Reinsurance News
Based on preliminary and unaudited figures under IFRS 4, Africa Re has reported a net income of $129.145 million in 2023, marking a massive improvement of 444.16% from the $23.733 million net income posted in 2022. Africa Re additionally recorded...
Posted: Mar 11, 2024
The U.S. Federal Emergency Management Agency (FEMA) has obtained reinsurance coverage through insurance-linked securities (ILS) reinsurance for the seventh time by entering a three-year reinsurance agreement, securing $575 million of coverage for...
Posted: Mar 11, 2024
Credit ratings agency AM Best has revealed that it expects to see more advanced and specialised conversational AI developed over the near term to handle more complex situations across the insurance industry. As many are aware, insurers have been v...
Posted: Mar 11, 2024
Cybersecurity startup BreachBits has secured seed funding, in a round led by Blu Ventures, to accelerate its efforts to help businesses predict and avoid data breaches at scale. According to BreachBits, the funds will be used to capitalise on its...
Posted: Mar 11, 2024
Equitable Holdings, the financial services holding company comprised of Equitable and AllianceBernstein, has announced new leadership appointments, including Julia Zhang as Chief Risk Officer (CRO). Zhang succeeds Aaron Sarfatti, who served as the...
Posted: Mar 11, 2024
GAWS of London Limited (GAWS), an independent London market wholesale insurance broker, has rebranded itself under the new brand of Evolin Broking Limited (Evolin). The broker explained that it is “rooted in the ever-evolving nature of relat...
Posted: Mar 11, 2024
The Managing General Agents’ Association (MGAA) has announced the appointment of three new board members, while also revealing it had seen significant growth in its membership over the last year, welcoming its 400th member. The new board members w...
Posted: Mar 11, 2024
During Greenlight Re’s 2023 earnings call, Patrick O’Brien, Chief Executive Officer (CEO), Director, Greenlight Re Ireland, noted the still very attractive conditions at the January 1st, 2024, reinsurance renewals, when over 60% of the...
Posted: Mar 08, 2024
The Insurance Authority (IA) has reported an increase in Hong Kong’s reinsurance gross premiums by 3.1% and net premiums by 0.2% for 2023, however, total gross premiums decreased by 1.1% compared to 2022, totalling $549.7 billion. Reinsurance gros...
Posted: Mar 08, 2024
Bermuda-based insurer and reinsurer, Aspen Insurance Holdings, has confirmed the appointment of Sarah Stanford as CEO of Aspen UK. Prior to her approval, Stanford had been appointed as Interim CEO, Aspen UK on January 17, 2024. Before this, she wa...
Posted: Mar 08, 2024
Guidewire, a platform provider for property and casualty re/insurers, has reported a net income (GAAP) of $9.7 million for the second quarter of the fiscal year 2024, a notable turnaround from the net loss of $9.2 million for the same quarter in f...
Posted: Mar 08, 2024
Porch Group, a homeowners insurance and vertical software platform, has reported a net loss of $2.5mn in the fourth quarter of 2023, an improvement from $35.5mn in Q4 2022; with a total revenue of $114.6mn, which increased 79% compared to the prio...
Posted: Mar 08, 2024
Global insurance brokerage WTW has appointed Lynda Gammons as the new Head of the Claims Closure Solutions team for Corporate Risk & Broking, North America. This appointment builds on the three recent hires by the broker to its CRB NA’s...
Posted: Mar 08, 2024
Florida-based insurtech HCI Group has reported a net income of $89.3 million for 2023, compared to a net loss of $54.6 million in 2022. Consolidated gross premiums earned in 2023 also increased to $765.5 million from $724.7 million in 2022. HCI ex...
Posted: Mar 08, 2024
Arturo, a property specialist offering AI-based solutions to insurers, is strengthening its leadership team with the addition of Donnie Millar as Vice President of Data Science and AI, and Thom Keyes as Vice President of Finance. Bringing extensiv...
Posted: Mar 08, 2024
Safepoint Group’s newest reciprocal exchange, Manatee Insurance Exchange (Manatee), has been assigned a Financial Stability Rating of ‘A’, Exceptional, by Demotech, Inc. Manatee was formed to focus on providing insurance solution...
Posted: Mar 08, 2024
Inszone Insurance Services, a provider of commercial, personal, and benefits insurance, has announced the appointment of Martin Sullivan as Non-Executive Chairman of the Board, effective immediately. With an extensive background in the financial s...
Posted: Mar 08, 2024
The Insurance Council of Australia (ICA) has revealed that claims for the severe thunderstorms that impacted Victoria on Valentine’s Day have risen to 19,932, with an estimated cost to the industry so far of $104 million. According to the ICA, aro...
Posted: Mar 08, 2024
Strategic Risk Solutions (SRS), an independent insurance company manager, has announced the appointment of Jan Bachmann as the Chief Underwriting Officer (CUO) at SRS Altitude, a subsidiary of SRS. His new role will commence on April 1st. In this...
Posted: Mar 08, 2024
Bermuda re/insurer Hamilton Insurance Group, Ltd. has announced the addition of Dr. Therese Vaughan and Neil Patterson to the company’s Board of Directors, effective March 11, 2024. At the same time, Hamilton also announced that Pauline Richards,...
Posted: Mar 08, 2024
AM Best’s recent market segment report highlights how the cyber insurance sector has become a focal point of growth and risk within the property/casualty (P/C) industry. The report notes that although pricing for cyber insurance stabilised i...
Posted: Mar 08, 2024
Howden Tiger, the reinsurance broking arm of Howden, has appointed Karl Marshall as the Head of Advisory and Analytics, Asia Pacific (APAC), where he will work closely with the firm’s Strategic Advisory and Analytics team. His remit in the n...
Posted: Mar 08, 2024
In a recent announcement, MSIG Singapore, a subsidiary of MS&AD Insurance Group, revealed its decision to partner with Clearwater Analytics to enhance its investment data management, portfolio analytics, and reporting operations. Shane Akeroyd...
Posted: Mar 08, 2024
Kairos Risk Solutions, the Singapore-based boutique insurance solutions consultancy, has hired Jeffrey Khoo as the company’s Chief Executive Officer (CEO). He is a renowned figure across the sector, especially known for being an advocate for...
Posted: Mar 08, 2024
In efforts to help boost small and medium-sized enterprises (SMEs) resilience against climate change and other risks in Asia, Generali and United Nations Development Programme (UNDP) have launched a joint report detailing key risks and alternative...
Posted: Mar 08, 2024