Reinsurance News
PIC completes £1.5bn of new business transactions in strong Q1
8th May 2024
Pension Insurance Corporation (PIC), the specialist insurer of UK defined benefit pension schemes, has completed transactions with total premiums of £1.5 billion, marking a “strong” start to the year, in the firm's first quarter of 2024 results. A recent trading update that was published on the London Stock Exchange, shows that ... Read the full article
26North Re completes $4.9bn transaction with National Life Group’s LSW
8th May 2024
26North Reinsurance Holdings (26N Re) has finalised a significant $4.9 billion reinsurance transaction with Life Insurance Company of the Southwest (LSW), a member of the National Life Group (NLG). This transaction elevates 26North's total assets under management to approximately $22 billion. In this agreement, 26N Re and its subsidiaries will provide reinsurance ... Read the full article
Coface reports €68.4m net income in Q1 2024
8th May 2024
Credit insurer Coface has reported its first quarter of 2024 results with an improved combined ratio of reinsurance and a net income of €68.4m, up 11.9% compared to the same period the year prior. For this year’s Q1, the insurer also recorded a consolidated turnover of €464m, down -1.6% at constant ... Read the full article
TWIA has enough support to finalise reinsurance renewal in next few days
7th May 2024
The Texas Windstorm Insurance Association (TWIA) has secured enough support to complete its reinsurance renewal in the coming days, and its broker Gallagher Re will work with staff to get lines signed, it was revealed today during a TWIA Board meeting. Earlier this year, TWIA’s Board approved the insurers 1-in-100 ... Read the full article
MEDVIDA Partners acquires VidaCaixa’s life insurance business
7th May 2024
MEDVIDA Partners, a Spanish life insurance company specialised in the acquisition, integration and optimization of life insurance businesses, has completed the acquisition of Sa Nostra Vida from VidaCaixa. Through this transaction, which was announced back in July 2023, MEDVIDA has acquired Sa Nostra Vida's run-off life insurance portfolio, which consists ... Read the full article
Everspan produces first quarterly underwriting profit with CR of 98.4%
7th May 2024
Ambac’s Everspan has reportedly produced a 98.4% combined ratio in Q1 of 2024, much improved compared to the 121.9% disclosed in the opening quarter of 2023. At the same time, Everspan's gross premium written (GPW) and net premium written (NPW) grew substantially in Q1 of 2024 as it continued to add ... Read the full article
Blackstone appoints Philip Sherrill as Global Head of Insurance
7th May 2024
Blackstone, the alternative asset manager, has appointed Philip Sherrill as the Global Head of Insurance. In this role, Sherrill's remit focuses on growing the firm’s insurance platform globally, working closely with Gilles Dellaert, Global Head of Blackstone Credit & Insurance, who commented, "We are very pleased to welcome Phil to Blackstone ... Read the full article
SCOR to “massively” boost investments in the Chinese market
7th May 2024
In an interview with China Daily, Thierry Leger, Chief Executive Officer (CEO) of French reinsurer SCOR, stated that the company will "massively" boost investments in the Chinese market to capture the country's long-term growth prospects. He added that he "disagrees strongly" with the arguments that China's economic development has peaked because ... Read the full article
MGA Casper Specialty selects Chaucer and TMK as new capacity providers
7th May 2024
The global specialty re/insurance firm, Chaucer and global specialist insurer Tokio Marine Kiln (TMK) have been chosen as new capacity partners by Casper Specialty UK Limited, a casualty-focused MGA, post a successful launch and continued growth, as it enters its second year of trading. Chaucer and TMK have joined Argenta to ... Read the full article
Swiss Re urges data-driven risk management amid escalating natural catastrophes: Ojeisekhoba
7th May 2024
In response to escalating natural catastrophes and rising insured losses, Moses Ojeisekhoba, Chief Executive Officer of Global Clients & Solutions at Swiss Re, stresses the urgent need for society to leverage advanced data-driven insights to drive efforts in adapting to and mitigating risks. With climate change amplifying weather-related disasters, global insured ... Read the full article
Mining firm Boliden confirms insurance claim for Rönnskär fire
7th May 2024
Swedish mining company Boliden has confirmed that the primary insurance company has fully assumed its part of the insurance claim following the June 2023 fire at the Rönnskär smelter, a major producer of copper, zinc, lead and other metals. For those who need a reminder, on June 13, 2023, a fire ... Read the full article
RGA reports increase in net premiums to $5.4bn for Q1’24
7th May 2024
Reinsurance Group of America (RGA), a global life and health reinsurer, has reported a consolidated net premium increase of 58.8% to $5.4 billion for Q1 2024. This included a $1.9 billion contribution from a single premium pension risk transfer transaction in the U.S. Financial Solutions business. The reinsurer has reported Q1 2024 ... Read the full article
Truist completes sale of remaining stake in insurance brokerage TIH
7th May 2024
Truist Financial Corporation has completed the sale of its remaining stake in Truist Insurance Holdings (TIH), the fifth largest insurance brokerage in the US, to an investor group led by private equity firms Stone Point Capital, Clayton, Dubilier & Rice, Mubadala Investment Company and other co-investors. If you recall, in February ... Read the full article
The Hanover Insurance reports spike in net income for Q1’24 to $115.5m
7th May 2024
The Hanover Insurance Group, Inc. has reported net income of $115.5 million for Q1 2024, compared to a net loss of $12 million in the prior-year quarter. The firm’s operating income was $111.9 million for the quarter, compared with $4.6 million in the prior-year period. The insurer has reported a combined ... Read the full article
AXA XL unveils coverage for SEC cyber incident reporting requirement costs
7th May 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has introduced a new cyber insurance endorsement designed to help public organisations manage the costs associated with the U.S. Securities and Exchange Commission's (SEC) updated cyber incident reporting requirements. Michelle Chia, Chief Underwriting Officer for ... Read the full article