Reinsurance News
Specialty insurer RLI has reported underwriting income of $67.9 million on a combined ratio of 77.9% for the first quarter of 2023, as well as a 16% increase in gross premiums written. This compares with $59.5 million underwriting income also on a...
Posted: Apr 20, 2023
Bermuda-based insurer and reinsurer, Aspen Insurance Holdings, has reported a 10% rise in gross written premiums (GWP) and an improved underwriting income in its full year results despite an array of economic, environmental, and geopolitical chall...
Posted: Apr 20, 2023
Reflecting on reinsurers’ performance over 2022, analysts at global professional services firm Aon note that investment losses “weighed heavily” on results, but they also assure that the sector outlook is set to improve as volatility eases. The br...
Posted: Apr 20, 2023
Bermuda-based specialty P&C insurer Argo has announced that its shareholders have voted to approve an agreement for the company to be acquired by Brookfield Reinsurance, the operator of a financial services business providing capital-based sol...
Posted: Apr 20, 2023
US specialty insurance group Assurant expects to record roughly $50 million pre-tax, or $39 million after-tax, of catastrophes losses in its global housing segment for first quarter 2023. Most of the losses from catastrophic events that needed to...
Posted: Apr 20, 2023
Berkley Program Specialists, a Berkley company, has announced that it has entered into a new underwriting partnership with national insurance program manager, Distinguished Programs, to provide Package coverage for community associations. The comp...
Posted: Apr 20, 2023
Auto insurers may be forced to evolve from traditional offerings to ‘mobility protection’, as urban consumers adopt new mobility solutions that include Autonomous, Connected, Electric, and Shared (ACES) multi-modal options, suggests a joint report...
Posted: Apr 20, 2023
Pop Group Holdings (POP) announces that it has received its first external strategic minority investment from private equity fund Direct Capital. POP launched in 2018, comprises of specialist M&A and financial lines MGA Fusion Specialty, and d...
Posted: Apr 20, 2023
Global reinsurance giant Swiss Re has appointed Mohit Pande as Chief Underwriting Officer, Property. Based in New York, Pande brings more than 20 years of industry experience towards his new role, 17 of which he has spent working at Swiss Re. Pand...
Posted: Apr 20, 2023
Global natural catastrophe economic losses reached an estimated $77bn in the first quarter of 2023, with public and private insurance entities covering at least an estimated $22bn of that total, resulting in a 72% or $55bn protection gap, Gallaghe...
Posted: Apr 19, 2023
German reinsurance giant Hannover Re has, after careful consideration, opted to leave the Net-Zero Insurance Alliance (NZIA), making it the third high profile re/insurer to leave the UN-convened alliance in less than a month. Hannover Re joins NZI...
Posted: Apr 19, 2023
Trean Insurance Group has announced that its stockholders have approved the merger agreement entered into by the firm with affiliates of Altaris. According to Trean, the proposal to adopt the merger agreement and approve the merger was supported b...
Posted: Apr 19, 2023
Munich Re Specialty Insurance (MRSI), a division of German reinsurance giant Munich Re, has named Sabrina Hart as President and CEO, effective May 1. Hart, who served as interim CEO since January 2023, will report to former CEO Michael Kerner and...
Posted: Apr 19, 2023
Primary insurance group The Travelers Companies, Inc. has reported net income of $975 million for the first quarter of 2023, which also included an elevated level of catastrophe losses of $535 million pre-tax and a one-time tax benefit of $211 mil...
Posted: Apr 19, 2023
Specialist insurance and reinsurance broker BMS Group has entered into an agreement to acquire West Australian specialist broker Western United Financial Services (WUFS). The terms of the transaction have not been disclosed. Founded in 2002, WUFS...
Posted: Apr 19, 2023
Global specialty re/insurer Canopius has announced that it will begin to underwrite cannabis-exposed risks for privately owned and not-for-profit organizations in US states where medical and recreational adult-use is legal. Coverages include Direc...
Posted: Apr 19, 2023
Insurity, a provider of cloud-based software for insurance carriers, brokers, and MGAs, has announced the launching of its Sure Underwriting Workbench in the London market. The software’s low code, configurable rules engine will enable London mark...
Posted: Apr 19, 2023
Lloyd’s global re/insurer MS Amlin has expanded its Risk and Compliance functions with two key senior hires. The firm has appointed Ruth Adamson as Head of Insurance and Financial Risk, and Kevin Ball as Head of Compliance. Both new hires will joi...
Posted: Apr 19, 2023
QBE European Operations, part of QBE Insurance Group, has appointed financial services industry leader Sir Keith Skeoch as Non-Executive Chairman. In his new role, he will work closely with Jason Harris, CEO, QBE International to drive forward QBE...
Posted: Apr 19, 2023
Vienna Insurance Group (VIG) reported total premium volume of €12.6 billion for FY22, up 14.1% from the year-ago figure of €11.0 billion, confirming the preliminary figures announced on March 15. The company noted that the amount includes the Aego...
Posted: Apr 19, 2023
Antitrust fears have weakened the Net-Zero Insurance Alliance (NZIA) and impacted the success re/insurers’ decarbonization plans, Moody’s analysts stated in a recent report. In the last few weeks, global re/insurers Munich Re and Zurich anno...
Posted: Apr 19, 2023
The Insurance Council of Australia (ICA) has raised its estimate of insured losses from the devastating Eastern Australia floods that occurred over February and March in 2022 to AUD 5.81 billion, based on more than 240,000 claims lodged. This repr...
Posted: Apr 19, 2023
Hiscox Re & ILS, the reinsurance and insurance linked securities arm of Hiscox, has announced that it has appointed Minesh Shah as its new Director of Underwriting Risk. Shah will join the firm on May 1, 2023. Within his new role, he will be r...
Posted: Apr 19, 2023
The Texas Windstorm Insurance Association (TWIA) needs to procure $1.043 billion of new traditional reinsurance limit at the mid-year renewals to take its 2023 tower to the 1-in-100 level of $4.508 billion, with the Board recently declining an ind...
Posted: Apr 19, 2023
The constituents of Aon’s Reinsurance Aggregate (ARA), who collectively underwrite more than 50% of the world’s life and non-life reinsurance premiums, reported strong growth in P&C premiums in 2022, driven by higher pricing and strong demand...
Posted: Apr 19, 2023