Reinsurance News
Talanx posts 16% rise in full-year net income to €1.17bn
9th February 2023
Germany’s Talanx Group, the parent company of Hannover Re, has exceeded its full-year 2022 target for group net income with a rise of 16% to €1.17 billion. Gross written premium income also rose by a double-digit 17% to €53.4 billion. Meanwhile, the return on equity was 12.9%, well above the minimum target ... Read the full article
Swiss Re’s Mike Mitchell set to leave the company in late 2023
9th February 2023
Mike Mitchell, Head of Property & Specialty UW at reinsurance giant Swiss Re, has announced that he will be leaving the firm towards the end of the year. In a statement, Mitchell said that he has agreed with Swiss Re to help complete the July 1st renewals before he departs later ... Read the full article
COVID losses in APAC could strain A&H reinsurers: Gallagher Re
9th February 2023
Analysts at Gallagher Re have warned that new COVID-19-related losses emanating from the Asia-Pacific region may put a strain on first-tier accident and health (A&H) reinsurers through 2023. The broker expects that the majority of these losses will be contained locally, but it does believe that the Lloyd’s market is likely ... Read the full article
Everest Re’s net income rises as underwriting improves
9th February 2023
Bermuda-based reinsurer Everest Re Group has reported a 4.1 percentage point improvement in its combined ratio in the fourth quarter of 2022 to 87.8%, as net income and operating income increased to $496 million and $478 million, respectively. The company's Q4 net income rose from the $431 million a year earlier, ... Read the full article
Verisk expands claims ecosystem through integration with AI firm, Tractable
9th February 2023
Tractable, an industry-leading applied AI firm is teaming with leading global data analytics provider, Verisk, to offer AI-powered estimates for property damage. By integrating with Tractable, which uses computer vision technology to visually assess damages to homes, Verisk will be able to help accelerate insurance claims processing and home repairs. Launched last ... Read the full article
Greenlight Capital Re invests in embedded insurance platform, Vertical Insure
9th February 2023
Greenlight Capital Re, Ltd., through its Greenlight Re Innovations, has announced an investment in Vertical Insure, Inc., a Minneapolis-based embedded insurance platform. The firm addresses distribution inefficiencies by embedding insurance in vertical Software as a Service (SaaS) platforms, targeting the SaaS platforms' business clients and the underlying customers of those businesses. The firm ... Read the full article
Milliman hires Payne as Director & Consulting Actuary for Asia Life practice
9th February 2023
Consulting and actuarial firm Milliman has announced the appointment of Richard Payne as Director & Consulting Actuary for its Life practice in Asia. For the new role, Payne will be based in Hong Kong. The appointment is set to take effect on the 13th of February 2023. Collectively, Payne has over ... Read the full article
2023 global economy to be shaped by high inflation and geopolitics: Munich Re
8th February 2023
High inflation and low growth are expected to mark the global economy in 2023. However, it will cope better than initially expected with the consequences of the war in Ukraine, sharp price increases and higher interest rates, according to Munich Re’s Economic Outlook for 2023. Chief Economist Michael Menhart commented: “The ... Read the full article
Cincinnati Financial increases cat event retention at Jan renewals
8th February 2023
Steve Johnston, Chairman and CEO of Cincinnati Financial Corporation, has disclosed that the firm increased its cat event retention to $200m at the January reinsurance renewals. The news comes from the firm's Q4 earnings call, where Johnston noted that on January 1st, Cincinnati Financial again renewed each of its primary property/casualty ... Read the full article
Berkley Re and Barton Mutual introduce Violent Events coverage
8th February 2023
Berkley Re Solutions, a re/insurance solutions developer, has announced its partnership with Barton Mutual Insurance Company to launch a personal insurance product line for violent events. This product aims to provide coverage for individuals and families who experience traumatic events. It has been designed to be broad-ranging and address the potentially ... Read the full article
CCR looks to transfer control of CCR RE and increase its capital
8th February 2023
CCR has entered into exclusive negotiations with the consortium made up of SAMBTP and MACSF to transfer control of CCR RE, the French state-owned reinsurer, and increase its capital by €200 million. According to the firm’s statement, under the proposed transaction, CCR would initially dispose of approximately 70% of CCR RE’s ... Read the full article
SCOR’s ILS fund Atropos surpasses $2bn of assets under management
8th February 2023
SCOR Investment Partners has announced that its flagship Insurance-Linked Securities fund Atropos has surpassed $2 billion of assets under management. The firm's ILS platform, led by Sidney Rostan, also manages a second flagship fund alongside Atropos, the SCOR ILS Fund - Atropos Catbond Fund, which invests solely in catastrophe bonds and ... Read the full article
Impact of Turkey quakes adds to challenging environment for re/insurers: AM Best
8th February 2023
A new report from AM Best has highlighted how the impact of the two earthquakes in south-eastern Turkey, adds to what is already a “challenging operating environment” for re/insurers within the country. On February 6, 2023, two powerful earthquakes of more than 7.5 magnitude struck near the south-eastern Turkish cities of ... Read the full article
Brookfield Reinsurance’s expansion continues with $1.1bn Argo acquisition
8th February 2023
Brookfield Reinsurance, the operator of a financial services business providing capital-based solutions to the insurance industry, has announced the acquisition of Argo Group International Holdings, Ltd. in an all-cash transaction valued at roughly $1.1 billion. The Boards of Directors of both Brookfield Reinsurance and Argo have unanimously approved the definitive merger ... Read the full article
Antares strengthens team with host of executive promotions
8th February 2023
Antares Global has announced the promotions of Faraz Khalid as Global Chief Risk Officer and James Linsao as Global Chief Operating Officer, effective immediately. Antares notes that the promotions will further strengthen its strategic plans to add new insurance underwriting and related services for the UK domestic and international markets. The firm ... Read the full article