Reinsurance News
Chris Chainey, Chief Financial Officer of Toka Tū Ake EQC, has said that he does not expect the recent flooding and cyclone events that impacted New Zealand to trigger its reinsurance protection. Speaking to our ILS-focused sister publication, Art...
Posted: Feb 20, 2023
“Recent news that Argo Group had finally found a buyer in Brookfield Reinsurance reminds us very much of the sale of Aspen to Apollo in early 2019, the parallels are interesting,” say analysts at insurance research firm ALIRT. The anal...
Posted: Feb 20, 2023
Kuwait Reinsurance Company K.S.C.P (Kuwait Re) has reported net profit after tax of US $26.03 million for the year 2022, an increase of 25% as compared to $20.85 million in the previous year. The company’s underwriting results also improved by 20%...
Posted: Feb 20, 2023
US insurance brokerage firm PCF Insurance Services (PCF) has secured a $500 million preferred equity investment in a transaction co-led by Carlyle’s Global Credit platform and private equity firm, HGGC. PCF also received significant investme...
Posted: Feb 20, 2023
Rating agency AM Best has decided to place the ratings of French state-owned reinsurer CCR RE under review, after parent company CCR said it had entered into negotiations to transfer control of the business. If agreed, a sale of approximately 70%...
Posted: Feb 20, 2023
Allianz Asia Pacific has reported that full year Property & Casualty operating profits were up 8% to €141 million, with total revenues up 17% to €1.7 billion. According to Aaron Fryer, Regional Chief Financial Officer, Allianz Asia Pacific, th...
Posted: Feb 20, 2023
Auto and home insurance rates in the US lagged behind the inflation rate in 2020 and 2021, laying the groundwork for the premium increases which occurred last year and will continue into 2023, according to the Insurance Information Institute (Trip...
Posted: Feb 20, 2023
MS Reinsurance has announced the appointments of Marcus Pollak as Head of Underwriting Operations, Benedikt Schmid as Chief Information and Data Officer, Susanne Gnädinger as Chief Transformation Officer, and Stefan Behr as Head of EMEA Group Clie...
Posted: Feb 20, 2023
Reinsurance giant Swiss Re has appointed Monica Ningen as CEO of US P&C Reinsurance, with Jolee Crosby set to take over Ningen’s former role as President & CEO of Swiss Re Canada & English Caribbean. As the new head of US P&C, Ning...
Posted: Feb 20, 2023
Allianz Global Corporate & Specialty (AGCS) is targeting growth in its Delegated Authority, Portfolio & Facility business by establishing a new market-facing team, based in London. AGCS launched a dedicated team “Delegated Authority, Portf...
Posted: Feb 20, 2023
Independent specialist re/insurance broker BMS has announced the addition of Andrew Hutchings and Louise Rothschild to its cargo team. Hutchings and Rothschild will be responsible for building out dedicated cargo and stock throughput activities fo...
Posted: Feb 20, 2023
Westfield Specialty has appointed Argo’s Lina Hantas as Senior Executive Officer of its Dubai office. Hantas joins the firm after spending 11 years at Argo, where she served in a variety of leadership roles, including Chief Underwriting Officer, a...
Posted: Feb 20, 2023
Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re, has asserted that adequately pricing in the effects of climate change to its policies is a “complete priority” for the reinsurer. His comments came as part of a media call held alon...
Posted: Feb 17, 2023
Venbrook Group, a large independent insurance distribution and services firm in the US, has announced the appointment of Bryan Meyer as Executive Vice President, Programs for Venbrook Specialty Services, LLC, a wholly-owned subsidiary. Meyer holds...
Posted: Feb 17, 2023
AIG Chairman and Chief Executive Officer (CEO) Peter Zaffino has said that his company plans to “increase investment” in its assumed reinsurance business in 2023, particularly through Validus Re, following a “compelling” January renewal period. Sp...
Posted: Feb 17, 2023
Life and annuity insurer American Equity (AEL) has reported Q4 2022 net loss available to common stockholders of $29.4m in Q4 2022, compared to a net income of $82.2m, for Q4 of 2021. AEL also announced it had ceded $352m of flow reinsurance to Br...
Posted: Feb 17, 2023
Corebridge Financial, one of the largest providers of retirement solutions and insurance products in the US, has reported a net loss of $0.6bn in its Q4 2022 results, a 118% decrease compared to the prior year quarter. According to the company, th...
Posted: Feb 17, 2023
S&P Global Ratings has forecasted Latin America’s economic growth to stagnate this year, which will weigh on insurers’ business and operating conditions. According to the credit rating agency, this prediction reflects analysts̵...
Posted: Feb 17, 2023
According to an Issues Brief from the Insurance Information Institute (Triple-I), a new Florida law and proposals announced this week have the potential to reduce the cost of homeowners insurance in the state. Addressing Florida’s Property/Casualt...
Posted: Feb 17, 2023
Specialty re/insurer Brit has published its full year results for 2022, reporting a “strong and robust” underwriting result with a profit of $95.4m with a combined ratio of 96.6%, compared to the $90.6m reported in 2021 with a combined ratio of 95...
Posted: Feb 17, 2023
Fairfax Financial Holdings has reported fiscal year 2022 net earnings of $1,147.2 million, compared to 2021’s $3,401.1 million. However, gross premiums written for the fiscal year rose to $27,912.6 million, from 2021’s $23,910.2 million. For the f...
Posted: Feb 17, 2023
Homeowners insurtech Kin Insurance has reported gross written premium (GWP) of $227.5 million in its full-year results, representing a 117% increase in year-over-year growth from 2021’s $104.8 million. Gross profit for the full-year was $68.2 mill...
Posted: Feb 17, 2023
Australian headquartered insurer QBE has reported a net profit of $770m in its full year 2022 results, a $20m increase from the previous year. Adjusted cash profit after tax increased to $847m from $805m in 2021, resulting in an adjusted cash retu...
Posted: Feb 17, 2023
Allianz has reported a 5.7% increase in operating profit for 2022, ending the year at €14.2 billion as improved performance in both its property and casualty (P&C) and life and health (L&H) segments boosted results. Operating profit for th...
Posted: Feb 17, 2023
European P&C run-off specialist Marco Capital has announced the acquisition of UK-based Navigators International Insurance Company (NIIC) from The Hartford. NIIC is authorised by the Prudential Regulation Authority and the Financial Conduct Au...
Posted: Feb 17, 2023