Reinsurance News
Corebridge Financial reports 13% fall in Q3’23 net income
6th November 2023
Corebridge Financial has reported a net income of $2.1 billion in the third quarter of 2023, representing a 13% decrease compared to the prior year quarter, largely driven by lower realised gains. Adjusted pre-tax operating income (APTOI) was $813 million, a 29% increase over the prior year quarter. Excluding variable investment ... Read the full article
Verlingue launches Verlingue London Markets
6th November 2023
Verlingue has launched Verlingue London Markets following the rebranding of specialist Lloyd’s and London market wholesale broker NBJ London Markets. NBJ London Markets, which specialises in placing risks for motor fleet, property, and liability, serves both parent broker Verlingue UK, and several independent community brokers across the UK. Verlingue's UK CEO, Mike ... Read the full article
Trisura’s Q3’23 net income falls 38.7% to $14.8 million
6th November 2023
Specialty insurance provider, Trisura Group, has reported $14.8 million of net income in the third quarter of 2023, a decrease of 38.7% compared to $24.2 million from the prior year quarter, primarily due to costs related to the run-off of a US fronting program. Gross premiums written is replaced by insurance ... Read the full article
SRS appoints Marc Kutter as Chief Business Development and Marketing Officer
6th November 2023
Strategic Risk Solutions (SRS), an independent insurance company manager, has appointed Marc Kutter as its new Chief Business Development and Marketing Officer, effective late November. Brady Young, Chief Executive Officer of SRS, commented on the appointment: "Marc has the energy, personality, and talent that fit our vision for the CBDMO role. ... Read the full article
CLARA Analytics launches holistic casualty claims intelligence platform
6th November 2023
Provider of artificial intelligence technology for insurance claims optimization, CLARA Analytics, has unveiled its CLARAty.ai platform, designed to advance the insurance claims process and assists claims professionals with their day-to-day work. Heather H. Wilson, CLARA Analytics' Chief Executive Officer, commented: "CLARAty.ai eliminates data silos that currently exist to make the most ... Read the full article
Kettle makes strategic appointments
6th November 2023
Kettle, the insurance MGA startup, has appointed Sarah Meyerhoff-Kennedy, Vice President of Insurance Products, and Milena Mikin, Vice President of Commercial Insurance. Kettle uses artificial intelligence to protect people from the growing risks associated with climate change. Andrew Engler, Kettle Co-Founder and Chief Executive Officer, commented on the appointments, "We are incredibly ... Read the full article
Valani Global to acquire MSA Research
6th November 2023
Valani Global, an actuarial modeling and financial reporting firm, is acquiring MSA Research, a Canadian analytical research firm specializing in the insurance industry. Nazir Valani, Founder of Valani Global, commented: "The synergy between the three companies solidifies our position as a one-stop shop for actuarial services." MSA Research is an independent, impartial ... Read the full article
Berkshire Hathaway reports strong underwriting performance across insurance & reinsurance
4th November 2023
Berkshire Hathaway, the Warren Buffett-run holding company and conglomerate, has reported a strong underwriting performance in its property and casualty (P&C) reinsurance business for the third quarter and first nine months of 2023, as premium growth continued. In both periods, all of Berkshire's insurance operations produced an improved underwriting result when ... Read the full article
Swiss Re expects “very strong demand” for reinsurance in 2024
3rd November 2023
"There's a lot of discussions to be had between now and Jan 1, and then during the course of 2024, to figure out what reasonable price levels and attachment points might be for the industry," says John Dacey, Group Chief Financial Officer at Swiss Re. In response to a question on ... Read the full article
Many SMEs are being left with a gap in coverage for cyber insurance: Cowbell’s Cooksley
3rd November 2023
With the insurability gap within the small and medium-sized enterprise (SME) market continuing to grow as cyber attacks and the digitisation of work processes increase, one key issue that surrounds this, is that the cyber insurance products offered do not always match up with the financial losses that businesses may ... Read the full article
RLI promotes Phil Brodeur to Vice President, Risk Services
3rd November 2023
RLI Corp, a specialty insurer serving niche property, casualty and surety market, has announced the appointment of Phil Brodeur as Vice President, Risk Services, replacing Chris Randall, who will be retiring in February 2024. In his new role, Brodeur will have executive leadership and oversight responsibility for RLI’s pricing, reserving, risk ... Read the full article
Marsh McLennan names Susan Potter US and Canada Commercial Officer
3rd November 2023
Marsh McLennan appointed Susan Potter as the US and Canada Commercial Officer, effective immediately. Potter will take on this crucial role with the mission of driving client-centric initiatives that enhance Marsh McLennan's ability to meet the evolving needs of clients in the US and Canada, the company said. She will collaborate closely ... Read the full article
Howden expands Latin American presence with acquisition of Contacto
3rd November 2023
Global insurance group, Howden, has announced its acquisition of Contacto Corredores de Seguros S.A (Contacto), a leading insurance broker in the Peruvian market. This strategic move is part of Howden's plan to extend its footprint in Latin America, enhancing its ability to serve clients in the region. Founded in 1984 by Maximiliano ... Read the full article
Futuristic Underwriters begins operations as tech-driven MGA
3rd November 2023
New managing general agent (MGA), Futuristic Underwriters, has announced the public launch of its services with a mission to reduce commercial property & casualty risk by leveraging the power of technology. As the commercial insurance landscape faces many challenges, including rising premiums, evolving regulatory requirements, inefficient processes, and increasing claims frequency, ... Read the full article
Hadron launches with $250m capital boost from Altamont and others
3rd November 2023
Hybrid insurer Hadron marked its official launch today with a significant capital injection of over $250 million from Altamont and various institutional investors. This infusion of capital sets the stage for Hadron's ambitious plans to revolutionise the insurance landscape and address the unique challenges faced by Managing General Underwriters (MGUs). Founded earlier ... Read the full article