Reinsurance News
Insurance broker and risk advisor Marsh Octaviant Financial, Inc., an innovator in novel drug warranties and payment models, have partnered together to offer a specialised warranty program to pharmaceutical manufacturers that develop gene, cell an...
Posted: May 11, 2023
Global reinsurer Hannover Re has reported reinsurance revenue of EUR 6.6 billion for the first quarter of 2023, as the reinsurance service result increased 35% year-on-year to EUR 568 million, despite large losses from catastrophes amounting to EU...
Posted: May 11, 2023
Proposals by Lloyd’s of London to exclude state-backed cyber attacks from standard cyber insurance policies could lead to disputes between insurers and the businesses they insure, according to analysts at international law firm RPC. Lloyd’s is pro...
Posted: May 11, 2023
AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) of Société Tunisienne de Réassurance (Tunis Re) to “bb” (Fair) from “bb+” (Fair). The rating agency also affirmed the Financial Strength Rating (FSR)...
Posted: May 11, 2023
Falcon Insurance PCC Limited, a Guernsey-based self-managed protected cell company has announced that following Davies’ acquisition of the captive and cell captive business of Ortac Underwriting Agency Limited, Davies has been appointed to provide...
Posted: May 11, 2023
Consumers across the globe desire humanized experiences when navigating the insurance industry, claims the second edition of the Global Consumer Insurance Insights survey from Duck Creek Technologies. This second wave of research was conducted ind...
Posted: May 11, 2023
South Africa’s state-owned insurer, Sasria, has informed its clients that it will not cover civil unrest claims related to a potential total collapse of the national electricity grid. The move, as reported by Business Day, follows pressure from th...
Posted: May 10, 2023
Analysts at insurance research firm ALIRT have warned that insurers in the Florida market face a “no-win situation” when they come to renew their reinsurance this year. The firm notes that rates at the upcoming June reinsurance renewals are estima...
Posted: May 10, 2023
Chubb, a global property and casualty insurer, has announced the appointment of Mark Homan as the Division President of International Property and Casualty (P&C) for Overseas General Insurance, its international general insurance operations. H...
Posted: May 10, 2023
White Mountains has released its first quarter results for 2023, reporting that its Ark partner firm saw gross written premiums (GWP) rise 28%, and an improved combined ratio of 94% when compared to the 100% reported in the same period last year....
Posted: May 10, 2023
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurer Swiss Re, has announced the appointment of Adrian Hall as Head UK, Ireland, South Africa and EMEA Wholesale. Hall, who is currently Head Canada at Swiss Re Corporate Solutions...
Posted: May 10, 2023
ProAssurance Corporation reported a net loss of $6.2 million in first quarter of 2023, compared with $3.6 million in Q1’22. The specialty insurer posted an operating loss of $8.1 million, compared with $7.7 million a year ago. The gross prem...
Posted: May 10, 2023
Heritage will continue to limit the amount of new business it writes as it works to finalise its 2023 catastrophe reinsurance program, Chief Executive Officer (CEO) Ernie Garateix has reported. Garateix provided some commentary on his company’s up...
Posted: May 10, 2023
Assured Guaranty, a financial guaranty insurer, has reported a net income of $81 million for the first quarter of 2023. The income figure represented an improvement on the $66 million the company recorded in the same period last year. Moreover, As...
Posted: May 10, 2023
AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “ccc-” (Weak) from “bb” (Fair) and associated Long-Term Issue Ratings (Long-Term IRs) of Hallmark Financial Services, Inc. The ratings reflect Hallmark’s balance sheet st...
Posted: May 10, 2023
RenaissanceRe has announced the company’s collaboration with Moody’s Analytics to benchmark the environmental impact of risks within its underwriting portfolio. The initiative combines Moody’s sustainability and financial data, models, and a...
Posted: May 10, 2023
Independent insurance distribution firm BRP Group has reported a net loss of $14.1 million in the first quarter of 2023, compared to a net income of $22.8 million reported in the same prior-year period. The group also said that its revenue increas...
Posted: May 10, 2023
Specialist re/insurer Apollo has announced the appointment of Angus Winther as the new Chair of the Apollo Syndicate Management Limited (ASML) Board, pending regulatory approval. This move comes as Julian Cusack, ASML Chair, retires from his posit...
Posted: May 10, 2023
Alex Wareham has been appointed to the role of Underwriter, Marine & Energy Reinsurance at AXIS Capital. He joins the firm from Lancashire Insurance Group, where he most recently served as a Marine Underwriter. Prior to Lancashire, Wareham spe...
Posted: May 10, 2023
Lincoln Financial Group has reported a net loss available to common stockholders for Q1 2023 of $909 million, compared to net income available to common stockholders in Q1 2022 of $1.481 billion. The company reported the reason for this net loss w...
Posted: May 10, 2023
French property and casualty (P&C) insurers are currently facing credit negative increase in drought losses this year amid forecasts of prolonged warm and dry weather. On 24th April, the French meteorological service Meteo France said it saw a...
Posted: May 10, 2023
Financial services holding company Ambac has reported a net loss of $33.4 million for the first quarter of 2023, having reported a positive income result of $2.0 million for the same period last year. This was despite Ambac more than doubling its...
Posted: May 10, 2023
Starr Insurance Companies has expanded its presence in Malaysia by establishing a Labuan Branch (Starr Labuan) of Starr International Insurance (Singapore) Pte. Ltd., a non-life insurer organised under the laws of Singapore. Starr Labuan has secur...
Posted: May 10, 2023
Specialty insurance firm Skyward Specialty Insurance Group has published its first quarter of 2023 results, reporting a net income of $15.6 million and an improved combined ratio of 90.2%. In the same period last year, the insurer reported a net i...
Posted: May 10, 2023
Federation of European Risk Management Associations (FERMA) has called upon the insurance industry to adopt a more collaborative approach to cyber insurance in order to strike a balance between the risk appetite of the market and the coverage requ...
Posted: May 10, 2023