Reinsurance News
Premiums in the federal multi-peril crop insurance (MPCI) program surged in 2021 to a record high of $14.9bn, an increase of nearly 40% over the previous year, according to an AM Best report. The new report, US Crop Writers Benefit From Rising Com...
Posted: Aug 01, 2022
Commercially available catastrophe models are still not properly reflecting the impacts of climate change as an evolving phenomenon, according to RenaissanceRe’s Kevin O’Donnell. Speaking on an earnings call following the release of RenRe’s Q2 res...
Posted: Jul 29, 2022
Coface has reported H1 2022 income of €144.4m in its latest results. According to the Paris-based firm, it saw turnover in the period of €895m. The insurer said in a statement that Trade Credit Insurance premiums were growing by 16.1%, growth that...
Posted: Jul 29, 2022
Global reinsurance broker, Gallagher Re, has appointed veteran Kelli Morash as Executive Vice-President in North America. Morash will be based in Dallas, Texas, where as a senior sales leader, and part of the newly established NA sales vertical, w...
Posted: Jul 29, 2022
US property and casualty insurer, The Hartford, reported a net income of $437 million for the second quarter of 2022, after falling from $900 million in the 2021 period. According to the insurer, this was primarily due to a $485 million, before ta...
Posted: Jul 29, 2022
Mulberri, a pioneering insurtech and business insurance platform for modern PEOs and brokers, has announced that it has raised a $4 million Series Seed led by a consortium that includes Hanover Technology Management, MS&AD Ventures, and Altamo...
Posted: Jul 29, 2022
Insurance and reinsurance broker Howden has signed an agreement to acquire broker firm CRF. The firm said in a statement that this was its first acquisition in France since appointing Nicolas Aubert as CEO of Howden France. CRF was founded in 1999...
Posted: Jul 29, 2022
AXIS CEO Albert Benchimol has maintained that his company’s decision to significantly pull back from property and catastrophe reinsurance lines does not reflect any particular view on present market conditions. Rather, AXIS has decided that the vo...
Posted: Jul 29, 2022
Reinsurance broker Gallagher has reported 35% growth in net earnings across the company during Q2 2022, ending the period with $53 million of annualised revenue. Patrick Gallagher, Jr., Chairman, President and CEO, said: “We had an excellent...
Posted: Jul 29, 2022
Specialty re/insurance group Ascot and broker Marsh have launched a marine cargo and war facility, which will provide coverage for vital grain and food products transitioning through safe corridors established by the newly signed Black Sea Treaty...
Posted: Jul 29, 2022
Insurance and reinsurance broker Aon has announced total organic revenue growth of 8% to $3 billion in the second-quarter of 2022, on the back of growth in all business segments including a notable 9% rise in organic revenue within its Reinsurance...
Posted: Jul 29, 2022
Executives at reinsurance giant Swiss Re have said this morning that while conceptually the Blockchain Insurance Industry Initiative (B3i) remains an interesting opportunity, it didn’t seem like it was going to be profitable and required an...
Posted: Jul 29, 2022
Fairfax Financial Holdings has announced a net loss of $881.4m in Q2 2022 after net earnings of $1,201.4m in the same period the year before. Concurrently, the firm is reporting increases of 27.5% and 40.5% year on year between Q2 2021 and Q2 2022...
Posted: Jul 29, 2022
AXA XL, the property & casualty and specialty risk division of AXA, has promoted Christopher Lee to lead its Excess & Surplus property insurance business. Based in New York, Lee will be responsible for the underwriting management of AXA XL...
Posted: Jul 29, 2022
The Insurance Council of Australia (ICA) says that more than $2bn has been paid out to customers impacted by the flooding in February and March that hit south-east Queensland, the Northern Rivers, and other parts of new South Wales. According to t...
Posted: Jul 29, 2022
Liberty Mutual Insurance has completed its acquisition of Malaysian insurer AmGeneral, following regulatory approval and signing a purchase and sale agreement with AmBank. The merged entity will enter into an exclusive 20-year partnership with AmB...
Posted: Jul 29, 2022
Specialty insurer Brit has reported a loss of $186.9 million for the first half of 2022, compared with income of $204.3 million a year earlier, as a negative return on assets more than offset an improved underwriting result in the period. Across t...
Posted: Jul 29, 2022
Property and casualty insurance company, The Hanover Insurance Group, has announced the launch of its Hanover i-on Sensor Program, aimed to help reduce business losses. According to the announcement, it will offer a robust set of technology-based...
Posted: Jul 29, 2022
The cost of a once-in-200-year flood event could escalate by 42% to £5bn by the middle of the century under an intermediate emissions scenario, according to a new report from JBA Risk Management. The report also finds that, in a scenario in which...
Posted: Jul 29, 2022
Global reinsurance giant Swiss Re has reported a year-on-year decline in net income to $157 million for the first half of 2022, driven mostly by a lower investment result and reserves booked for the war in Ukraine in the first quarter. For H1 2022...
Posted: Jul 29, 2022
Resilience, an industry leader in cyber insurance and security solutions, has announced five senior executive appointments, as the company continues its global expansion in the UK & Europe. Industry veteran, Simon West has been appointed as Cy...
Posted: Jul 29, 2022
UK motor insurance premiums still lag claims inflation, analysts at investment bank Jefferies have reported. Motor insurance premiums were +9.5% higher in June 2022 year-on-year, according to Jefferies’ own tracker, based on monthly ONS data. Yet,...
Posted: Jul 29, 2022
Eigen Technologies, the intelligent document processing (IDP) provider, says it is helping insurers to make data useful and increase operational capacity. Eigen’s makes “no-code” software, allowing non-programmers to customise it to their needs th...
Posted: Jul 29, 2022
Insurer Sompo International Holdings has anchored Wejo’s self-arranged $15.9m private investment in public equity (PIPE) investment in the latter, according to an announcement. According to Richard Barlow, founder and CEO of Wejo – a British...
Posted: Jul 29, 2022
Florida’s Office of Insurance Regulation has made contingency plans to establish a temporary reinsurance arrangement through Citizens Property Insurance Corporation in the event of a “disruptive” financial rating downgrade from Demotech. Last week...
Posted: Jul 28, 2022