Reinsurance News
April storms expected to increase claims & reinsurance costs for GCC insurers: Moody’s
23rd April 2024
The April storms that struck the United Arab Emirates, Oman, Saudi Arabia and other Gulf Cooperation Council (GCC) countries are expected to "push up" local insurers’ claims and reinsurance costs, say's Moody's. Analysts noted that smaller insurers with more marginal profitability will be most impacted. However, while insurers are expected to only ... Read the full article
Munich Re posts quarterly profit of €2.1bn as P&C reinsurance CoR strengthens
23rd April 2024
Global reinsurer Munich Re has announced a preliminary net profit of €2.1 billion for the first quarter of 2024, as the firm highlights a better than expected operational performance across all lines of business. Munich Re will release its full Q1 2024 results on May 8th, but has today provided some ... Read the full article
Claims paid for New Year’s Day Japan earthquake rise to $492m: GIAJ
23rd April 2024
The General Insurance Association of Japan (GIAJ) has released new insurance claims data for the January 1st M7.5 earthquake that hit near the Noto Peninsula in Ishikawa prefecture, revealing that the claims paid total has risen by around 22% in a few weeks to approximately $492 million (JPY 74.44 billion). Read the full article
Cowbell unveils new GenAI solution to optimize underwriting workflows
24th April 2024
Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), has unveiled Prime Tech with Cowbell Co-Pilot, a generative AI solution built into the underwriting process of Prime Tech. Prime Tech is Cowbell's adaptive cyber insurance offering that combines Prime 250 cyber risk insurance with Technology Errors and Omissions ... Read the full article
Supercede promotes Tom Spier to Chief Commercial Officer
24th April 2024
Supercede, a reinsurance tech firm, has announced the promotion of Tom Spier to the role of Chief Commercial Officer (CCO) following a year of growth. In his new capacity, Spier will spearhead the expansion of Supercede’s go-to-market teams and operations. Jerad Leigh, CEO of Supercede, expresses his enthusiasm for Spier’s promotion, highlighting, ... Read the full article
Ping An’s operating profit rises to $5.3bn in Q1’24
24th April 2024
Ping An has announced a rise in operating profit for Q1 2024 to RMB38,709 million (USD 5.34bn) on the back of a solid performance and growth in both its Property & Casualty (P&C) and Life & Health (L&H) insurance businesses. The Chinese insurers’ P&C segment sustained steady growth and maintained high ... Read the full article
Zurich NA names Higginbotham as Head of Professional Liability & Cyber, US National Accounts
24th April 2024
Zurich North America, the commercial property and casualty insurer, has appointed Kara Higginbotham as the Head of Professional Liability and Cyber for U.S. National Accounts. Higginbotham will report to Brian Zink, the Head of Financial Lines, U.S. National Accounts. She will also continue leading the Corporate Accounts team until her successor ... Read the full article
Chubb acquiring pet insurance MGA from Aon
24th April 2024
Global insurer Chubb has announced its acquisition of Healthy Paws, a managing general agent (MGA) specialising in pet insurance, from insurance and reinsurance broker Aon. Chubb has been the exclusive underwriter of the Healthy Paws pet insurance program for Aon since 2013, establishing a longstanding relationship between the two companies. This ... Read the full article
Parametric re/insurance a natural fit for Asia region: Inver Re’s Johansmeyer
23rd April 2024
With natural disasters being on the rise across developing states in Asia, the implementation of parametric insurance and reinsurance appears to be a natural fit for the region, according to Tom Johansmeyer, Global Head of Index Classes, Inver Re. A recent whitepaper authored by Johansmeyer explains that while traditional insurance usually ... Read the full article
Buy-in & buy-out volumes climb to £28bn in H2’23, Hymans Robertson
23rd April 2024
Hymans Robertson has revealed that the total value of buy-in and buy-out deals completed in the second half of 2023 was just under £28 billion, which means that the total for the year to 31 December 2023 was £49.1 billion, setting an all-time high for both the number and the ... Read the full article
Industry veteran Ginny Inscore joins Topsail Re as a Reinsurance Accountant
23rd April 2024
Cayman Islands-based reinsurer Topsail Re has hired Ginny Inscore as a Reinsurance Accountant. Overall, she brings 18 years of industry expertise working in the reinsurance field as an Assistant Vice President at Willis Re Inc., towards her new role. During her time at Willis Re, she worked in both accounting and claims, as well ... Read the full article
EIOPA’s Hielkema discusses insurers’ vital role in climate change mitigation
23rd April 2024
At the IIF 2024 – ESG in Insurance Conference, Petra Hielkema, Chairperson of the European Insurance and Occupational Pensions Authority, emphasised insurers' pivotal role in combating climate change by educating society, factoring in risks, investing wisely, and promoting resilient behaviours among consumers. The frequency of natural disasters has tripled in the ... Read the full article
W. R. Berkley reports Q1’24 combined ratio of 88.8% as underwriting income rises
23rd April 2024
Property and casualty re/insurer W. R. Berkley Corporation has reported a Q1 2024 combined ratio of 88.8%, including current accident year catastrophe losses of $30.5 million, leading to a 31.8% rise in pre-tax underwriting income to $309 million. The insurer’s gross premiums written (GWP) were $3.4 billion for Q1 2024, compared ... Read the full article
Munich Re Life US & Clareto unveil new digital solution for life insurance underwriting
23rd April 2024
Munich Re Life US, part of Munich Re Group, and Clareto, a Munich Re company, have unveiled a new digital solution called Automated EHR Summarizer, which is set to ensure efficient and accurate use of Electronic Health Record (EHR) data for automated and programmatic life insurance underwriting According to the announcement, ... Read the full article
Brown & Brown’s net income climbs to $293m in Q1
23rd April 2024
Insurance brokerage firm, Brown & Brown has posted their results for the first quarter of 2024, which included net income of $293 million, increasing $57 million from the prior year period. Revenues for Q124 under US generally accepted accounting principles (GAAP) were $1,258 million, representing an increase of $142 million, or ... Read the full article
Liberty Mutual Re and Safehub partner on sensor-based parametric solution for earthquake risk
23rd April 2024
Liberty Mutual Reinsurance (LM Re), the reinsurance division of Liberty Mutual Insurance Group, has signed an exclusive partnership with Safehub, a technology provider in seismic sensor and risk management solutions, to offer a building-specific, sensor-based, parametric earthquake re/insurance product for global clients. The pilot programme was launched in Mexico City, where ... Read the full article
MS Amlin invests in modelling and insight solutions with Moody’s RMS partnership
23rd April 2024
MS Amlin, the Lloyd’s global re/insurer, has partnered with catastrophe risk modelling and solutions company, Moody’s RMS, as it invests in a new suite of modelling and insight solutions. Recently, the firm moved its Exposure Management team into its underwriting division to facilitate closer alignment and support efficient decision-making. It will ... Read the full article