Reinsurance News
African Risk Capacity and IFC partner to enhance agricultural insurance solutions in Africa
28th February 2025
African Risk Capacity Limited (ARC), a specialised agency of the African Union, and the International Finance Corporation (IFC), the private sector arm of the World Bank Group, have signed a Letter of Engagement to strengthen agricultural insurance solutions across the continent. The partnership aims to create a more secure and attractive ... Read the full article
Moody’s downgrades RGA’s outlook following Equitable reinsurance agreement
28th February 2025
Moody's Ratings (Moody's) has affirmed the ratings of Reinsurance Group of America (RGA) and changed its outlook to negative from stable. According to the agency, the negative outlook “reflects the company's reduced financial flexibility and the financial strain on RGA's capital adequacy to fund the transaction with Equitable and its new ... Read the full article
SageSure & SURE secure $520m of US named storm reinsurance with latest cat bond
28th February 2025
SageSure, a managing general underwriters focused on catastrophe-exposed markets, and SURE, a policyholder-owned reciprocal exchange, have closed the Gateway Re Series 2025-1 catastrophe bond at $520 million to provide US named storm reinsurance protection. This is the ninth cat bond issuance in the SageSure-supported Gateway Re, and it is considered the ... Read the full article
Kin reports $495m GWP for 2024 as operating income rises 126%
28th February 2025
Kin, the direct-to-consumer home insurer, closed 2024 with $495.3 million in gross written premiums and $156.1 million in total revenue, as operating income for the year hit $12 million, representing a 126% increase over the prior year. The two Kin-managed reciprocal exchanges posted an adjusted loss ratio, net of catastrophe excess ... Read the full article
QBE appoints Ronak Shah as CEO of Wholesale Markets Asia
28th February 2025
Australian insurer QBE has appointed Ronak Shah in the newly created role as Chief Executive Officer (CEO) of Wholesale Markets Asia, based in Singapore, effective March 1st, 2025. The insurer stated that this newly added position underscores its commitment to strengthening its facultative reinsurance business across Asia. In the new role, Shah ... Read the full article
SiriusPoint eyes spot among best-in-class operators following strong 2024
28th February 2025
In a recent interview with Reinsurance News, Scott Egan, CEO of SiriusPoint, emphasised that 2024 was a "remarkable year of delivery" for the firm, marking the completion of its repositioning as it aims to continue both growing and enhancing performance. "We have significantly improved our balance sheet and structure to be ... Read the full article
Political and social division the biggest SRCC driver, poll suggests
28th February 2025
Strikes, Riots, and Civil Commotion (SRCC) are increasingly impacting the re/insurance industry with escalating costs across property damage, business interruption, and liability claims. A recent Reinsurance News poll revealed that political and social divisions are perceived as the primary driver of this increase, with 55% of respondents citing them as the ... Read the full article
American Coastal’s CoR increases and net income down in Q4’24
28th February 2025
American Coastal Insurance, a property and casualty insurance holding company, has released its financial results for the fourth quarter, reporting a combined ratio of 91.9% despite the devastating impact of natural catastrophes. Compared to Q4 2023, the insurer’s combined ratio increased 32pts from 59.9%. American Coastal Insurance reported a Q4 net income ... Read the full article
Blue Marble launches reinsurance facility to help expand parametric capacity
28th February 2025
Climate insurer Blue Marble has unveiled its new Impact Reinsurance Facility, aimed to help expand parametric climate protection for vulnerable communities worldwide. Backed by Zurich Insurance and a consortium of global reinsurers, this dedicated risk capacity solution aims to address the growing weather-related risks faced by underserved populations in Latin America, ... Read the full article
Chubb names Lynch SVP, Sales & Distribution Leader for North America A&H
28th February 2025
Global insurer Chubb has announced the appointment of Megan Lynch as Senior Vice President, Sales & Distribution Leader for North America Accident and Health (A&H), effective March 3, 2025. Lynch’s new role will include heading sales and distribution initiatives to expand the North America A&H business. She will collaborate with business ... Read the full article
HCI reports gross premiums earned increase of 38% in Q4’24
28th February 2025
Florida-domiciled insurtech HCI Group, Inc. has reported that consolidated gross premiums earned increased by 38% to $297.5 million for Q4'24, up from $215.2 million in Q4 2023, driven primarily by assumptions of policies from Citizens Property Insurance Corporation, the state's insurer of last resort. The insurer’s pre-tax income for Q4 2024 ... Read the full article
Brit’s profits rise in 2024 as written premiums reach $3.78bn
28th February 2025
Brit Insurance has posted a profit before tax from continuing operations of $661 million for 2024, up from $623.9 million in 2023, while insurance premium written expanded to $3.78 billion. The firm also reported a discounted combined ratio for continuing business of 75.7% for 2024, down from 76.2% in 2023. The ... Read the full article
Pen Underwriting expands international cover for recruitment agencies
28th February 2025
Pen Underwriting, a subsidiary of Arthur J. Gallagher & Co., has announced the expansion of its specialist insurance proposition for recruitment agencies to support clients' international growth and diversification. Pen’s international and multi-section insurance policies customised for recruiters can now cover the professional indemnity risk of placing candidates into positions in ... Read the full article
Aspen posts strong underwriting gains for 2024 as net income rises
28th February 2025
Bermuda-based Aspen Insurance Holdings has reported an improved underwriting result for the fourth quarter and full year 2024, despite higher catastrophe losses in its insurance and reinsurance segments for both periods. Group-wide, underwriting income increased by 102.8% to $143 million in Q4 2024 and rose by 5.8% to $345.8 million for ... Read the full article
Allianz sees record operating profit in 2024 as all segments grow
28th February 2025
Allianz has reported a record operating profit of €16 billion for 2024, up 8.7% from 2023, supported by all business segments, with the Property-Casualty business being the main driver. Meanwhile, the firm's net income attributable to shareholders in 2024 was €9.9 billion, up 16.3% from 2023, while total business volume grew ... Read the full article
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