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Truist to strengthen balance sheet with Truist Insurance Holdings sale
20th February 2024
Truist Financial Corporation has announced it has agreed to sell its remaining stake in Truist Insurance Holdings (TIH), to an investor group led by private equity firms Stone Point Capital and Clayton, Dubilier & Rice (CD&R). This transaction is expected to strengthen Truist's balance sheet and enhance the company’s strategic flexibility ... Read the full article
Guernsey’s insurance sector positively impacts UK economy: Report
20th February 2024
As Europe’s largest domicile for captive insurance, Guernsey, a British Crown Dependency, leads to insurance business flowing through London’s wholesale insurance markets that would otherwise go somewhere else, causing a positive impact in the UK economy, according to a recent report. Conducted by Frontier Economics, it highlighted the contributions the island’s ... Read the full article
AIG ‘significantly improved’ property cat structure and reinsurance coverage at 1.1 renewal: CEO Zaffino
14th February 2024
Global insurer AIG was able to "significantly improve" its property catastrophe structure and reinsurance coverage provided at the key January 1st, 2024, reinsurance renewals, with Chief Executive Officer (CEO) Peter Zaffino describing the outcome as "tremendous" for the carrier. After reporting a solid set of results for the fourth quarter ... Read the full article
WTW and The Nature Conservancy expand US coral reef parametric insurance policy
14th February 2024
WTW and The Nature Conservancy (TNC) have announced the purchase of a new coral reef parametric insurance policy that expands coverage around the main Hawaiian islands and increases payouts after qualifying storms. This new policy replaces the first U.S. coral reef insurance policy purchased in 2022 and adds 314,976 square ... Read the full article
AIG reports stronger general insurance combined ratio as premiums rise in Q4’23
14th February 2024
Global insurer American International Group, Inc. (AIG) has reported slight growth in underwriting income of $7 million for Q4 2023 to $642 million, which included $122 million of total catastrophe-related charges, representing 2.1 loss ratio points, of which $54 million was in North America and $68 million in International. Within the ... Read the full article
Sompo Intl. granted licence to write primary insurance in France
14th February 2024
Sompo International, a global provider of commercial and consumer property and casualty (P&C) re/insurance, has announced that it has been granted a licence to write primary insurance in France by the French Prudential Supervision and Resolution Authority (ACPR). This move further extends the company’s commercial P&C insurance capabilities and product offerings ... Read the full article
Global insurance market sees moderate pricing pressures amid capacity expansion and underwriting flexibility: Aon
13th February 2024
In the fourth quarter of 2023, the global insurance market exhibited resilience in the face of inflationary pressures, according to the latest insights from Aon's Q4 Global Insurance Market Dynamics report. Despite inflationary forces, pricing in the insurance market remained relatively moderate. However, risks with challenged profiles and adverse loss experiences, such ... Read the full article
HDI Embedded partners with Wind Tre and wefox to enhance insurance coverage
13th February 2024
In a strategic move to bolster insurance offerings, HDI Embedded, a leading embedded insurance provider under HDI International, has been chosen by Berlin-based insurtech company wefox and Wind Tre, the renowned Italian multi-service operator. The collaboration aims to extend coverage and warranty solutions for customers of Wind Tre, particularly in safeguarding ... Read the full article
Marine insurance pricing instability a growing concern following Red Sea attacks: UIB
9th February 2024
The hijacking of the Galaxy Leader cargo vessel by the Houthi group and other attacks in the Red Sea has resulted in the diversion of ships towards a longer route, this alongside the cancellation of war cover for these vessels has led to higher marine insurance premiums, a challenge insurance ... Read the full article
Asta secures approval for innovative SIAB to revolutionise biotech insurance
9th February 2024
Asta, in collaboration with its third-party managing agency at Lloyd’s, has announced the receipt of "in-principle" approval for an innovative syndicate-in-a-box (SIAB) aimed at revolutionising the insurance landscape for the biotech sector. This initiative, spearheaded by MCI Syndicate 1966 supplemented by Lloyd’s consortia, is set to introduce a pioneering insurance product ... Read the full article
‘Resilience’ emerges as key theme in global insurance landscape in 2023: Aon
8th February 2024
In a comprehensive analysis of the global insurance landscape, Aon's latest report for Q4 2023, led by Joe Peiser, Chief Executive Officer of Commercial Risk Solutions, highlights resilience as the defining theme of the year. Despite economic volatility, geopolitical instability, and mounting climate concerns, communities and businesses have demonstrated remarkable resilience. The ... Read the full article
Boost Insurance secures $130m in reinsurance capacity for expansion
8th February 2024
Boost Insurance, an insurance infrastructure platform, has announced a significant milestone with the securing of over $130 million in new reinsurance capacity. This capital injection will fortify Boost's position in supporting Managing General Agents (MGAs), insurtech firms, and embedded insurance programs. The expansion includes renewing treaties with existing reinsurers and welcoming new ... Read the full article
Brookfield Reinsurance sees $453 million net income in Q4’23
8th February 2024
Brookfield Reinsurance reported a net income of $453 million in the fourth quarter of 2023, compared to a net income of $181 million for the prior year quarter. For the full-year 2023, Brookfield posted net income of $797 million, compared to $501 million in 2022. The firm also posted $745 million of ... Read the full article
SURE launches surplus lines homeowners insurance in California to address capacity gap
7th February 2024
SureChoice Underwriters Reciprocal Exchange (SURE), in partnership with SageSure, a managing general underwriter focused on catastrophe-exposed markets, has entered the Californian market with the launch of its surplus lines homeowners insurance. The new product addresses critical capacity gap amid a retrenching market - seven of the state’s largest insurers have restricted ... Read the full article
SCOR grows P&C portfolio 13.6% at Jan reinsurance renewals
6th February 2024
Global reinsurer SCOR saw a rise in estimated gross premium income (EGPI) of 13.6% for P&C business at the January 1st, 2024, reinsurance renewals, above the average Forward 2026 strategic plan assumptions. SCOR notes that in line with its Forward 2026 strategic plan announced in September 2023, the reinsurer grew ... Read the full article