Reinsurance News
Australian primary insurer Suncorp has reported a nearly 69% increase in net profit to $1,148 million for fiscal year 2023, despite natural hazard costs exceeding budget in the period by $97 million. Total natural hazard costs for the year came ou...
Posted: Aug 09, 2023
Software-driven financial services firm Porch Group has revealed exposure to reinsurance contracts arranged via Vesttoo and has thus realised a charge of $48.2 million in its Q2 results. Porch noted that in Q3, Homeowners of America (HOA), a subsi...
Posted: Aug 09, 2023
Florida-based insurtech HCI Group has reported a net income of $14.9 million in the second quarter of 2023, compared to a net loss of $8.5 million in the second quarter of 2022. Adjusted net income was $14.2 million for the quarter, compared to an...
Posted: Aug 09, 2023
A series of severe convective storms struck the US and accounted for 68% of global insured natural catastrophe losses in the first half of 2023, highlighting the increasing loss impacts of secondary perils. Severe convective storms caused USD $35...
Posted: Aug 09, 2023
Hiscox Re & ILS net insurance contract written premium grew 17.9% in H1 2023 to $345.1 million, which the firm said was underpinned by strong double-digit growth in the North American natural catastrophe, retrocession and marine books. Hiscox...
Posted: Aug 09, 2023
Heritage Insurance Holdings, a super-regional property and casualty insurance holding company has released its results for the second quarter of 2023, which includes a net combined ratio of 95.1%, an improvement of 4.3 points from 99.4% in the pri...
Posted: Aug 09, 2023
Vesttoo Alpha P&C Ltd., launched as a collateralized insurer class of company in Bermuda in July of 2022 by Vesttoo, is being liquidated as the insurtech opts to “focus its activities on a limited number of high-quality and large markets...
Posted: Aug 09, 2023
The crypto-native insurance marketplace, Nayms SAC Ltd., has announced issuing the world’s first crypto-denominated industry loss warranty (ILW) through the second segregated account within its marketplace. This type of instrument is index-b...
Posted: Aug 09, 2023
Global reinsurer Hannover Re has reported that H1 reinsurance revenue increased by 3.9% to €12.3 billion, as large losses within the P&C reinsurance segment fell within the budgeted expectations. Hannover Re’s H1 2023 reinsurance service...
Posted: Aug 09, 2023
Fintech leader Acrisure has announced the formation of the company’s New York Region under the Acrisure brand, which is set to be led by Managing Partners Kathleen Bradley and Brian Colby. Across the last decade, Acrisure has grown from $38...
Posted: Aug 09, 2023
Islamic insurers operating in the Gulf Cooperation Council (GCC) region are poised for continued growth in 2023, but the adoption of the International Financial Reporting Standard 17 (IFRS 17) is presenting significant challenges, according to S&#...
Posted: Aug 09, 2023
RSA Insurance, a multinational insurance firm, has appointed James Godfrey as Transformation Director, effective as immediately. In his new role, Godfrey will contribute to the delivery of RSA’s strategic outperformance objectives by driving the U...
Posted: Aug 09, 2023
IVANS, a division of Applied Systems, has reported an increase in the average premium renewal rate change across all major commercial lines of business year over year in July. According to IVANS Index, July experienced an increase in average premi...
Posted: Aug 08, 2023
In a recent update, Tropical Storm Risk (TSR) has raised its forecast for the North Atlantic hurricane activity in 2023, anticipating a season that could be around 10% above the 1991-2020 climate norm. This adjustment comes as meteorologists close...
Posted: Aug 08, 2023
Property and casualty insurer Chubb has announced the appointment of Dorothée Prunier as Head of Product Engagement and Services for the international operations of Chubb Climate+, effective immediately. Prunier will remain based in Paris and will...
Posted: Aug 08, 2023
Global insurance brokerage firm, Arthur J. Gallagher has acquired Costa Mesa, California-based Wigmore Insurance Agency, Inc. The terms of the transaction were not disclosed. Wigmore is retail insurance broker that provides a broad selection of co...
Posted: Aug 08, 2023
Home insurer Hippo has announced total generated premium (TGP) growth of 56% YoY to $318 million in the second-quarter of 2023, compared to $204 million a year ago. At the same time, net earned premium for the quarter was $13.8 million, a shift fr...
Posted: Aug 08, 2023
More than 10% of S&P’s insurance ratings to be placed “under criteria observation” (UCO) as a result of the adoption of the rating agency’s new capital model criteria, according to a new report by Litmus Analysis. As S&P’s Request for Comm...
Posted: Aug 08, 2023
James River, a Bermuda-based insurance holding company has reported a gross written premium (GWP) of $427.7 million for the second quarter of 2023, a 7% rise from last year’s $399.7 million. GWP for the firm’s Specialty Admitted Insura...
Posted: Aug 08, 2023
Chubb has announced the appointment of Serene Neo as Head of Accident & Health (A&H) for Asia Pacific. In this new role, she will report to Ben Howell, Head of Consumer, Asia Pacific, and be responsible for the management, financial perfor...
Posted: Aug 08, 2023
US insurer Kemper Corporation has announced it is exiting the preferred home and auto insurance market, while also reporting an improved net operating loss of $16.9m in the second quarter of 2023, compared to the $37.2m reported in the same period...
Posted: Aug 08, 2023
Tokio Marine’s international business produced a profit of 91.7 billion yen for the first quarter of the 2023 fiscal year, representing year-on-year growth of 37.2%, driven by a 35.2% rise in profit to 93.2 billion yen within non-life operations....
Posted: Aug 08, 2023
Specialty MGA, Optio Group, has announced the appointment of Mark Mugge as its Chief Financial Officer (CFO). The appointment is effective immediately. Mugge is an industry veteran with over two decades worth of experience in the US and London ins...
Posted: Aug 08, 2023
MS Amlin, the Lloyd’s global re/insurer, has published its results for the first quarter of 2023, which includes a combined ratio of 94.9%, compared to last year’s 112.0%. The improved combined ratio resulted in a better underwriting r...
Posted: Aug 08, 2023
Xceedance, a global provider of technology and digital solutions to the insurance industry, has announced the promotion of Amit Tiwari to the new role of president, EMEA & APAC. According to the announcement, this new position expands on Tiwa...
Posted: Aug 08, 2023