Reinsurance News

Bermuda-based re/insurer Arch Capital Group Ltd. has reported a Q4 2023 combined ratio of 78.9% compared with 73.5% a year earlier as catastrophe losses increased, although underwriting income in both its insurance and reinsurance segments strengt...

Posted: Feb 15, 2024

Insurance broker and risk advisor and a business of Marsh McLennan, Marsh, has confirmed that its directors & officers (D&O) Echo facility is now offering clients with enhanced D&O insurance protection, which is being done in order to...

Posted: Feb 15, 2024

Chaucer, a re/insurance company owned by China Re, forecasts that 2024 will bring heightened political risk due to a surge in scheduled elections worldwide. This escalation raises concerns about potential political upheaval, prompting an increased...

Posted: Feb 15, 2024

Mercury General Corporation has posted $191.4 million net income in their results for the fourth quarter of 2023, compared to a -$6.7 million for the prior year period. Net premiums earned for the quarter sat at $1.14 billion, representing a solid...

Posted: Feb 15, 2024

AXIS Re, the reinsurance arm of Bermuda-based AXIS Capital Holdings, has announced the appointment of Matthew Krizmanic as Casualty Treaty Underwriter. In this role, Krizmanic will manage a portfolio of casualty treaty business, including workers...

Posted: Feb 15, 2024

Hagerty Insurance Holdings, Inc. (Holdings), a subsidiary of Hagerty, has agreed to acquire Everspan’s Colorado-domiciled insurance company, Consolidated National Insurance Company (CNIC). Holdings entered into a stock purchase agreement with Ever...

Posted: Feb 15, 2024

WTW, the global advisory, broking and solutions company, has announced a new collaboration between its subsidiary WTW Research Network and the London Mathematical Laboratory to better inform decision-making through catastrophe models. This new agr...

Posted: Feb 15, 2024

ShoreOne Insurance Company has announced the appointment of Brendan Voss as its new Chief Claims Officer. With over 25 years of extensive experience in claims process management, strategy development, and resource optimisation, Voss brings a wealt...

Posted: Feb 14, 2024

Climate and cyber risks, as well as protection gaps and transparency among the National Association of Insurance Commissioners (NAIC), priorities for 2024. The NAIC has recently announced its strategic priorities for the year and stated they are e...

Posted: Feb 14, 2024

In a strategic move towards bolstering sustainable investment portfolios, Aon seeds AXA Investment Managers (AXA IM) carbon transition bond fund aimed at facilitating the transition to net zero emissions. The initiative has been jumpstarted with a...

Posted: Feb 14, 2024

Allianz has announced the launch of a new in-house team dedicated to managing Financial Lines claims. This move aims to provide seamless support to brokers and customers who rely on Allianz’s Directors & Officers and Professional Indemni...

Posted: Feb 14, 2024

Warwick Re Ltd, the Bermuda-domiciled reinsurer, has completed its second transaction, an annuity reinsurance agreement with a US life insurer. Under the terms of the agreement, Warwick Re has reinsured an inforce block of US annuity business and...

Posted: Feb 14, 2024

Global insurer AIG was able to “significantly improve” its property catastrophe structure and reinsurance coverage provided at the key January 1st, 2024, reinsurance renewals, with Chief Executive Officer (CEO) Peter Zaffino describing...

Posted: Feb 14, 2024

Tokio Marine’s international business has reported profit of JPY300.8 billion for the third quarter of the 2023 fiscal year, representing an increase in profit from last year’s JPY187.3 billion. Profit was strong across all its international entit...

Posted: Feb 14, 2024

Sompo International has disclosed that its USD-basis adjusted profit exceeded forecasts by $39m in 2023, reaching a preliminary $1.15bn, despite substantial reserves strengthening in Q4. According to the Bermuda headquartered re/insurer, it streng...

Posted: Feb 14, 2024

Inver Re, Ardonagh Specialty’s reinsurance broking business, has appointed Steven Rance to the newly created position of Head of Specialty in London. He will report to Jonathan Prinn, Chief Executive Officer of Inver Re London. Rance’s remit...

Posted: Feb 14, 2024

MS Amlin’s net income jumped to £250 million for the first nine months of 2023, representing an increase of £237 million year-on-year. The substantial rise in net income comes as the company benefited from top-line growth, improved profitabi...

Posted: Feb 14, 2024

DARAG Group, a company specialising in acquiring legacy insurance portfolios, has announced the conclusion of two captive legacy transactions while keeping the details undisclosed. In these agreements, insurance liabilities were transferred from t...

Posted: Feb 14, 2024

MAPFRE RE, the reinsurance arm of Madrid-headquartered insurer MAPFRE, has reported that premiums, which include the reinsurance and Global Risks business, grew 8.8% in 2023, reaching nearly €7.9 billion. The firm states that the Reinsurance busin...

Posted: Feb 14, 2024

Gallagher has announced a number of senior appointments to its facultative (fac) reinsurance team, including the hire of Ardonagh’s Claire Burrell as Chief Operating Officer (COO). According to the announcement, the expansion is part of Gallagher’...

Posted: Feb 14, 2024

WTW and The Nature Conservancy (TNC) have announced the purchase of a new coral reef parametric insurance policy that expands coverage around the main Hawaiian islands and increases payouts after qualifying storms. This new policy replaces the fir...

Posted: Feb 14, 2024

Swiss Re’s recently acquired, UK-based provider of water risk intelligence and flood models, Fathom, has strategically teamed up with The World Bank to offer its flood data for non-commercial use, free of charge, to 16 countries. The new agr...

Posted: Feb 14, 2024

Property and casualty insurance, Great American Insurance Group has announced the appointment of Laura A. True as Divisional Vice President of its Cyber Risk Division. In her new role, based in Hartford, Connecticut, True will lead a specialty und...

Posted: Feb 14, 2024

The Actuarial and Underwriting Committee of the Texas Windstorm Insurance Association (TWIA) has recommended that the Board sets the 2024 1-in-100 year PML at $6.5 billion, meaning TWIA could need to purchase even more reinsurance limit for the up...

Posted: Feb 14, 2024

Zurich-based catastrophe insurance data provider PERILS AG has disclosed its initial industry loss estimate for the Australia Christmas storms which affected the states of Victoria, New South Wales, and Queensland, pegging the total at AU$1.395 bi...

Posted: Feb 14, 2024