Reinsurance News
International insurance broker Howden has acquired Germany’s Franz Gossler Insurance Group to bolster its position as a leading sport, film and entertainment broker in Europe. Franz Gossler Insurance Group was founded in 1970 and is an owner...
Posted: Mar 06, 2023
Analysts at JP Morgan have estimated that total natural catastrophe insured losses in Q1 so far are in the region of $6-8 billion. The analysts write, “Despite there being a month to go in the quarter, losses still feel well below quarterly...
Posted: Mar 03, 2023
Specialist analytics and consulting firm Insurance Capital Markets Research (ICMR) is forecasting that insurance and reinsurance marketplace Lloyd’s will report a sub-90% combined ratio for 2022. Using the reported data of the RISX index constitue...
Posted: Mar 03, 2023
P&C insurer Chubb has appointed industry veteran Steven M. Hill to the role of Executive Vice President, leading Management Liability for the company’s North America Financial Lines division. Hill currently serves as Senior Vice Presiden...
Posted: Mar 03, 2023
Global insurance mergers and acquisitions (M&A) activity saw a 10-year high in 2022, though a marked downturn in H2 as economic pressures began to impact investor sentiment has left the outlook for 2023 somewhat mixed, says global law firm Cly...
Posted: Mar 03, 2023
The Association of Bermuda Insurers and Reinsurers (ABIR) has welcomed Premia Holdings Ltd, a global acquirer and reinsurer of run-off portfolios as a new member. At the same time, Bill O’Farrell, Chief Executive Officer of Premia, has been appoin...
Posted: Mar 03, 2023
HDI Global has announced the opening of a Representative office in Bangkok, Thailand, following regulatory approval from the Ministry of Commerce. The new office will be run by newly appointed Marketing Director, Somchai Trongwisalpattana, who wil...
Posted: Mar 03, 2023
IGI has reported profit of $85.5 million for 2022, nearly doubling its return from the previous year thanks to higher net premiums earned and investment income, together with a lower level of net claims and strong underwriting results. Core operat...
Posted: Mar 03, 2023
Mohammed AlSudairy has been appointed Deputy CEO of Chedid Re KSA. The move is part of the firm’s strategy to expand its business and operations in the Kingdom of Saudi Arabia. The reinsurance broker started business in the Kingdom in 1998. In vie...
Posted: Mar 03, 2023
United Insurance Holdings (UPC Insurance) has reported a $294.9 million net loss for the fourth quarter of 2022, compared to a net loss of $2.3 million from the same period last year. UPC stated that were a number of drivers that contributed to th...
Posted: Mar 03, 2023
Heritage Insurance has reported a Q4 2022 net income of $12.5 million compared to a net loss of $49.2 million in the same quarter of 2021, primarily driven by a $60.5 million non-cash, substantially non-deductible, goodwill impairment charge taken...
Posted: Mar 03, 2023
Inflation is the key concern for European insurance Chief Financial Officers (CFOs) followed by a downbeat economic outlook and market volatility, a Moody’s survey has revealed. CFOs from 22 leading European insurance firms participated in the sur...
Posted: Mar 03, 2023
Insurance broker Howden has announced the acquisition of Reich Insurance Group. Reich is a £100 million GWP business, headquartered in Manchester. The firm serves a variety of UK and international clients, and has over 140 employees. The company i...
Posted: Mar 03, 2023
A recent study by J.D. Power has shown that a combination of severe catastrophic losses, supply chain-related delays, and inflation has conspired to make 2022 the worst year financially for homeowners insurance providers in the past decade. Accord...
Posted: Mar 03, 2023
Arthur J. Gallagher & Co. has acquired Nashville, Tennessee-based Anderson Benson, a retail insurance broker and risk management firm. Anderson Benson was founded in 2012 and has an entertainment niche expertise as well as specialisations in h...
Posted: Mar 03, 2023
Carbon Underwriting Limited, a specialist, independent managing general underwriter (MGU), has appointed Howard Gras as Head of Financial Lines to lead Carbon’s expansion plans in this line of business. Highly experienced in professional indemnity...
Posted: Mar 03, 2023
Re/insurance service provider Xceedance, together with a consortium of investors, has invested a total of $4.1 million in Vitraya Technologies, an India-based technology platform that enables automated claims decision-making for insurers and real-...
Posted: Mar 03, 2023
Ratings agency AM Best has announced that it has placed under review with positive implications the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of Himalayan Reinsurance Limited (Nepal). AM Best stat...
Posted: Mar 03, 2023
A new report from AM Best cites that the latest winter storm that has been affecting Southern California underscores the growing risk of financial volatility that weather-related losses pose for the insurance industry. The report highlights that t...
Posted: Mar 02, 2023
Pen Underwriting has announced that Sarah Breslin, who is currently the firm’s Chief Financial Officer (CFO), has been appointed Managing Director of its Specialty division. Breslin has held the role of CFO since 2020 and is set to take on t...
Posted: Mar 02, 2023
U.S. primary insurer Allstate has raised the top of its Nationwide Excess Catastrophe Reinsurance Program tower to a record high of $7 billion after the placement of a new $100 million catastrophe bond transaction. At this level, it’s the hi...
Posted: Mar 02, 2023
AXA XL Insurance has bolstered its U.S. Mid-Market business with the additions of Bennett Turner as Head of Strategy & Operations and Christopher Fallon as Head of Analytics. Turner joins AXA XL from Liberty Mutual where he most recently led i...
Posted: Mar 02, 2023
Aon Advantage Funds, an affiliated registered investment adviser of Aon, has launched a vehicle to provide corporations new ways to access capital based on the value of their intellectual property (IP), with a $300m commitment from M&G Investm...
Posted: Mar 02, 2023
Bermuda-headquartered re/insurer SiriusPoint and Compre, a global legacy group, have signed an agreement for a ground-up loss portfolio transfer (LPT) which covers approximately $1.3 billion of reserves underwritten by SiriusPoint’s internat...
Posted: Mar 02, 2023
Fortegra, a global specialty insurer and subsidiary of Tiptree Inc., has announced a new collaboration whereby it will provide capacity to newly formed fronting specialist Adlaur LLC. Adlaur is a newly created entity headquartered in New Jersey an...
Posted: Mar 02, 2023