Reinsurance News

As per EY’s latest ITEM Club Outlook for Financial Services, UK insurers are anticipated to report slowing premium income growth over the next three years as inflation continues to fall. EY noted that while falling inflation is likely to mea...

Posted: May 09, 2024

Liberty Mutual Holding Company Inc., (LMHC) and its subsidiaries have posted a net income attributable to LMHC of $1.535 billion for the first quarter of 2024. The reported Q1 net income compares to a net loss attributable to LMHC of $74 million t...

Posted: May 09, 2024

Bermuda-headquartered Hamilton Insurance Group, Ltd. has entered into an agreement to repurchase shares owned by funds affiliated with Blackstone Alternative Solutions LLC (BAS). The transaction includes 9,124,729 Class A common shares which will...

Posted: May 09, 2024

Brookfield Reinsurance has recorded a net income of $337 million for Q1 2024, up considerably compared to a net loss of $93 million in the opening quarter of 2023, driven by strong operating performance as well as favourable mark-to-market movemen...

Posted: May 09, 2024

Florida-domiciled insurtech HCI Group, Inc., has reported that Q1 2024 consolidated gross premiums earned increased to $256.6 million from $180.1 million in the prior year quarter, which includes $67 million of premium from the assumption of polic...

Posted: May 09, 2024

Governor of Louisiana, Jeff Landry, alongside Commissioner Tim Temple, Senate Insurance Chairman Kirk Talbot, House Insurance Chairman Gabe Firment, and other lawmakers, signed four insurance reform bills at the State Capitol aimed at stabilising...

Posted: May 09, 2024

Insurance and reinsurance broker McGill and Partners has announced the appointment of Amy Kimber to Partner in the firm’s Marine and Cargo team. Kimber has been part of McGill and Partners since 2019, when she joined as an Associate. During this t...

Posted: May 09, 2024

In a recent interview with Reinsurance News, Adam Denninger, Global Insurance Industry Leader at Capgemini, emphasised the critical role of AI integration in underwriting practices, while acknowledging insurers’ likely cautious approach due...

Posted: May 09, 2024

Qatar Insurance Company, a large insurer in Qatar and the Middle East North Africa region, has reported a net profit of QAR 194 million (USD 53m) for the first quarter of 2024, compared to QAR 175 million (USD 48m) in Q1 2023. In terms of growth,...

Posted: May 09, 2024

US homeowners insurers are raising premiums and tightening policies to help offset weakening profitability from weather-related losses, as well as exposure to catastrophe-prone areas and inflation, according to a Moody’s report. Firstly, it...

Posted: May 09, 2024

A recent report released by global re/insurance broker WTW has highlighted several factors that are contributing towards the decline in mergers & acquisitions (M&A) activity, which includes rising interest rates, geopolitical tensions, and...

Posted: May 09, 2024

Liberty Specialty Markets (LSM), affiliated with Liberty Mutual Insurance Group, introduces a fresh digital trading solution for Contractors All Risks (CAR), crafted in collaboration with Howden. This latest addition, coupled with previously estab...

Posted: May 09, 2024

BMS Group’s reinsurance broking arm, BMS Re, has added six new hires to ProLink Solutions, its dedicated MGA business which was founded within the company last year. Launched in mid-2023, ProLink has expanded to become a large broker in the...

Posted: May 09, 2024

As per a new report from Howden Re, the reinsurance and risk advisory arm of the Howden Group, while perceptions of heightened systemic risk within the cyber re/insurance class have been persistent, the rewards offered are often underestimated rel...

Posted: May 09, 2024

Hamilton’s Q1 2024 combined ratio has increased by 3.6 points year over year to 91.5%, primarily driven by losses of $37.9 million arising from the Francis Scott Key Baltimore Bridge collapse. The attritional loss ratio in Q1 of 2024, net of...

Posted: May 09, 2024

Greenlight Capital Re, Ltd. has reported a 98% combined ratio for Q1 2024 compared to 99.8% in Q1 2023, as the firm’s underwriting income increased to $3.4 million from $0.4 million. The current-year catastrophe losses, including the Baltimo...

Posted: May 09, 2024

Verita, the Managing General Underwriting (MGU) company of WTW, has introduced Workers’ Compensation solution to its suite of casualty products. Verita aims to reshape the landscape for US mid-sized and larger companies by bringing a robust, techn...

Posted: May 09, 2024

Commercial property insurer FM Global has announced a record US$1.4 billion membership credit for FM Global’s Client Owners. This is, according to the announcement, the firm’s largest-ever membership credit, which was driven by FM Global’s s...

Posted: May 09, 2024

The American Association of Insurance Services (AAIS) has announced that reThought Flood will be joining its Partner Program, bringing its innovative technological solution for underwriting flood insurance to enhance the accuracy of risk assessmen...

Posted: May 09, 2024

Moody’s Ratings (Moody’s) has upgraded Assured Guaranty Corp.’s (AGC) insurance financial strength (IFS) rating to A1 from A2, and assigned an stable outlook for the firm and its subsidiaries. According to the announcement, the upgrade of AGC’s IF...

Posted: May 09, 2024

GBN Worldwide Risk Solutions (GBNRS), a London-based independent broker and Managing General Agent (MGA), has strengthened its leadership team by appointing Houssam Yehya as Director and Group Head of International. In his new capacity, Yehya will...

Posted: May 09, 2024

Guilderland Reinsurance Company (GRC) has been assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) by credit ratings company, AM Best. The outlook assigned to GRC is...

Posted: May 09, 2024

MSIG USA has announced it is strengthening its executive leadership team with new appointments aimed at reinforcing the company’s dedication to the U.S. market, its expansion and innovation. Peter McKenna, CEO of MSIG USA, stated: “The...

Posted: May 08, 2024

Saha Reinsurance Proprietary Limited (Saha Re) launched on the 27th of March, 2024, as a newly established reinsurance company licensed by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) of Botswana. Established as a forward-thin...

Posted: May 08, 2024

US specialty insurance group Assurant has reported a GAAP net income of $236.4 million for the first quarter of 2024, representing a 108% increase compared to the $113.6 million reported in the same period last year. According to the company, this...

Posted: May 08, 2024