Reinsurance News

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

Vantage Group Holdings Ltd. (Vantage), an insurance and reinsurance company, has strengthened its Insurance Leadership Team with two key appointments. Kelly Bellitti has been appointed Chief Pricing and Portfolio Actuary, while David Valzania has...

Posted: Jul 25, 2024

CFC, an insurance provider specialising in emerging risks and cyber coverage, has published an analysis on the costs SMEs incur when implementing cybersecurity services. The company’s cyber team examined the expenses of various third-party c...

Posted: Jul 25, 2024

Applied Systems has released second quarter of 2024 results of the Applied Rating Index, which shows that average premiums for both Personal Auto lines and Personal Property lines increased year over year, while quarter over quarter, premium rate...

Posted: Jul 25, 2024

BMS Group, an independent specialist re/insurance broker, has announced the promotion of Hannah Watkins to the newly created role of UK chief growth officer, effective immediately. Based in London, Watkins will lead the development and execution o...

Posted: Jul 25, 2024

The growth potential of the UK bulk annuity market has been highlighted by a wave of new entrants, according to Fitch Ratings. Steep interest rate rises in 2022-2023 boosted pension scheme funding levels, making it more affordable for corporates t...

Posted: Jul 25, 2024

Global advisory, broking and solutions firm WTW has revealed that net income for Q2 of 2024 was $142 million, an increase of 48% compared to Q2 of 2023. WTW’s revenue in Q2 of 2024 was $2.27 billion, an increase of 5% compared to the same pe...

Posted: Jul 25, 2024

Marsh, the insurance broking division of Marsh McLennan, has appointed Stephen McKay as UK Advisory Leader, where he will be based in London, reporting to Chris Lay, CEO, Marsh McLennan UK and Giampaolo Scarso, Advisory Leader, International, Mars...

Posted: Jul 25, 2024