Reinsurance News
Sompo International, a global provider of commercial and consumer property and casualty re/insurance, has appointed Dr. Cornelia Röskau as CEO of their European legal entity SI Insurance (Europe), SA (SIIE). Based in Luxembourg, Dr. Röskau is to t...
Posted: Aug 04, 2023
In a recent report by AM Best, it has been revealed that captive insurance companies, those rated by AM Best, experienced a remarkable year in 2022. These captive insurers achieved a notable doubling of pretax operating income compared to the prev...
Posted: Aug 04, 2023
Global risk information and services company, Sigma7, has announced the appointment of Owen Belman as its Chief Executive Officer (CEO). Belman, a seasoned leader with extensive experience in international insurance, risk consulting, and banking,...
Posted: Aug 04, 2023
Artificial intelligence (AI) will disrupt how re/insurance organizations do business. The industry must embrace it as the technology will help deliver better, faster, more accurate, and cost-efficient outcomes, Xceedance CEO Arun Balakrishnan note...
Posted: Aug 04, 2023
NEXT Insurance, a digital small business insurer, is expanding its insurance offerings for small businesses with the launch of commercial umbrella/excess liability in 41 states, as well as the expansion of liquor liability coverage in seven additi...
Posted: Aug 04, 2023
RSA Insurance Group has announced a profit before tax of £55 million for the six month period ended 30 June 2023, down from £224 million a year earlier. The profit before tax of £55 million consists of £82 million underwriting profit, investment i...
Posted: Aug 04, 2023
Global provider of life and health reinsurance, Reinsurance Group of America (RGA), has reported a consolidated net premium increase of 3.3% for Q2 2023 to $3.3 billion, with an adverse net foreign currency effect of $45 million. Excluding the net...
Posted: Aug 04, 2023
Corebridge Financial has reported a net income of $771 million in the second quarter of 2023, representing a 70% decrease compared to the prior year quarter. The change largely was driven by lower realised gains recorded for the Fortitude Re funds...
Posted: Aug 04, 2023
Aon, a renowned global professional services firm, has received certification from the Florida Commission on Hurricane Loss Projection Methodology for the latest update to its Impact Forecasting Florida hurricane model. This certification allows t...
Posted: Aug 04, 2023
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has announced that Mitul Magudia has been promoted to Deputy Chief Origination Officer, from Head of Business Development, and will join PIC’s Executive Co...
Posted: Aug 04, 2023
Strategic Risk Solutions (SRS), an independent provider of insurance, has announced that Jeff Fitzgerald has rejoined the firm as Managing Director of SRS Benefit Partners. Fitzgerald is joining the company’s new division – which supports th...
Posted: Aug 04, 2023
John Dacey, Swiss Re’s Group Chief Financial Officer (CFO), said during this morning’s media call that the firm’s overall exposure to natural catastrophe risks could increase when compared to recent years amid the strong rate env...
Posted: Aug 04, 2023
There is an urgent need to strengthen business resilience amongst Vietnamese small-and-medium-size enterprises (SMEs) as only one in five (18) companies in the country are prepared against major risks, a WTW report has revealed. Conducted among 10...
Posted: Aug 04, 2023
Functional Finance, a software platform that integrates and automates data and reporting functions for insurance companies, has secured $8 million in seed capital, plus $2 million in SAFE notes for future equity investments, which will go towards...
Posted: Aug 04, 2023
Global ratings agency AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Victor Insurance Exchange (Victor Exchange) The outlook assigned to these Credit Ratings is stable...
Posted: Aug 04, 2023
Fairfax Financial Holdings Limited has announced its financial results for the second quarter of 2023 reporting net earnings of $734.4 million, compared to a net loss of $32.0 million in the second quarter of 2022. “During the second quarter...
Posted: Aug 04, 2023
The overall P&C industry is expected to finish the year with a net combined ratio of 102.2, almost identical to the 2022 result, with poor personal lines underwriting performance as the key driver in both years, according to the latest underwr...
Posted: Aug 04, 2023
Ryan Specialty Holdings Inc., a leading international specialty insurance firm has recorded a $83.8 million net income for the second quarter of 2023, a 19.5% increase from last year’s $70.1 million. According to the firm, the increase was m...
Posted: Aug 04, 2023
HSB Canada, part of Munich Re, has announced the appointment of Jeff Walker as the Head of Treaty Reinsurance for its Broker and MGA distribution divisions. Walker, who currently serves as the Senior Vice President and Chief Distribution Officer,...
Posted: Aug 04, 2023
Independent specialist insurance and reinsurance broker, BMS Group, has announced the appointment of Chris Brook as Chief Operating Officer (COO). Brook has been slated to join in 2024, following the completion of his contractual obligations. He w...
Posted: Aug 04, 2023
Insurance program manager, Distinguished Programs, has announced the addition of an Inland Marine program, to be led by Eric Michel. The program, part of the company’s expansion plans, will provide coverage for various Inland Marine exposures, inc...
Posted: Aug 04, 2023
Global reinsurance giant Swiss Re has reported a significant rise in net income to $1.4 billion for the first half of 2023, driven by contained natural catastrophe losses, and a solid performance in all business segments during the period. Group-w...
Posted: Aug 04, 2023
AXA XL, the property & casualty and specialty risk division of AXA, has announced the appointment of Kirsten Andersen as Underwriting Manager for its Design Professional insurance business in Canada. Andersen joined AXA XL in 2018 after buildi...
Posted: Aug 04, 2023
Major cyber incidents resulted in a 9% decrease in shareholder value, over and above the market – in the year following the event, according to data from Aon’s 2023 Cyber Resilience Report. At the same time, ransomware events decreased...
Posted: Aug 04, 2023
Tokio Marine HCC, a member of the Tokio Marine Group, appointed Jürgen Bertling as the new Senior Underwriter for Financial Lines. Bertling will be based in Munich, Germany. He has previous experience as a Referral Underwriter – Financial Li...
Posted: Aug 04, 2023