Reinsurance News
Rating agency AM Best has upgraded the Financial Strength Rating to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Rating to “aa-” (Superior) from “a” (Excellent) of MS Reinsurance, and has assigned a stable outlook to the rating...
Posted: Apr 26, 2024
Cyber risk manager Bitsight and Moody’s have launched a new cyber risk solution that will cover over 300 million organisations worldwide. The Implied Cyber Threat (ICT) is an offering built on Bitsight’s cyber risk analytics engine and Moody...
Posted: Apr 26, 2024
Insurance and reinsurance broking group Aon feels great about its now completed acquisition of middle-market property and casualty (P&C) broker NFP, with Chief Executive Officer (CEO), Greg Case, describing it as “a tour de force revenue...
Posted: Apr 26, 2024
Traditional insurance firms have reportedly had to adapt to high repair costs of electric vehicles (EV) and the rapid pace of adoption in China, Europe and the UK, which has resulted in significant insurance premium rate increases, says Morningsta...
Posted: Apr 26, 2024
Commercial property insurer FM Global has named Johnell Holly as Senior Vice President (SVP), where he takes on oversight of global client services, sales, broker relations, marketing and the insurer’s business risk consulting group. This is a new...
Posted: Apr 26, 2024
Pen Underwriting has announced the extension of its long-term strategic collaboration with Zurich in the Republic of Ireland to support its highly specialist fleet insurance offering, covering motor fleets in the hazardous goods, tankers and envir...
Posted: Apr 26, 2024
The International Cooperative and Mutual Insurance Federation’s latest Global Mutual Market Share report has revealed that the global mutual and cooperative sector collectively wrote USD 1.41 trillion in insurance premiums and increased the sector...
Posted: Apr 26, 2024
Digital risk processing platform Cytora has expanded its global advisory board with the addition of James Platt, in line with its vision for global growth. Platt is a commercial insurance veteran, and has had a broad and successful career in the i...
Posted: Apr 26, 2024
U.S. primary insurer Allstate will be open to business in nearly every part of California once new regulations are enacted that enable the firm to factor in the output of forward-looking catastrophe models and its reinsurance costs, reports Bloomb...
Posted: Apr 26, 2024
Kinsale Capital Group has reported a net income of $98.9 million for the first-quarter of 2024, an improvement compared to $55.8 million for the first-quarter of 2023. The firm also saw a significant 25.5% increase in gross written premiums (GWP)...
Posted: Apr 26, 2024
Insurance and reinsurance broker McGill and Partners has named Samuel Harris, who joined the firm in 2022, as a Partner in its Complex Property and Casualty team. Harris joined the brokerage two years ago as an Associate with a focus on mining and...
Posted: Apr 26, 2024
Global insurance and reinsurance broker Aon has reported a 5% increase in total revenue in the first quarter of 2024 to $4.1 billion, reflecting 5% organic growth and a strong performance its Reinsurance Solutions arm. Aon attributes the $199 mill...
Posted: Apr 26, 2024
Vantage Group Holdings Ltd. recently announced the launch of its U.S. Large Property offering via its U.S. subsidiaries, which builds on its existing property expertise and sustained portfolio growth. The new offering has been designed to serve a...
Posted: Apr 26, 2024
According to Fitch Ratings, German non-life insurers’ profitability will start to recover from historical lows in 2025, with weak returns continuing to be seen in 2024 due to low investment income and higher reinsurance costs. However, the a...
Posted: Apr 26, 2024
Cincinnati Financial Corporation announced a notable surge in its first-quarter 2024 net income, reaching $755 million, a significant improvement compared to $225 million in the first quarter of 2023. This increase was primarily driven by a $484 m...
Posted: Apr 26, 2024
The World Bank has priced a catastrophe bond that provides $150 million in insurance coverage for the Government of Jamaica against named storm events. IBRD CAR Jamaica 2024 is a renewal of The World Bank’s 2021 cat bond for Jamaica, IBRD CAR 130,...
Posted: Apr 26, 2024
Insurer The Hartford has reported strong Q1 2024 results with net income of $748 million, up 41% on the $530 million seen a year earlier, as P&C written premiums increased 9% in the quarter on the back of 8% growth in commercial lines and 13%...
Posted: Apr 26, 2024
Universal Insurance Holdings has announced net income of $33.7 million for the first quarter of 2024, an increase of more than 39% on the prior year quarter, as the company’s combined ratio strengthened by 4.5 percentage points to 95.5%. As...
Posted: Apr 26, 2024
Global insurance broker A. J. Gallagher & Co. has reported net earnings of $612.7 million for the first quarter of 2024, an increase of 26% on the $486.6 million seen a year earlier, driven by a strong performance in both its brokerage and ris...
Posted: Apr 26, 2024
Global insurance and reinsurance brokerage Aon has completed the previously announced acquisition of NFP, a middle-market property and casualty broker, benefits consultant, wealth manager and retirement plan advisor. This acquisition expands Aon&#...
Posted: Apr 26, 2024
Reinsurance giant Swiss Re, as part of a partnership with automotive tech firm Luminar, has recently completed a milestone in the safety performance assessment of Luminar’s LiDAR (Light Detection And Ranging) and software driving system. Las...
Posted: Apr 26, 2024
Berkshire Hathaway Specialty Insurance (BHSI), a property and casualty insurer (P&C), has announced the appointment of Hart Humble to the newly created position of Head of Customer & Broker Engagement for the South Central U.S. In her new...
Posted: Apr 26, 2024
Omaha National Group Inc., the tech-enabled provider of workers’ compensation insurance, has acquired Sutter Insurance Company, a California-domiciled inusrer. Sutter has been renamed to Omaha National Casualty Company, owned by Omaha National whi...
Posted: Apr 26, 2024
Joachim Wenning, Chief Executive Officer (CEO) of Munich Re, is confident that the favourable market environment for property and casualty (P&C) reinsurers will continue throughout 2024, after a positive January 1st reinsurance renewal period....
Posted: Apr 25, 2024
US primary holding company Donegal Group has reported a 6.0% increase in net premiums written (NPW) for the first quarter of 2024, reaching $251.4 million, compared to $237.3 million from the prior year quarter. The firm explained that the $14.1 m...
Posted: Apr 25, 2024