Reinsurance News
MS Reinsurance has revealed that against a backdrop of significant loss activity, continued inflation and geopolitical uncertainties, it still produced a net profit of $366 million for the full year 2023, much improved from a net loss of $50 milli...
Posted: May 20, 2024
In 2023, there was a notable increase in registered deaths in England and Wales, highlighting the emerging challenge of longevity volatility for pension schemes. Recent data from the Office for National Statistics (ONS) reveals that the number of...
Posted: May 20, 2024
Concirrus, a provider of insurance intelligence, has appointed Ruth Polyblank as the Director of Product Strategy. In her new role, Polyblank’s remit will include spearheading Concirrus’ product vision and innovation strategy. As an in...
Posted: May 20, 2024
Caroline Wagstaff, CEO of the London Market Group (LMG), has observed that if London is to remain the place where the world brings its risks, action must be taken at both a firm and market level to make specialty insurance a destination career for...
Posted: May 20, 2024
The UK has accelerated its lead as the most attractive destination for financial services investment foreign direct investment (FDI) into financial services over other European markets, according to EY’s latest Attractiveness Survey for Financial...
Posted: May 20, 2024
Bermuda domiciled re/insurer, Hamilton Insurance Group, Ltd., has received a revised outlook for its credit ratings from AM Best from stable to positive. The ratings agency has also upgraded the Financial Strength Rating to “A” (Excellent) from “A...
Posted: May 20, 2024
Applied Systems Europe has announced an expanded partnership with Bravo Networks in order to support client money management for Applied Epic brokers. According to the announcement, the partnership has enabled Applied Systems to complete architect...
Posted: May 20, 2024
Farmers Insurance has plans to resume accepting new business commercial multi-peril applications for auto service & repair, habitational, manufacturing, real estate and wholesale distribution policies in California, effective August 1st, 2024....
Posted: May 20, 2024
Earnix, a provider of AI-based SaaS solutions, has partnered with Exavalu, an insurance digital advisory and system integration consulting firm, to help property and casualty (P&C) insurance carriers modernise pricing and rating flexibility. I...
Posted: May 20, 2024
In 2023, publicly traded health insurance companies in the US experienced continued growth, with total GAAP revenue increasing by 10.4% to $1.07 trillion. However, a new report from AM Best suggests that future profitability may face challenges as...
Posted: May 20, 2024
Following recent floods in the Brazilian state of Rio Grande do Sul, the region grapples with escalating casualties and significant financial repercussions. According to insurance and reinsurance broker Aon’s weekly cat report released on Ma...
Posted: May 17, 2024
Trium Cyber announces its partnership with HITRUST. This collaboration introduces an exclusive cyber insurance product available solely to HITRUST-certified customers, marking a new benchmark in aligning information risk assurances with insurance...
Posted: May 17, 2024
Insurers expected to intensify claims automation efforts as customers consider quick claims processing a priority, a recent survey by Sollers Consulting and Ipsos has found. For customers, faster claims processing from insurers is the most importa...
Posted: May 17, 2024
EPIC Insurance Brokers & Consultants has appointed Steve Gaches as Managing Principal of its Entertainment & Sports division. This addition underscores EPIC’s strategic commitment to recruiting seasoned professionals from the music and ent...
Posted: May 17, 2024
Insurers’ traditional business models and technological infrastructure are ill-equipped to meet the demands of today’s rapidly evolving landscape, as noted by Denise Garth, Chief Strategy Officer at Majesco. This sentiment is echoed in...
Posted: May 17, 2024
London headquartered insurer Beazley has sponsored its second 144A cyber catastrophe bond, securing an additional $160 million of capital markets-backed cyber reinsurance coverage via a PoleStar Re Ltd. (Series 2024-2) issuance, as reported by Art...
Posted: May 17, 2024
Applied Systems has released first quarter of 2024 results of the Applied Commercial Index, the Canadian insurance industry’s premium rate index. Overall, the index shows that rates saw an increase of 6.14% in the first quarter of 2024, which is d...
Posted: May 17, 2024
Independent insurance broker Lockton is strengthening its Transaction Liability Group with the addition of Brian Collet and Dan Hoppe, each joining the group as Senior Vice President in the Representations and Warranties Insurance practice. In his...
Posted: May 17, 2024
Across the re/insurance sector, accurately assessing risk exposure is often portrayed as being a demanding task, fraught with disparate data sources and a lack of visibility. However, one company that is making progress to counteract this issue is...
Posted: May 17, 2024
Thai Reinsurance Company (Thai Re) has released their results for the first quarter of 2024, which includes a net profit of THB 57 million ($1.58 million), 418% higher than the prior year’s first quarter, due to improved reinsurance results....
Posted: May 17, 2024
JP Morgan has noted that when looking at the change in earnings expectations in 2024-26 across the insurance sector, reinsurers have seen the biggest benefit from IFRS17. The firm’s recent Love Actuary report observed it is “evident...
Posted: May 17, 2024
Marsh McLennan Agency, part of global insurance and reinsurance brokerage Marsh McLennan, has announced the appointment of Anne Rappa as the Fine Arts and Specie Leader, effective May 20. In this newly established role, Rappa will spearhead the de...
Posted: May 17, 2024
The Insurance Council of Australia (ICA) has reported that the storms in New South Wales from April 3rd to 8th caused $176 million in insured damages, with over 95% attributed to property damage. These storms significantly impacted the Hawkesbury-...
Posted: May 17, 2024
S&P Global Ratings anticipates the implementation of Solvency UK reforms, which align the European Economic Area-wide Solvency II insurance regulatory framework with the UK insurance market, to be largely completed by the end of 2024. The insu...
Posted: May 17, 2024
Houston, Texas has been hit by deadly storms that reportedly blew out windows in high-rise buildings, caused flash floods, and knocked out power to nearly a million homes and businesses. Four people have died following the storms, during which Hou...
Posted: May 17, 2024