Reinsurance News
Swiss Re names Monica Ningen CEO of US P&C Reinsurance
20th February 2023
Reinsurance giant Swiss Re has appointed Monica Ningen as CEO of US P&C Reinsurance, with Jolee Crosby set to take over Ningen’s former role as President & CEO of Swiss Re Canada & English Caribbean. As the new head of US P&C, Ningen will lead a team of client managers, claims ... Read the full article
Sampson named AGCS Delegated Authority and Portfolio Solutions Manager
20th February 2023
Allianz Global Corporate & Specialty (AGCS) is targeting growth in its Delegated Authority, Portfolio & Facility business by establishing a new market-facing team, based in London. AGCS launched a dedicated team “Delegated Authority, Portfolio & Facilities Management” to be led by Anna Sampson who has been appointed Delegated Authority and Portfolio ... Read the full article
BMS announces new senior hires within its cargo team
20th February 2023
Independent specialist re/insurance broker BMS has announced the addition of Andrew Hutchings and Louise Rothschild to its cargo team. Hutchings and Rothschild will be responsible for building out dedicated cargo and stock throughput activities for BMS’ US intermediary client base. They will start their new roles after fulfilling their current contractual ... Read the full article
Argo’s Lina Hantas joins Westfield Specialty as Senior Executive Officer, Dubai
20th February 2023
Westfield Specialty has appointed Argo’s Lina Hantas as Senior Executive Officer of its Dubai office. Hantas joins the firm after spending 11 years at Argo, where she served in a variety of leadership roles, including Chief Underwriting Officer, and Senior Executive Officer, both of which were based in Dubai. Hantas began her ... Read the full article
Pricing in climate change a “complete priority” for Swiss Re: Mumenthaler
17th February 2023
Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re, has asserted that adequately pricing in the effects of climate change to its policies is a “complete priority” for the reinsurer. His comments came as part of a media call held alongside the release of Swiss Re’s results for 2022, during which ... Read the full article
Venbrook names Meyer Executive VP & Head of US Programs division
17th February 2023
Venbrook Group, a large independent insurance distribution and services firm in the US, has announced the appointment of Bryan Meyer as Executive Vice President, Programs for Venbrook Specialty Services, LLC, a wholly-owned subsidiary. Meyer holds over three decades of experience across both the carrier and program administration sides. In the new role, ... Read the full article
AIG to increase Validus Re investment after “compelling” 1/1: CEO Zaffino
17th February 2023
AIG Chairman and Chief Executive Officer (CEO) Peter Zaffino has said that his company plans to “increase investment” in its assumed reinsurance business in 2023, particularly through Validus Re, following a “compelling” January renewal period. Speaking during an earnings call this week, Zaffino noted that AIG via its reinsurance units was ... Read the full article
American Equity sees net loss of $29.4m in Q4
17th February 2023
Life and annuity insurer American Equity (AEL) has reported Q4 2022 net loss available to common stockholders of $29.4m in Q4 2022, compared to a net income of $82.2m, for Q4 of 2021. AEL also announced it had ceded $352m of flow reinsurance to Brookfield Re and $4.3bn of GAAP reserves, ... Read the full article
Corebridge Financial reports $0.6bn net loss in Q4
17th February 2023
Corebridge Financial, one of the largest providers of retirement solutions and insurance products in the US, has reported a net loss of $0.6bn in its Q4 2022 results, a 118% decrease compared to the prior year quarter. According to the company, the change was largely driven by $3.0bn of gains recorded ... Read the full article
Latin America’s stagnant economic growth poses complications for insurers: S&P
17th February 2023
S&P Global Ratings has forecasted Latin America's economic growth to stagnate this year, which will weigh on insurers' business and operating conditions. According to the credit rating agency, this prediction reflects analysts' expectations of lower demand for the region's manufactured products and commodities from key trading partners - particularly, the U.S. ... Read the full article
New Florida law could reduce insurance costs, says Triple-I
17th February 2023
According to an Issues Brief from the Insurance Information Institute (Triple-I), a new Florida law and proposals announced this week have the potential to reduce the cost of homeowners insurance in the state. Addressing Florida’s Property/Casualty Insurance Crisis, the Triple-I Issues Brief states that reforms put in place in 2022 and ... Read the full article
Brit reports “robust” underwriting result in 2022 despite major loss events
17th February 2023
Specialty re/insurer Brit has published its full year results for 2022, reporting a “strong and robust” underwriting result with a profit of $95.4m with a combined ratio of 96.6%, compared to the $90.6m reported in 2021 with a combined ratio of 95.7%. This is the second consecutive year the insurer has ... Read the full article
Fairfax Financial’s gross premiums rise in 2022 earnings
17th February 2023
Fairfax Financial Holdings has reported fiscal year 2022 net earnings of $1,147.2 million, compared to 2021’s $3,401.1 million. However, gross premiums written for the fiscal year rose to $27,912.6 million, from 2021’s $23,910.2 million. For the fiscal year, net premiums written by its property and casualty (P&C) insurance and reinsurance operations increased ... Read the full article
Kin Insurance reports 117% rise in GWP in full-year results
17th February 2023
Homeowners insurtech Kin Insurance has reported gross written premium (GWP) of $227.5 million in its full-year results, representing a 117% increase in year-over-year growth from 2021’s $104.8 million. Gross profit for the full-year was $68.2 million, which represents 130% growth compared to $29.6 million from 2021. Adjusted loss ratio on the Kin ... Read the full article
QBE reports FY net profit of $770m, cites resilient underwriting performance
17th February 2023
Australian headquartered insurer QBE has reported a net profit of $770m in its full year 2022 results, a $20m increase from the previous year. Adjusted cash profit after tax increased to $847m from $805m in 2021, resulting in an adjusted cash return on equity of 10.5%. QBE states that despite heightened inflation, ... Read the full article