Reinsurance News
Enstar posts net earnings in Q1’23 vs year-ago loss
4th May 2023
Enstar Group reported a net earnings of $424 million in the first-quarter of 2023, compared to net loss of $267 million in Q1 2022. Return on equity (ROE) was 9.5% in Q1 of 2023, compared with (4.6)% the previous year, while adjusted ROE was 6.8% for the quarter compared to (1.1)% ... Read the full article
WTW launches new Data Science Consultancy unit
4th May 2023
WTW has announced the launch of a new Data Science Consultancy unit to "help insurers unlock huge untapped value from their data." The new consultancy, which will exist within WTW’s Insurance Consulting and Technology (ICT) business, will specialise in helping insurers extract greater value from data science to drive better business ... Read the full article
Arthur J. Gallagher expands fine art expertise with accurART acquisition
4th May 2023
Re/insurance broking firm Arthur J. Gallagher & Co has acquired Switzerland-based fine art insurance broker, accurART. Terms of the transaction were not disclosed. A market-leader in Switzerland, accurART specialises in insurance for private art collections, museums, galleries and for fine art exhibitions. The firm also offers cover for other valuables, which includes ... Read the full article
Selective Insurance posts 67% rise in Q1’23 net income
4th May 2023
Selective Insurance has reported income of $90.3 million for the first quarter of 2023, compared to $54.0 million in Q1'22, helped by strong growth in both net written premiums (NPW) and investment income. Selective Insurance Group reported for Q1, overall NPW increased 12% from a year ago, and growth was strong ... Read the full article
Lemonade reports a loss ratio of 87% in Q1 2023
4th May 2023
Lemonade has released its Q1 2023 financial results. Despite persistent inflation and the heightened frequency of severe weather events, the company said it has moved in the right direction this year. The company’s In Force Premium (IFP) has topped at $653 million i.e. a 56% or $234 million increase from last ... Read the full article
Top of Allstate’s catastrophe reinsurance tower reduces slightly as cost of program increases
4th May 2023
U.S. primary insurer Allstate has completed the placement of its 2023-2024 Nationwide Excess Catastrophe Reinsurance Program, revealing that the top of the tower has come down slightly from the Q4 2022 update, while the cost of the program has increased year-on-year. At $6.92 billion, the top-end of the tower has come ... Read the full article
AM Best upgrades Austral’s credit ratings, revises outlook to stable
4th May 2023
AM Best has upgraded the credit ratings of Austral Resseguradora S.A. (Austral Re) and Austral Seguradora S.A. Concurrently, and revised their outlooks to stable from positive. The credit rating agency has assigned the companies a Financial Strength Rating A- (Excellent), upgraded from B++ (Good); and the Long-Term Issuer Credit Ratings (Long-Term ... Read the full article
Palomar Holdings reports significant GWP growth amid high cat losses
4th May 2023
Specialty insurer Palomar Holdings has published its first quarter 2023 results reporting a net income of $17.3 million, a 46.3% increase in gross written premiums (GWP) and a combined ratio of 77.9%. This first quarter the company’s net income was up 19% compared to Q1 2022, when Palomar reported a net ... Read the full article
Davies to acquire insurance management portfolio from Ortac Underwriting Agency
4th May 2023
Davies, a leading specialist professional services and technology business, has signed a deal to acquire the insurance management portfolio from Ortac Underwriting Agency. Following completion of the acquisition, the business will join Davies’ existing captive management operations, within Davies’ Global Solutions business. Moreover, Ortac’s insurance management division will rebrand to Davies and ... Read the full article
Lancashire Holdings CEO expects aviation portfolio growth by year end
4th May 2023
Alex Maloney, the Chief Executive Officer (CEO) of Lancashire Holdings Limited, expects the re/insurer's aviation portfolio to grow by the year end. “We're overall pretty confident that we'll be able to grow our aviation portfolio at the end of the year,” Maloney said in Lancashire's recent first-quarter earnings call. He explained that ... Read the full article
Arch Insurance Intl. names new Heads of Onshore & Offshore Energy
4th May 2023
Arch Insurance International, part of Arch Capital Group Ltd., has appointed new Heads of Onshore and Offshore Energy. Effective immediately, Hannah Hutton has been promoted to Head of Onshore Energy, and Michael Poulteney has been promoted to Head of Offshore Energy. They have both been promoted from their previous roles as Underwriting ... Read the full article
SiriusPoint reinsurance segment aids improved Q1 result
4th May 2023
Global specialty re/insurer SiriusPoint has reported net income of $139 million for the first quarter of 2023 on a core combined ratio of 80.5%, helped by a significant improvement in the performance of its reinsurance segment. The company’s Q1 income this year represents a $358 million increase over last year’s ... Read the full article
Rational re/insurance pricing key to mitigating flood risk, says Fathom’s Dr Sampson
4th May 2023
“If the re/insurance market prices flood risk rationally, it will increase pressure for wider rational behaviour, which in the long term will encourage decisions that properly account for the underlying risks,” suggests Dr Chris Sampson, co-founder and CTO of flood and climate risk intelligence provider Fathom. Sampson’s comments stem from an ... Read the full article
Allstate reports Q1 net loss driven by catastrophe hit of $1.69 billion
4th May 2023
U.S. primary insurer Allstate Corporation has reported a net loss of $346 million in Q1 of this year, compared to a net income of $634 million in the same quarter of 2022. Allstates Q1 2023 results were cuffed by overall catastrophe losses of $1.69 billion. According to the firm, catastrophe losses ... Read the full article
Hiscox sees attractive rates across all segments as written premiums hit $1.4bn
4th May 2023
Specialist insurer and reinsurer Hiscox has announced that net insurance contract written premiums (ICWP) increased by 7.4% to $1.42 billion in Q1 2023, as the carrier highlights an attractive rate environment across all business segments. In its Q1 2023 trading statement, Hiscox highlights a favourable rate environment, with particularly attractive rates ... Read the full article