Reinsurance News
Bermuda-based insurer and reinsurer, Everest Re Group, has reported a “strong” start to 2023 with net income of $365 million and an improved combined ratio of 91.2%, while premiums across the group spiked by 17.5%. Net income rose from the $298 mi...
Posted: May 02, 2023
SafePort Insurance Company and SageSure have successfully closed on a $125 million Gateway Re II catastrophe bond, exceeding the initial target by 25% with pricing at the bottom end of initial guidance. “This newly formed cat bond program en...
Posted: May 02, 2023
Applied Underwriters has announced that it is completing the development of EOS, an MGA and technology platform for use by independent agents and brokers in offering the best available healthcare arrangement for their clients’ Medicare needs...
Posted: May 02, 2023
Agam Capital, a New Jersey-based insurance solutions provider, announced the creation of an advisory board of leading insurance executives from around the world. The board will help Agam meet its goal of helping insurance companies deploy their ca...
Posted: May 02, 2023
The Head of Verisk’s Property Claim Services (PCS) business, Tom Johansmeyer, is leaving the firm after 11 years and is set to join Inver Re, the reinsurance broking arm of the Ardonagh Group, as its new Global Head of Index products. Johans...
Posted: May 01, 2023
Global data analytics and technology provider Verisk launched XactXpert, a new rules engine in its Xactimate property estimating solution that enables property insurers to automate and speed up the review of property estimates from days to minutes...
Posted: Apr 28, 2023
Reinsurance Association of America has elected Justin O’Keefe chair, Jim Williamson vice chair and Jon Colello secretary-treasurer of the board. O’Keefe is the Senior VP and Chief Underwriting Officer for North America and Bermuda at Renaiss...
Posted: Apr 28, 2023
B.P. Marsh, a specialist private equity investor in early stage financial services businesses, has completed a management buyout from Verve Risk Services Limited, a London-based club-style Managing General Agency (MGA). According to the announceme...
Posted: Apr 28, 2023
Direct premium flowing through the Delegated Underwriting Authority Enterprises (DUAE) market in the United States continued its significant growth rate in 2022, increasing by 13.8% to $67.6 billion, according to a new report from AM Best. However...
Posted: Apr 28, 2023
Arthur J. Gallagher & Co. has announced its Q1 financial results for 2023. The broker saw growth in brokerage revenue for Q1 to $2.4 billion, which is a rise from Q1 2022 that stood at $2.1 billion. At the same time, the brokerage business saw...
Posted: Apr 28, 2023
German reinsurance giant Munich Re has announced a property and casualty (P&C) reinsurance combined ratio of roughly 86.5% for the first quarter of 2023, despite major losses from natural catastrophe events trending higher than expected. A P&#...
Posted: Apr 28, 2023
With the re/insurance industry having faced two of the costliest events on record within the last year, through both hurricane Ian and the recent earthquakes that struck Turkey, Swiss Re Corporate Solutions’ Head Innovative Risk Solutions Americas...
Posted: Apr 28, 2023
Starr Insurance Companies has announced it is now underwriting property – technical risks business through its own insurance companies. The move marks the conclusion of the company’s 17-year relationship with property and casualty insurer Ch...
Posted: Apr 28, 2023
The Government of the Republic of Madagascar and the World Food Programme have received a combined insurance payout of $1.5 million to support the country’s recovery from Tropical Cyclone Freddy. This payout includes $1.2 million to the Government...
Posted: Apr 28, 2023
ICEYE, a provider of natural catastrophe solutions and insights, released a beta version of Wildfire Insights, a product that uses advanced analytics, machine learning, and satellite imagery to provide building-level impact data for wildfires in n...
Posted: Apr 28, 2023
Global broker Aon’s Reinsurance Solutions arm achieved organic revenue growth of 9% in the first quarter of 2023, as revenue across the group increased by 5%, year-on-year, to $3.87 billion, reflecting organic revenue growth of 7%. This grow...
Posted: Apr 28, 2023
MAPFRE RE, the reinsurance arm of Madrid-headquartered insurer MAPFRE, has reported that premiums, which include the reinsurance and large risks business, grew 8% in Q1 of 2023 to over €2.0 billion. The firm estimated that the cost for the earthqu...
Posted: Apr 28, 2023
Bermuda-based re/insurer Lancashire Holdings Limited has appointed Bryan Joseph as a Non-Executive Director and a member of both the Audit and Underwriting and Underwriting Risk Committees. Overall, Joseph brings more than four decades of industry...
Posted: Apr 28, 2023
Swiss Re in its new report “Decrypting AI for Insurance” has outlined ways in which AI could help achieve the industry’s long-term goals and takes a deep dive into the immediate benefits of AI that can be taken into consideration. The report tried...
Posted: Apr 28, 2023
Cincinnati Financial Corporation has reported a net income of $225 million in Q1 of 2023, compared with a net loss of $266 million in the same period last year. This marks a $491 million increase, which Cincinnati says reflects the after-tax net e...
Posted: Apr 28, 2023
Universal Insurance Holdings has reported a net income of $24.2 million in its Q1 results, up from $17.5 million in the prior year quarter. Adjusted net income was $24 million for the quarter, representing a $4 million increase from last years $20...
Posted: Apr 28, 2023
According to the latest Global Insurance Market Index from Marsh, global commercial insurance pricing rose 4% in the first quarter of 2023, the same as in the prior quarter. This will be the twenty-second consecutive quarter in which composite pri...
Posted: Apr 28, 2023
Munich Re has launched aiSelf™, an “innovative” coverage for users who implement self-developed Artificial Intelligence (AI) solutions in their own companies. “This new cover enables you to mitigate the underperformance, u...
Posted: Apr 28, 2023
Global brokerage WTW has expanded its predictive climate analytics capabilities with the introduction of a new Environmental, Social, and Governance (ESG) initiative. WTW’s Climate Risk Solutions for Corporate Risk & Broking (CRB) North Americ...
Posted: Apr 28, 2023
Cyber insurance provider Cowbell has expanded its partnership with Qualys, a specialist in disruptive cloud-based IT, security and compliance solutions, adding an attack surface intelligence feed from Qualys’ External Attack Surface Manageme...
Posted: Apr 28, 2023