Reinsurance News
Chubb expects pre-tax losses of up to $300m from hurricane Milton
4th November 2024
Global property and casualty insurer Chubb has disclosed losses of approximately $250-300 million pre-tax and $208-250 million after-tax, net of reinsurance and including reinstatement premium, in its Q4 2024 results stemming from Hurricane Milton. Chubb confirmed that these estimates include losses from its commercial and personal, property and casualty insurance businesses, ... Read the full article
Bridging the cyber protection gap for EU policymakers: Insurance Europe
4th November 2024
A recent publication by Insurance Europe outlines policy recommendations for EU policymakers aimed at strengthening the insurance industry's cyber resilience across Europe in response to a significant protection gap. The global cyber insurance market has experienced rapid growth, increasing from an estimated $5.9 billion in 2019 to $14 billion in 2023, ... Read the full article
2024 hurricanes a stark reminder of persistent protection gap for flood coverage, KBRA
4th November 2024
As the 2024 hurricane season enters into its final month, KBRA, the global full-service rating agency has highlighted the uptick in storm activity as several weather systems made landfall in the southeastern United States. Readers will be aware that Florida and a number of other states in the region were impacted ... Read the full article
Qubit appoints Damian Lynch as CUO of Digital Asset Insurance
4th November 2024
Qubit Underwriting Limited has announced the appointment of Damian Lynch as Chief Underwriting Officer (CUO) of Digital Asset Insurance, effective November 1, 2024. In his new role, Lynch will report to Helen Ye, Qubit’s CEO, and will be responsible for leading the company’s underwriting strategy in the rapidly evolving digital asset ... Read the full article
Ryan Specialty in final talks to acquire Innovisk Capital
4th November 2024
Ryan Specialty, an international specialty insurance services firm, has announced it is in final discussions to acquire Innovisk Capital Partners from Abry Partners and BHMS Investments, LP. Through the acquisition, Innovisk will be integrated into Ryan Specialty Underwriting Managers (RSUM), the underwriting management division of Ryan Specialty. The acquisition is anticipated to ... Read the full article
CLARA Analytics appoints Eugene Wong as Chief Financial Officer
4th November 2024
CLARA Analytics, a provider of artificial intelligence (AI) technology for optimising insurance claims, has announced the appointment of Eugene Wong as Chief Financial Officer. In his new role, Wong will work closely with CLARA’s CEO, Heather H. Wilson, to drive the company’s financial and strategic direction amid its strong growth. Wilson expressed ... Read the full article
Liberty Mutual Reinsurance grows Agriculture and Parametrics team with Belin’s addition
4th November 2024
Liberty Mutual Reinsurance (LM Re), the reinsurance arm of Boston headquartered Liberty Mutual Insurance Group, has announced the appointment of Charlotte Belin as a Senior Underwriter within its Agriculture and Parametrics team. Belin, who will be based in Paris, brings over 13 years of industry experience to her new role, and ... Read the full article
GEICO performance offsets Q3’24 losses at Berkshire Hathaway’s primary & reinsurance units
2nd November 2024
Net underwriting earnings across Berkshire Hathaway's insurance and reinsurance operations declined to $750 million in the third quarter of 2024, as the strong performance at GEICO more than offset underwriting losses at both the firm's primary insurance and reinsurance businesses. The net underwriting result of Berkshire Hathaway's re/insurance businesses fell 69% ... Read the full article
Ryan Specialty reports organic revenue growth of 11.8% in Q3’24
1st November 2024
International specialty insurance firm Ryan Specialty Holdings, Inc. has reported revenue growth of 20.5% year-over-year to $604.7 million in the third quarter of 2024, compared to $501.9 million in the prior-year period, while net income spiked 82.4% year-over-year to $28.6 million. The organic growth rate for the quarter was 11.8% for ... Read the full article
Ivan Sit joins Chaucer as Class Underwriter, Marine
1st November 2024
Specialty re/insurance group Chaucer has announced the appointment of Ivan Sit, an Asian Marine insurance market veteran that has been recruited to launch the company’s regional Marine offering via Chaucer’s Lloyd’s Singapore platform. Sit is regarded as a highly respected and experienced Marine practitioner with more than 25 years’ experience. As Class ... Read the full article
Lemonade’s in-force premium climbs to $889.1m in Q3’24
1st November 2024
Lemonade, the digital insurance firm powered by artificial intelligence (AI), has reported a net loss in Q3 2024 of $67.7 million, compared to a loss of $61.5 million in the third quarter of 2023, while it's in-force premium (IFP) increased by 24% to $889.1 million. The company also posted a 73% ... Read the full article
Rael Davis named Chief Financial Officer of Hannover Re UK Life Branch
1st November 2024
Global reinsurer Hannover Re has announced the appointment of Rael Davis as Chief Financial Officer of the Hannover Re UK Life Branch. Davis brings extensive expertise in global accounting standards, a strong understanding of the financial drivers behind the company’s performance, and a well-established internal network within the Hannover Re Group. He ... Read the full article
Enstar finalises $376m loss portfolio transfer agreement with QBE
1st November 2024
Enstar Group Limited, a company specialising in managing runoff insurance and reinsurance portfolios, recently confirmed that one of its wholly-owned subsidiaries has finalised a previously announced loss portfolio transfer agreement with subsidiaries of QBE Insurance Group Limited. Through this agreement, Enstar reinsures a portfolio of US commercial liability and workers’ compensation ... Read the full article
Aon to expand presence in UK & Ireland with Griffiths & Armour acquisition
1st November 2024
Global insurance and reinsurance broker Aon has signed a definitive agreement to acquire UK-based insurance broker Griffiths & Armour, a move that aligns with its UK and Ireland expansion strategy. Upon completion of the transaction, Griffiths & Armour will become wholly-owned by Aon UK Limited and is proposed to go to ... Read the full article
Reinsurers post 22% ROE in 2023, Helene & Milton to stall softening, says AM Best
1st November 2024
Solid underwriting conditions, combined with a turnaround in unrealised losses drove reinsurers to a 22% return on equity (ROE) in 2023, states global ratings agency AM Best. However, the agency has also said that higher attachment points would make 2024 hurricane claims manageable. A new report from the agency notes that AM Best’s ... Read the full article
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