Reinsurance News
Crawford & Company, a provider of claims management solutions, has reported that its net income more than halved from $11.8 million in the second quarter of 2021 to $5.8 million for the same period this year. Income shrank in part due to a los...
Posted: Aug 09, 2022
Florida-based insurtech HCI Group has reported a net loss of $8.5 million in the second quarter of 2022, compared to a net income of $3.8 million in the same period last year. Adjusted net loss was $5.4 million for the quarter, compared to an adju...
Posted: Aug 09, 2022
Rating agency AM Best has upgraded Singapore Re’s Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) from “a-” (Excellent), and gave them a stable outlook. According to the rati...
Posted: Aug 09, 2022
A letter from Lemonade to its shareholders says that in-force premiums (IFP) with the firm have risen 54% year on year to reach $458m in Q2 2022. The insurer said that (IFP) stood at $297m in Q2 2021 and at $155m in Q2 2020. Gross earned premiums...
Posted: Aug 09, 2022
Enstar Group has announced that it has entered into a major loss portfolio transfer (LPT) deal with specialty insurance underwriter Argo Group International Holdings. Under the terms of the LPT, Enstar will reinsure a number of Argo’s direct...
Posted: Aug 09, 2022
Digital platform Aurora has appointed Carla Havemann to be its new heard of partnerships and strategy. The company said in a statement that Havemann would help drive the design and development of the company’s partnership ecosystem ahead of the la...
Posted: Aug 09, 2022
AIG is reporting that it general insurance combined ratio improved by 5.1 points in Q2 2022, compared to the same period in 2021. The firm said in a statement that this was its first sub-90% combined ratio in a decade-and-a-half. Meanwhile, its ge...
Posted: Aug 09, 2022
Obsidian Insurance Group has appointed insurance industry veteran Scott Palladino as Chief Business Development Officer. Palladino joins Obsidian from Clear Blue where he served in a similar role, and was also one of the original members of the ma...
Posted: Aug 09, 2022
Global insurance and reinsurance brokerage Gallagher has acquired specialist crisis and risk management consultancy, AnotherDay. Founded in 2016, AnotherDay is a UK-based risk management consultancy, helping organisations pre-empt and prepare for...
Posted: Aug 09, 2022
Reinsurer Munich Re has announced a profit of €768 million and €1.4 billion for the second-quarter and first half of 2022, respectively, driven by a solid performance across the Group as it took advantage of growth opportunities at the mid-year re...
Posted: Aug 09, 2022
US based Truist Insurance Holdings, a Truist Financial Corporation subsidiary, has signed a definitive agreement to acquire BenefitMall, a general agency broker services, from funds managed by global investment firm Carlyle. According to the annou...
Posted: Aug 09, 2022
Carpe Data, an emerging and alternative data provider for the insurance industry has appointed William Magowan Chief Revenue Officer, assuming the role after Jim Andrews was appointed Carpe Data’s Chief Customer Officer. Magowan brings 20 ye...
Posted: Aug 09, 2022
NuVenture International has announced the launch of its third managing general agent (MGA), Product Recall insurance specialist, BluNiche. BluNiche was founded by Product Recall insurance veteran, and former Senior Class Underwriter at Talbot Unde...
Posted: Aug 09, 2022
LiveEO has secured €19m in funding, a sum that the firm says is one of the largest investments to date in Earth Observation in Europe. A statement from the firm said the round was led by MMC Ventures and includes €17M of venture capital, as well a...
Posted: Aug 09, 2022
MarketScout data shows that US property and causality (P/C) insurance rates are stabilizing at a composite increase of 5.91% in Q2 of 2022, matching the rate increases of Q1. MarketScout found cyber rates continue to increase the most at 21.3% up...
Posted: Aug 08, 2022
Berkshire Hathaway Specialty Insurance (BHSI) has announced that it has appointed Jake Hesson to the role of Underwriting Manager, Marine for Australasia. The appointment comes as the company has announced that it is expanding into the Commercial...
Posted: Aug 08, 2022
Cyber insurance and security provider, Coalition, has appointed Jim Young as its first Chief Financial Officer (CFO) after raising $250m in a Series F funding round. According to Coalition, as first-ever CFO, Young will play a critical role in sca...
Posted: Aug 08, 2022
The Central Bank of Ireland has commenced a public consultation on proposals to introduce guidance on climate change risks for the insurance sector. The proposed guidance aims to clarify the Central Bank’s expectations on how (re)insurers address...
Posted: Aug 08, 2022
FM Global policyholders are to receive $300m in what the company calls a ‘first of its kind’ offering to be known as a ‘resilience credit’. According to the firm, the credit has the potential to help those organisations reduce total loss expectanc...
Posted: Aug 08, 2022
Argenta has said that it is to cease writing new and renewal business in Singapore with immediate effect. The firm said that the decision followed a strategic review and a decision by the Argenta Syndicate Management to re-allocate capacity to oth...
Posted: Aug 08, 2022
Ark is reporting that gross written premiums jumped from $328m to $404m between Q2 2021 and Q2 2022, with net written premiums rising from $262m to $270m between the same two points alongside an increase in net earned premiums from $118m to $217m....
Posted: Aug 08, 2022
Fitch Ratings has downgraded Wilton Re’s Insurer Financial Strength (IFS) ratings amidst revision in ownership uplift. Wilton Re’s IFS rating has been downgraded to ‘A’ from ‘A+’. Fitch has also downgraded Wilton Re’s Long-...
Posted: Aug 08, 2022
CapSpecialty, a wholly-owned subsidiary of Alleghany Corporation, has announced that Jack Sennott is stepping down from his roles as CEO, President and Chair, effective August 31. Current Head of Specialty Underwriting, Adam Sills, has been named...
Posted: Aug 08, 2022
Strategic Risk Solutions (SRS) has acquired Southern Cross, an insurance management services provider based in South Africa. At the same time, founder and Chief Executive Officer (CEO) of Southern Cross, Terry Petyt joins SRS as Managing Director...
Posted: Aug 08, 2022
AM Best has assigned a Financial Strength Rating of A- and a Long-Term Issuer Credit Rating of “a-” to four subsidiaries of the Everspan Group. Providence Washington Insurance Company is considered part of the Everspan Group rating unit based on i...
Posted: Aug 08, 2022