Reinsurance News
The U.S. property & casualty (P&C) industry saw its second consecutive year of underwriting losses, with a net combined ratio of 101.6% for 2023. While there was improvement from 2022, personal lines still remained the major driver of unpr...
Posted: May 16, 2024
Today, Applied Systems Europe announced the launch of Arch Insurance’s specialised property owners’ insurance product on its commercial e-trading panel. Tony Silve, VP, National Director, Arch Online, said: “We are delighted to offer Applied...
Posted: May 16, 2024
Swiss Re has partnered with Cortical.io, a collaboration that aims to boost digital transformation by facilitating the adoption of intelligent document processing (IDP) among group insurance carriers. Founded in 2011, Cortical.io is described as a...
Posted: May 15, 2024
Michigan-domiciled property and casualty holding company, Conifer Holdings has announced its financial results for the first quarter of 2024, reporting a net income of $74,000, compared to the $1,001,000 reported in Q1 2023. The company also repor...
Posted: May 15, 2024
MS Transverse, a hybrid fronting carrier in North America and a subsidiary of MSIGH, has appointed David Paulsson as CEO, taking over the position from Erik Matson, co-founder and CEO, as he will voluntarily step down from his active role at the c...
Posted: May 15, 2024
MS Transverse, a hybrid fronting carrier in North America and a subsidiary of MSIGH, has appointed David Paulsson as CEO, taking over the position from Erik Matson, co-founder and CEO, as he will voluntarily step down from his active role at the c...
Posted: May 15, 2024
In their results for the 2023-24 financial year, West P&I Club has posted a 94.5% combined ratio, representing a solid improvement from 96.7% from last year. The 94.5% figure represents the Club’s best combined ratio since 2017, and one that i...
Posted: May 15, 2024
Lockton Re, the reinsurance arm of the global insurance brokerage, has named Peter Robinson as a Senior Broker on its Accident, Health, and Life team, based in San Francisco and reporting to Rob Kreager, Segment Leader. Robinson is an industry vet...
Posted: May 15, 2024
The severe tornadoes heavily hitting Nebraska, Iowa, and Oklahoma on April 26th – 27th is estimated to have damaged 7,229 residential properties with a combined reconstruction cost of $2.1 billion, according to CoreLogic. Across Oklahoma, ne...
Posted: May 15, 2024
The frequency of ransomware claims in the United States between 2022-2023 jumped by a staggering 64% year over year, which was was primarily driven by an explosion in “indirect” ransomware incidents which increased by more than 415% in 2023 than i...
Posted: May 15, 2024
Vienna Insurance Group (VIG) is expanding its sustainability declarations for investment and underwriting, now binding for all VIG companies. Additionally, as part of the ongoing VIG 25 sustainability programme, VIG is establishing its own “...
Posted: May 15, 2024
In its recent survey, Global reinsurer Munich Re highlights the evolving cyber threats of companies and the persisting protection gap, necessitating the need for sufficient cyber insurance solutions to mitigate risks effectively. With a surge in c...
Posted: May 15, 2024
Hymans Robertson, a pensions and financial services consultancy, has appointed Russell Chapman to the newly created role of Head of Investment Risk Transfer. Advising DB pensions schemes on investment strategy in the run up to buy-in is a crucial...
Posted: May 15, 2024
Marsh, an international insurance broker and Marsh McLennan business, has launched its Tax Investment Default Insurance, created to enable more US clean energy investments Described as a first-of-its-kind solution, the new product was designed to...
Posted: May 15, 2024
In its Q1 2024 results, Kuwait Reinsurance Company revealed that its net profit grew by 40% year-over-year to $13.18 million, while total assets expanded to $669.1 million. The firm’s gross written premiums in the opening quarter of 2024 wer...
Posted: May 15, 2024
The property market has witnessed a shift to more relaxed circumstances as Q4 ’23 drew to a close and continued into Q1 ’24, marked by increasing competitiveness with each successive month. At the start of 2024, insurers were hesitant...
Posted: May 15, 2024
Talanx Group, the parent company of Hannover Re has posted a group net income of €572 million for the first quarter of 2024, an increase of 35% compared to the prior year’s €423 million, while the firm’s overall combined ratio improved...
Posted: May 15, 2024
Ardonagh Specialty has announced the renaming of its reinsurance business, Inver Re, to Price Forbes Re, which will be headed by Chris Bonard as President, reporting to Ardonagh Specialty Chief Executive Officer (CEO) Andrew Wallin. The renaming o...
Posted: May 15, 2024
Global re/insurance broker Aon has announced the promotion of Vincent Flood as the firm’s new commercial risk property leader for North America. He succeeds Rick Miller, who was practice leader before his passing in April. Based in New York, Flood...
Posted: May 15, 2024
Allianz Group, a global insurer and asset manager, has reported an increase in operating profit of almost 7% to €4 billion for the first quarter of 2024, up from last year’s €3.7 billion, driven by the firm’s property and casualty business,...
Posted: May 15, 2024
Conduit Holdings Limited, the ultimate parent company of Bermuda-based reinsurer Conduit Re, has reported reinsurance revenue of $181.1 million in Q1 2024, marking a 35.1% increase over Q1 of 2023. Of this revenue figure, Conduit’s Property...
Posted: May 15, 2024
2023 results have shown that large Dutch insurers maintained a very strong level of regulatory capitalisation, according to Fitch Ratings analysts. Large insurers in the European country demonstrated very strong solvency in the period, with the he...
Posted: May 15, 2024
The Insurance Council of Australia (ICA) has announced that it has welcomed additional 2023-24 Budget funding to improve the country’s resilience against natural disasters. This includes funding to improve the National Emergency Management A...
Posted: May 15, 2024
The latest edition of Guidewire’s annual insurance customer attitudes study reveals a shifting view among UK customers toward the insurance industry, particularly when it comes to making claims. Titled ‘The Insurance Engagement Gap and its I...
Posted: May 15, 2024
The overall trend for Auto Liability and Umbrella & Excess for the second quarter of 2024 is a hardening market with rates forecasted to go up to 15%, while markets like cyber are softening with rates going down to 0%, according to CAC Special...
Posted: May 15, 2024