Reinsurance News
Insured losses from Spain flooding expected to exceed €4bn: Morningstar DBRS
14th November 2024
According to Morningstar DBRS, insured losses from the extreme weather phenomenon (commonly known by its Spanish acronym DANA (Depresión Aislada en Niveles Altos) that caused severe flooding in the eastern region of Spain in October, are expected to exceed €4 billion. As of writing, the severe flooding and heavy storms that ... Read the full article
Total NFIP losses from 2024 flood events could reach $10.5bn: Neptune
14th November 2024
US private flood insurer Neptune Flood reports that the National Flood Insurance Program's (NFIP) estimated losses from 2024 flood events, including Hurricanes Helene and Milton, as well as Hurricanes Beryl, Debby, and Francine, could reach up to $10.5 billion. Hurricane Helene has been especially impactful for the NFIP, with over 55,000 ... Read the full article
Aviva reports GI premium growth of 15% for 9M’24
14th November 2024
British insurer Aviva has reported general insurance (GI) premium growth of 15% to £9.1 billion for the first nine months of 2024 compared to £8 billion in the same period last year. Country-wise, UK&I GI premiums grew by 18% to £5.7 billion in 9M’24, up from 9M’23's £4.9 billion, with 25% ... Read the full article
Reinsurance market set for constructive Jan 1 renewal season: Swiss Re CEO, Berger
14th November 2024
Speaking earlier today during Swiss Re's earnings call for the third quarter of 2024, Group Chief Executive Officer (CEO), Andreas Berger stated that given the current trends being seen across the reinsurance market, he expects 1.1 to be a constructive renewal season. During the call, Berger addressed the firm's starting position ... Read the full article
Duck Creek expands global operations with new Center of Excellence in Poland
14th November 2024
Duck Creek Technologies, a provider of software solutions for property and casualty (P&C) and general insurance, has announced the launch of its second Center of Excellence (CoE) in Warsaw, Poland. This new facility, joining the existing CoE in India, boosts Duck Creek’s capacity to serve customers across EMEA and APAC by ... Read the full article
Lissie Van Leunen to lead newly established US Property Insurance at Hamilton Americas
14th November 2024
Hamilton Global Specialty, an underwriting platform of Bermuda-based Hamilton Insurance Group, has entered into the US Property Insurance at Hamilton Americas, its US managing agency (MGA). The company's entry into the market will be led by Van Leunen as Head of US Property, reporting to Pepe Marquez, President, Hamilton Americas. She joined ... Read the full article
SCOR falls to Q3’24 net loss as L&H assumption review trumps positive P&C result
14th November 2024
French reinsurer SCOR has reported a group net loss of €-117 million in Q3 2024, driven by a negative insurance service result in L&H reinsurance. However, its P&C segment saw a very strong performance, with a combined ratio of 88.3%. At the same time, the firm's insurance revenue in Q3 2024 ... Read the full article
Swiss Re delivers solid 9M’24 net income as P&C underwriting result more than offsets reserve strengthening
14th November 2024
Global reinsurer Swiss Re generated a net income of $2.2 billion and $102 million for the first nine months and third quarter of 2024, respectively, despite the previously announced addition of $2.4 billion to its prior year US liability reserves. Swiss Re announced earlier this month that it strengthened its ... Read the full article
UK bulk annuity market in 2024 sees 83% of deals under £100m, Aon reports
14th November 2024
Aon, a professional services firm providing a range of risk, retirement, and health solutions, recently released a report on the UK risk settlement market, shedding light on significant trends and strategic shifts affecting the bulk annuity sector, especially in transactions under £100 million. The report indicates a surge in smaller transactions, ... Read the full article
CMS appoints Hannah Cane as Partner within its Insurance and Reinsurance Group
14th November 2024
International law firm CMS has hired Hannah Cane as a partner within its Insurance and Reinsurance Group (IRG) in London, further strengthening the firm’s insurance and reinsurance capabilities. She joins an established team of IRG Construction specialists, which includes: Martin Fox, Monica Lesny, Harriet Munro, Cheryl Gibson and Scarlett West. Overall, Cane brings over ... Read the full article
James River reports $42m net loss in Q3’24 with higher CoR
14th November 2024
James River Group Holdings has released its financial results for the third quarter of 2024, posting total revenues of $191.4 million, despite a net loss of $42.0 million, and a higher combined ratio of 135.5% compared to Q3 2023. For last year’s third quarter, the Group reported total revenues of $210.3 ... Read the full article
Insurance is vital to accelerating climate finance: Howden
13th November 2024
A new whitepaper released by re/insurance broker Howden in partnership with Boston Consulting Group (BCG), has highlighted how the role of insurance has largely been a blind spot in strategic conversations around climate and nature finance, and how the entire insurance value chain can be mobilised to deliver the 2030 ... Read the full article
Price Forbes appoints Henry Morgan as Director of Construction
13th November 2024
Global specialty broker Price Forbes has announced that Henry Morgan will join its Global Construction team in London as Director – Construction, effective March 2025. Morgan brings more than 13 years of experience in the US construction wholesale market to his new role, along with valuable expertise that will strengthen Price ... Read the full article
Fidelis Insurance to provide reinsurance to Euclid Mortgage
13th November 2024
Fidelis Insurance Group, a global specialty insurer, has formed a strategic partnership with Euclid Mortgage Insurance Services, LLC (Euclid Mortgage), a managing general agency specialising in underwriting credit risk on residential mortgage portfolios. Through this agreement, Fidelis Insurance, alongside other reinsurers, will provide reinsurance capacity to Euclid Mortgage. This collaboration aligns with ... Read the full article
RGA’s Ruby Re reaches $480m of total funding following second investment round
13th November 2024
Reinsurance Group of America (RGA) , a global life and health reinsurer, has announced today that Ruby Re, a reinsurance sidecar vehicle sponsored by RGA and focused on the US asset-intensive market has successfully closed a second round of funding, raising a total of $480 million in capital. The second round ... Read the full article
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