Reinsurance News
Canopius hires Mutton from AXA XL to lead new Melbourne office
1st March 2023
Specialty insurer and reinsurer Canopius has hired David Mutton from AXA XL to lead its new trading office in Melbourne, Australia, as Casualty Underwriter, APAC, effective immediately. Initially, the re/insurer will write casualty business from the office but plans to broaden its offering as the business expands, with plans already underway ... Read the full article
The insurance industry is not making fast enough progress on AI, Accelerant’s Wentworth
1st March 2023
In an interview with Reinsurance News, Heather Wentworth, Chief Data Officer at Accelerant, has suggested that the insurance industry as a whole is not “making enough progress” to get the data needed to successfully use artificial intelligence (AI) technology — which she argues will be transformative for the ecosystem. AI and ... Read the full article
Fidelis MGU appoints Ben Fortune as CUO, Bermuda
1st March 2023
Fidelis MGU has announced the promotion of Ben Fortune to Chief Underwriting Officer of its Bermuda operation Launched last year, the MGU is part of Bermuda-based insurance and reinsurance holding company, Fidelis Insurance Holdings Limited. With its creation, the re/insurer aimed to separate the business from its existing balance sheet carriers. Starting ... Read the full article
BRP’s annual loss widens, but organic growth up 23%
1st March 2023
Independent insurance distribution firm BRP Group has reported a loss of $76.7 million for the full year in 2022, as its performance worsened from the $58.1 million loss reported in 2021. This figure included an operating loss of $31.0 million, similar to the $31.6 million recorded previously. However, revenues increased by 73% ... Read the full article
Skyward reports $20m net income and improved combined ratio
1st March 2023
P&C insurer Skyward Specialty has reported a “strong” 2022 fourth quarter, with a net income of $20.4 million and an improved combined ratio of 92.4%. These figures compared to $1.3 million of net income reported in the fourth quarter of 2021, and a combined ratio of 106.8%. Gross written premiums (GWP) increased ... Read the full article
Verisk sees rise in net income from continuing operations in Q4
1st March 2023
Insurance and analytics provider Verisk has reported income from continuing operations of $215.8 million for the fourth quarter of 2022, a rise of more than 82% from the $118.3 million reported a year earlier. Verisk attributes the year-on-year rise in net income from continuing operations to an impairment loss incurred in ... Read the full article
Trisura falls to Q4 loss on write down of reinsurance recoverables
1st March 2023
Specialty insurer Trisura Group has reported a net loss of $40.3 million for the fourth quarter of 2022 due in large part to a $81.5 million write down of reinsurance recoverables relating to a contract dispute. Trisura explained that it had a “disagreement over obligations” under one particular quota share reinsurance ... Read the full article
Probitas Lloyd’s Syndicate 1492 reports 27% rise in GWP to £234m
1st March 2023
Probitas Syndicate 1492 has reported that underwriting year gross written premium grew over 27% from £183m in 2021 to £234m in 2022, with a further 16% pre-emption for 2023 to £271m. Probitas also announced a 2022 GAAP year NCOR (net combined operating ratio) of 78.6% and profit before tax of £30.1m. This ... Read the full article
Ryan Specialty reports organic revenue growth of 10.3% for Q4 2022
1st March 2023
Global specialty insurer Ryan Specialty Holdings, Inc. has reported revenue growth of 14.9% in the fourth quarter of 2022 to $435 million, as net income increased by almost 55% to $45.8 million, compared with $29.6 million a year earlier. The organic growth rate for the quarter was 10.3%, down from 15.4% ... Read the full article
Stronger capital driving positive outlooks for credit insurers, says Moody’s
1st March 2023
A report from Moody's Investors Service says that trade credit insurers, which insure sellers against the risk of non-payment, are well placed to cope with an anticipated increase in claims in the months ahead as global economic growth begins to slow. The firm notes that although the sector has expanded its ... Read the full article
Swiss Re partners with automotive tech firm Luminar
1st March 2023
Reinsurance giant Swiss Re and automotive tech firm Luminar have partnered to advance assisted driving and improve safety while reducing the costs of consumer adoption. Luminar notes that the first step of the joint initiative is to analyse the on-road performance and safety improvements of consumer and commercial vehicles equipped with ... Read the full article
Davies appoints business leaders for new organisational structure
1st March 2023
Davies, a leading specialist professional services and technology business has announced a new organisational structure that will see the company simplify its operations, following a period of organic and M&A growth. From March 1, 2023, the firm will align across three operating units: Davies Global Solutions, Davies UK & Ireland, and ... Read the full article
FinTech Karson appoints Martin Kauer as Executive Partner
1st March 2023
Karson Management Limited, an innovative FinTech platform that provides capital-efficient solutions for financing & collateral, investing & asset management as well as risk transformation, has announced the appointment of Martin Kauer as Executive Partner. “I am excited to join Karson at this juncture of its development and to drive the transformation ... Read the full article
RB Jones Marine & Energy gets additional capacity from Atain Insurance
1st March 2023
Growing MGU RB Jones has secured additional capacity from fellow H.W. Kaufman-owned entity, Atain Insurance Companies, which it will deploy to expand its Primary Marine and Excess Marine & Energy Liability business. RB Jones is currently collaborating closely with Atain on an exclusive Ocean Marine Cargo program. According to the firm, ... Read the full article
Reinsurers to benefit from improved underwriting and investments in 2023, says Moody’s
28th February 2023
Analysts at Moody's expect the supply and demand imbalance in the global reinsurance market to persist amid a continuation of strong pricing, while credit conditions will also be supported by improved investment income on the back of rising interest rates. Moody's maintains its stable outlook for the global reinsurance sector in ... Read the full article