Reinsurance News
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
Allianz reports 5.7% operating profit growth for 2022
17th February 2023
Allianz has reported a 5.7% increase in operating profit for 2022, ending the year at €14.2 billion as improved performance in both its property and casualty (P&C) and life and health (L&H) segments boosted results. Operating profit for the P&C segment rose by a 8.4% to €6.2 billion over the year, ... Read the full article
Marco Capital to acquire NIIC from The Hartford
17th February 2023
European P&C run-off specialist Marco Capital has announced the acquisition of UK-based Navigators International Insurance Company (NIIC) from The Hartford. NIIC is authorised by the Prudential Regulation Authority and the Financial Conduct Authority and was first established by The Navigators Group, Inc. The Navigators Group was acquired by The Hartford in ... Read the full article
io.insure launches in the UK with senior appointment
17th February 2023
M&A tech and InsurTech firm, io.insure, the world’s first online M&A insurance marketplace for SME transactions, has announced its launch in the UK with the appointment of George Apperly as managing partner. Apperly, who is based in London, will hold responsibility for the platform’s growth within the UK SME M&A market. ... Read the full article
P&C insurers revenue recovery sees boost from rising rates: Bloomberg
17th February 2023
Trends at Europe’s largest insurers illustrate an upward movement in commercial pricing which is set to continue, albeit at a slower pace, suggests a report from Bloomberg Intelligence. The report states that European P&C insurers’ results will provide further evidence of increased pricing as the industry responds to inflation-driven raw material ... Read the full article
RiverStone Intl. secures $305m reinsurance layer to support its Funds at Lloyd’s
17th February 2023
Legacy solutions provider, RiverStone International, has secured an innovative $305 million reinsurance layer to support the underwriting of a series of new Lloyd's transactions effective January 1st, 2023. Such transactions include the recently announced reinsurance-to-close and loss portfolio transfer with MS Amlin Underwriting Limited. The new layer is underwritten by newly created ... Read the full article
Enstar to enter $1.9bn Loss Portfolio Transfer with QBE
17th February 2023
Enstar Group has announced that its wholly-owned subsidiaries have reached an agreement for a ground-up Loss Portfolio Transfer (LPT) with certain subsidiaries of QBE on a diversified portfolio of business. Enstar states that this business covers International and North American financial lines, European and North American reinsurance portfolios, and several US discontinued ... Read the full article
Havis Wright to head Skyward Specialty’s new inland marine underwriting unit
17th February 2023
P&C insurer Skyward Specialty has announced the launch of a new inland marine underwriting unit to be led by Havis Wright, who will be in charge of overseeing its growth and development. Skyward’s new solution will enhance AAIS-based coverages geared to serve the Construction and Contracting, Logistics and Transportation, and Specialized ... Read the full article
Swiss Re reports dip in net income amid economic inflation & large nat cats
17th February 2023
Global reinsurance giant Swiss Re has today announced net income of $472 million for the full year 2022 compared with $1.4 billion a year earlier, as the impact of economic inflation on expected claims impacted its P&C businesses, and large natural catastrophe losses exceeded expectations at $2.7 billion. The group's full ... Read the full article
Drought-affected West Africa to benefit from ARC insurance payout via WFP
17th February 2023
The United Nation’s World Food Programme (WFP) has received $15.4m worth of insurance payouts from African Risk Capacity (ARC) Limited to help 490,000 people in West Africa impacted by drought in 2022. The ARC was established in 2021, it is a provider of parametric disaster insurance products to countries and risk ... Read the full article