Reinsurance News
Aspen reports Q3’24 underwriting income as GWP swell to $1.1bn
15th November 2024
Aspen Insurance has reported a Q3 2024 net income available to ordinary shareholders of $42.9 million, with an underwriting income of $33 million and a total combined ratio of 95.2%. The underwriting income figure of $33 million in Q3 2024 compares to $47.9 million in Q3 2023 and includes $54.8 million, ... Read the full article
Just Group completes £1.8bn buy-in with Trustee of G4S Pension Scheme
15th November 2024
Just Group, a specialist UK financial services company, has completed a £1.8 billion full buy-in with the Trustee of the G4S Pension Scheme, covering the benefits of around 22,500 members. This has become Just’s largest insurance de-risking transaction to date, as well as the largest publicly announced deal in the Bulk ... Read the full article
Generali posts strong GWP growth and 94% CoR for 9M’24 despite significant cat losses
15th November 2024
Italian insurer Generali has reported a 5% year-on-year increase in its net result to €3 billion for the first nine months of 2024, as gross written premiums (GWP) across the group rose 18% to €70.7 billion amid strong growth in both P&C and life. Group-wide, Generali's 9M 2024 consolidated operating result ... Read the full article
YoY decrease in rate changes across major commercial lines in Q3’24: Applied Systems
15th November 2024
Applied Systems has released the third quarter 2024 results of the Applied Commercial Index, the Canadian insurance industry’s premium rate index, showing that average premium rates decreased year-over-year across the most commonly placed commercial lines of business. Overall, rates declined by 5.52% in Q3 2024, a drop compared to the 7.27% ... Read the full article
AM Best maintains stable outlook for New Zealand’s non-life insurance sector
15th November 2024
AM Best, the global credit ratings agency, is maintaining a stable outlook on the New Zealand non-life insurance segment, citing the sector's robust premium growth supported by rate adjustments, notably within the property, motor and commercial segments, in spite of a challenging economic environment. The agency also cites positive factors, including, good ... Read the full article
FM appoints Randy Hodge as Chief Operating Officer
15th November 2024
FM, a commercial property insurer, has appointed Randy Hodge as Chief Operating Officer (COO), effective December 1, 2024. Hodge will succeed Bret Ahnell, who is set to retire in March 2025. Ahnell joined the company in 1997 and has held various senior leadership roles, including serving as COO for the past ... Read the full article
Conifer posts $61m gain from agency sale despite $7.4m adjusted operating loss in Q3’24
15th November 2024
In their financial results for the third quarter of 2024, Conifer Holdings has posted a $61 million gain from the sale of its insurance agency operations to Bishop Street Underwriters, which was completed in August of this year. At the same time, the company also recorded a net income of $53.3 ... Read the full article
Insurity partners with ICEYE to enhance insurer response to natural catastrophes
15th November 2024
Insurity, a provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, has partnered with ICEYE, a provider of satellite-based disaster management solutions, to offer real-time catastrophe insights to property and casualty (P&C) insurance customers. As natural disasters become more frequent and severe, timely access to accurate data is ... Read the full article
Inland homeowners increasingly vulnerable to floods but most without coverage: Triple-I
14th November 2024
Despite the growing threat of flooding from intense storms, many homeowners in inland areas remain unprotected as they do not have flood insurance coverage, reflecting a widespread misunderstanding about the coverage, Triple-I highlighted in a recent report. The report "Flood: State of the Risk" examines the flood insurance gap across the ... Read the full article
Bernard promoted to Head of Industry Practices for U.S. Middle Market at Zurich
14th November 2024
Stan Bernard has been promoted to Head of Industry Practices for the U.S. Middle Market at Zurich North America, taking over the role from Lynn Zeitler, who will be retiring in December after 31 years with Zurich. In his new role, Bernard will collaborate to implement strategic plans and drive growth ... Read the full article
Tokio Marine & Resilient Cities Network to boost investments in urban resilience
14th November 2024
Tokio Marine Group and The Resilient Cities Network (R-Cities) have entered into a partnership which will see Tokio Marine Group provide industry expertise and support to the Resilience Finance Taskforce, made up of cities and private sector partners to bolster the portfolio approach to investment in city resilience. For those unaware, ... Read the full article
Rate increases needed for ‘almost all lines’ exposed to social inflation: Swiss Re CFO, Dacey
14th November 2024
John Dacey, Chief Financial Officer (CFO) of reinsurance giant Swiss Re, has said that short-term, rates need to increase for almost all lines of business exposed to social inflation, as the industry continues to navigate the complex US liability landscape. Global reinsurer Swiss Re delivered a robust set of nine ... Read the full article
Atrium announces senior leadership changes for 2025
14th November 2024
Atrium, a specialist insurer at Lloyd’s of London, has announced several senior appointments. James Cox has been appointed Group COO, in addition to his duties as Managing Director of Atrium Underwriters Limited, effective January 1, 2025. His appointment follows James Lee’s planned retirement at the end of 2024, after 22 years with ... Read the full article
Cloutman joins Origami Risk to support international growth strategy
14th November 2024
Risk, safety, and insurance Software as a Service (SaaS) technology firm, Origami Risk, has announced the appointment of Steve Cloutman as Director of Business Development, who has been tasked to build on the company’s strong growth trajectory in Europe. With over three decades of experience in the risk and insurance technology ... Read the full article
SCOR purchases three-year capital markets P&C / life stop-loss retro cover
14th November 2024
During an analyst call this morning, the senior executive team at French reinsurer SCOR confirmed that it has secured a new capital markets retrocession agreement with a Tier 1 bank, providing three years of stop-loss protection across both property and casualty (P&C) and life risks. The retrocession, backed by third-party capital, ... Read the full article
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