Reinsurance News
LA wildfires ~35% of Swiss Re’s FY’25 nat cat budget, CFO expects event to mitigate downward price pressure
27th February 2025
Reinsurance giant Swiss Re said this morning that it currently estimates losses from the Los Angeles, California wildfires of less than $700 million, which Chief Financial Officer (CFO), John Dacey, confirmed is more than a third of its full year 2025 budget for natural catastrophes of €2 billion. "$700 million is ... Read the full article
Verisk reports revenue and income increase in Q4’24
27th February 2025
Verisk, a global data analytics and technology provider, has reported consolidated revenues of $736 million for the fourth quarter of 2024. This figure was up 8.6% on a consolidated and an organic constant currency (OCC) basis., with solid growth contributions from both underwriting and claims within Insurance. For the full year 2024, ... Read the full article
Canopius selects Qubit as first Lloyd’s Coverholder for digital asset insurance in APAC
27th February 2025
Qubit, a specialist managing general agent (MGA) focusing on digital asset risks, has been approved as a Lloyd's of London Coverholder by Canopius for digital asset insurance in Asia Pacific. This partnership establishes Qubit as the first and only domestic carrier in the Hong Kong market to offer products with the ... Read the full article
BMS Re adds Howden Re’s Hughes and Bartell to non-marine reinsurance team
27th February 2025
BMS Re, the reinsurance arm of independent re/insurance broker BMS Group, has announced two new senior appointments: Jonathan Hughes as managing director - non-marine reinsurance and Martin Bartell as director - non-marine reinsurance. Based in London, both executives will be reporting directly to Hannah Watkins, Chief Growth Officer. Hughes brings three decades ... Read the full article
Hamilton reports underwriting income of $149m for FY’24 with 91.3% CoR
27th February 2025
Bermuda-domiciled re/insurer Hamilton Insurance Group has reported a slightly weaker full year (FY) 2024 combined ratio of 91.3% and higher underwriting income of $149.4 million, as gross premiums written (GPW) hit $2.4 billion, an increase of 24.2% or $471.5 million compared to FY’23. The increase in premiums was driven by ... Read the full article
Swiss Re CorSo appoints Katie McGrath as CUO, unveils restructure
27th February 2025
Swiss Re Corporate Solutions has appointed Katie McGrath as Chief Underwriting Officer and introduced a new organisational structure, featuring Market Units, to better serve corporates and brokers at the country level. McGrath, who has more than 25 years of experience across multiple roles in commercial insurance, joined Swiss Re Corporate Solutions ... Read the full article
AXA’s GWP & other revenues up to €110bn in 2024 with 10% growth at AXA XL Re
27th February 2025
Global insurer AXA's property and casualty (P&C) and specialty risk division, AXA XL, achieved a combined ratio of 91% for full year 2024, a 2.1 percentage point improvement on the prior year, as gross written premiums (GWP) and other revenues increased 7% to €56.5 billion, supported by 10% growth at ... Read the full article
Hiscox Re & ILS profit soars in 2024 as ICWP exceeds $1bn
27th February 2025
Hiscox Re & ILS, the international reinsurance and insurance-linked securities arm of Hiscox, has reported a 2024 pre-tax profit of $267.5 million, up from $221.4 million in 2023, alongside an improved undiscounted combined ratio of 69%. Hiscox Re & ILS surpassed the $1 billion insurance contract written premium (ICWP) mark in ... Read the full article
Swiss Re’s net income rises to $3.2bn for 2024 as P&C Re book grows 7% at Jan 1 renewals
27th February 2025
Global reinsurer Swiss Re generated net income of $3.2 billion in 2024, up roughly 3% on 2023's $3.1 billion, driven in part by disciplined underwriting of new business as the firm's underwriting profit declined by approximately 9% to a still strong $4.3 billion. Group-wide, Swiss Re has today reported an ROE ... Read the full article
Zurich promotes Alex Todd to Chief Underwriting Officer APAC
27th February 2025
Zurich Insurance has recently promoted Alex Todd to the position of Chief Underwriting Officer for Asia Pacific (APAC). Todd brings over 20 years of industry experience to his new role, specialising in Property, with a strong focus on the APAC region. He joined Zurich Insurance in August 2023 as Head of Short-Tail ... Read the full article
India has all the ingredients to become a reinsurance hub: G. Srinivasan, Galaxy Health & Allied Insurance
27th February 2025
According to industry experts, the combination of large carriers, a sizeable market, reinsurance talent, a long-standing insurance market history, and connections to other major markets globally, suggests India is poised to establish itself as a global reinsurance hub. During a recent panel discussion moderated by G. Srinivasan, Managing Director (MD) and ... Read the full article
China Re says FY’24 net profit could be up 100% YoY
27th February 2025
China Re, the country's state-owned reinsurance company, has estimated that its net profit for the full year 2024 will increase be 80% to 100% when compared with the prior year, driven by an improved underwriting and investment performance. For 2023, China Re's net profit amounted to RMB5,652 million (~USD 780m). So, the ... Read the full article
AM Best: Casualty reinsurance faces financial strain amid rising litigation costs and social inflation
26th February 2025
Rising litigation expenses and increased jury awards are placing significant financial strain on the casualty reinsurance sector, leading some carriers to bolster their reserves and squeeze profit margins, according to a recent AM Best report. The Best’s Market Segment Report, titled “Casualty Reinsurance Capacity Remains Plentiful Amid Concerns,” highlights that reinsurers ... Read the full article
Chubb announces leadership changes in EMEA and North America
26th February 2025
Global insurer Chubb has announced that Ana Robic, Division President of Personal Risk Services (PRS), North America, has been appointed Regional President of Europe, Middle East, and Africa (EMEA), succeeding David Furby, who has been named Executive Chairman, both effective April 1, 2025. Robic has been with Chubb for 25 years. ... Read the full article
IRB(Re) reports best underwriting profit in four years for 2024
26th February 2025
In its 2024 full-year results, IRB(Re) reported its best underwriting profit in four years, reaching R$ 452 million, up from R$ 155 million in 2023. IRB(Re) also disclosed a net income of R$ 373 million for 2024, compared to R$ 114 million in 2023, while its loss ratio stood at 64%, ... Read the full article
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