Reinsurance News
China Re reports RMB 6.2bn net profit in 9M’24 led by strong P&C performance
30th October 2024
China Reinsurance Group (China Re) has generated a net profit of RMB 6,192 million (USD 871m) for the first nine months of 2024, driven by a strong result of RMB 1,272 million (USD 178m) in its P&C business which produced a combined ratio of 98.65%. China Re attributed its group-wide net ... Read the full article
Skyward Specialty’s GWP hit $400m for Q3’24, increase of 12%
30th October 2024
Skyward Specialty Insurance Group, Inc. has reported a rise of 12.4% in gross written premiums (GWP) as they hit $400 million in Q3 2024, compared to last year’s $355 million. For 9M 2024, GWP hit $1.3 billion, increasing by 19% from the comparative quarter’s $1.1 billion. Skyward Specialty attributes the increase ... Read the full article
QIC Group sees net profit increase to QAR 525mn in 9M 2024
30th October 2024
Qatar Insurance Company (QIC Group) has announced its financial results for the first nine months of 2024 reporting a net profit of QAR 525 million, a 16% increase compared to the same period the year prior. The global macroeconomic outlook has improved in 2024, with easing inflation rates, getting closer to ... Read the full article
Re/insurers well placed to absorb Helene & Milton losses of up to $54bn: Aon
30th October 2024
Global insurance and reinsurance broking group Aon feels that "healthy" and "well-capitalized" insurance and reinsurance markets are positioned to absorb industry losses of between $34 billion and $54 billion from hurricanes Helene and Milton. While the impacts of hurricanes Helene and Milton in Florida and beyond will likely be a challenge ... Read the full article
Verisk reports solid revenue and income growth in Q3’24
30th October 2024
Verisk, the global data analytics and technology provider has reported its financial results for the third quarter of 2024, which includes an increase in its consolidated and organic constant currency (OCC) revenues, with growth contributions from both underwriting and claims within insurance. The organisation's consolidated revenues were $725 million, up 7.0%, ... Read the full article
Rising mergers among German mutual insurers driven by cost pressures, says Berenberg
30th October 2024
An increasing number of German mutual insurers are merging, with a common trend toward greater diversification in business lines and increased scale amid sharply rising IT costs, according to Berenberg analysts. In 2024, four mergers have either been announced or completed among German mutual insurers: Barmenia with Gothaer, Ostangler Brandgilde with ... Read the full article
Gallagher hires Richardson as energy risk engineer to support oil & gas value chain
30th October 2024
Insurance and reinsurance broking group Gallagher has appointed Darren Richardson as an energy risk engineer to support the oil and gas value chain operations. From what Reinsurance News understands, in his new role, Richardson will also be responsible for supporting Gallagher’s clients that are looking to transition to more sustainable technologies ... Read the full article
Concirrus introduces Aviation Aggregations module to address underwriters’ challenges
30th October 2024
Aviation underwriters are encountering increased challenges in accurately assessing risk exposure and managing portfolios, prompting a pressing need for real-time data insights and advanced tools, which Concirrus, an insurtech innovator, has addressed with the release of its Aviation Aggregations module. As part of Concirrus’s broader Aviation platform, this new module enables ... Read the full article
Strametz to replace Hasse as President of NewRe’s Board of Directors
30th October 2024
NewRe, a Property and Casualty reinsurance company part of Munich Re Group, has announced the appointment of Dr. Claudia Strametz as President of its Board of Directors. A seasoned executive with over 20 years of experience in the reinsurance market, Strametz has built an impressive career at Munich Re Group where ... Read the full article
Torrential rain drives deadly flash floods in southeastern Spain
30th October 2024
Insurers across Europe will be on high alert as torrential rain has triggered devastating flash floods in southeastern Spain, causing widespread destruction and claiming at least 60 lives. According to the Spanish weather service AEMET, the town of Chiva, west of Valencia, recorded 491mm of rain in just eight hours on ... Read the full article
Buyer-friendly market opens opportunities for year-end renewals: Aon’s Peiser
30th October 2024
Buyer-friendly conditions in the global insurance market have persisted through much of the third quarter of 2024, and even accelerated in some segments, creating opportunities as the year-end renewals draw near, Joe Peiser, Chief Executive Officer Commercial Risk Solutions, Aon, has noted. Insurer confidence and growth appetite have been restored over ... Read the full article
Milton flooding impacted almost 185,000 buildings in Florida, says ICEYE
30th October 2024
A new analysis from ICEYE, a provider of satellite-based disaster management solutions, has revealed that almost 185,000 buildings in Florida were impacted by hurricane Milton's flooding. Readers will recall that ICEYE had previously warned that the satellite data it had secured during and after hurricane Milton indicated that the storm ... Read the full article
Urgent need for better dialogue between private-public sectors, says SCOR CEO Léger
30th October 2024
During SCOR’s live session, “The Re(insurer) of Tomorrow,” Thierry Léger, CEO of SCOR, emphasised the urgent need for improved communication between public authorities and the insurance industry to enhance resilience against risks. Léger pointed out that buildings located in vulnerable areas present a growing challenge, leading to an increasing protection gap. ... Read the full article
QBE NA appoints Beazley’s Matt Westhoff as President of Commercial Insurance
30th October 2024
QBE North America, part of the global insurer, has announced the appointment of Matt Westhoff as President of its Commercial Insurance business, effective November 11, 2024. In this role, Westhoff will oversee QBE’s $1 billion-plus Commercial Insurance portfolio, covering workers' compensation and property programs, commercial construction, and specialty casualty lines. His ... Read the full article
Chubb’s Q3 P&C underwriting income climbs 12% to $1.5bn
30th October 2024
Global property and casualty insurer Chubb has reported P&C underwriting income for Q3 2024 of $1.46 billion, up 11.7% from the same period in 2023, with a combined ratio of 87.7%. This occurred despite the firm disclosing pre-tax catastrophe losses of $765 million in Q3, including $250 million from Hurricane Helene, ... Read the full article
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