Reinsurance News
The Hartford posts 18% rise in net income in Q3, P&C CAY CAT losses reach $247m
25th October 2024
Property & casualty (P&C) insurer The Hartford has posted an 18% year-on-year increase in net income to $761 million for the third quarter of 2024, driven by double-digit earned premium growth in both its Commercial and Personal Lines segments, as well as lower net realised losses and higher net investment ... Read the full article
Reinsurance industry poised to meet demand at Jan 1, Gallagher projects strong 2025
25th October 2024
With the reinsurance industry remaining adequately capitalised and poised to meet demands at the upcoming January 1 renewals, J. Patrick Gallagher, Jr., Chairman, President and CEO of A.J. Gallagher & Co., remains confident that Gallagher Re will perform "very well" in 2025, regardless of how the market environment unfolds in ... Read the full article
MS Amlin appoints Jo Hine and Andrew Downes as Independent Non-Exec Directors
25th October 2024
Lloyd's global re/insurer MS Amlin has appointed Jo Hine and Andrew Downes as Independent Non-Executive Directors. Hine takes over as Chair of the Risk and Solvency Committee, subject to regulatory approval. She has extensive experience in finance, capital and risk having held several senior executive roles with Hiscox, Tokio Marine Kiln ... Read the full article
Cincinnati sees combined ratio increase in Q3 ’24 due to cat losses
25th October 2024
Cincinnati Financial Corporation has announced its financial results for the third quarter of 2024, reporting a combined ratio for the Consolidated Property Casualty Insurance segment of 97.4%, an increase from 94.4% in the same period last year driven by a peak in catastrophes. In the third quarter of 2024, the insurer ... Read the full article
Key actions for insurers ahead of new PRA Solvent Exit Planning requirements: Broadstone
25th October 2024
Broadstone, an independent financial services consultancy, has outlined four essential steps for insurers preparing for the Prudential Regulation Authority (PRA)’s new guidelines on Solvent Exit Planning. On January 23, 2024, the PRA released a consultation (CP2/24) setting out its updated expectations for insurers’ solvent exit planning. This guidance is designed to improve ... Read the full article
Aon’s Reinsurance Solutions generates 7% organic revenue growth in Q3’24
25th October 2024
Global insurance and reinsurance broking group Aon has reported a 26% year-on-year rise in total revenue to $3.7 billion for the third quarter of 2024, with solid organic revenue growth across the business, including 7% to $503 million in its Reinsurance Solutions arm. Aon noted that this increase in total revenue ... Read the full article
Donegal Insurance Group partners with ZestyAI for property risk assessment solution
25th October 2024
Donegal Insurance Group has partnered with ZestyAI, a climate and property risk analytics solutions provider, to utilise its new AI-powered solution to enhance property risk assessment by accurately determining roof age across the US. Through the project, Donegal will utilise ZestyAI’s Roof Age solution to fill in the missing roof age ... Read the full article
Kinsale Capital reports net income of $114.2m, after-tax cat losses surge to $10.8m for Q3’24
25th October 2024
Kinsale Capital Group, Inc. has reported a net income of $114.2 million for Q3 2024, which includes after-tax catastrophe losses of $10.8 million, compared to after-tax catastrophe losses of $0.9 million in Q3 2023, when the net income was $76.1 million. For the quarter, gross written premiums (GWP) increased by 18.8% ... Read the full article
Renewal rate increases for all commercial lines except workers’ comp in Q3’24: Ivans Index
25th October 2024
Ivans, a division of Applied Systems, has released the results for the third quarter of 2024 from the Ivans Index, which show year-over-year premium renewal rate increases across all major commercial lines of business, except Workers’ Compensation. For Business Owner’s Policy (BOP), General Liability, and Umbrella, average premium renewal rates decreased ... Read the full article
Leaders keen for in-person collaboration, but also see hybrid working advantages: KPMG UK
25th October 2024
insurance, asset and wealth management and private equity - are planning to increase office attendance in the next 12 months, according to a new KPMG UK research. Of those planning to increase attendance, more than a third (37%) expect employees to be in the office at least four days a week, ... Read the full article
Universal Insurance reports Q3’24 CoR of 116.9% and net loss of $16.2m
25th October 2024
Florida-domiciled and expansive primary insurance company, Universal Insurance Holdings, has reported a Q3 2024 combined ratio of 116.9%, up by 6.2 points from the comparative quarter, reflecting an increase in both the net loss and net expense ratios. The insurer’s net loss ratio increased by 4.7 points in Q3 2024 to ... Read the full article
Retention levels to remain stable despite demand: MAPFRE RE’s Meyerhoff
25th October 2024
Amid growing demand for reinsurance capacity, clients have shown interest in buying lower down to go back to past retention levels, MAPFRE RE's Mark Meyerhoff has observed, yet this is not something he sees happening, instead he anticipates stable retention levels at the upcoming renewals. Around the Baden-Baden conference, MAPFRE RE's ... Read the full article
FCCI partners with Cognizant to expand into E&S market and modernise operations
25th October 2024
Through a partnership with Cognizant, FCCI Insurance Group (FCCI) has launched a new Excess & Surplus (E&S) line of business, marking a significant milestone in its modernisation journey. This collaboration utilises Cognizant's expertise in the insurance industry and Duck Creek Policy with Active Delivery to modernise FCCI's operations and expand into ... Read the full article
A. J. Gallagher sees Q3 net earnings hit $314.1m as revenues increase 13%
25th October 2024
Global insurance broker Arthur J. Gallagher & Co. has reported net earnings of $314.1 million for Q3 of 2024, up 12% from the same period of last year, while total revenues increased 13% to $2.77 billion. Gallagher's EBITDAC also improved to $691 million in Q3 of 2024, up from $606.1 million ... Read the full article
P&I clubs expected to raise rates by 5% amid rising claims in 2025: S&P
25th October 2024
S&P Global Ratings, a provider of credit ratings, research, and analytics, forecasts that most Protection and Indemnity (P&I) clubs will achieve near-breakeven results for the financial year ending February 20, 2025. The 12 P&I clubs in the International Group (IG), which collectively underwrite approximately 90% of the global oceangoing fleet's liability ... Read the full article
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