Reinsurance News
The International Cooperative and Mutual Insurance Federation (ICMIF) has unveiled its 2023 Members Sustainable Investment Report, indicating a remarkable 32% increase in sustainable investments, with members collectively managing $1 trillion in a...
Posted: Nov 02, 2023
CNA Hardy, a specialist commercial insurance provider within the Lloyd’s and company markets, announced the appointment of Ariel Berman to the position of Vice President, Head of Specialty (UK & Continental Europe). Based in London, Berman wil...
Posted: Nov 02, 2023
Holding company Tiptree has reported revenues of $416.5 million for Q3’23, an increase of 14.6% from Q3’22, driven by growth in Fortegra’s specialty insurance lines. Tiptree intends to take its specialty insurance subsidiary, Fortegra,...
Posted: Nov 02, 2023
PwC UK anticipates insurance losses from Storm Babet to range between £450 and £650 million. The recent early autumn storms have left the UK vulnerable to flooding, resulting in extensive damage, power outages, and some fatalities. Highlighting th...
Posted: Nov 02, 2023
The Hanover Insurance Group has posted a net income of $8.6 million for the third quarter of 2023, compared to net income of $0.5 million in the prior-year quarter. Operating income sat $6.8 million in Q3, compared to operating income of $35.7 mil...
Posted: Nov 02, 2023
U.S. primary insurer Allstate has fallen to a net loss for the third quarter and first nine months of 2023, although the underwriting performance did improve in parts of the business during the quarter despite higher catastrophe losses year-on-yea...
Posted: Nov 02, 2023
Property and casualty insurer Core Specialty will acquire American Surety in a stock and cash transaction, marking the firm’s formation of a Bond, Credit & Guarantee subsegment, alongside other subsegments Property & Short-Tail, Spec...
Posted: Nov 02, 2023
Global insurer AIG has reported a 6.8 points improvement in the General Insurance (GI) combined ratio to 90.5% for the third quarter of 2023, driven by a 7.9 point decrease in the loss ratio to 59.6%. In the third quarter of 2023, GI underwriting...
Posted: Nov 02, 2023
According to Gallagher Re’s latest Global InsurTech Report, new funding for the global InsurTech sector hit $1.1 billion in Q3 of 2023. As per the reinsurance broker’s report, this was mainly driven by a 25.5% quarter-on-quarter surge...
Posted: Nov 02, 2023
RenaissanceRe has reported Q3 net income available to common shareholders of $194 million, driven by significant growth in its underwriting, fee and investment incomes, while its combined ratio dropped 60.7 points from the same period last year to...
Posted: Nov 02, 2023
Bermuda-based re/insurer AXIS Capital has reported an improvement in its combined ratio to 92.7% for Q3 2023, supported by a better underwriting result in both its insurance and reinsurance segments. Group-wide, the third quarter combined ratio im...
Posted: Nov 02, 2023
Insurer Markel Group has reported a higher combined ratio for both Q3 and 9M 2023 on the back of a higher attritional loss ratio and less favourable prior year reserve development, but has reported comprehensive income of more than $1.1 billion fo...
Posted: Nov 02, 2023
Cloud insurance software solution for the insurance business, Majesco, in its report “Bridging the Customer Expectation Gap for Auto Insurance,” has given an intricate view of the rapidly changing forces impacting the property and casu...
Posted: Nov 02, 2023
Insurance sector focused LegalTech, Nuvalaw, has raised $3 million in pre-series A financing, which it will use to expand in the UK and drive its entry into the U.S. market. Nuvalaw is a claims resolution platform that facilitates the online negot...
Posted: Nov 02, 2023
Specialty insurer, Ryan Specialty Holdings, Inc., has appointed Anthony J. Kuczinski to its Board of Directors, effective October 30th, 2023, where he will serve as a member of the Compensation and Governance Committee. Kuczinski has more than 38...
Posted: Nov 02, 2023
Fiji, India and the United Nations have announced the launch of the ‘Scaling Climate and Disaster Risk Financing Framework and Parametric Insurance in Fiji’ project. This initiative was created in collaboration between the United Natio...
Posted: Nov 02, 2023
Insurance industry losses from the impacts of Hurricane Otis in Mexico could range from $1.8 billion to $6.5 billion, with losses likely to fall to reinsurers, according to analysis by AM Best. The ratings agency notes that while regulators in the...
Posted: Nov 01, 2023
Orange Insurance Exchange, a reciprocal insurer, has announced its formation and launch in the Florida property insurance market. The company is headed by Chief Executive Officer, Don Matz, an insurance industry veteran who was previously the CEO...
Posted: Nov 01, 2023
NEXT Insurance, a digital insurtech specialising in small businesses, has announced it has entered into strategic partnerships with US primary insurer Allstate, and Allianz X, an investor in digital frontrunners in ecosystems relevant to insurance...
Posted: Nov 01, 2023
Corebridge Financial, one of the largest providers of retirement solutions and insurance products in the US, has completed the sale of Laya Healthcare Limited to a subsidiary of AXA. The sale was previously announced back in August 2023. It was st...
Posted: Nov 01, 2023
Live flood forecasting insurtech, Previsico, has announced that it has gone live in New York with its flood forecasting technology, following the recent record flooding that took place in the state, and US $2.2 million of further funding to suppor...
Posted: Nov 01, 2023
The London insurance market has emerged as a generational investment opportunity, according to a recent report by Berenberg. The report highlights several key factors that support this assessment, including the sector’s strong fundamentals,...
Posted: Nov 01, 2023
Global data analytics and technology provider Verisk, estimates industry insured losses to onshore property for Hurricane Otis, the strongest hurricane ever to hit Mexico, will likely fall from MXN 50 billion to MXN 110 billion (~USD 3 billion to...
Posted: Nov 01, 2023
Bermuda-based reinsurer RenaissanceRe has completed its previously announced acquisition of Validus Re, the treaty reinsurance operation of global insurer AIG, a transaction it says creates immediate and long-term value for its shareholders. First...
Posted: Nov 01, 2023
Verisk, a global data analytics and technology provider, has posted an increase in its consolidated and organic constant currency (OCC) revenues, due to strong growth in underwriting and claims within the company’s Insurance segment. Consoli...
Posted: Nov 01, 2023