Reinsurance News
VIG Re reports “all-time highs” performance for 2022 with €30.7m profit
16th March 2023
VIG Re has published its preliminary financial results for 2022 reporting an “all-time highs” performance with a pre-tax profit of €30.7m, a 19.7% gross written premium (GWP) increase, to €792.3m, and an improved net combined ratio of 91.9%. The reinsurance company of Vienna Insurance Group noted that an “above average growth” ... Read the full article
ARC & Djibouti government ink agreement to shield climate-vulnerable communities
16th March 2023
The African Risk Capacity Group and the Government of Djibouti have signed the first-ever multi-year, multi-peril agreement on the African continent to protect the most climate-vulnerable communities. The agreement means that Djibouti now has access to five years of disaster risk management capacity building and disaster risk insurance coverage offered by ... Read the full article
US insurers’ direct exposures to SVB & other bank failures modest, says Fitch
16th March 2023
Fitch Ratings has reported that the initial analysis of rated U.S. insurers’ exposures to now-failed banks (Silicon Valley Bank, Silvergate and Signature Bank) are modest. Fitch-rated insurance entities’ direct investment exposure to the failed banks is estimated to total $1.16 billion, with most of the exposure concentrated among life insurers. Although increased ... Read the full article
Swiss Re cites strong capitalisation, positive business outlook
16th March 2023
Global reinsurance giant Swiss Re has cited a “very strong” capital position and has maintained that its businesses remain “well-positioned for the future” as part of its 2022 Annual Report. The report was published ahead of the reinsurer’s upcoming Annual General Meeting of shareholders (AGM) on 12 April 2023, for which ... Read the full article
Essent promotes David B. Weinstock to CFO
16th March 2023
Essent Group has announced the promotion of David B. Weinstock to the role of Senior Vice President, Chief Financial Officer (CFO). Weinstock has served as the firm's interim CFO since June 28, 2022, and as Vice President and Chief Accounting Officer since 2009. He holds more than 25 years of experience in ... Read the full article
Maiden Holdings reports sharp rise in net income, despite $35.5mn underwriting loss
16th March 2023
Maiden Holdings Ltd., has reported a net income of $36.2 million for the fourth quarter of 2022 compared to net income of $16.2 million from the fourth quarter of 2021. The firm’s reported net income for Q4 is also a huge improvement from its $8.2 million net loss from Q322. At ... Read the full article
Gallagher Re names Wakefield to become CEO, as James Kent transitions to group role
16th March 2023
Tom Wakefield is set to become the CEO of reinsurance broker Gallagher Re, after James Kent was promoted to a new role within Gallagher, as CEO of Global Insurance Strategic Relationships. Kent will take responsibility for establishing and driving a framework that determines how Gallagher connects with its major strategic partners ... Read the full article
Markel Intl. bolsters global downstream energy offering with two new hires
16th March 2023
Markel International, a subsidiary of Markel Corporation, has bolstered its global downstream energy team with two new appointments. James Keens has been named senior downstream energy underwriter in London, and JJ Wong has been named downstream energy underwriter in Singapore. Both Keens and Wong, who took up their roles in February, will ... Read the full article
Joyn Insurance welcomes Jim Hackbarth as its first independent Director
16th March 2023
InsurTech firm, Joyn Insurance has announced that insurance industry executive Jim Hackbarth will be joining its Board as its first independent Director. An experienced veteran within the industry, Hackbarth was most recently President and CEO of Assurex Global - the world’s largest privately held risk management commercial insurance brokerage group. Joyn CEO ... Read the full article
Industry must resist temptation to pull from cat-exposed areas: Moody’s RMS
15th March 2023
In an interview with the Financial Times (FT), Michael Steel, General Manager of Moody’s RMS, suggested that a combination of better analysis, new forms of loss prevention and higher prices should encourage reinsurers to take more risk amid the allure to pull from cat-exposed areas. In the FT interview, Steel noted ... Read the full article
Porch revises financial statements after reinsurance error
15th March 2023
Software company Porch Group has had to revise its previously issued financial statements for the first three quarters of 2022, after identifying an “error” in the accounting of its reinsurance arrangements. As a result of this error, the company determined that the cost of revenue was understated by $4.0 million for ... Read the full article
QBE North America promotes Foley to President of Commercial Insurance
15th March 2023
The North American division of global insurer QBE has announced that Michael Foley has been promoted to the position of President for its Commercial Insurance division. Foley most recently served as the Chief Underwriting Officer for QBE's Commercial Casualty business. In his new role, Foley will join QBE North America's Executive Management ... Read the full article
IGI completes acquisition of Norwegian MGA Energy Insurance Oslo
15th March 2023
International General Insurance Holdings Ltd. (IGI), has completed its acquisition of Norway-based managing general agency, Energy Insurance Oslo AS (EIO). The transaction was first announced in August last year, and was originally expected to close during Q322. IGI noted that the acquisition includes all outstanding shares of EIO. The entity, which ... Read the full article
Lockton appoints Co-Leaders for Life Sciences Practice
15th March 2023
Global insurance broker Lockton, has appointed Aon’s Brad Zechman and David Salvucci as Co-Leaders of its Life Sciences Practice. Based in Philadelphia, both Zechman and Salvucci will share strategic responsibility for the Practice. As Co-Leaders, they will both help to bring in best-in-class tools, as well as offer strategic advice and customized ... Read the full article
VIG expecting higher premium volume in FY22 results
15th March 2023
Vienna Insurance Group (VIG) has announced its preliminary results for FY22, which includes a total premium volume of €12.6 billion, exceeding the value of the previous year by €1.6 billion, or 14.1%. VIG noted that the figure includes the newly acquired insurance companies in Hungary and Türkiye, which bring a premium ... Read the full article