Reinsurance News
Universal Insurance Holdings has reported a net income of $25.1 million for the fourth quarter of 2022, up from a net loss of $48.1 million in the prior year quarter. The company also reported an adjusted net income of $22.1 million, up from adjus...
Posted: Feb 24, 2023
The Board of Directors of White Mountains, a Bermuda-domiciled financial services holding company, has elected Weston M. Hicks as a director of the company. Previously Hicks served as President and Chief Executive Officer (CEO) of Alleghany Corpor...
Posted: Feb 24, 2023
French insurer AXA has reported a number of changes to its natural catastrophe reinsurance programme for 2023 when compared with last year, including higher retentions and a new quota share arrangement for the London Market as AXA XL Re targets fu...
Posted: Feb 24, 2023
Markel International, a subsidiary of Markel Corporation, has appointed Paul Hutchins as a senior underwriter for its warranty and indemnity (W&I) underwriting team, reporting to Bryan Dressler, Head of W&I at Markel International. Markel...
Posted: Feb 24, 2023
Bermuda-headquartered re/insurer SiriusPoint has reported a full year net loss of $403 million, with a net loss in Q4 alone of $27 million. The firm’s combined ratio for the year sat at 96.4%, down from 109.1% in 2021, while full year underw...
Posted: Feb 24, 2023
A new report from Bloomberg Intelligence suggests that, despite charging on average 12% more to provide cover for electric vehicles, auto insurance premiums in the UK still do not account for the much higher claims cost of electric vehicles. Analy...
Posted: Feb 24, 2023
Crum & Forster (C&F) Accident & Health, a Fairfax Holdings insurance company, has announced the acquisition of Partners Managing General Underwriters (PMGU), a medical stop loss insurance agency. The acquisition marks C&F’s latest...
Posted: Feb 24, 2023
Re/insurance broker Aon has advised the trustees of The Wiltshire (Bristol) Limited Retirement Benefits Scheme on a £15 million full pension scheme buy-in with Just Group, covering the pension liabilities of over 150 pensioner and deferred members...
Posted: Feb 24, 2023
Starting with its North American Property team, global re/insurance broker Howden has adopted the use of the Whitespace Platform to drive its data-first approach. Howden states it has embraced this digital integration so that risks created in its...
Posted: Feb 24, 2023
Pro MGA Global Solutions, the independent managing general agent (MGA) incubation division of global re/insurance provider Pro Global Holdings Limited (Pro), has announced partnership with new specialist MGA, Casper Specialty UK Limited and Casper...
Posted: Feb 24, 2023
AXA XL has announced that it has made a series of regional and zonal leader appointments for its Fine Art & Specie (FAS) business. The firm has appointed Casey Santangelo as Head of Fine Art & Specie, Americas. Santangelo joins AXA XL with...
Posted: Feb 24, 2023
One80 Intermediaries, a specialty insurance broker headquartered in Boston, has entered the employee benefits space with the acquisition of Executive Benefits Group (EBG). Terms of the deal were not disclosed. Based in Charlotte, North Carolina, E...
Posted: Feb 24, 2023
Munich Re has disclosed details of its retrocession program for 2023, showing that it shrunk its coverage somewhat amid the capacity squeeze of the January renewals. The reinsurer cited “a very challenging market environment” at 1/1 but said that...
Posted: Feb 23, 2023
P&C insurer Chubb has revealed the name of its new global climate business unit launched in January 2023: Chubb Climate+. It has also announced the appointment of three executives who have joined the business unit’s leadership team. The...
Posted: Feb 23, 2023
Roosevelt Road Capital Partners (RRCP) has reached an agreement to buy back R&Q Insurance Holdings’ 40% stake in New York-based MGA Tradesman. R&Q announced this morning that the total consideration is $47 million, subject to post-cl...
Posted: Feb 23, 2023
Global professional services firm Aon, has announced the launch of a new probabilistic catastrophe model to quantify loss potential for earthquake risk in Canada. Developed by the broker’s Impact Forecasting team, the model represents the outcome...
Posted: Feb 23, 2023
Prosperity Group Holdings has announced it is withdrawing its proposal to acquire American Equity, with the firm noting that it has no interest in continuing to pursue its proposed transaction at this time. In December last year, American Equity c...
Posted: Feb 23, 2023
Liberty Mutual Holding Company Inc., (LMHC) and its subsidiaries has reported net income attributable to LMHC of $612 million for the fourth quarter of 2022, a 15.2% decrease from $722 million from the prior year quarter. Net written premium (NWP)...
Posted: Feb 23, 2023
Aon, a global professional services firm, has announced two senior appointments to strengthen its political violence & terrorism team. Tony Day has been named Head of Crisis Management and Julia Dickson has been appointed as Head of War and Te...
Posted: Feb 23, 2023
Lemonade has reported a 64% increase in in-force premium for the fourth quarter of 2022, alongside improvements in its loss ratios and a narrower net loss. Premiums totalled $625.1 million at the end of Q4, with Lemonade attributing the increase t...
Posted: Feb 23, 2023
Marine insurance provider Skuld has reported a highly successful renewal of its protection and indemnity (P&I) policies for 2023/24, with mutual P&I gross tonnage increasing by 7.8% to a record 103.3 million. The firm states that all mutua...
Posted: Feb 23, 2023
CoreLogic, a global provider of property information, analytics, and data-enabled solutions, has estimated that the devastating earthquakes that recently struck Turkey will cause insurable damage of $5 billion. On February 6, an earthquake with a...
Posted: Feb 23, 2023
The Lloyd’s Market Association (LMA) has announced the launch of the Chief Underwriting Officers’ (CUO) Committee, which will represent the views of the managing agents on issues of strategic importance to Lloyd’s. The committee will also provide...
Posted: Feb 23, 2023
Catastrophe risk modeller Moody’s RMS anticipates economic losses from the two February 6th earthquakes in southern Turkey to surpass $25 billion, with insurance and reinsurance industry losses likely to exceed $5 billion. These estimates fr...
Posted: Feb 23, 2023
Greg Roberts, Chief Underwriting Officer (CUO) Conduit Re, says he expects strong reinsurance market conditions to persist for “the medium-term, if not longer”, as companies continue to contend with economic challenges and growing catastrophe loss...
Posted: Feb 23, 2023