Reinsurance News
AIG reports Q1 net income of $1.2bn, GI CoR improves to 89.8%
2nd May 2024
In its Q1 2024 results, AIG has reported net income attributable to its common shareholders of $1.2 billion, marking a massive improvement compared to the $23 million recorded in the prior year quarter. According to AIG, the increase in net income was primarily driven by net realized gains on Fortitude Re ... Read the full article
Florida market in a much better place ahead of renewals but RenRe remains cautious: CEO O’Donnell
1st May 2024
Bermuda-based reinsurer RenaissanceRe (RenRe) is seeing additional demand for reinsurance in Florida, but while the company also anticipates good discipline from the market at the June 1 renewals and feels the Florida market is in a better place, it remains cautious. Speaking recently during RenRe's Q1 2024 earnings call, executives ... Read the full article
Canopius Re hires DeCouto & Morgan as CUO & CFO in Bermuda
1st May 2024
Global specialty lines re/insurer Canopius has bolstered its senior leadership team in Bermuda by hiring Jesse DeCouto as Chief Underwriting Officer (CUO) and Tonia Morgan as Chief Financial Officer (CFO) of Canopius Reinsurance Limited (Canopius Re). According to the announcement, Morgan takes up her new role on July 1, succeeding Teresa ... Read the full article
Neptune Flood to enhance AI-driven flood insurance solutions with new acquisition
2nd May 2024
Private flood insurance company Neptune Flood has acquired Charles River Data, a renowned Boston-based data science consulting group, marking a significant milestone in the company’s growth strategy. According to the announcement, this strategic move aims to bolster Neptune Flood's Triton underwriting system through advanced data science, machine learning, and artificial intelligence ... Read the full article
Insight bolsters NA Distribution team with three senior hires
2nd May 2024
Specialist fixed income investment manager Insight Investment has made three senior hires within its North America Distribution team, naming Ryan McMurdie as Director, Insurance Solutions, Sarah Leffel as Associate Director, Institutional, and Anna Danik as Pensions Channel Lead. As Director, Insurance Solutions, McMurdie will have responsibility for defining and executing Insight’s ... Read the full article
Acrisure acquires WH&R McCartney expanding its Scottish footprint
2nd May 2024
Global fintech company Acrisure has announced the acquisition of Scottish insurance broker WH&R McCartney, representing the formation of Acrisure Scotland platform and marking the firm’s growth strategy in the region. Based in Motherwell, WH&R McCartney is a general commercial SME insurance broker operating since 1932 and led by Graeme Robb and ... Read the full article
Selective reports NPW of $1.16bn in Q1’24 results
2nd May 2024
Selective Insurance Group has reported $1.16 billion in net premiums written (NPW) for the first quarter of 2023, marking a notable 16% increase, equivalent to $157 million, compared to the first quarter of 2023. For Q1, Standard Commercial Lines premiums, which account for 80% of the total NPW, experienced a robust ... Read the full article
Top of Allstate’s catastrophe reinsurance tower grows by $1bn for 2024
2nd May 2024
U.S. primary insurer Allstate has revealed it has raised the top of its Nationwide excess catastrophe reinsurance tower for 2024 to just over $7.9 billion, an increase of around $1 billion compared to 2023. Last year, Allstate’s Nationwide Excess Catastrophe Reinsurance Program covered it for losses of up to $6.92 ... Read the full article
MNK Re appoints Giles Ham as Associate Director, Surety
2nd May 2024
MNK Re, an independent broker of specialist risks into Lloyd’s, has appointed Giles Ham as Associate Director, Surety. The appointment will allow MNK Re to expand its international presence in the sector, facilitating coverage for difficult and hard-to-place risks worldwide. The broker stated as a well-known practitioner in the international market, having ... Read the full article
Hiscox Re & ILS grows 19% in Q1 2024 as it continues to deploy capital
2nd May 2024
International specialist insurer Hiscox has announced net insurance contract written premium (ICWP) within Hiscox Re & ILS grew 19.0% as the business continued to seize attractive market opportunities deploying additional capital and new quota share capacity. In Q1 2024, the international reinsurance and insurance-linked securities (ILS) arm of the Hiscox Group ... Read the full article
AXIS sees sharp rise in net income in Q1, CR sits at 91.1%
2nd May 2024
AXIS Capital Holdings Limited has reported a substantial rise in net income for the first quarter of 2024, as it climbed to $388 million from the $173 million figure that the company posted in the first quarter of 2023. Operating income for Q124 sat at $220 million, compared to operating income ... Read the full article
Lancashire’s GPW hit $631.7m in Q1, insurance revenue climbs 24.6%
2nd May 2024
Lancashire Holdings has announced that gross premiums written in Q1 of 2024 increased by 7.8% year-on-year to $631.7 million, while its insurance revenue increased by a huge 24.6% year-on-year to $422 million. As per Lancashire, the reinsurance segment contributed $399.7 million to the Q1 total gross premiums written figure, with the ... Read the full article
Cytora partners with driver risk platform SambaSafety
2nd May 2024
Digital risk processing platform Cytora has partnered with driver risk management platform SambaSafety, in a move that is anticipated to enable commercial insurance underwriters to gain deeper insights when assessing the business risks associated with driving safety records. From what we understand, the integration of driving intelligence data from SambaSafety directly ... Read the full article
InsurTech market sustainability grows as investors spread capital more evenly: Gallagher Re
2nd May 2024
A new report from Gallagher Re has revealed that Q1 2024 global InsurTech funding dropped 17.3% quarter on quarter to $912.3 million, though deal count climbed to 107, indicating that frequency and interest are not waning, but the average check size per deal is decreasing. As per the reinsurance broker's Global ... Read the full article
Ardonagh will acquire Mansutti S.r.l to expand European presence
2nd May 2024
The Ardonagh Group, an independent insurance broker, has announced that it will acquire Mansutti S.r.l, the commercial lines division of Italian insurance broker Mansutti S.p.A. Founded in 1925, Mansutti S.p.A has established a reputation for serving personal customers through the biggest brands and enterprises in Italy. The brokerage has most recently ... Read the full article
Allianz to extend market visibility with LV= Broker rebrand and new leadership appointment
2nd May 2024
Allianz has announced the rebrand of its personal lines broker business from LV= Broker to Allianz, the latest strategic advance for its brand in the UK. Nicola George, who joined the company recently, will lead this part of the Allianz business as managing director. With around 750,000 customers holding an LV= Broker ... Read the full article
AXA Mansard appoints Ayomide Xavier Iyanda as Head Reinsurance
2nd May 2024
AXA Mansard, a member of the AXA Group, has appointed Ayomide Xavier to the position of Head Reinsurance. With five years of experience in the insurance and reinsurance industry, Iyanda brings a wealth of valuable skills to his new position. Before joining AXA Mansard, Iyanda served as a Reinsurance Analyst at Leadway ... Read the full article