Weekly News Update – 5th April

Lloyd’s CEO, John Neal, recently told press that catastrophes like the Baltimore Bridge disaster showcase the role insurance has to play and that the “bridge collapse falls within expected parameters for the market”.  The North American MGA market had a rosy 2023 according to a report from Gallagher Re and it looks like market conditions remain favourable if the focus remains on underwriting profitability, tail risk and reserving risk.

Lloyd’s Leaders: Baltimore Bridge Incident will Showcase Insurance Value (Source: Insurtech Insights)
John Neal highlights how events like the Baltimore Bridge collapse shows that the “marketplace is prepared to handle costs arising from significant individual risk or natural catastrophe losses”.

Cyber risks cross organizational lines (Source: Business Insurance)
In a recent panel discussion experts emphasised the importance of managing vendors and third-party contractors and ensuring there is significant due diligence on their cyber resilience.

North America MGA Market Fronting Carrier Counterparties: Year-End 2023 Financials (Source: Gallagher Re)
New findings from Gallagher Re show that the North American MGA market experienced a 24% growth from $71 billion to $88 billion in 2023.

Diary of an MGA CEO: Join CEOs from Lares and Go-Insur (Source: MGAA)
This webinar will explore “setting up distribution channels for specialty covers, tech systems, speed to market and tailoring and customising product”.

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