Reinsurance News
Cincinnati Financial reports $755m net income in Q1’24 results
26th April 2024
Cincinnati Financial Corporation announced a notable surge in its first-quarter 2024 net income, reaching $755 million, a significant improvement compared to $225 million in the first quarter of 2023. This increase was primarily driven by a $484 million after-tax increase in the fair value of equity securities still held. Additionally, the company ... Read the full article
Jamaica gets $150m of named storm insurance coverage with renewal of World Bank cat bond
26th April 2024
The World Bank has priced a catastrophe bond that provides $150 million in insurance coverage for the Government of Jamaica against named storm events. IBRD CAR Jamaica 2024 is a renewal of The World Bank’s 2021 cat bond for Jamaica, IBRD CAR 130, which was the first small island ... Read the full article
The Hartford reports 41% rise in Q1’24 net income to $748m
26th April 2024
Insurer The Hartford has reported strong Q1 2024 results with net income of $748 million, up 41% on the $530 million seen a year earlier, as P&C written premiums increased 9% in the quarter on the back of 8% growth in commercial lines and 13% growth in personal lines. Supporting the ... Read the full article
Universal’s Q1’24 CoR strengthens to 95.5% as net income rises
26th April 2024
Universal Insurance Holdings has announced net income of $33.7 million for the first quarter of 2024, an increase of more than 39% on the prior year quarter, as the company's combined ratio strengthened by 4.5 percentage points to 95.5%. As well as the rise in net income, which the firm attributes ... Read the full article
A. J. Gallagher reports 26% rise in net earnings in Q1’24 results
26th April 2024
Global insurance broker A. J. Gallagher & Co. has reported net earnings of $612.7 million for the first quarter of 2024, an increase of 26% on the $486.6 million seen a year earlier, driven by a strong performance in both its brokerage and risk management businesses. Group-wide, revenues before reimbursements rose ... Read the full article
Aon completes acquisition of broker NFP
26th April 2024
Global insurance and reinsurance brokerage Aon has completed the previously announced acquisition of NFP, a middle-market property and casualty broker, benefits consultant, wealth manager and retirement plan advisor. This acquisition expands Aon's presence in the middle-market segment, along with adding capabilities across property and casualty brokerage, benefits consulting, wealth management ... Read the full article
Swiss Re completes milestone in safety performance assessment of Luminar’s LiDAR & software driving system
26th April 2024
Reinsurance giant Swiss Re, as part of a partnership with automotive tech firm Luminar, has recently completed a milestone in the safety performance assessment of Luminar's LiDAR (Light Detection And Ranging) and software driving system. Last year, the two companies entered into a partnership to advance assisted driving and improve ... Read the full article
BHSI appoints Hart Humble to Head of Customer & Broker Engagement, South Central
26th April 2024
Berkshire Hathaway Specialty Insurance (BHSI), a property and casualty insurer (P&C), has announced the appointment of Hart Humble to the newly created position of Head of Customer & Broker Engagement for the South Central U.S. In her new role, Humble will focus on fostering and maintaining strong relationships with brokers and ... Read the full article
Omaha National acquires Sutter insurance, rebrands it as Omaha National Casualty
26th April 2024
Omaha National Group Inc., the tech-enabled provider of workers’ compensation insurance, has acquired Sutter Insurance Company, a California-domiciled insurer. Sutter has been renamed to Omaha National Casualty Company, owned by Omaha National which also owns Omaha National Insurance Company, domiciled in Nebraska. Reagan Pufall, Chief Executive Officer, said, "The acquisition of a ... Read the full article
Favourable P&C reinsurance environment to persist at mid-year renewals: Munich Re CEO
25th April 2024
Joachim Wenning, Chief Executive Officer (CEO) of Munich Re, is confident that the favourable market environment for property and casualty (P&C) reinsurers will continue throughout 2024, after a positive January 1st reinsurance renewal period. Addressing shareholders at Munich Re's Annual General Meeting (AGM), CEO and Chair of the Board, Wenning, described ... Read the full article
Marsh names Christophe Letondot as leader of new Global Alternative Risk Solutions practice
25th April 2024
Marsh, the insurance broking division of Marsh McLennan, has established a new unit which combines its expertise and strategy in parametrics, alternative risk transfer, captives, and complex risk under a single practice, called Global Alternative Risk Solutions. The new practice will be led by Christophe Letondot, an experienced financial services professional ... Read the full article
Donegal sees 6% increase in NPW, Q1 net income sits at $6m
25th April 2024
US primary holding company Donegal Group has reported a 6.0% increase in net premiums written (NPW) for the first quarter of 2024, reaching $251.4 million, compared to $237.3 million from the prior year quarter. The firm explained that the $14.1 million increase in NPW included Commercial Lines, which saw a $0.9 ... Read the full article
Great American forms dedicated embedded insurance team
25th April 2024
Great American Insurance Group has unveiled the formation of a dedicated embedded insurance team, which builds upon the company's 20 years of experience offering embedded insurance products, set to be led by Chris Banocy, Divisional Senior Vice President. According to the announcement, the newly formed group will assist in finding and ... Read the full article
Sapiens launches updated version of its reinsurance platform business
25th April 2024
Sapiens International Corporation, a global provider of software solutions for the insurance sector, has launched its latest version of Sapiens ReinsuranceMaster. According to the announcement, this latest version enhances operational efficiency, regulatory reporting, and strategic decision-making with robust business insights. Sapiens confirmed that this includes: automating global inter-company retrocession, facilitating US NAIC ... Read the full article
MAPFRE RE sees premiums grow 7% in Q1 reaching €2.2bn
25th April 2024
MAPFRE RE, the reinsurance arm of Madrid-headquartered insurer MAPFRE, has reported that premiums, which include the reinsurance and Global Risks businesses, are up 7% in the first quarter of 2024, reaching nearly €2.2 billion. At the same time, the combined ratio improved significantly in the year to 93.8% (-4.9 p.p.), which ... Read the full article