Reinsurance News
Mortgage insurer Enact Holdings, Inc. secured the $255 million of additional excess of loss (XoL) reinsurance protection as part of its credit risk transfer (CRT) programme. This CRT transaction covers a portion of expected new insurance written f...
Posted: Feb 02, 2024
Specialty insurer Core Specialty Insurance Holdings, Inc., along with its subsidiaries, has signed a purchase agreement to make a minority investment in Gramercy Risk Holdings, LLC, which provides property and casualty insurance programs for speci...
Posted: Feb 02, 2024
Credit rating agency KBRA has downgraded Conifer Holdings and its subsidiaries credit ratings, and revised its negative outlook to positive. Conifer Insurance Company (CIC) financial strength ratings (IFSR) were downgraded to BBB from BBB+ for, an...
Posted: Feb 02, 2024
Global insurer Chubb has named Seth Gillston as Executive Vice President (EVP), Head of North America Industry Practices. He will be based in New York City, with a reporting line to John Lupica, Vice Chairman, Chubb Group and President, North Amer...
Posted: Feb 02, 2024
Italy-headquartered insurer Generali has completed the acquisition of Liberty Seguros, Compañia de Seguros y Reaseguros, S.A., from Liberty Mutual Insurance The transaction was originally announced on June 15, 2023, and it represents Generali̵...
Posted: Feb 02, 2024
The Munich Re Economic Research Outlook for 2024 suggests a challenging economic landscape marked by geopolitical uncertainties, weak growth, and lower inflation. Despite surprising growth in 2023, driven by robust labor markets, wage increases, a...
Posted: Feb 01, 2024
Global credit rating agency AM Best has assigned a Preliminary Credit Assessment (PCA) to Amherst Specialty Insurance Company (Amherst) (Addison, TX) with a Financial Strength Assessment of A- pca (Excellent) and a Long-Term Issuer Credit Assessme...
Posted: Feb 01, 2024
Hybrid insurer Hadron has entered the UK market with the acquisition of Folgate Insurance Company Limited, terms of the transaction were not disclosed. Based in the US, Hadron announced its launch in the fourth quarter of 2023 with a significant c...
Posted: Feb 01, 2024
RGA International, a subsidiary of Reinsurance Group of America, Incorporated, has entered into a reinsurance transaction with the Belgian subsidiary of Baloise Holdings AG. Cormac Galvin, Senior Vice President, Head of EMEA, Global Financial Solu...
Posted: Feb 01, 2024
Bermuda-based RenaissanceRe’s President and Chief Executive Officer (CEO), Kevin O’Donnell, recently discussed the company’s experience at the January 1st, 2024, reinsurance renewals during the firm’s Q4 and full year 2023 earnin...
Posted: Feb 01, 2024
Somerset Reinsurance, a provider of reinsurance solutions for life insurance and annuity business, has hired Thomas Porter as Chief Underwriting Officer. In the role, Porter will be based in Bermuda, and he will report to Jeff Burt, Chairman and C...
Posted: Feb 01, 2024
Members of the UK insurance and pension industry have become signatories of the newly launched Sustainability Principles Charter, which focuses on transparency, reporting and engagement around sustainability in the bulk annuity process. The insure...
Posted: Feb 01, 2024
In a recent virtual webinar, the Insurance Information Institute (Triple-I) and Milliman shared underwriting projections and insights into the property/casualty insurance industry, shedding light on challenges and trends shaping the sector. The fo...
Posted: Feb 01, 2024
Phoenix Group Holdings plc has reported robust organic growth in 2023, exceeding expectations and achieving its 2025 growth target two years ahead of schedule. The financial services company announced new business net fund flows of approximately £...
Posted: Feb 01, 2024
Xceedance, a global provider of strategic operations support, technology, and data services for insurance organisations, has said that there must be a “significant focus” on generative AI (Gen AI) testing, due to many insurers receivin...
Posted: Feb 01, 2024
Selective Insurance Group has posted $991.5 million in net premiums written (NPW) for the fourth quarter of 2023, representing a 17% or $142 million increase from the prior year period. For Q4, Standard Commercial Lines premiums (representing 77%...
Posted: Feb 01, 2024
The Hanover has reported net income of $107.9 million for Q4 of 2023, marking a drastic improvement compared to the net loss of $12.1 million recorded in the same quarter of 2022. Operating income in Q4 of 2023 also grew to $113.1 million, up from...
Posted: Feb 01, 2024
In a strategic move to bolster its presence in the offshore renewable energy sector, SCOR has officially launched a new consortium, instantly elevating its total deployable capacity to $180 million. The consortium, effective immediately, underscor...
Posted: Feb 01, 2024
Global re/insurer Markel Group has announced 2023 underwriting profit of $132.7 million compared with $626.6 million in 2022, driven by declines in both its insurance and reinsurance segments on the back of adverse development on prior year loss r...
Posted: Feb 01, 2024
Legacy acquirer DARAG Group has announced it has completed the acquisition of a Hawaii captive, the transaction value is undisclosed. According to the Group, the portfolio of workers compensation business went into runoff in 2023. This will be tra...
Posted: Feb 01, 2024
According to James Mullins, Partner and Head of Risk Transfer, Hymans Robertson, 2024 is already shaping up to be a year of “unprecedented change” for the risk transfer market, with a host of opportunities being presented for the ̶...
Posted: Feb 01, 2024
Bermuda-based AXIS Capital Holdings Limited has reported a net loss of $150 million for the fourth quarter of 2023 on the back of previously announced net adverse prior year reserve development of $425 million, as the firm’s combined ratio d...
Posted: Feb 01, 2024
Resolution Life, a global manager of in-force life and annuity policies, has announced that its Bermudian reinsurance platform, Resolution Re, has entered into a flow reinsurance agreement with an undisclosed Japanese insurer. According to Resolut...
Posted: Feb 01, 2024
Insurtech Descartes has announced the launch of Cyber Shutdown Cover, a parametric solution dedicated to cyber risk in France. This new solution demonstrates the firm’s ambition to gradually extend its scope to emerging risks beyond just nat...
Posted: Feb 01, 2024
AXA XL, the P&C and specialty risk division of global insurer AXA, has named Michele Chia the Chief Underwriting Officer for Cyber in the Americas. She will be based in New York and will take on her new role on February 12th 2024. In her new r...
Posted: Feb 01, 2024