Reinsurance News
Arch grows reinsurance GPW 29% as group net income hits $978m in Q3’24
31st October 2024
Arch Capital Group Ltd., the Bermuda-based insurer and reinsurer, has reported premium growth across its insurance and reinsurance segments in the third quarter of 2024, although the underwriting result dipped year-on-year amid elevated losses from natural catastrophes. Group-wide, gross premiums written (GPW) rose more than 20% year-on-year to $5.4 billion in ... Read the full article
Everest delivers solid Q3’24 underwriting result as reinsurance GWP rises to $3.3bn
31st October 2024
Bermuda-based re/insurer Everest Group, Ltd. generated underwriting income of $272 million in the third quarter of 2024, driven by the strong performance of its reinsurance business in spite of elevated catastrophe losses. Everest has reported a solid set of results for the third quarter, with net income of $509 million and ... Read the full article
B.P. Marsh & Partners fund SRT with up to £2.5m, subscribe to 25.5% share
31st October 2024
B.P. Marsh & Partners, a specialist private equity investor, has acquired a 30% cumulative preferred ordinary shareholding in SRT & Partners Limited, a start-up UK Retail and London Market broker. B.P. Marsh has provided £2.5 million in funding through a combination of equity and loan, which has been fully drawn down ... Read the full article
Scheerer joins ASIC Board as Non-Exec Director
31st October 2024
AM Specialty Insurance Company (ASIC), a provider of specialised insurance products, has announced the appointment of Joseph M. Scheerer, CEO and Principal of Stonybrook Capital, to its board as a non-executive director. Scheerer brings a wealth of expertise in re/insurance, investment banking, and capital markets, gained from over two decades of ... Read the full article
Macquarie expands offerings with new rent-a-captive insurance solution
31st October 2024
Macquarie Insurance Facility has expanded its client offerings by introducing a rent-a-captive insurance solution for property and casualty (P&C) risks. This solution enables clients to benefit from Macquarie’s captive insurer status without the significant upfront investment and ongoing costs associated with establishing and operating a standalone captive insurer. Clients gain advantages ... Read the full article
Alexandros Ampatzis named Head of Marine for Asia-Pacific at Tokio Marine Kiln
31st October 2024
Tokio Marine Kiln (TMK), an international insurer specialising in niche insurance and reinsurance, recently announced the appointment of Alexandros Ampatzis as Head of Marine for the Asia-Pacific (APAC) region, effective November 1, 2024. Ampatzis will report to Jamie Tang, TMK’s Regional Underwriting Director for APAC. He is a seasoned expert in marine ... Read the full article
AXA XL Re premiums up 10% to €2.4bn in 9M’24
30th October 2024
Global insurer AXA's property & casualty (P&C) and specialty risk division, AXA XL, achieved gross written premium (GWP) and other revenues growth of 7% in the first nine months of 2024 to €44.5 billion, supported by 10% year-on-year growth at AXA XL Reinsurance. Within the reinsurance business, premiums grew to €2.4 ... Read the full article
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
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