Reinsurance News
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
Global broker Aon’s Reinsurance Solutions arm achieved organic revenue growth of 11% in the third quarter of 2023, as revenue across the group increased by 10%, year-on-year, to $2.95 billion, reflecting organic revenue growth of 6%. This growth i...
Posted: Oct 27, 2023
Universal Insurance Holdings has reported a Q3 net loss of $5.9 million, much improved compared to a loss of $72.3 million in the same quarter last year, while the firm’s combined ratio dropped 28.5 points to 110.7%. Universal’s adjust...
Posted: Oct 27, 2023
International life insurance group, Talcott, has announced the appointment of Imran Siddiqui as the Chief Executive Officer of Talcott Financial Group, effective immediately. Siddiqui has extensive experience leading and growing life insurance and...
Posted: Oct 27, 2023
Sompo International, a leading global insurer, has expanded its presence in the Asia Pacific (APAC) region by appointing Pei Ru Chiew as the Head of Crisis Management for Commercial Property & Casualty (P&C) Insurance. In this role, Chiew...
Posted: Oct 27, 2023
Neptune Flood, a provider of flood insurance across the United States, has crossed $200 million of premium in force, bringing the company to over 5% of the National Flood Insurance Program’s size, securing its role as the primary alternative...
Posted: Oct 27, 2023
MAPFRE RE, the reinsurance division of Madrid-headquartered insurer MAPFRE, has posted a net income of €189.5 million for the third quarter of 2023, more than double the previous year’s €93.5 million, representing a 103% increase. At the sam...
Posted: Oct 27, 2023
Global specialty insurer and reinsurer SiriusPoint and Bermuda-based MGA Banyan Risk have announced an extension of their partnership. The deal begins a three-year extension of the commercial relationship between Banyan and SiriusPoint and conclud...
Posted: Oct 27, 2023
Catastrophe risk modeller CoreLogic has estimated that the insurable loss from wind damage caused by Hurricane Otis, which made landfall as a Category 5 storm over the greater Acapulco, Mexico area on Wednesday morning, is between $10 billion and...
Posted: Oct 27, 2023
In its Q3 2023 results, Arthur J. Gallagher & Co. reported total revenues before reimbursements of $2.45 billion, up from 2.01 billion in the same quarter last year. The firm’s brokerage segment accounted for $2.12 billion of the total Q...
Posted: Oct 27, 2023
Insurance and reinsurance broking group, Aon, has appointed Mona Barnes as Chief Claims Officer, Global Broking Centre (GBC) & UK, reporting to James Baum and Neil Harrison. The appointment is effective from 30th October 2023. In her new role,...
Posted: Oct 27, 2023
A growing concern for some re/insurers is the rise in PFAS chemicals, with water supply cleanup costs potentially set to exceed the $400 billion figure, which suggests that it could become the industry’s “next asbestos” according...
Posted: Oct 27, 2023
Canopy Connect, a platform for collecting, verifying, and monitoring insurance information, has closed a $6.5 million Series A funding round. The company will use the new capital to accelerate growth, increase product velocity, and build upon thei...
Posted: Oct 27, 2023
CRC Group, a prominent wholesale specialty insurance distributor in North America, has announced the appointment of Angela Alaniz as Chief Digital Officer for their Commercial Solutions division. This move reinforces CRC Group’s steadfast de...
Posted: Oct 27, 2023
In a recent report, Allianz Commercial has sounded the alarm on a sharp resurgence in ransomware and extortion claims, cautioning businesses to bolster their cybersecurity defenses. The report underscores the evolving nature of cyber threats, with...
Posted: Oct 26, 2023
US primary holding company Donegal Group has reported a net loss of $0.8 million in its third quarter of 2023 results, an improved figure when compared to the $10.4 million net loss from the same period last year. Donegal Group’s combined ratio fo...
Posted: Oct 26, 2023
Amid an expectation of a continuation of the robust pricing environment and favourable reinsurance market conditions, executives at Bermuda-based Everest Group are confident of the firm’s ability to fully deploy the equity capital it raised...
Posted: Oct 26, 2023
The Disaster Response Emergency Fund (DREF) Insurance mechanism, pioneered by International Federation of Red Cross and Red Crescent Societies (IFRC) in partnership with Aon, is a vital new approach for enhancing preparedness and risk transfer, IF...
Posted: Oct 26, 2023
Global fintech company, Acrisure, has announced the formation of its Southwest Region, which will be centred around offices in Los Angeles and Orange County, and led by long-time Acrisure Partner Patrick Thomas. The firm explains that now, partner...
Posted: Oct 26, 2023
At-Bay, the cyber insurance provider, has launched a new Managed Detection and Response (MDR) solution, At-Bay Stance MDR, designed to help emerging and mid-sized businesses advance their security defenses and threat preparedness, in view of the r...
Posted: Oct 26, 2023
Insurance broker WTW has posted 9% organic revenue growth for the third quarter of 2023, as total revenues increased by 11% to $2.17 billion. WTW saw net income decline by 28%, to $139 million from $192 million, while income from operations rose b...
Posted: Oct 26, 2023
Across property and casualty (P&C) and life and health (L&H) markets in Asia, demand for insurance and reinsurance protection is rising, and this trend is expected to persist against a backdrop of climate change and inflationary challenges...
Posted: Oct 26, 2023
Global reinsurance giant Munich Re has agreed to provide warranty reinsurance for battery manufacturer, Hithium, energy storage systems (ESS). The reinsurer will cover both product and performance warranties. The agreement will thus reduce ESS pro...
Posted: Oct 26, 2023
Appian, a software company that automates business processes, has announced the launch of the Connected Underwriting Life Workbench. The new workbench enables holistic underwriting automation and workload management to improve operational efficien...
Posted: Oct 26, 2023