Reinsurance News
During a recent earnings call, Lancashire CEO Alex Maloney discussed the current landscape of the insurance and reinsurance industry, shedding light on the cautious approach of investors despite a promising market outlook. Maloney’s insights...
Posted: Aug 11, 2023
Zurich Insurance Group has reported that H1 2023 P&C insurance revenue was up 10% on a like-for-like basis to $20,163m, while business operating profit was down to $ 2,247m, from $2,379m in H1 2022. This quarter P&C (BOP) was 6% lower than...
Posted: Aug 11, 2023
Hail damage is predominantly driving the loss trend for severe convective storms (SCS) in the United States, with the peril driving 50 to 80% loss claims any given year, Gallagher Re’s Steve Bowen has said. The Chief Science Officer of reinsurance...
Posted: Aug 11, 2023
PVI Reinsurance Joint Stock Corporation has officially announced that it has been granted license number 86/GPĐC5/KDBH by the Ministry of Finance to change the company’s name to Hanoi Reinsurance Joint Stock Corporation, effective from Augus...
Posted: Aug 11, 2023
The incoming interim Chief Executive Officer (CEO) of insurtech Vesttoo has stated that following initial conclusions from an in-depth investigation into fraudulent LOCs, the company has discovered that numerous external factors caused the current...
Posted: Aug 11, 2023
The Florida-focused June 1 renewals showed a continued rise in property catastrophe reinsurance rates, with analysts at Peel Hunt highlighting that rates are now 1.5x higher than the 2017 trough and 46% above the previous peak all the way back in...
Posted: Aug 11, 2023
BPL Global, a leading CPRI broker has hired seasoned banking professional Riz Sheikh to expand its Portfolio Solutions team. Bringing over 20 years of experience in securitisation and structured finance, Sheikh will use his expertise towards the d...
Posted: Aug 11, 2023
Insurtech company, Quility, has received a significant investment from F&G Annuities & Life, Inc. (“F&G”) for a minority stake in Quility. F&G is a provider of insurance solutions, the company serves retail annuity and...
Posted: Aug 11, 2023
Court documents show that global re/insurance broker Aon has secured a temporary restraining order to freeze the assets of under fire Vesttoo as the company pursues the insurtech via its segregated accounts and transformer structure, White Rock In...
Posted: Aug 11, 2023
The wildfire outbreaks in Hawaii have reportedly destroyed 1,700+ buildings thus far, indicating a potential extensive loss for the re/insurance industry, while the death toll has risen to 55, with as many as 1,000 people missing. According to Cor...
Posted: Aug 11, 2023
83% of business owners have expressed worries about specific events or losses that have the potential to affect their business, with another 83% stating that they are either actively looking, or very likely to seek additional insurance policies to...
Posted: Aug 11, 2023
Generative artificial intelligence (AI), such as OpenAI’s ChatGPT and Google Bard, has become a top concern for enterprise risk executives in the second quarter of 2023, according to a recent report by Gartner, Inc. In May 2023, Gartner surveyed 2...
Posted: Aug 11, 2023
Mutual Re, a reinsurance firm based near Chicago has announced that it is currently considering adding a risk-assuming investor to its ownership group, following RenaissanceRe, one of the firm’s five owners recently deciding to tender its no...
Posted: Aug 11, 2023
LivWell Asia, a digital Health and Protection-focused Insuretech operating in Vietnam and India, has hired Wilf Blackburn as its new Chair. Blackburn has a record of driving growth and profitability in emerging markets, including Asia, where LivWe...
Posted: Aug 11, 2023
The global insurance industry has experienced a significant decline in mergers and acquisitions (M&A) during the first half of 2023, according to Clyde & Co’s Insurance Growth Report mid-year update. Completed deals totaled 171 world...
Posted: Aug 11, 2023
Property and casualty insurance giant Chubb has announced the appointments of dedicated and separate leadership to run its businesses in Asia and Australia & New Zealand, respectively. Chris Gough has been appointed as the Head of P&C for...
Posted: Aug 11, 2023
Jean-Jacques Henchoz, the Chief Executive Officer (CEO) of Hannover Re, said on the company’s earnings call yesterday that there’s no signs of a significant influx of capital entering the reinsurance market, with the current supply demand dy...
Posted: Aug 10, 2023
Brookfield Reinsurance has announced its financial results for the second quarter of 2023 with a net income of $360 million, which compares to the $25 million reported in the same period last year. According to the firm, this figure was the result...
Posted: Aug 10, 2023
Home insurance group Hippo has hired Peter Piotrowski as Chief Claims Officer (CCO), where he will lead claims for Hippo Insurance Services. In the role, Piotrowski will oversee the company’s claims services to provide Hippo’s customer...
Posted: Aug 10, 2023
In a white paper for its clients, ALIRT Insurance Research has said this it’s difficult to understand how the alleged fraudulent LOC issue surrounding insurtech Vesttoo was missed by different participants in the chain. As it closely follows...
Posted: Aug 10, 2023
Global insurance giant Allianz has reported double-digit growth in its property and casualty (P&C) insurance business segment for the second quarter of 2023, with total business volume hitting €17.6 billion. Within P&C, business volume was...
Posted: Aug 10, 2023
Howden, the global insurance group has launched a “blended insurance product” that brings together Professional Indemnity, Crime and Cyber Liability into one policy and under one limit. According to the firm, the product brings a diffe...
Posted: Aug 10, 2023
According to a recent Reuters report, Lloyd’s of London underwriters are leading insurers in increasing rates and cutting coverage for risks involving Taiwan as “concerns grow over possible military action by China.” “Avail...
Posted: Aug 10, 2023
Property and casualty insurer Global Indemnity has reported net income available to shareholders of $9.2 million for the second quarter of 2023, compared to net loss available to shareholders of $12.3 million for the corresponding period in 2022....
Posted: Aug 10, 2023
BRP Group, an independent insurance distribution firm, has released its results for the second quarter of 2023, which included its revenue growing by 28% to $297.2 million, as well as witnessing strong organic growth of 22%. The company also witne...
Posted: Aug 10, 2023