Reinsurance News
HCI grows income to $17.8 million in Q1
10th May 2023
HCI Group, a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, has reported net income of $17.8 million for the first quarter of 2023. The income figure represented an improvement on the $2.8 million that the company posted for the same period last year. Pre-tax income ... Read the full article
Greenlight Re sees Q1 GWP rise 27.8% as net income hits $5.9 million
10th May 2023
In its Q1 2023 results, Greenlight Re has reported that gross written premiums (GWP) increased 27.8% to $186.5 million, which the firm attributed to new opportunities and improved pricing on property and general liability business, as well as several new specialty contracts bound during the quarter. Greenlight Re's net income in ... Read the full article
Hiscox promotes Craig Martindale to Group Chief Actuary
10th May 2023
Specialist re/insurer Hiscox has promoted Craig Martindale to the role of Group Chief Actuary, subject to the relevant regulatory consents. Martindale has worked at Hiscox since 2009, holding a number of senior roles across the business during his almost 15 years with the firm. Since 2015, he has served as Group Head ... Read the full article
Swiss Re announces the promotion of Peter Ott as its new Senior Pricing Officer
10th May 2023
Swiss Re has announced the promotion of Peter Ott as its new Senior Pricing Officer, effective from May 2023. Ott has been with Swiss Re little over a year, in his previous role with the company he served as the Senior Property Treaty Underwriter. His remit in the role included serving as ... Read the full article
Major DC migration of London insurance market completed by DXC Technology
10th May 2023
DXC Technology, a global technology services provider, working closely with the London Market Joint Ventures (XIS and XCS), has announced the successful completion of a major data centre migration for the London insurance market. Over a single weekend in February, some 70 billion rows of data, 700 IT assets, over 200 ... Read the full article
Markel International names Ozturk as political risk underwriter
10th May 2023
Markel International, a subsidiary of Markel Corporation, appointed Kubra Ozturk as a political risk underwriter. Based in London, Ozturk will report to Nicola Marriage, head of political risk at Markel International, where she will support Markel's existing political risk portfolio, as well as the development of new business. Ozturk will also build ... Read the full article
Farmers Insurance hires its new Chief Risk Officer
10th May 2023
Farmers Insurance has appointed Christian Vink to the role of Chief Risk Officer (CRO). A well known veteran across the industry, Vink brings more than two decades of experience towards his new role. He joins Farmers Insurance after spending over a decade working at Zurich, where he most recently served as Head ... Read the full article
Creditworthiness of African institutions likely to be pressured throughout 2023: AM Best
10th May 2023
According to a new report from AM Best, reinsurers operating in Africa and other emerging markets are exposed to heightened levels of economic, political and financial system risks, and within recent years these risks have been “exacerbated” by external shocks, such as the Russia-Ukraine conflict and the COVID-19 pandemic. Best states ... Read the full article
Insurtech Concirrus partners with data and analytics provider Percipience
10th May 2023
Percipience LLC, an insurance data and analytics platform provider, and insurtech Concirrus have announced a new partnership aimed to expand data capabilities for insurers. According to the announcement, this partnership brings together the best of breed data analytics and Artificial Intelligence (AI) capabilities. It combines Percipience’s comprehensive insurance data and analytics platform ... Read the full article
Offshore wind turbine scaling is creating unsustainable market risks: GCube
10th May 2023
GCube’s new report, titled “Vertical Limit: When is bigger not better in offshore wind’s race to scale?” shows how offshore wind turbine scaling is creating unsustainable market risks. The report compiles 10 years worth of the company’s claims data and draws on evidence from experts across the offshore wind sector ... Read the full article
“Q1 a demonstration of the quality of our book of business,” says Palomar CEO
9th May 2023
"The first quarter was a demonstration of the quality of our book of business and our ability to navigate the choppy waters of this hard reinsurance market," says Palomar Holdings CEO Mac Armstrong. Armstrong states that Palomar successfully placed $188 million of incremental excess of loss reinsurance limit during Q1 to ... Read the full article
Verisk partners with CCC to bring innovations to P&C insurance claims
9th May 2023
Insurance and analytics provider Verisk, and CCC Intelligent Solutions Inc. (CCC) a leading cloud platform for the property & casualty (P&C) insurance economy, have announced a strategic partnership to leverage the two providers’ market-leading technologies to bring new innovations to P&C claims. The first project that has been announced through the ... Read the full article
Kemper reports smaller net loss in Q1’23
9th May 2023
Kemper Corporation has reported a net loss of $80.1 million for the first quarter of 2023, compared to a net loss of $86.3 million in Q1 2022. Total revenues for Q1 of 2023 decreased $75.3 million, or 5.5%, to $1,294.8 million, compared to the first quarter of 2022, mostly driven by ... Read the full article
AXA XL names Dan Bendavid as Global Lead of Innovation
9th May 2023
AXA XL, the property & casualty and specialty risk division of AXA, has appointed Dan Bendavid as the Global Lead – Innovation within its Operations & Technology team. In this role, Bendavid will drive AXA XL's innovation strategy and oversee a global team of experts tasked with implementing focused initiatives in ... Read the full article
RGA completes transfer of HLAC to Omnilife Insurance Company
9th May 2023
Global life and health reinsurer Reinsurance Group of America (RGA) has completed the transformation of the Hodge Life Assurance Company Limited (HLAC) business that it purchased in July of 2021. According to RGA, HLAC’s insurance business was transferred to another group company, Omnilife Insurance Company Limited, under a Financial Services and ... Read the full article
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