Reinsurance News
After realising preliminary results for 2023 last week, analysis by ICMR and the LMA reveals that the specialist Lloyd’s insurance and reinsurance marketplace has, in aggregate, exceeded its weighted average cost of capital (WACC) for the fi...
Posted: Mar 11, 2024
James River Group Holdings has filed a complaint in the Supreme Court, New York County, Commercial Division, against Fleming Intermediate Holdings seeking to enforce the terms of a previously agreed stock purchase agreement (SPA) for the sale of i...
Posted: Mar 11, 2024
French reinsurer SCOR has announced new structures within its Property & Casualty (P&C) and Life & Health (L&H) segments as the firm looks to become “a simpler and more effective organization”, enabling more immediate c...
Posted: Mar 11, 2024
Commercial insurer Nirvana Insurance has announced it has doubled capacity with the support of a number of top-tier reinsurance partners, becoming one of the fastest-growing trucking insurers of all time. Driven by artificial intelligence (AI), te...
Posted: Mar 11, 2024
Acrisure, a global Fintech company, has announced the formation of its Great Lakes Region, led by Managing Partner Kelly Reed. The Great Lakes Region, encompassing Michigan, Indiana and Ohio, will cater to more than 180,000 Acrisure clients, serve...
Posted: Mar 11, 2024
Coalition, an active cyber threat insurance provider, has entered a long-term capacity agreement with Aspen Specialty Insurance Company to deploy cyber insurance capacity in the US. Through this agreement, Aspen will assume a share of Coalition’s...
Posted: Mar 11, 2024
AM Best’s recent market segment report indicates a notable increase in the estimated net investment income within the US property and casualty (P/C) market, with predictions exceeding $85 billion in 2024. In 2018, the industry’s net investme...
Posted: Mar 11, 2024
Markel, the insurance operation within Markel Group Inc., has appointed Ng Yao Hua as Cyber Security Analyst, further strengthening its investment in cyber security underwriting in the Asia Pacific market. Markel explained that Ng will support its...
Posted: Mar 11, 2024
In a recent interview with Reinsurance News, Louis de Segonzac, Chief Underwriting Officer (Americas) at MS Reinsurance, discussed the company’s strategic focus on expanding its presence in the Latin America (LatAm) market. Segonzac explaine...
Posted: Mar 11, 2024
HDI Global has announced that both Dr Barbara Klimaszewski-Blettner and Dr Dirk Höring will be joining the Board of Management of HDI Global SE, effective from April 1, 2024. The company has confirmed, that Klimaszewski-Blettner will be taking ove...
Posted: Mar 11, 2024
FTI Consulting, Inc. has announced the acquisition of actuarial consulting firm Madison Consulting Group. FTI Consulting explained that the addition of Madison Consulting Group will expand its property and casualty actuarial and compliance offerin...
Posted: Mar 11, 2024
Based on preliminary and unaudited figures under IFRS 4, Africa Re has reported a net income of $129.145 million in 2023, marking a massive improvement of 444.16% from the $23.733 million net income posted in 2022. Africa Re additionally recorded...
Posted: Mar 11, 2024
The U.S. Federal Emergency Management Agency (FEMA) has obtained reinsurance coverage through insurance-linked securities (ILS) reinsurance for the seventh time by entering a three-year reinsurance agreement, securing $575 million of coverage for...
Posted: Mar 11, 2024
Credit ratings agency AM Best has revealed that it expects to see more advanced and specialised conversational AI developed over the near term to handle more complex situations across the insurance industry. As many are aware, insurers have been v...
Posted: Mar 11, 2024
Cybersecurity startup BreachBits has secured seed funding, in a round led by Blu Ventures, to accelerate its efforts to help businesses predict and avoid data breaches at scale. According to BreachBits, the funds will be used to capitalise on its...
Posted: Mar 11, 2024
Equitable Holdings, the financial services holding company comprised of Equitable and AllianceBernstein, has announced new leadership appointments, including Julia Zhang as Chief Risk Officer (CRO). Zhang succeeds Aaron Sarfatti, who served as the...
Posted: Mar 11, 2024
GAWS of London Limited (GAWS), an independent London market wholesale insurance broker, has rebranded itself under the new brand of Evolin Broking Limited (Evolin). The broker explained that it is “rooted in the ever-evolving nature of relat...
Posted: Mar 11, 2024
The Managing General Agents’ Association (MGAA) has announced the appointment of three new board members, while also revealing it had seen significant growth in its membership over the last year, welcoming its 400th member. The new board members w...
Posted: Mar 11, 2024
During Greenlight Re’s 2023 earnings call, Patrick O’Brien, Chief Executive Officer (CEO), Director, Greenlight Re Ireland, noted the still very attractive conditions at the January 1st, 2024, reinsurance renewals, when over 60% of the...
Posted: Mar 08, 2024
The Insurance Authority (IA) has reported an increase in Hong Kong’s reinsurance gross premiums by 3.1% and net premiums by 0.2% for 2023, however, total gross premiums decreased by 1.1% compared to 2022, totalling $549.7 billion. Reinsurance gros...
Posted: Mar 08, 2024
Bermuda-based insurer and reinsurer, Aspen Insurance Holdings, has confirmed the appointment of Sarah Stanford as CEO of Aspen UK. Prior to her approval, Stanford had been appointed as Interim CEO, Aspen UK on January 17, 2024. Before this, she wa...
Posted: Mar 08, 2024
Guidewire, a platform provider for property and casualty re/insurers, has reported a net income (GAAP) of $9.7 million for the second quarter of the fiscal year 2024, a notable turnaround from the net loss of $9.2 million for the same quarter in f...
Posted: Mar 08, 2024
Porch Group, a homeowners insurance and vertical software platform, has reported a net loss of $2.5mn in the fourth quarter of 2023, an improvement from $35.5mn in Q4 2022; with a total revenue of $114.6mn, which increased 79% compared to the prio...
Posted: Mar 08, 2024
Global insurance brokerage WTW has appointed Lynda Gammons as the new Head of the Claims Closure Solutions team for Corporate Risk & Broking, North America. This appointment builds on the three recent hires by the broker to its CRB NA’s...
Posted: Mar 08, 2024
Florida-based insurtech HCI Group has reported a net income of $89.3 million for 2023, compared to a net loss of $54.6 million in 2022. Consolidated gross premiums earned in 2023 also increased to $765.5 million from $724.7 million in 2022. HCI ex...
Posted: Mar 08, 2024