Reinsurance News
The industry needs to evolve to stay ahead of social inflation, RenRe CUO, Marra
8th November 2024
While social inflation is certainly not a new subject within the re/insurance sector, the industry needs to continue to evolve to stay ahead, according to David Marra, Group Chief Underwriting Officer (CUO) of RenaissanceRe (RenRe). Marra discussed inflation during RenRe's earnings call for its financial results for the third quarter of ... Read the full article
Munich Re’s Dalton elected Chair of American Institute of Marine Underwriters
8th November 2024
Sean M. Dalton, Executive Vice President of Munich Reinsurance America Inc., a subsidiary of reinsurance giant Munich Re, has been elected chair of the American Institute of Marine Underwriters (AIMU). Dalton, who is Head of Marine Underwriting, North America and Head of Global Marine Facultative, succeeds Anthony Cowie, Head of Marine Reinsurance ... Read the full article
AXA XL launches cyber endorsement for contractors in the US
8th November 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has created a new tailored cyber insurance endorsement for construction companies in the United States, designed to enhance their protection against cyber threats. Michelle Chia, Chief Underwriting Officer, Cyber in the Americas, stated: "Every industry has ... Read the full article
Hippo sees Q3’24 revenue growth and improved net loss despite active hurricane season
8th November 2024
Home insurance firm Hippo has announced its financial results for the third quarter of 2024 reporting revenue growth of 65% year over year (YoY), with premium retention more in-line with risk-retention. For this quarter, the insurer reported $95 million in revenue growth, up from $58 million in Q3 2023. Total Generated ... Read the full article
Fortegra secures $150m funding for growth
8th November 2024
The Fortegra Group, a global specialty insurer and a subsidiary of Tiptree Inc., has completed $150 million of 9.25% Fixed Rate Resetting Junior Subordinated Notes due 2064 (the Notes). With this investment, Fortegra aims to deepen partner relationships through tailored insurance solutions, enhance risk management capabilities to protect partners' and policyholders' ... Read the full article
Coface sees net income increase 10% for 9M’24
8th November 2024
In its first nine months 2024 results, Coface recorded net income of €207.7 million, a 9.5% increase compared to the same period last year, while its revenue was down 2.1%, to €1,376.6 million compared to the €1,417.8 million reported in 9M 2023. At €1,130.2 million, insurance revenue decreased by 4.0% at ... Read the full article
AM Best upgrades Milli Re on improved balance-sheet strength fundamentals
8th November 2024
AM Best, the global credit ratings agency, has upgraded the Financial Strength Rating to C+ (Marginal) from C (Weak) and the Long-Term Issuer Credit Rating to “b-” (Marginal) from “ccc” (Weak) of Millî Reasürans Türk Anonim Şirketi (Milli Re) (Türkiye), with the outlook of these ratings being stable. According to AM ... Read the full article
AI adoption in insurance grows amid rising extreme weather risks: ZestyAI
8th November 2024
As losses from extreme weather increase, insurers are rapidly adopting AI risk assessment models, with one in four now using AI for convective storms and 18% for wildfires, according to a recent survey by ZestyAI. ZestyAI’s survey, which collected responses from 200 senior insurance leaders, explores how the industry is responding ... Read the full article
Resurgence in legacy deals in Q3’24, reports PwC
8th November 2024
The third quarter of 2024 saw a significant rise in non-life insurance run-off deals, with 15 transactions—almost double the number in the first half of the year—bringing the total to 23 for the year so far, according to a recent PwC report. PwC highlights that North America was the most active ... Read the full article
Pasternak to succeed Hermelingmeier as CFO of HDI Global SE
8th November 2024
Industrial insurer HDI Global SE has appointed Dr. Stefan Pasternak, currently Chief Financial Officer (CFO) of Munich Re subsidiary, Great Lakes Insurance SE, to succeed Dr. Christian Hermelingmeier as its new CFO. Hermelingmeier moves internally within the Talanx Group as CFO of Hannover Re, effective April 1st, 2025. Pasternak brings with ... Read the full article
Miller expands Professional & Financial Lines division with key appointments
8th November 2024
Miller, an independent specialist in re/insurance broking, is pleased to announce the addition of Amanda Armitage and Scott Gorman to its Professional & Financial Lines division. Armitage joins Miller’s International Professions Team as Business Development Manager, bringing over 15 years of insurance industry experience with a focus on professional indemnity. She previously ... Read the full article
Marsh names Fraser International Corporate & Commercial Leader
8th November 2024
Insurance broker Marsh has announced the appointment of Alistair Fraser to the newly-created role of International Corporate & Commercial Leader, effective 1 January 2025. Alistair Brighton will take over Fraser’s role as CEO, Corporate & Commercial UK, also effective 1 January, 2025 and subject to regulatory approval, In his new role, Fraser ... Read the full article
Trisura Group posts 10.5% insurance revenue growth in Q3’24
8th November 2024
Trisura Group Ltd., the specialty insurance provider has released its financial results for the third quarter of 2024, which includes insurance revenue growth of 10.5%, climbing from $730.7 million to $807.6 million, which was primarily reflected through continued momentum across North America. Within its insurance operations, the group saw an 18.4% ... Read the full article
HCI reports increase in gross premiums earned in Q3’24
8th November 2024
Florida-based insurtech HCI Group reported consolidated gross premiums earned of $265.5 million for Q3 2024, an increase from last year’s $188.3 million, driven primarily by growth in Florida. The firm’s Q3 2024 net income was $9.4 million as compared to $15.7 million last year. The adjusted net income for Q3 2024 ... Read the full article
It’s a surprise how inadequate casualty rates fail to move higher: Munich Re CFO
8th November 2024
During Munich Re’s Quarterly Statement Q3 2024 call, Chief Financial Officer (CFO) Christoph Jurecka expressed concerns about casualty pricing, describing it as too low and noting his surprise that prices haven’t risen more. “Casualty is a continuously difficult market in our view,” said Jurecka. “The casualty prices we see in the ... Read the full article
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