Reinsurance News
Reinsurance trickle-down to re-accelerate property rates: JMP
24th April 2023
Analysts at JMP Securities report that property-exposed primary insurance lines are likely to see rates re-accelerate over the coming months as the impact of higher reinsurance pricing trickles down. Reflecting on the first quarter of 2023, JMP noted that industry results will likely present a “complex picture”as mark-to-market investment gains will ... Read the full article
U.S. publicly traded life/annuity insurers’ revenues down 12% in 2022: AM Best
21st April 2023
Premium growth for publicly traded U.S. life/annuity (L/A) insurance companies continued to recover in 2022, but was cuffed by declines in investment and fee income that drove total GAAP revenue down by 12% to $291.5 billion, suggests a new report from AM Best. According to the report, another contributing factor to ... Read the full article
Westland enters new capital partnership with Ontario Teachers’ Pension Plan
21st April 2023
Canadian broker Westland Insurance Group has partnered with Ontario Teachers’ Pension Plan through BroadStreet Partners, Ontario Teachers’ financial platform for investing in insurance distribution. Westland suggests that the partnership reinforces its commitment to supporting Canadian businesses and communities as it targets continued expansion across the country. The firm states that Ontario Teachers’ ... Read the full article
Second-gen cyber modelling offers vital visibility for risk transfer market: DeNexus’ Seara
21st April 2023
Cyber risk modeller DeNexus' CEO José Seara said Lloyd's of London must balance protecting its business while recognising the importance of second-generation cyber modelling in providing necessary risk visibility for effective risk transfer. Lloyd’s of London, the 330-year-old institution, has responded to the growing cyber risk landscape by clamping down on ... Read the full article
Horace Mann expects Q1 2023 core EPS of $0.21 to $0.23 despite elevated catastrophe losses
21st April 2023
Horace Mann Educators Corporation has announced that it expects first-quarter 2023 core EPS in the range of $0.21 to $0.23, despite an unusually high number of weather events throughout the quarter, including two severe storms in the Midwest in late March. This led to catastrophe losses to be well ahead ... Read the full article
IVANS Index shows increase in average premium renewal rates in Q1’23
21st April 2023
IVANS, a division of Applied Systems, has reported an increase in the average premium renewal rate change across all major commercial lines of business year over year, in the first quarter of 2023. All lines experienced an increase except for General Liability which experienced a decrease in average premium renewal rates ... Read the full article
Insurers face challenge of defining their own view on nat cat risks: Aon’s Shedden
21st April 2023
Aon Reinsurance Solutions' Global Head of Analytics, Paul Shedden, stated that insurers are faced with the primary challenge of defining their own view on natural catastrophe risks amidst the escalating volatility of such events. "2022 was another big year for catastrophe losses. Insured losses totalled $132 billion in 2022, 57% above ... Read the full article
Ryan Specialty promotes Austenfeld and Houska
21st April 2023
Global specialty insurer Ryan Specialty Holdings has promoted Brenda Austenfeld and Chris Houska to CEO and President of RT Specialty's Property Practice and Casualty Practice, effective immediately. Austenfeld has been with RT Specialty, the wholesale brokerage unit of Ryan Specialty, since 2013 joining with the acquisition of Westrope, where she was ... Read the full article
Ageas signs the sale agreement of its French Life Insurance
21st April 2023
Ageas announced that it has signed the sale agreement for its French Life Insurance activities. After consultation with the employee representatives, the company has signed an agreement regarding the sale of its French life insurance, savings and pension business to La Mutuelle Epargne Retraite Prévoyance Carac (“Carac”). Carac is a mutual operating ... Read the full article
W.R. Berkley sees net investment income rise 28.8% to $223.4 million in Q1
21st April 2023
In its Q1 2023 results, re/insurance holding company W.R. Berkley Corporation reported that net investment income grew almost 29% as an increasingly greater portion of its fixed-maturity portfolio was (re)invested at higher interest rates. "We maintained the short duration and high quality of our fixed-maturity portfolio, given the inverted yield curve ... Read the full article
Marsh launches multi-line facility Fast Track, led by QBE
21st April 2023
Insurance broker and risk advisor Marsh has launched Fast Track, a new insurance facility led by QBE that is set to provide a “substantial amount” of additional “follow form” capacity to its clients globally across major lines of business. The brokers new facility is backed by a panel of A-rated global ... Read the full article
ICW Group names Mirek Wieczorek Senior VP, Head of Reinsurance
21st April 2023
ICW Group Insurance Companies, a leading group of property and casualty carriers, has promoted Mirek Wieczorek to Senior Vice President, Head of Reinsurance, charged with leading the growth strategy for ICW Re. Wieczorek has more than three decades of leadership experience in the reinsurance industry, having first joined ICW Group almost ... Read the full article
European life insurers face potential losses from bond portfolio lapses: Moody’s
21st April 2023
A new report by Moody's highlights that European life insurers are at risk of significant unrealised losses on their bond portfolios due to higher interest rates. The risk of mass savings policy lapses, if customers switch to higher-yielding bank products, could force insurers to sell bonds at a loss, Moody's said ... Read the full article
DeNexus to partner with NAES Corporation
21st April 2023
NAES Corporation, a provider of operations, maintenance for power generation services companies, has partnered with cyber risk modeller DeNexus, to understand, quantify, plan and mitigate risk of cyber events to critical infrastructure. Through this collaboration, NAES - a company dedicated to optimising the performance of energy facilities across the power generation, ... Read the full article
UK motor insurance pricing continues to harden, average premiums up: Jefferies
21st April 2023
Jefferies’ data on the UK motor insurance market shows that its pricing data only showed inflation for new business quotations, it did not include the impact of renewals, which was estimated to broadly make up 60% of total motor insurance premiums. The report states that following the FCA's pricing practices reform ... Read the full article
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