Reinsurance News
Lemonade’s gross profit surges 90% as net loss narrows for 2024
26th February 2025
Lemonade, a technology-driven insurance company offering home, renters, pet, and auto coverage, saw its gross profit surge 90% year over year in the fourth quarter of 2024, reaching $64 million. This reflects a significant improvement in its financial performance. However, the company still reported a net loss of $30 million for ... Read the full article
MetLife adds former Swiss Re CEO Mumenthaler to Board of Directors
26th February 2025
Former Swiss Re Group Chief Executive Officer (CEO), Christian Mumenthaler, has been elected to join the Board of Directors of MetLife, Inc., a global provider of insurance, annuities, and employee benefit programs, effective May 1, 2025. Mumenthaler's career at Swiss Re Group spanned more than 25 years. During this time, he ... Read the full article
Skyward Specialty posts net income of $119m in 2024 despite higher cat losses
26th February 2025
Skyward Specialty Insurance Group has reported net income of $118.8 million for full year 2024, up from $86 million in 2023, despite elevated catastrophe losses driving a higher combined ratio of 92.3% for the year The company’s adjusted operating income for 2024 rose to $126.7 million, up from $80.8 million in ... Read the full article
Saudi EXIM signs reinsurance agreements with Allianz Trade, Bpifrance, and AIG
26th February 2025
The Saudi Export-Import Bank (Saudi EXIM) has signed three reinsurance agreements with global players: Allianz Trade, Bpifrance, and American International Group (AIG) to bolster trade finance and credit insurance solutions. His Excellency Eng. Saad bin Abdulaziz Al-Khalb, Chief Executive Officer of Saudi EXIM, signed the agreements during an official visit to ... Read the full article
AXA XL appoints Rees as Chief Underwriting Officer for North America
26th February 2025
AXA XL, the property and casualty (P&C) and specialty risk division of global insurer AXA, has announced the appointment of Simon Rees as Chief Underwriting Officer, North America Programs. In her new role, effective April 1, Rees will be reporting to Tim Whisler, Wholesale Solutions, Americas. Rees has over two decades of ... Read the full article
Universal’s net income down 70% in Q4’24 to $6m as CoR deteriorates
26th February 2025
Universal Insurance Holdings has reported a net income of $6 million for the fourth quarter of 2024, representing a 69.9% decrease compared to $20 million in the same period a year earlier, as the company’s combined ratio deteriorated by 4.2 percentage points to 107.9%. Total revenue for the quarter rose 2.5% ... Read the full article
Munich Re CEO: Reinsurance pricing is overall ‘very attractive’
26th February 2025
Joachim Wenning, the Chief Executive Officer (CEO) of Munich Re, one of the world's largest reinsurance companies, said this morning that overall, reinsurance prices remain very attractive, with the firm seeing enough attractive growth markets. Alongside reporting its full year 2024 results, which were very strong once again, Munich Re ... Read the full article
State Farm to retain $212m of $7.6bn LA wildfire loss after reinsurance
26th February 2025
State Farm General has estimated direct losses from the Los Angeles wildfires at $7.6 billion, with retained losses after reinsurance at $212 million and its share of FAIR Plan losses at $400 million. According to its latest update, State Farm General has paid out $1.75 billion on approximately 9,500 claims filed ... Read the full article
IGI reports net income rise of 14.4% to $135m for FY’24
26th February 2025
International General Insurance Holdings Ltd. (IGI) has reported a net income increase of 14.4% for the full year 2024 (FY'24) to $135.2 million compared to $118.2 million in the prior year, although the firm’s Q4 2024 net income decreased to $30 million compared to $33 million in Q4 2023. Both periods ... Read the full article
Beazley appoints Sara Foucher as Head of Commercial Property, Europe
26th February 2025
Specialty insurer Beazley has entered the European property market with the appointment of Sara Foucher as Head of Commercial Property, Europe, effective immediately. In her new role, Foucher will lead the expansion of Beazley's property team and offerings in the region. She will also develop specialty solutions to address the growing ... Read the full article
Fidelis’ reinsurance segment posts $217.4m underwriting income in 2024
26th February 2025
In its full-year 2024 results, Fidelis Insurance Holdings Limited revealed that its reinsurance segment saw an underwriting income of $217.4 million, up $54.9 million from 2023. GPW in the firm's reinsurance segment also increased, reaching $864.6 million, compared to $618.6 million in 2023. As per Fidelis, the increase in GPW in this ... Read the full article
Specialty MGA UK welcomes two new underwriters to energy team
26th February 2025
Managing general agent (MGA) Specialty MGA UK has announced the addition of two new underwriters to its energy team, Alex Rowe and Savita Patel. The new hires have been appointed as Senior Underwriters for Energy, and bring experience of working in Africa, the Middle East, North America and Europe. Manoj Kumar, Specialty ... Read the full article
NormanMax to acquire FloodFlash
26th February 2025
FloodFlash, the parametric flood insurance provider with sensor technology, has agreed on terms to be acquired by NormanMax Insurance Holdings, a specialist parametric underwriter, subject to FCA approval. Following the transaction, FloodFlash will continue to operate as an MGA and Lloyd’s coverholder. The FloodFlash product will continue to be available to distributors ... Read the full article
Munich Re’s FY’24 result exceeds target at €5.7bn as LA wildfire loss reported at €1.2bn
26th February 2025
Reinsurance giant Munich Re has reported a net result of €5.671 billion for the 2024 financial year, driven by the strong performance of its reinsurance and ERGO businesses and a solid investment result. The reinsurer's net result increased 23% year-on-year and is almost €700 million above the original profit target of ... Read the full article
Active Re reports record growth and strong performance
26th February 2025
Barbados-based reinsurer Active Re has saw its net reinsurance premiums increase by 16% and its net retained premiums by 17% in 2024, achieving what it calls "historic figures." Active Re also reported a 19% expansion in total equity, maintaining a strong double-digit compound annual growth rate of 47% since its inception. Additionally, ... Read the full article
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