Connected markets. Shared risks. Original AI illustration
GLOBAL INSURANCE THE BIG STORY
Ledgebrook raised $200m in primary equity. Allianz X and Rockefeller Capital Management co-led the round, and Allianz Re agreed a multi-year reinsurance agreement with the company.
MIDDLE EAST
Kuwait's Insurance Regulatory Unit requires supervised insurers to report each year the number and percentage of Kuwaiti nationals they employ, Middle East Insurance Review reported.
UAE · Corporate activity
WTW became the sole shareholder of Al-Futtaim Willis, Atlas Magazine reported.
GCC-wide · Catastrophe and exposure
Strait of Hormuz shipping traffic dropped to its lowest level in two months as attacks on tankers in the area increased, The National reported.
GCC-wide · People
Sedgwick appointed a new CEO for its Middle East operations, Middle East Insurance Review reported.
UAE · People
The DIFC Insurance Association appointed Ahmed Rajab as its Chairman, the Asia/Middle East Insurance Review reported.
Reinsurance
AM Best affirmed the 'A' (Excellent) financial strength rating of Barbados-based Active Capital Reinsurance, with a stable outlook, Middle East Insurance Review reported.
Insurance
Industry bodies in Australia, Canada, New Zealand and the UK form an alliance on affordability, climate risk and insurance access.
Reinsurance
The agreement covers dollar-denominated whole life reserves from Prudential Financial’s Japanese businesses.
Insurtech & AI
MAS issued Guidelines on AI Risk Management for all financial institutions. The guidelines take effect on 7 October 2027, and MAS expects some sections to be met by 7 October 2028.
Insurance
An updated product article describes an 18-month indemnity period and cover for temporary replacement hardware.
RISK & CATASTROPHE · IN CONTEXT
An EIOPA study finds limited financial effects today, with risks expected to grow over time.
Insurtech & AI · In context
Eligible Canadian travellers can explore CoverMe cover in a conversational channel, then complete the purchase on the insurer’s site.
Reinsurance
The Munich Re transaction covers biometric risk on a block with C$3.2bn of reserves at an 80% quota share.
Regulation
The Prudential Regulation Authority proposes to link 128 fixed thresholds for banks, insurers and credit unions to nominal UK GDP. The first update would be on 1 July 2031.
Regulation
The EU authority sets supervisory expectations for capital extraction, complex ownership and reliance on reinsurance.
Reinsurance
The reinsurer assumes longevity risk on American National pension risk transfer liabilities.
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