Reinsurance News

Australian insurer QBE opted to shrink the size of its main catastrophe excess of loss (XoL) reinsurance tower by $400 million at the renewals to $2.7 billion with an unchanged retention of $400 million, while the retention on its aggregate protec...

Posted: Feb 16, 2024

UK-based KYND, a provider of cyber risk management solutions, has secured an undisclosed amount in funding from data and technology provider Verisk, and BGF, an existing backer and experienced growth capital investors in the UK. Andy Thomas and Me...

Posted: Feb 16, 2024

The Insurance Council of Australia (ICA) has declared the Valentine’s Day storms that struck the Australian state of Victoria as a ‘Significant Event’, escalating insurers response for impacted customers. In a recent statement released by the comp...

Posted: Feb 16, 2024

Dutch insurer Achmea is reportedly mulling a potential sale of its Pension & Life Insurance arm, as per a new report from Reuters. Citing people familiar with the matter, Reuters explained that Achmea is working with bankers at JP Morgan to ga...

Posted: Feb 16, 2024

Kin, the direct-to-consumer home insurance company, has posted $344.1 million in gross written premium (GWP) in their full year 2023 results, representing 51% year-over-year (YoY) growth. Total revenue for FY23 sat at $104.5 million, which represe...

Posted: Feb 16, 2024

Australian insurer IAG has posted an H1 2024 gross premiums written (GWP) increase of 12.5% to $7.9 billion year over year, the strongest in the past nine years, as the firm’s insurance profit increased by 75%. The group’s insurance profit o...

Posted: Feb 16, 2024

Australian insurer QBE has announced a 2023 full-year statutory net profit after tax of $1.36 billion, up substantially compared with the $587 million recorded in 2022. At the same time, gross written premiums for the full year grew 10% from 2022...

Posted: Feb 16, 2024

Specialty insurer Tokio Marine Kiln (TMK) has appointed Matthew Shaw as chief executive officer (CEO) with effect from 1 April, subject to regulatory approval. Shaw is set to succeed Brad Irick who is taking up the position of co-head of internati...

Posted: Feb 16, 2024

Global reinsurance giant Swiss Re grew its premium volume 9% to $13.1 billion at the January 1st, 2024, reinsurance renewals, with further growth in natural catastrophe, property, and specialty lines, and a flat outcome in casualty. This morning,...

Posted: Feb 16, 2024

Californian private oil and gas company, Synergy has secured financing from Munich Re, a global reinsurance company, to restore coastal wetlands on a 140-acre site in Long Beach. Synergy aims to use the funds to restore Los Cerritos wetlands and f...

Posted: Feb 16, 2024

Large European reinsurer Swiss Re has today reported a significant rise in net income to $3.2 billion for 2023 and a return on equity of 22.3%, as underwriting margins improved and the firm’s P&C reinsurance arm delivered income of $1.9...

Posted: Feb 16, 2024

Chicago-domiciled VIU by HUB, an omnichannel insurance brokerage platform, has partnered with HoneyQuote, a Florida home and condo insurance marketplace, to provide expanded regional carrier options and specialized advice for Floridians seeking pe...

Posted: Feb 16, 2024

Global professional services firm Aon, has announced that Alok Mathur will be joining the firm as Chief Operating Officer (COO) for Human Capital, effective February 19, 2024. In the role, Mathur will be based out of Aon’s London office. He will r...

Posted: Feb 16, 2024

Cake, a transactional marketplace tailored for independent insurance agents, has successfully closed a $1.3 million pre-seed funding round, spearheaded by prominent venture capital firm Markd. The financing effort also garnered support from key ba...

Posted: Feb 16, 2024

Assurex Global, the privately held commercial insurance, risk management, and employee benefits brokerage group, has elected Hawk Seguros of São Paulo, Brazil, to the Assurex Global Partnership, effective January 22nd, 2024. Hawk Seguros works wit...

Posted: Feb 16, 2024

Gallagher Re, a reinsurance broker, highlights AI as a major focus of the InsurTech narrative in 2023, marking a turning point where AI gained serious traction in the re/insurance industry. According to data from Google, there has been exponential...

Posted: Feb 15, 2024

The Allstate Corporation has announced estimated catastrophe losses of $325 million for the month of January 2024, primarily driven by two events that comprised approximately 80% of the losses. The U.S. primary insurer stated that these losses dro...

Posted: Feb 15, 2024

UK law firm Weightmans has announced several new hires at its London office, marking the start of a further recruitment drive for the office in 2024, as it is actively seeking partners in its insurance segment. Joining the firm as a partner in cas...

Posted: Feb 15, 2024

Oliver Kaufmann has been appointed to the role of Senior Underwriter, Property Treaty at Munich Re Japan, joining the global reinsurance giant from New Reinsurance Company Ltd. (NewRe). In his new role, Kaufmann will be based in Tokyo, Japan. Duri...

Posted: Feb 15, 2024

American multinational financial services company, Corebridge Financial has announced its fourth quarter of 2023 financial results, reporting a net loss of $1.3 billion. This figure compares to a net loss of $207 million in Q4 2022. According to t...

Posted: Feb 15, 2024

DUAL UK, part of the specialist underwriting arm of Howden Group, has named Catherine Dixon as Chief Underwriting Officer (CUO) and Rob Corner as the Chief Distribution Officer. Corner joins the business in May and Dixon will join in June with bot...

Posted: Feb 15, 2024

Japanese insurer Mitsui Sumitomo Insurance (MSI), owner of Lloyd’s of London underwriter MS Amlin, is investing in the UK hub as it announces its plans to increase its underwriting capacity to £3 billion in the next five years. According to a rece...

Posted: Feb 15, 2024

CyRisk, an innovator in cyber risk management and data analytics, has introduced its latest solution, the Privacy Risk Insights Underwriting platform. Designed to meet the escalating demands of the cyber insurance sector amid a surge in privacy cl...

Posted: Feb 15, 2024

Kiwi insurer Tower has updated its earnings guidance on underlying net profit after tax (NPAT) for the year ending September 30, 2024 to be at the upper end of or exceed the previously advised range of between $22 million and $27 million. This ass...

Posted: Feb 15, 2024

According to analysts at global credit ratings agency, AM Best, Protection and Indemnity (P&I) clubs will seek further price improvements at the February 2024 renewal, to keep up with claims inflation. In advance of the 2024 renewal deadline,...

Posted: Feb 15, 2024