insured by Swiss Re Corporate Solutions, will fund rapid cash payments by CNYCN following a flood event.
"This historic program will bring critical financial support to low-income households and help the City respond decisively to flood events," says Andy Read, Global Head of Government Solutions at ICEYE.
"This partnership represents a cornerstone step in the right direction as we seek to address a growing flood protection gap."

Luminar Day: Unveiling New Tech, Exclusive Partnerships, Roadmap

Retrieved on:

Tuesday, February 28, 2023

Luminar is also unveiling its product roadmap, several new exclusive commercial agreements, the acquisition of Seagate’s lidar-related assets, Luminar Semiconductor subsidiary, and a new insurance initiative in partnership with Swiss Re to reduce insurance cost for vehicles equipped with Luminar.

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Luminar is also unveiling its product roadmap, several new exclusive commercial agreements, the acquisition of Seagate’s lidar-related assets, Luminar Semiconductor subsidiary, and a new insurance initiative in partnership with Swiss Re to reduce insurance cost for vehicles equipped with Luminar.
As of today, Luminar is now planned into over twenty production vehicle models from automakers,” said Austin Russell, Founder and CEO.
Luminar is revealing a new Iris+ sensor, which adds to its current product portfolio for new and existing customers.
Scale.ai, the leader in data infrastructure for artificial intelligence applications, and Luminar are partnering to supercharge the Luminar AI Engine.

Luminar Partners With Swiss Re; Launches Insurance Program

Retrieved on:

Tuesday, February 28, 2023

Technology, Insurance, Vehicle Technology, Automotive, Automotive Manufacturing, Professional Services, Software, Manufacturing, Hardware, Autonomous Driving, Vehicles, Safety, Partnership, Accident, Risk management, Swiss Re

Swiss Re will collaborate exclusively with Luminar as part of this initiative.

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Swiss Re will collaborate exclusively with Luminar as part of this initiative.
This data collected and analyzed by Swiss Re will be distributed to Luminar as well as made available to Swiss Re’s clients that include major insurance providers across the globe.
“Reduction in accidents and lives saved with Luminar-equipped vehicles will naturally drive lower cost of car insurance and savings to consumers,” said Austin Russell, Founder and CEO, Luminar.
“Swiss Re’s mission is to make the world more resilient, so we’re delighted to partner with Luminar on a project that can make our roads safer,” said Russell Higginbotham, CEO Swiss Re Solutions.

SageSure and SURE Close Landmark $355 Million Cat Bond, Largest Deal Since Hurricane Ian

Retrieved on:

Tuesday, February 21, 2023

Professional Services, Insurance, Finance, Partnership, Bookrunner, Swiss Re, Bermuda, SURE, ILS, SEC Rule 144A, Financial services

With the upsize, the deal is the largest cat bond issuance to date since Hurricane Ian, reflecting high levels of demand and widespread support from global insurance-linked securities (ILS) investors.

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With the upsize, the deal is the largest cat bond issuance to date since Hurricane Ian, reflecting high levels of demand and widespread support from global insurance-linked securities (ILS) investors.
The success of the execution speaks to the strength of SageSure and SURE’s reputation and track record.
SageSure and SURE first entered the cat bond market in May 2022 with its debut Gateway Re Ltd. 2022-1 issuance.
“Swiss Re Capital Markets is proud to continue our partnership with SageSure and SURE and to guide the largest cat bond issuance since Hurricane Ian,” said Jean-Louis Monnier, the Chief Executive Officer of Swiss Re Capital Markets Corporation.

Triple-I: Insurer Premiums Did Not Keep Pace with Inflation for Years

Retrieved on:

Thursday, February 9, 2023

Data Analytics, Professional Services, Insurance, Injury, Research, Cyclone, Risk, Tornado, Fatality, Wildfire, Policy, Swiss Re, Insurance Information Institute, Flood

“As material and labor costs rise, the cost to repair and replace damaged homes and vehicles increases.

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“As material and labor costs rise, the cost to repair and replace damaged homes and vehicles increases.
“If their losses and expenses exceed their revenues by too much for too long, they risk insolvency.”
But insurers do more than pay claims, the Brief noted.
The Triple-I Issues Brief noted how auto insurance premium rates aren’t just affected by inflation costs.
Even if general inflation levels off, labor and replacement-parts costs will continue to rise, albeit at a slower pace.