Reinsurance News
According to a recent poll from Reinsurance News, the re/insurance industry appears to be unsure in regards to how big of an impact the recent CrowdStrike IT global outage will have on the standalone cyber insurance market. For those who need a re...
Posted: Jul 26, 2024
USAA has announced that Jeff Wallace, the firm’s current Chief Financial Officer (CFO), will take on a new role as Chief Audit Executive. Brett Seybold, who is currently the Senior Vice President and Senior Financial Officer for USAA’s prope...
Posted: Jul 26, 2024
$0.96 billion industry-wide loss experienced by US cyber insurance policyholders impacted by the CrowdStrike IT outage has been forecasted by cyber insurance provider Coalition, a low figure compared to the losses of natural catastrophe events tha...
Posted: Jul 26, 2024
Ivans, a division of Applied Systems, has released the results for the second quarter of 2024 from the Ivans Index, which showed that premium renewal rate change for all major commercial lines of business, except Workers’ Compensation, are up year...
Posted: Jul 26, 2024
Cincinnati Financial Corporation has announced its financial results for the second quarter of 2024 reporting a net income of $312mn, 42% lower when compared to the $534mn reported in the same period last year. The $222mn decrease in Q2 2024 net i...
Posted: Jul 26, 2024
While property reinsurance renewals experienced modest price declines at the mid-year renewals, casualty classes saw the greatest renewal premium increases, which could keep advancing, broker Gallagher has observed. Talking about the reinsurance m...
Posted: Jul 26, 2024
MAPFRE RE, the reinsurance arm of Madrid-headquartered insurer MAPFRE, has reported that premiums, which include the reinsurance and global risks businesses, increased by 5.5%, reaching over €4.3 billion, in the first half of 2024. Of the €4.3 bil...
Posted: Jul 26, 2024
As the U.S. homeowner’s insurance segment experiences its worst underwriting results since at least 2000, rating agency AM Best has cited the continued shift in population towards catastrophe prone regions of the US, as being a key driver to...
Posted: Jul 26, 2024
Private Client Select Insurance Services LLC (PCS), an independent Managing General Underwriter mainly owned by American International Group, Inc. (AIG) and Stone Point Capital LLC, has revealed a new partnership with Ryan Specialty. In this partn...
Posted: Jul 26, 2024
Property and casualty (P&C) insurer The Hartford has reported a 35% year-on-year increase in net income to $733 million for the second quarter of 2024, driven by a higher underwriting gain in P&C, stronger net investment income, and an imp...
Posted: Jul 26, 2024
Global insurance and reinsurance broking group Aon has reported an 18% year-on-year rise in total revenue to $3.8 billion for the second quarter of 2024, with solid organic revenue growth across the business, including 7% to $635 million in its Re...
Posted: Jul 26, 2024
Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), has announced the closure of a $60 million Series C equity round, funded by Zurich Insurance Group (Zurich), a global multi-line insurer. With this $60 million i...
Posted: Jul 26, 2024
S&P Global Ratings has raised to ‘AA’ from ‘AA-‘ its long-term issuer credit and insurer financial strength ratings on the entities within the Munich Re group, citing significant improvement in overall profitability and...
Posted: Jul 26, 2024
Alberta Premier Danielle Smith has revealed that potentially 30-50% of buildings have been destroyed in Jasper, Alberta following a series of fast-moving wildfires. Around 25,000 people have reportedly been evacuated from Alberta province, while t...
Posted: Jul 26, 2024
Universal Insurance Holdings has announced a net income of $35.4 million for the second quarter of 2024, an increase of 24% from the prior year quarter, as the company’s combined ratio strengthened by 3.2 percentage points to 95.9%. At the s...
Posted: Jul 26, 2024
Archera, a provider of cloud purchasing and management solutions, has announced it successfully raised $17 million in a Series B investment round accompanied by access to over $100 million in reinsurance capacity. The startup was founded in 2029 a...
Posted: Jul 26, 2024
Arthur J. Gallagher has revealed that its revenue in Q2 of 2024 stood at $2.73 billion, up from £2.4 billion in Q2 of 2023, driven by strong performance in its brokerage segment. Of this total revenue before reimbursements figure, Gallagher’...
Posted: Jul 26, 2024
Fitch Ratings, a global credit ratings agency, has appointed Harish Gohil as the new Global Group Head of Insurance, effective August 1. Gohil will be based in Fitch’s London office and will report to Marjan van der Weijden, the company’s Gl...
Posted: Jul 26, 2024
With almost €5.0 billion in Restricted Tier 1 (RT1) instruments issued so far this year, analysts at Morningstar DBRS are anticipating for the market to surpass its previous record of approximately €5.4 billion in 2021, after two years of muted ac...
Posted: Jul 26, 2024
The Microinsurance Network (MiN), a Luxembourg-based non-profit association, has announced the appointment of inclusive finance expert Matthew Genazzini as its new Executive Director, effective October 1, 2024. With 18 years of experience, 15 of w...
Posted: Jul 26, 2024
The insurance sector has reportedly called on the EU to use the “golden opportunity” offered by the review of Solvency II to unlock additional capital. Insurance Europe, in a recent statement, said that by increasing insurers’ investme...
Posted: Jul 26, 2024
ZestyAI, a provider of AI-driven climate and property risk analytics solutions, has received approval for use in rating and underwriting from the Texas Department of Insurance for its complete suite of Severe Convective Storm products. These inclu...
Posted: Jul 26, 2024
Bermuda-based reinsurer RenaissanceRe (RenRe) is “delighted” with the state of the market, and with demand for coverage on the rise in an increasingly stable market, it’s a good time to be a reinsurance company, according to the...
Posted: Jul 25, 2024
Liberty Mutual Insurance has announced the appointment of Julie Haase as Executive Vice President and Chief Financial Officer, effective Jan 1, 2025. She will be taking over the role from Chris Peirce, the company’s current EVP and CFO, as he is t...
Posted: Jul 25, 2024
First Street, a provider of physical climate risk data, has finalised an oversubscribed Series A-1 funding round, bringing a total amount of $46 million raised. According to the announcement, this round was led by Innovation Endeavors, with other...
Posted: Jul 25, 2024