Reinsurance News
Insurance and analytics provider Verisk, has reported an increase in its consolidated and organic constant currency (OCC) revenues, primarily due to strong growth in underwriting and claims within its insurance segment. Consolidated revenues grew...
Posted: Aug 03, 2023
Monument Re, a life insurance reinsurer and insurance holding company, has announced that it’s Belgian subsidiary, Monument Assurance Belgium (MAB) has completed the acquisition of a run-off block of retail life policies, annuities and assoc...
Posted: Aug 03, 2023
Homeowners insurance companies are implementing rate increases, largely driven by anticipated rises in reinsurance rates and reinsurance attachment points, according to KBW analysts. These adjustments are contributing to heightened volatility in e...
Posted: Aug 02, 2023
US private mortgage insurance provider, Enact has launched a new Bermuda-based reinsurer, Enact Re Ltd. As a newly non-exclusive affiliate, it intends to operate primarily as a mortgage reinsurer but could eventually broaden its reach to write thi...
Posted: Aug 02, 2023
The reinsurance market was more orderly during the key mid-year renewal season and sellers’ appetite for more discrete purchases rose somewhat, which helped buyers fill shortfalls experienced at 1/1, according to Peter Zaffino, Chairman and...
Posted: Aug 02, 2023
PCF Insurance Services has closed $400 million in incremental debt financing led by Blue Owl, a global alternative asset manager that acted as lead arranger and admin agent. According to PCF, the financing was upsized from $300 million to $400 mil...
Posted: Aug 02, 2023
Global broking firm WTW has announced the appointment of Allison Bryce as the National Practice Leader, Personal Lines, Canada, within Corporate Risk and Broking (CRB), North America. Bringing over two decades of experience as a successful executi...
Posted: Aug 02, 2023
Prudential Financial has reported a second quarter 2023 net income of $511 million, compared to a net loss of $1.010 billion a year ago. The current quarter included a net after-tax charge from annual assumption update and other refinements of $32...
Posted: Aug 02, 2023
Marsh McLennan Agency, a subsidiary of Marsh, has announced the acquisition of Philadelphia, Pennsylvania-based Graham Company, a risk management consultancy and “one of the top independent insurance and employee benefits brokers in the Unit...
Posted: Aug 02, 2023
Global professional services firm, Aon plc, has announced the appointment of Graeme MacMillan as its Chief Broking Officer (CBO) for Commercial Risk Solutions in the UK. His appointment is effective starting 1st November 2023. MacMillan brings ove...
Posted: Aug 02, 2023
Mercury General has posted a net loss of $41.5 million in the second quarter of 2023, compared to a loss of $210.7 million from the same period last year. For H123, the company’s net loss currently sits at $86.8 million, in comparison to $40...
Posted: Aug 02, 2023
BMS Re, the specialty reinsurance arm of global broker BMS Group, has announced the appointment of Russell McGuire as Head of Origination. McGuire joins BMS Re following almost two decades at Swiss Re, during which time he rose to the position of...
Posted: Aug 02, 2023
Property and auto-focused insurance group, Progressive, has revealed a significant rise in catastrophe losses for the second quarter of 2023, driven by a surge in severe weather events across the US. The company reported a total net catastrophe lo...
Posted: Aug 02, 2023
AXIS Capital Holdings Limited has announced its financial results for the second quarter of 2023, reporting an improved net income of $143 million, which compares to the $27 million seen in the same period last year. The firm’s underwriting...
Posted: Aug 02, 2023
Bermuda-based reinsurer PartnerRe Ltd. has reported a first-half 2023 combined ratio of 83.5%, with a non-life underwriting result of $466 million, contributing to a significant year-on-year rise in net income for the period. All in all, PartnerRe...
Posted: Aug 02, 2023
Specialty insurer, Mosaic Insurance has secured strategic investment from two US growth-capital providers to drive the company’s talent acquisition and product development. According to the announcement, alternative asset manager Atalaya Cap...
Posted: Aug 02, 2023
U.S. insurer Allstate has completed the placement of its 2023-2024 catastrophe reinsurance programs, which, excluding reinstatement premiums, were secured at a total cost during Q2 2023 and H1 2023 of $242 million and $461 million, respectively, u...
Posted: Aug 02, 2023
Specialist (re)insurance broker Miller has appointed Oscar Holloway as Head of Miller Europe to support its strategic growth ambitions. Holloway joins Miller from Marsh, where he was Senior VP in its capital markets division, providing advice and...
Posted: Aug 02, 2023
Allstate Corporation has reported a Q2 net loss applicable to common shareholders of $1.4 billion, chiefly driven by increased underwriting losses due to a massive catastrophe hit, which totalled $2.7 billion for the quarter. Compared, Allstate...
Posted: Aug 02, 2023
Large primary insurer AIG has reported a rise in adjusted pre-tax income within its general insurance business of 5% to $1.32 billion for the second-quarter of 2023, as higher investment income offset slightly lower underwriting profit as a result...
Posted: Aug 02, 2023
Economic risk is expected to have the biggest impact on businesses over the next two to three years, according to a recent report by Clyde & Co and Winmark. The Corporate Risk Radar 2023 report found that economic risk rocketed to the top of t...
Posted: Aug 02, 2023
CRC Group, a prominent wholesale specialty insurance distributor in North America, has announced significant changes coming to its Nashville office and Starwind Programs Division. In the Nashville office, Farrah Schubmehl, a seasoned insurance ind...
Posted: Aug 02, 2023
In Aon’s latest Cyber Resilience Report, companies are shown to have made significant strides in strengthening their cyber defenses and achieving greater resilience in the face of escalating cyber threats. The report reveals key insights gat...
Posted: Aug 02, 2023
Re/insurer MS Amlin Marine in Paris is delighted to announce the return of Jonathan Schmitt. Schmitt, a former esteemed member of the team from 2018 to 2022, has rejoined as an underwriter, where he will be providing his expertise across both Char...
Posted: Aug 02, 2023
Bruce Lucas, the Chief Executive Officer (CEO) of full-stack insurtech Slide Insurance, has revealed to our sister publication Artemis that the firm has been approved for an up to 100,000 takeout of policies from Florida’s Citizens Property...
Posted: Aug 01, 2023