Reinsurance News
Liberty Mutual Holding Company Inc. (LMHC) and its subsidiaries has posted a net income attributable to LMHC of $892 million for the third quarter of 2024, a notable shift from last year’s income of $219 million, while also posting consolida...
Posted: Nov 07, 2024
Property and casualty (P&C) holding company, American Coastal Insurance Corporation (ACIC) has posted a $28.1 million net income for the third quarter of 2024, an improved figure compared to the $10.6 million income that was posted in the thir...
Posted: Nov 07, 2024
Gallagher Re, a reinsurance broker, has released its latest InsurTech report, revealing that AI-focused InsurTechs raised $897.4 million across 29 deals in Q3 2024. Eight of the top 10 companies by funding round were centred around artificial inte...
Posted: Nov 07, 2024
Loadsure, an insurtech managing general agent (MGA), has partnered with Google Cloud to develop an AI-powered claims verification system that processes claims more efficiently and accurately. Traditionally, insurance claims processing has been lab...
Posted: Nov 07, 2024
Paul Cooper, Group Chief Financial Officer of Hiscox, has noted that in light of recent catastrophe activity, rates are expected to remain robust, creating “very attractive” conditions in the property cat market. As a result, the compa...
Posted: Nov 07, 2024
Heritage Insurance Holdings has released its financial results for the third quarter of 2024, which includes a net income of $8.2 million, a solid improvement compared to the $7.4 million net loss that the firm posted in the prior year period. Acc...
Posted: Nov 07, 2024
Christoph Jurecka, Chief Financial Officer (CFO) of global reinsurer Munich Re, said this morning that he expects property catastrophe reinsurance rates, overall, to be flat on average at the January 1st, 2025, renewals, despite the elevated level...
Posted: Nov 07, 2024
Zurich has released its financial results for the first nine months of 2024, reporting a “robust performance” as gross written premiums (GWP) for its P&C segment rose 4% and insurance revenue was up 6% with rate increases of 5% year-on-year. T...
Posted: Nov 07, 2024
Parametrix has launched “Parametrix Enterprise Solutions”, a new type of parametric cyber insurance that covers the costs associated with digital interruptions. Parametrix, a specialist in parametric cloud downtime cyber insurance and...
Posted: Nov 07, 2024
Bermuda-domiciled re/insurer Hamilton Insurance Group has reported a slightly increased combined ratio of 93.6%, with an underwriting income of $29.1 million for the third quarter of 2024. The reinsurer reported catastrophe losses (current and pri...
Posted: Nov 07, 2024
Preliminary estimates from global reinsurance broker Gallagher Re have placed the potential public and private insured losses from October’s Spanish floods between €1.5 billion and €2.5 billion ($1.6 billion and $2.7 billion). It’s imp...
Posted: Nov 07, 2024
Digital risk processing platform Cytora has entered into a partnership with data intelligence platform Dataplor, which will enable property insurance underwriters to gain access to a wide range of location data via Cytora’s platform. This integrat...
Posted: Nov 07, 2024
Bermuda-based reinsurer RenaissanceRe Holdings Ltd. (RenRe) has reported underwriting income of $394 million for the third quarter of 2024 and a significant rise in net income to $1.2 billion, as the strong performance of its property segment more...
Posted: Nov 07, 2024
Hiscox Re & ILS, the international reinsurance and insurance-linked securities arm of the Hiscox Group, has reported that insurance contract written premiums (ICWP) grew to $1.017 billion in the first nine months of 2024, up 4.3% from the same...
Posted: Nov 07, 2024
German reinsurer Munich Re has reported a net result of €4.7 billion for the first nine months of 2024, despite losses from natural catastrophes in the third quarter rising significantly to €1.4 billion, of which roughly €500 million relates to hu...
Posted: Nov 07, 2024
Reinsurance giant Swiss Re has strengthened its property and casualty reinsurance (P&C Re) reserves by an additional $2.4 billion in the third quarter of 2024, following a comprehensive review of its prior year US liability reserves. This brin...
Posted: Nov 07, 2024
Hood Group Limited, a provider of insurance solutions, is pleased to announce the successful buyout of the Group’s silent shareholders, with support from Connection Capital LLP, a private equity and alternative investment firm. The company’s senio...
Posted: Nov 07, 2024
According to Lancashire Holdings’ Chief Underwriting Officer (CUO), Paul Gregory, market conditions in almost all lines of business continues to have “very solid rating fundamentals going into 2025.” “Our expectation is tha...
Posted: Nov 06, 2024
White Mountains has released its third quarter results for 2024 for its Ark partner firm reporting gross written premium (GWP) growth to $374 million compared to the $251 million reported the same period last year. Ark’s GWP for the first ni...
Posted: Nov 06, 2024
With Donald Trump’s imminent return to the White House, re/insurers are now reconsidering the policies that shaped his first presidency and preparing for the potential impacts on the sector. Trump’s “America First” agenda is expected to re-e...
Posted: Nov 06, 2024
The re/insurance market has absorbed the elevated level of small and medium sized catastrophe events around the world so far this year, which will ensure pricing remains robust for the remainder of 2024 and beyond, leading Gregory Roberts, Chief U...
Posted: Nov 06, 2024
Insurtech MIC Global has partnered with VOOM Insurance to provide reinsurance to its rideshare business. This partnership aligns with MIC’s mobility book and reflects its commitment to supporting innovative solutions for the future of mobility. VO...
Posted: Nov 06, 2024
QBE Asia has announced the appointment of Jeyasakthi Ratnasingam as Head of Risk and Compliance. In this role, Ratnasingam will oversee the firm’s risk and compliance strategy, program, and infrastructure, ensuring robust controls, procedures, and...
Posted: Nov 06, 2024
Buyer friendly conditions for insurance buyers in North America continued through the third quarter of 2024, accelerating in key areas as insurers seek to achieve year-end growth, Aon has revealed in its recent North America Market Overview for Q3...
Posted: Nov 06, 2024
Bay Harbor Reinsurance Company, a reinsurer focused on the US Property and Casualty program marketplace, has announced the expansion of its letter of credit facility to $150 million with Comerica Bank. This increase highlights the company’s...
Posted: Nov 06, 2024