Reinsurance News
Maiden Holdings sees $2.9m net loss in Q2 2023
10th August 2023
Bermuda-based Maiden Holdings has reported a net loss of $2.9m for the second quarter of 2023 and an operating income of $4.5m, as well as an underwriting loss of $9.3m in both the AmTrust Reinsurance and Diversified Reinsurance segments. These figures compare with net income of $25.8m for the second quarter ... Read the full article
Munich Re posts H1 profit of €2.4bn, “on track” to achieve annual target
10th August 2023
Munich Re generated a profit of €2.4bn in H1 of 2023, higher than half of its full year guidance of €4bn, as the firm remains "on track" to achieve its annual target. The firm explained that the higher result during H1 of 2022 was attributable to lower unwinding-of-discount effects and lower ... Read the full article
Tokio Marine HCC acquires renewal rights to Intact’s FirstFire business
10th August 2023
Tokio Marine HCC – Public Risk Group, a provider of insurance solutions for public entities and member of the Tokio Marine HCC, has entered into an agreement to acquire the renewal rights to the FirstFire portfolio of Intact Insurance Group USA LLC. FirstFire policies protect volunteer and professional fire departments, emergency ... Read the full article
Kin’s Q2’23 GWP soars to $109.7 million, marking 55% year-on-year increase
10th August 2023
Kin Insurance has reported a gross written premium (GWP) of $109.7 million for the second-quarter of 2023, up 55% from the year-ago $70.8 million. Kin’s positive operating income nearly doubled to $8.6 million in the second quarter of 2023, driven by disciplined expense management and an ever-increasing renewal base. Kin’s premium renewal ... Read the full article
Resilience raises $100m in Series D funding round
10th August 2023
Resilience has announced a $100 million equity financing round to accelerate its global expansion. The company also plans to scale the adoption of its holistic cyber risk platform, the Resilience Solution launched earlier this year. The Series D round was led by Intact Ventures, an affiliate of Resilience’s primary capacity provider, ... Read the full article
Vast majority of portfolio is rate adequate, reflecting strong financial position: Hiscox CUO
9th August 2023
In a recent earnings call, Joanne Musselle, Group Chief Underwriting Officer (CUO) of international specialist insurer Hiscox, highlighted the company's satisfaction with the current state of their portfolio's rate adequacy. "Just as a reminder, we've been in a hardening rate market for now five years. We've seen substantial rate increases ... Read the full article
At-Bay begins issuing policies on its own E&S paper
9th August 2023
At-Bay, the cyber insurance provider, has begun issuing Cyber and Tech E&O policies under its Delaware-based Excess and Surplus (E&S) carrier - At-Bay Specialty Insurance Company. At-Bay Specialty Insurance Company was formed in January 2023, in a move which allowed for At-Bay to better serve its policyholders and accelerate planned product ... Read the full article
Sompo International sees underwriting income growth in Q1 2023
9th August 2023
Sompo International, a global provider of commercial and consumer property and casualty re/insurance, has reported its first quarter of 2023 financial results, which saw an increased underwriting income of $150m, compared to the same period last year. This 27% increase, according to the re/insurer, was due to overall top-line growth and ... Read the full article
Generali posts €42.2 billion GWP in H123, combined ratio hits 91.6%
9th August 2023
Italy-headquartered insurer Generali has reported that gross written premiums (GWP) increased to €42.2 billion (+3.6%), in the first half of 2023, with the insurer noting that this was driven by significant P&C growth (+10.6%). Generali's operating result grew by 28% to reach €3,721 million, which was heavily contributed by the diversification ... Read the full article
Vesttoo appoints Ami Barlev as its new Interim CEO
9th August 2023
The Board of insurtech Vesttoo has announced that Ami Barlev has been appointed as its new interim Chief Executive Officer (CEO). Barlev has deep experience across serving in senior positions such as CEO, director and chairman of the board in a number of private and publicly-traded Israeli and NASDAQ companies, as ... Read the full article
Essent Group closes $281.5m reinsurance deal & related mortgage insurance-linked notes
9th August 2023
Essent Group, a Bermuda-based holding company, has announced that its wholly-owned subsidiary, Essent Guaranty, Inc., has obtained $281.5 million of fully collateralized excess of loss reinsurance coverage on mortgage insurance policies. The reinsurance applies to policies that were written in August 2022 through to June 2023 from Radnor Re 2023-1 ... Read the full article
RBNZ stress test reveals resilience of New Zealand’s life insurance industry
9th August 2023
The Reserve Bank of New Zealand – Te Pūtea Matua (RBNZ) has conducted its inaugural stress test for the country's life insurance sector, revealing that the largest insurers are well-equipped to weather severe economic and insurance shocks while ensuring policyholders' claims are met. The stress test, known as the Life Insurance ... Read the full article
Lloyd’s General Counsel Peter Spires to step down
9th August 2023
Lloyd's, the global insurance and reinsurance marketplace, has announced that Peter Spires has decided to step down as General Counsel to pursue new challenges in the Lloyd’s market. Spires joined Lloyd’s in 1995 and spent the early years of his career at Lloyd’s focused on Reconstruction and Renewal and then the ... Read the full article
New US Flood Map provides “much needed” change in ability to understand flood risk: Fathom
9th August 2023
"For those in the business of assessing, taking on and managing risk, the data available via the US Flood Map provides a much needed and significant step change in the ability to understand flood risk in the US," suggests Dr Matthew Jones, Chief Product Officer at Fathom, a global leader ... Read the full article
Bermuda considering a corporate income tax that may impact re/insurers
9th August 2023
The Government of Bermuda has announced that it will issue a public consultation paper as part of its considerations on introducing a corporate income tax to apply to Bermuda businesses that are part of Multinational Enterprise Groups (MNEs) with annual revenue of €750M or more. The proposed corporate tax would be ... Read the full article