Reinsurance News
Travelers reports Q3 net income of $404m despite underwriting loss
18th October 2023
Primary insurance group Travelers has reported a net income of $404m in the third quarter of 2023, driven by investment income growth, despite seeing an underwriting loss of $136m, as a result of higher catastrophes losses of $850m for the period. The insurer’s net income in Q3, lower due to core ... Read the full article
US P/C insurers experience more downgrades than upgrades in H1’23: AM Best
18th October 2023
In the first half of 2023, US property/casualty (P/C) insurers faced a challenging environment marked by increased downgrades, primarily affecting the personal lines segment. Downgrades surged from 5.2% of rating actions in H1 2022 to 9.1% through June 30, 2023, as insurers grappled with weather-related catastrophes, escalating loss and reinsurance costs, ... Read the full article
Nat Cat annual insured losses to exceed $100bn in 2023: Gallagher Re
18th October 2023
Annual insured losses from natural catastrophes are on track to surpass $100 billion in 2023, becoming the sixth year since 2017 to exceed this figure, according to Gallagher Re’s Q3 Natural Catastrophe Report. Record-setting weather/climate events and extreme temperatures have elevated natural catastrophe losses for the globe this year. Total economic ... Read the full article
Nirvana partners with KYND to strengthen cyber underwriting
18th October 2023
Nirvana, a UK-based specialty MGA, has partnered with KYND Limited, a provider of cyber risk management technology and services, to "empower its underwriting team with advanced and actionable insights into organisational cyber exposure." Nirvana noted that through this partnership, its underwriting team will now benefit from access to KYND Signals Client ... Read the full article
To keep balance, there’s motivation to further increase attachment points: Swiss Re’s Steinman
18th October 2023
While progress was made at the January 1st, 2023, reinsurance renewals on shifting attritional losses back onto the balance sheets of primary insurers, there's motivation to further increase attachment points in certain areas, according to Thorsten Steinman, Head Property & Casualty Reinsurance, Northern, Central & Eastern Europe, Swiss Re. During this ... Read the full article
Accelerant expands to Canada with Omega Insurance acquisition
18th October 2023
Insurtech Accelerant has announced its expansion into the Canadian market through the acquisition of Omega Insurance Holdings, Inc. from Till Capital Ltd. Omega, based in Toronto, offers property and casualty insurance coverage. It also offers short-tail property insurance and reinsurance, caters to small-sized to medium-sized insureds, and reinsures smaller insurance companies. IRead the full article
AXIS sponsors first ever 144a cyber catastrophe bond
18th October 2023
As first reported by our insurance-linked securities (ILS) focused sister site, Artemis, Bermuda-based insurer and reinsurer AXIS Capital Holdings has sponsored the world's first full 144a cyber catastrophe bond, a $75 million Long Walk Reinsurance Ltd. (Series 2023-1) transaction. Artemis sources confirmed that this cyber cat bond will provide ... Read the full article
Claims for nat cat perils to increase 40% by 2050 due to climate change: CCR
18th October 2023
CCR estimates that claims for perils covered by the natural disaster compensation scheme are likely to increase by around +40% by 2050 as a result of climate change, and by +60% if changes in insured stakes (population growth and urban density) are taken into account. These figures stem from CCR and ... Read the full article
Global economy exposed to $3.5trn loss from potential cyber attack: Lloyd’s
18th October 2023
London-based marketplace for insurance and reinsurance, Lloyd’s, has published a systemic risk scenario that shows the global economy is exposed to losses of $3.5 trillion over a five-year period from a cyber attack on a major financial services payments. The risk scenario models the global economic impact of a hypothetical but ... Read the full article
90% of insurers at a disadvantage with current operating models: Clearwater
18th October 2023
90% of insurers are said to be at a disadvantage with current operating models, with the belief being that they do not support future business needs. A new report from Clearwater Analytics, a provider of SaaS-based investment management, accounting, reporting, and analytics solutions, highlights how European insurers are facing major challenges ... Read the full article
UK auto and home insurers setback to continue into 2024: Bloomberg
18th October 2023
Bloomberg Intelligence states the UK auto and home insurers face rising claims inflation and regulation struggle will continue into 2024. Margins of UK auto-focused insurers such as Admiral and Direct Line have seen setbacks in H2 2023 and 2024, according to a new sector report by Bloomberg Intelligence. This is due to ... Read the full article
Oka granted in principle approval for Asta-managed SIAB 1922 by Lloyd’s
18th October 2023
Third-party managing agent at Lloyd’s, Asta, and Oka, the Carbon Insurance Company, has announced that the specialist insurance and reinsurance marketplace has granted ‘in principle’ approval for Oka syndicate-in-a-box (SIAB) 1922. Oka syndicate 1922 is targeting commencing underwriting in January 2024 and introduces an insurance solution to protect against buyer-side carbon ... Read the full article
Tower adjusts forecast for large event costs, lifts FY23 guidance
18th October 2023
New Zealand-based insurer Tower has revised its market guidance on underlying net profit after tax for FY23, inclusive of large events, to between $7 million and $10 million, as the firm's large event costs for the period has come in $1.5 million lower than previously expected. The new profit guidance for ... Read the full article
Liberty Specialty Markets appoints Marilyne Furlan as Head of Casualty, Europe
18th October 2023
Liberty Specialty Markets (LSM), a subsidiary of Liberty Mutual Insurance Group, has appointed Marilyne Furlan as Head of Casualty, Europe, effective December 2023, reporting to Pierre-Edouard Fraigneau, Chief Underwriting Officer, LSM, Europe. Furlan takes over from Katja Bobrowski, who is retiring in February 2024. Until then, they will work together to ... Read the full article
Survey shows confidence in UK financial system remains stable, while concerns shift: BoE
18th October 2023
The latest Systemic Risk Survey conducted by the Bank of England reveals that market participants maintain a high level of confidence in the stability of the UK financial system. The survey, which collected responses from 56 firms, representing a robust 65% response rate, offers a comprehensive overview of market sentiment regarding ... Read the full article