Reinsurance News
The California FAIR Plan Association, the state’s property “insurer of last resort,” has partnered with ZestyAI, a provider of climate and property risk analytics solutions, to access its wildfire risk analytics product to properly assess wildfire...
Posted: Oct 30, 2023
AgentSync, a company building modern insurance infrastructure that connects carriers, agencies, MGAs, and producers, has raised an additional $50 million in funding to drive operational efficiencies for insurers and distributors. The latest round,...
Posted: Oct 30, 2023
In a recent earnings call, J. Patrick Gallagher, Jr., Chairman, President, and CEO of Arthur J. Gallagher & Co., discussed the outlook for the upcoming January reinsurance renewals. Following a stable July 1 renewal season, the company has set...
Posted: Oct 30, 2023
EY’s latest UK Home Results Analysis has unveiled that the UK home insurance market endured its most challenging year on record in 2022. The report highlights a staggering Net Combined Ratio (NCR) of 122%, signaling significant losses for in...
Posted: Oct 30, 2023
The Shanghai Insurance Exchange (SIE) has launched its international reinsurance business trading platform, as well as the first batch of market rules, marking the latest progress in developing the city as a reinsurance hub. According to the annou...
Posted: Oct 30, 2023
The Israeli InsurTech Accelerator program has reported “remarkable results” driving innovation and growth within the country’s start-up industry, InsurTech Israel has stated. Since its inception over two years ago, the program has contributed sign...
Posted: Oct 30, 2023
AM Best has upgraded the credit ratings for most of Talcott Resolution Life, Inc.’s subsidiaries, and given them a stable outlook. The Financial Strength Rating (FSR) for Talcott Resolution Life Insurance Company and Talcott Resolution Life and An...
Posted: Oct 30, 2023
Chicago-based insurer CNA Financial Corporation has reported a net income of $258 million for this third quarter of 2023, which compares to the net loss of $42 million reported in the same period last year. Core income for the quarter was $289 mil...
Posted: Oct 30, 2023
Helvetia Global Solutions has received confirmation from UK regulators that its authorisation to underwrite non-life insurance business in the UK has been approved and comes into effect on 1 November 2023. Helvetia has appointed Marc Davis as CEO...
Posted: Oct 30, 2023
Insurer MAPFRE has announced a number of new appointments as it simplifies its structure, including naming Miguel Ángel Rosa as the new Chief Executive Officer (CEO) of MAPFRE RE, with current CEO Eduardo Pérez de Lema taking on the role of CEO of...
Posted: Oct 30, 2023
London-based specialty insurer and reinsurer, Beazley, has appointed Brenna Westinghouse as Corporate Head of Strategy, effective November 1, 2023. She succeeds Rachel Turk, who is moving to Lloyd’s to serve as its Chief Underwriting Officer. At t...
Posted: Oct 30, 2023
Long-term legacy life insurance solutions provider Resolution Life has announced that its Bermudian reinsurance platform, Resolution Re, has entered into the UK Pension Risk Transfer (PRT) market with its first reinsurance agreement. The transacti...
Posted: Oct 30, 2023
Gallagher Re has released a report noting that hurricane Otis insured losses will reach into the billions of dollars (USD) and will become one of the most expensive events (if not the highest) on record for the Mexican insurance market. As per Gal...
Posted: Oct 30, 2023
In a move aimed at enhancing efficiency and sharpening focus on its strategic priorities, home insurance group Hippo Holdings initiated a significant organisational realignment, which includes an involuntary workforce reduction affecting up to nea...
Posted: Oct 30, 2023
Florida is actively implementing stringent building codes and strategic adaptation investments to protect its booming coastal real estate markets from the increasing danger of hurricanes and rising sea levels, according to a Moody’s RMS case...
Posted: Oct 30, 2023
Global brokerage Arthur J. Gallagher has named Thomas J. Gallagher as President and Patrick M. Gallagher as Executive Vice President, and Chief Operating Officer. These appointments are in line with the company’s vision of accelerating its g...
Posted: Oct 30, 2023
Specialty insurance provider, Trisura Group, forcastes its net income for the third quarter of 2023 to include $12 million after-tax loss from non-recurring items, including the negative impact of the US run-off program. The firm also estimates an...
Posted: Oct 30, 2023
In an interview with Reinsurance News, Victor Kuk, Head of Property & Casualty Reinsurance SID at Swiss Re, highlighted the escalating crisis of natural catastrophes in Asia. Kuk pointed out that over 30% of the global nat cat events in 2022 o...
Posted: Oct 27, 2023
London-based marketplace for insurance and reinsurance, Lloyd’s, has announced its most recent changes to its Council membership; all the new terms will commence on 1 December 2023. Sean McGovern was elected unopposed as a “Corporate-External” mem...
Posted: Oct 27, 2023
In a third-quarter 2023 earnings call, Everest’s President and CEO, Juan Andrade, highlighted a notable surge in demand for reinsurance capacity as clients seek to bolster their risk coverage. Andrade’s insights indicated that the need...
Posted: Oct 27, 2023
Property and casualty (P&C) insurer The Hartford has reported a net income of $645 million for the third quarter of 2023, a 93% increase from $334 million from the same period last year. According to the firm, this was primarily due to a highe...
Posted: Oct 27, 2023
Zurich-based catastrophe insurance data provider PERILS has disclosed its fourth and final industry loss estimate for the October 2022 Southeast Australia floods, increasing it to AUD 965 million. This latest figure compares to PERILS’ previous lo...
Posted: Oct 27, 2023
Markel, the insurance operations within Markel Group, has announced the retirement of Bryan Sanders, President of its Markel Specialty division; Alex Martin is to take over the role. Sanders plans to retire by December 31, 2024. Effective December...
Posted: Oct 27, 2023
Insurer Cincinnati Financial Corporation has reported a third quarter 2023 property and casualty (P&C) underwriting profit of $112 million and a combined ratio of 94.4%, a significant improvement on the 103.9% posted in Q3 2022. Within its ins...
Posted: Oct 27, 2023
Chinese insurer Ping An’s P&C unit reported a growth of 6.8% year on year in insurance revenue to RMB 235,538 million in first nine months of 2023, with operating profit attributable to shareholders of the parent company reaching RMB9,965 mill...
Posted: Oct 27, 2023