Reinsurance News
Allianz reports strong growth in P&C segment for Q2 2023
10th August 2023
Global insurance giant Allianz has reported double-digit growth in its property and casualty (P&C) insurance business segment for the second quarter of 2023, with total business volume hitting €17.6 billion. Within P&C, business volume was up 8%, and when adjusted for foreign currency translation and consolidation effects, internal growth was robust ... Read the full article
Howden brings together PI, Crime & Cyber Liability into one policy
10th August 2023
Howden, the global insurance group has launched a "blended insurance product" that brings together Professional Indemnity, Crime and Cyber Liability into one policy and under one limit. According to the firm, the product brings a different approach to insurance for financial institutions, offering potential cost savings and improved efficiencies. The product has ... Read the full article
Lloyd’s leads re/insurers tightening Taiwan cover as conflict risks increase
10th August 2023
According to a recent Reuters report, Lloyd's of London underwriters are leading insurers in increasing rates and cutting coverage for risks involving Taiwan as "concerns grow over possible military action by China." "Availability of cover for Taiwan has got tighter," Crispin Hodges, head of trade and political risk with insurer Canopius, ... Read the full article
Global Indemnity posts net income in Q2’23 vs year-ago net loss
10th August 2023
Property and casualty insurer Global Indemnity has reported net income available to shareholders of $9.2 million for the second quarter of 2023, compared to net loss available to shareholders of $12.3 million for the corresponding period in 2022. The insurer renewed its property catastrophe excess of loss reinsurance treaty on June ... Read the full article
BRP Group posts 22% organic growth in Q2
10th August 2023
BRP Group, an independent insurance distribution firm, has released its results for the second quarter of 2023, which included its revenue growing by 28% to $297.2 million, as well as witnessing strong organic growth of 22%. The company also witnessed a quarterly loss of $43.7 million from a profit of $16.6 ... Read the full article
Favourable reinsurance market conditions likely to sustain into 2025, says Munich Re’s Wenning
10th August 2023
Joachim Wenning, Chairman of the Board of Management and CEO at Munich Re, has said that the global reinsurer expects current, favourable market conditions to persist beyond next year and into 2025. Wenning stated in the recently held Munich Re earnings call, that in Munich Re's view, "the favourable market environment ... Read the full article
AM Best takes various credit actions on Allstate and its subsidiaries
10th August 2023
AM Best has taken various credit rating actions on the Allstate Insurance Corporation and its subsidiaries and assigned a stable outlook to most of them. The credit rating agency has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa-” (Superior) from “aa” (Superior) and affirmed the Financial Strength Rating (FSR) ... Read the full article
Skyward Specialty reports slightly higher combined ratio for Q2 2023 as net income rises
10th August 2023
Skyward Specialty Insurance Group, Inc. has reported a slightly higher combined ratio for Q2 2023 at 92.2% compared to the 91.8% for Q2 2022. The company has also reported a higher loss ratio for Q2 2023, currently at 64% compared to the year-over-year of 62.8%. The increased loss ratio for Q2 ... Read the full article
McGill and Partners announces leadership appointments within its US operation
10th August 2023
McGill and Partners, a specialist re/insurance broker, has announced several important leadership appointments within its US operations, including Karl Hennessy as CEO of its US re/insurance business. Hennessy currently leads the Global Specialty Insurance teams in London, and will move to New York to take over his new role at McGill ... Read the full article
QBE’s H1’23 net profit soars to $400m on huge investment income
10th August 2023
QBE announced net profit after tax of $400 million for the first half of 2023, compared with $48 million in the same six-month period last year. The rise mainly owed to an H1 investment income of $662 million, versus a loss of $20 million last year, reflecting the significant increase in ... Read the full article
Liberty Mutual sees $585m net loss in Q2, cat losses more than double to $2.27 billion
10th August 2023
Liberty Mutual Holding Company and its subsidiaries (LMHC) have reported their results for the second quarter of 2023 and the first half of 2023, posting a net loss attributable to LMHC of $585 million and $660 million for Q223 & H123, compared to net loss' attributable to LMHC of $343 ... Read the full article
Markel grows W&I team with Steven Feng’s appointment
10th August 2023
Markel, the insurance operations within the Markel Group Inc., has announced the appointment of Steven Feng as underwriter for its Warranty and Indemnity (W&I) team. In his new role, based in London, Feng will be responsible for underwriting the tax risks inherent in W&I transactions. He will report directly to Bryan ... Read the full article
Beazley CFO Sally Lake to exit the company in 2024
10th August 2023
Beazley has announced that its Chief Financial Officer (CFO) Sally Lake has informed the Board of her intention to leave the company in 2024, after serving in the position for five years. Prior to taking on the CFO role, Lake served as Group Actuary for five years, having previously held the ... Read the full article
SiriusPoint & hedge fund boss Daniel Loeb enter standstill agreement
10th August 2023
Global specialty insurer and reinsurer SiriusPoint has entered into a standstill agreement with Third Point CEO Daniel S. Loeb following the conclusion of exploratory discussions related to Loeb's potential acquisition of the firm. According to SiriusPoint, the agreement provides that Loeb will not, subject to certain limited exceptions, make a take-over ... Read the full article
Lancashire expects positive rate environment to persist as H1 2023 GPW rises 26%
10th August 2023
Bermuda-based Lancashire Holdings Limited has reported a 26.2% rise in gross premiums written (GPW) for the first half of 2023 driven by growth in both its reinsurance and insurance segments, as the firm highlights a positive rate environment which it expects to persist through the remainder of the year. Across its ... Read the full article