Reinsurance News
As per a new Fitch Ratings report, the regulation of Letras de Risco de Seguro (LRS), which are similar to insurance linked-securities (ILS), could benefit Brazil’s re/insurance market. According to Fitch, LRS may provide new access to portfolio d...
Posted: Jul 19, 2024
According to reinsurance broker Gallagher Re, there were at least 19 individual billion-dollar insured natural catastrophe loss events in the first half of 2024, making it the second-highest H1 total on record, behind the 20 events seen in 2023 an...
Posted: Jul 19, 2024
Verisk’s Extreme Event Solutions group has estimated that industry insured losses to onshore property from wind in the US for Hurricane Beryl will range between $2 billion and $3 billion. For those who need refreshing, Beryl began as a tropi...
Posted: Jul 19, 2024
Agile Underwriting Services has appointed Matthew Rowan, formerly of insurance and reinsurance broker Aon, as Group Risk and Compliance Officer, based in Sydney. Rowan takes on oversight of both the syndicate service company and MGA operations as...
Posted: Jul 19, 2024
Global credit ratings agency AM Best has revised the outlook to stable from positive for the Long-Term Issuer Credit Ratings (Long-Term ICR), and also affirmed the Financial Strength Ratings (FSR) of A (Excellent) and the Long-Term ICR’s of...
Posted: Jul 19, 2024
Global reinsurer Swiss Re has revealed that Chris Minter will take over as Head of its Alternative Capital Partners (ACP) division, succeeding Philipp Rüede, who is leaving the firm after 12 years of service. As Reinsurance News understands, Rüede...
Posted: Jul 19, 2024
Selective Insurance has reported a net loss of $65.6 million for Q2 of 2024, with a combined ratio of 116.1% in what the firm described as a “challenging” quarter. According to the firm, a net unfavourable prior year casualty reserve d...
Posted: Jul 19, 2024
Property and casualty insurance holding company, The Hanover Insurance Group, Inc., has preliminary estimated pre-tax catastrophe losses of $157.1 million, or 10.7 points of net earned premium for the second quarter of 2024. The insurer has stated...
Posted: Jul 19, 2024
Bermuda-domiciled global re/insurer Everest Group, Ltd. has promoted Andrew McBride to Group Chief Claims Officer and appointed Lope Garcia as Global Reinsurance Chief Claims Officer. In his new role, McBride will lead claims across Everest’s insu...
Posted: Jul 19, 2024
Total economic losses from natural catastrophe events reached $117 billion in the first half of 2024, of which at least $58 billion, or approximately 50% was covered by insurance, resulting in one of the lowest H1 protection gaps on record, accord...
Posted: Jul 19, 2024
The Natural Disaster Fund (NDF), which is managed by Global Parametrics, a CelsiusPro Group company, has made payouts exceeding USD 1.45 million to enable support for businesses and communities in Grenada following the impacts of hurricane Beryl....
Posted: Jul 19, 2024
The Australian Reinsurance Pool Corporation (ARPC) has appointed risk management expert Karin Rathbone as Chief Risk Officer. Rathbone brings extensive experience to the role and joins ARPC after five years with Colonial First State (CFS), serving...
Posted: Jul 19, 2024
As hurricane forecasters anticipate an active 2024 hurricane season, analysts at BofA Securities have said that European and London market re/insurers are very well placed to deal with the potential fallout. While the majority of Atlantic hurrican...
Posted: Jul 19, 2024
Economic growth is expected to improve over the next 12 months, according to a recent survey by Lloyds Bank’s which interviewed over 100 senior decision-makers at UK financial institutions, including re/insurers, banks, asset managers and others....
Posted: Jul 19, 2024
Economic growth is expected to improve over the next 12 months, according to a recent survey by Lloyds Bank’s which interviewed over 100 senior decision-makers at UK financial institutions, including re/insurers, banks, asset managers and others....
Posted: Jul 19, 2024
The property catastrophe reinsurance market is much more predictable and smooth than it was a year ago, and while there’s been a notable increase in demand for protection from clients, the potential for another year of $100 billion+ in insur...
Posted: Jul 18, 2024
Juniper Re, the reinsurance broking arm and indirect subsidiary of The Baldwin Group, has announced a strategic collaboration with CAPE Analytics to deliver portfolio-improving property risk insights to its clients, as well as a differentiated vie...
Posted: Jul 18, 2024
Banyan Risk, a Bermuda-based specialist multi-line Managing General Agent (MGA), has announced a long-term strategic partnership with global reinsurer PartnerRe to write Excess Casualty Insurance. This collaboration, subject to approval by the Ber...
Posted: Jul 18, 2024
UK regulator the Prudential Regulation Authority (PRA) has revealed the design for its dynamic general insurance stress test (DyGIST), scheduled to take place in 2025. The plan to run this stress test was announced in October last year, alongside...
Posted: Jul 18, 2024
Large US primary insurer Allstate has reported estimated catastrophe losses of $230 million ($182 million after-tax) for the month of June, taking second quarter losses to $2.12 billion ($1.67 billion after-tax), and bringing total catastrophe los...
Posted: Jul 18, 2024
Alex van der Wyck has been named the new CEO of Vunderink de Vries Insurance Consultants (VDV-IC), a new division of Vunderink De Vries (VDV). van der Wyck joins a team of specialised professionals with over 20 years of experience in the field of...
Posted: Jul 18, 2024
Ranked by 2023 total net premiums written (NPW), State Farm retains the top position in AM Best’s rankings of the top US Property and Casualty (P&C) underwriters, with its total NPW rising by a significant 19.1% to reach $92.6 billion in the y...
Posted: Jul 18, 2024
Bermuda-based insurer and reinsurer Everest Group has unveiled a new structure for its alternative reinsurance capital business, transforming it into a multi-vehicle capital management platform via the launch of Mt. Logan Capital Management, Ltd....
Posted: Jul 18, 2024
XPT Specialty, a wholesale broker for commercial and personal insurance, has announced the appointment of Gina Marquez as Associate Vice President (AVP) of Personal Lines. Marquez’s addition to XPT Specialty will enhance the company’s commitment t...
Posted: Jul 18, 2024
The reinsurance broking arm of Marsh McLennan (MMC), Guy Carpenter, generated revenue of $632 million in the second quarter of 2024, an increase of 10%, or 11% on an underlying basis, contributing to another strong quarter for one of the worldR...
Posted: Jul 18, 2024