Reinsurance News
Trisura Group expects $12mn after-tax loss in Q3 2023
30th October 2023
Specialty insurance provider, Trisura Group, forecasts its net income for the third quarter of 2023 to include $12 million after-tax loss from non-recurring items, including the negative impact of the US run-off program. The firm also estimates an additional negative after-tax impact of $5 million driven primarily by unrealized losses on ... Read the full article
Asia faces mounting nat cat losses and resilience challenges: Swiss Re’s Victor Kuk
27th October 2023
In an interview with Reinsurance News, Victor Kuk, Head of Property & Casualty Reinsurance SID at Swiss Re, highlighted the escalating crisis of natural catastrophes in Asia. Kuk pointed out that over 30% of the global nat cat events in 2022 occurred in Asia, causing staggering economic losses. He emphasised that ... Read the full article
Lloyd’s confirms changes to Council membership following elections
27th October 2023
London-based marketplace for insurance and reinsurance, Lloyd’s, has announced its most recent changes to its Council membership; all the new terms will commence on 1 December 2023. Sean McGovern was elected unopposed as a “Corporate-External” member of the Council, among other appointments; and Marcus Johnson as “Individual-External” member of the Council. Following ... Read the full article
Everest well positioned to seize “generational market opportunity”
27th October 2023
In a third-quarter 2023 earnings call, Everest's President and CEO, Juan Andrade, highlighted a notable surge in demand for reinsurance capacity as clients seek to bolster their risk coverage. Andrade's insights indicated that the need for reinsurance is on the rise, and Everest is well-positioned to meet this growing demand. Regarding ... Read the full article
The Hartford sees net income increase to $645m in Q3’23
27th October 2023
Property and casualty (P&C) insurer The Hartford has reported a net income of $645 million for the third quarter of 2023, a 93% increase from $334 million from the same period last year. According to the firm, this was primarily due to a higher P&C underwriting gain, an increase in net ... Read the full article
PERILS raises final industry loss estimate for SE Australia floods to AUD 965m
27th October 2023
Zurich-based catastrophe insurance data provider PERILS has disclosed its fourth and final industry loss estimate for the October 2022 Southeast Australia floods, increasing it to AUD 965 million. This latest figure compares to PERILS’ previous loss estimates of AUD 907 million, released on 27 April, AUD 840 million, released ... Read the full article
Alex Martin appointed Markel Specialty President as Bryan Sanders is to retire from the role
27th October 2023
Markel, the insurance operations within Markel Group, has announced the retirement of Bryan Sanders, President of its Markel Specialty division; Alex Martin is to take over the role. Sanders plans to retire by December 31, 2024. Effective December 1, 2023, he will transition to the role of Chairman, Markel Specialty, and ... Read the full article
Cincinnati Financial reports improved underwriting result with 94.4% combined ratio
27th October 2023
Insurer Cincinnati Financial Corporation has reported a third quarter 2023 property and casualty (P&C) underwriting profit of $112 million and a combined ratio of 94.4%, a significant improvement on the 103.9% posted in Q3 2022. Within its insurance operations, there was 12% growth in Q3 2023 net written premiums, including price ... Read the full article
Ping An’s P&C unit posts 6.8% growth in first nine months of 2023
27th October 2023
Chinese insurer Ping An’s P&C unit reported a growth of 6.8% year on year in insurance revenue to RMB 235,538 million in first nine months of 2023, with operating profit attributable to shareholders of the parent company reaching RMB9,965 million. The company said overall underwriting combined ratio (COR) rose to 99.3% ... Read the full article
Aon’s Reinsurance Solutions delivers 11% organic revenue growth in Q3’23
27th October 2023
Global broker Aon’s Reinsurance Solutions arm achieved organic revenue growth of 11% in the third quarter of 2023, as revenue across the group increased by 10%, year-on-year, to $2.95 billion, reflecting organic revenue growth of 6%. This growth in organic revenue in the reinsurance arm was driven by strong retention and ... Read the full article
Universal sees Q3 net loss of $5.9m, combined ratio drops 28.5 points
27th October 2023
Universal Insurance Holdings has reported a Q3 net loss of $5.9 million, much improved compared to a loss of $72.3 million in the same quarter last year, while the firm's combined ratio dropped 28.5 points to 110.7%. Universal's adjusted net loss available to common stockholders was $4.6 million, compared to a ... Read the full article
Imran Siddiqui becomes CEO of Talcott Financial Group
27th October 2023
International life insurance group, Talcott, has announced the appointment of Imran Siddiqui as the Chief Executive Officer of Talcott Financial Group, effective immediately. Siddiqui has extensive experience leading and growing life insurance and annuity companies, as well as other financial services businesses, and he has played a key role in strengthening ... Read the full article
Sompo Intl. names Chiew Head of Crisis Management for Commercial P&C in APAC
27th October 2023
Sompo International, a leading global insurer, has expanded its presence in the Asia Pacific (APAC) region by appointing Pei Ru Chiew as the Head of Crisis Management for Commercial Property & Casualty (P&C) Insurance. In this role, Chiew will be based in Singapore and will report to Paul O’Neill, the President ... Read the full article
Neptune Flood crosses $200m of premium in force
27th October 2023
Neptune Flood, a provider of flood insurance across the United States, has crossed $200 million of premium in force, bringing the company to over 5% of the National Flood Insurance Program's size, securing its role as the primary alternative to the NFIP. "Growing in scale highlighted the need for sage ... Read the full article
MAPFRE RE’s net income increases by 103% in Q3, combined ratio reaches 95%
27th October 2023
MAPFRE RE, the reinsurance division of Madrid-headquartered insurer MAPFRE, has posted a net income of €189.5 million for the third quarter of 2023, more than double the previous year's €93.5 million, representing a 103% increase. At the same time, MAPFRE RE premiums, which include both the Reinsurance and Global Risks business, ... Read the full article