Reinsurance News

Joachim Wenning, Chairman of the Board of Management at Munich Re, has said that the global reinsurer expects current, favourable market conditions to persist beyond next year and into 2025. Wenning stated in the recently held Munich Re earnings c...

Posted: Aug 10, 2023

AM Best has taken various credit rating actions on the Allstate Insurance Corporation and its subsidiaries and assigned a stable outlook to most of them. The credit rating agency has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to...

Posted: Aug 10, 2023

Skyward Specialty Insurance Group, Inc. has reported a slightly higher combined ratio for Q2 2023 at 92.2% compared to the 91.8% for Q2 2022. The company has also reported a higher loss ratio for Q2 2023, currently at 64% compared to the year-over...

Posted: Aug 10, 2023

McGill and Partners, a specialist re/insurance broker, has announced several important leadership appointments within its US operations, including Karl Hennessy as CEO of its US re/insurance business. Hennessy currently leads the Global Specialty...

Posted: Aug 10, 2023

QBE announced net profit after tax of $400 million for the first half of 2023, compared with $48 million in the same six-month period last year. The rise mainly owed to an H1 investment income of $662 million, versus a loss of $20 million last yea...

Posted: Aug 10, 2023

Liberty Mutual Holding Company and its subsidiaries (LMHC) have reported their results for the second quarter of 2023 and the first half of 2023, posting a net loss attributable to LMHC of $585 million and $660 million for Q223 & H123, compare...

Posted: Aug 10, 2023

Markel, the insurance operations within the Markel Group Inc., has announced the appointment of Steven Feng as underwriter for its Warranty and Indemnity (W&I) team. In his new role, based in London, Feng will be responsible for underwriting t...

Posted: Aug 10, 2023

Beazley has announced that its Chief Financial Officer (CFO) Sally Lake has informed the Board of her intention to leave the company in 2024, after serving in the position for five years. Prior to taking on the CFO role, Lake served as Group Actua...

Posted: Aug 10, 2023

Global specialty insurer and reinsurer SiriusPoint has entered into a standstill agreement with Third Point CEO Daniel S. Loeb following the conclusion of exploratory discussions related to Loeb’s potential acquisition of the firm. According...

Posted: Aug 10, 2023

Bermuda-based Lancashire Holdings Limited has reported a 26.2% rise in gross premiums written (GPW) for the first half of 2023 driven by growth in both its reinsurance and insurance segments, as the firm highlights a positive rate environment whic...

Posted: Aug 10, 2023

Bermuda-based Maiden Holdings has reported a net loss of $2.9m for the second quarter of 2023 and an operating income of $4.5m, as well as an underwriting loss of $9.3m in both the AmTrust Reinsurance and Diversified Reinsurance segments. These fi...

Posted: Aug 10, 2023

Munich Re generated a profit of €2.4bn in H1 of 2023, higher than half of its full year guidance of €4bn, as the firm remains “on track” to achieve its annual target. The firm explained that the higher result during H1 of 2022 was attr...

Posted: Aug 10, 2023

Tokio Marine HCC – Public Risk Group, a provider of insurance solutions for public entities and member of the Tokio Marine HCC, has entered into an agreement to acquire the renewal rights to the FirstFire portfolio of Intact Insurance Group USA LL...

Posted: Aug 10, 2023

Kin Insurance has reported a gross written premium (GWP) of $109.7 million for the second-quarter of 2023, up 55% from the year-ago $70.8 million. Kin’s positive operating income nearly doubled to $8.6 million in the second quarter of 2023, driven...

Posted: Aug 10, 2023

Resilience has announced a $100 million equity financing round to accelerate its global expansion. The company also plans to scale the adoption of its holistic cyber risk platform, the Resilience Solution launched earlier this year. The Series D r...

Posted: Aug 10, 2023

In a recent earnings call, Joanne Musselle, Group Chief Underwriting Officer (CUO) of international specialist insurer Hiscox, highlighted the company’s satisfaction with the current state of their portfolio’s rate adequacy. “Jus...

Posted: Aug 09, 2023

At-Bay, the cyber insurance provider, has begun issuing Cyber and Tech E&O policies under its Delaware-based Excess and Surplus (E&S) carrier – At-Bay Specialty Insurance Company. At-Bay Specialty Insurance Company was formed in Janu...

Posted: Aug 09, 2023

Sompo International, a global provider of commercial and consumer property and casualty re/insurance, has reported its first quarter of 2023 financial results, which saw an increased underwriting income of $150m, compared to the same period last y...

Posted: Aug 09, 2023

Italy-headquartered insurer Generali has reported that gross written premiums (GWP) increased to €42.2 billion (+3.6%), in the first half of 2023, with the insurer noting that this was driven by significant P&C growth (+10.6%). Generali’...

Posted: Aug 09, 2023

The Board of insurtech Vesttoo has announced that Ami Barlev has been appointed as its new interim Chief Executive Officer (CEO). Barlev has deep experience across serving in senior positions such as CEO, director and chairman of the board in a nu...

Posted: Aug 09, 2023

Essent Group, a Bermuda-based holding company, has announced that its wholly-owned subsidiary, Essent Guaranty, Inc., has obtained $281.5 million of fully collateralized excess of loss reinsurance coverage on mortgage insurance policies. The reins...

Posted: Aug 09, 2023

The Reserve Bank of New Zealand – Te Pūtea Matua (RBNZ) has conducted its inaugural stress test for the country’s life insurance sector, revealing that the largest insurers are well-equipped to weather severe economic and insurance shocks wh...

Posted: Aug 09, 2023

Lloyd’s, the global insurance and reinsurance marketplace, has announced that Peter Spires has decided to step down as General Counsel to pursue new challenges in the Lloyd’s market. Spires joined Lloyd’s in 1995 and spent the early years of...

Posted: Aug 09, 2023

“For those in the business of assessing, taking on and managing risk, the data available via the US Flood Map provides a much needed and significant step change in the ability to understand flood risk in the US,” suggests Dr Matthew Jo...

Posted: Aug 09, 2023

The Government of Bermuda has announced that it will issue a public consultation paper as part of its considerations on introducing a corporate income tax to apply to Bermuda businesses that are part of Multinational Enterprise Groups (MNEs) with...

Posted: Aug 09, 2023