Reinsurance News
Allstate estimates Q3’24 catastrophe losses of $1.7bn with $630m from hurricane Helene
17th October 2024
US primary insurer Allstate reported estimated catastrophe losses of $889 million ($702 million after tax) for September, which includes $630 million in pre-tax losses related to Hurricane Helene, with total catastrophe losses for the third quarter standing at $1.7 billion ($1.35 billion after tax). For the month of August, Allstate reported ... Read the full article
Catastrophe re/insurance demand in Brazil to grow following Rio Grande do Sul floods: S&P
17th October 2024
Demand for reinsurance and insurance catastrophic coverage in Brazil is expected to grow following the floods that struck the Brazilian state of Rio Grande do Sul earlier this year, says S&P Global Ratings. In a new report, S&P noted that while it does not expect the floods to significantly dent Brazilian ... Read the full article
SRCC claims are going to rise in more unstable world: Swiss Re’s Nikhil da Victoria Lobo
17th October 2024
At Swiss Re’s Baden-Baden media conference, Nikhil da Victoria Lobo, Head of P&C Reinsurance for Western & Southern Europe, Middle East & Africa, emphasised that rising global instability will lead to more Strikes, Riots, and Civil Commotion (SRCC) claims, stressing the importance of understanding risk accumulations and fostering partnerships to ... Read the full article
Post Milton, we see a flattening of property cat pricing at Jan 1 renewals: Klisura, Guy Carpenter
17th October 2024
Dean Klisura, Chief Executive Officer (CEO) of Guy Carpenter, the reinsurance broking arm of Marsh McLennan, stated during the firm's recent earnings call that although it's still early, post hurricane Milton the broker sees a flattening of pricing in the property catastrophe market at the upcoming January 1 2025 reinsurance ... Read the full article
Travelers returns to underwriting profit in Q3’24 despite rise in catastrophe losses
17th October 2024
The Travelers Companies has today reported an underwriting gain of $685 million for the third quarter of 2024 despite a rise in catastrophe losses, net of reinsurance, to $939 million, while substantial net favorable prior year reserve development and higher net investment income also contributed to a rise in net ... Read the full article
Pooling funds, transferring risks to insurers enhances coverage to those at-risk: Start Network
17th October 2024
In an interview with Reinsurance News, Abdou Alassane, Technical Lead, Crisis Anticipation and Risk Financing at Start Network, emphasised that pooling funds and transferring some risk to the insurance market has enhanced Start Network's humanitarian efforts, providing greater coverage to at-risk populations. Start Network is a global network of non-governmental organisations ... Read the full article
Guy Carpenter sees revenue climb 6% to $381m in Q3
17th October 2024
Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has reportedly generated revenue of $381 million in Q3 of 2024, an increase of 6% compared with the same quarter of 2023. Marsh McLennan's Risk & Insurance Services unit, which houses both Guy Carpenter and Marsh, saw revenue of $3.5 billion in ... Read the full article
Specialist Risk Group names Collin Yap as Chief Executive Officer of Asia Pacific
17th October 2024
Insurance industry intermediary, Specialist Risk Group (SRG), has appointed Collin Yap as Chief Executive Officer (CEO) of Asia Pacific, after his current employment contract ends in the new year. This leadership appointment aligns with SRG’s broader expansion into the Asia Pacific region, following the acquisition of Singapore-domiciled, retail insurance broker, HL ... Read the full article
NFP acquires Dublin-Based IHI Group to expand health and insurance offerings in Ireland
17th October 2024
NFP, a subsidiary of Aon and an international insurance brokerage and consultancy, has announced its acquisition of IHI Group, a Dublin-based advisory firm specialising in financial planning, healthcare, and general insurance services. Philip Brennan, CEO of IHI Group, will join NFP as Vice President of Business Development. He, along with Patrick Brennan, ... Read the full article
Reeve joins Argenta’s D&F Property team as Senior Underwriter
17th October 2024
Argenta has strengthened its D&F Property Team with the appointment of Sarah Reeve as Senior Underwriter, a London-based role. Reeve will be joining Hannah Wyatt, Unit Head of Open Market Property, and James Blackwell, Divisional Head of Property, to further develop Argenta’s D&F Property portfolio. With a career spanning 17 years, she ... Read the full article
Lilypad Insurance acquires Centauri Specialty Insurance & Centauri National Insurance
17th October 2024
Lilypad Insurance Holdings has completed its acquisition of Centauri Specialty Insurance Company and Centauri National Insurance Company, effective September 30th, 2024, following the receipt of all necessary regulatory approvals. The strategic acquisition aims to strengthen Lilypad Insurance Holdings’ footprint in the coastal property insurance market and leverage Centauri’s extensive industry experience. Established ... Read the full article
AXA XL grows in Australia with trio of appointments in Perth
17th October 2024
AXA XL has grown its presence in the Australia market by appointing Chris McElroy and Amanda Rattue as Senior Underwriters for Property and Financial Lines respectively, while also naming Trent Jeuring as Senior Underwriter, Casualty. McElroy joins AXA XL from Berkshire Hathaway Specialty Insurance, where he served as senior property underwriter ... Read the full article
Cytora partners with Meetrisk to enhance marine insurance risk evaluation
17th October 2024
Cytora, a digital risk processing platform, has teamed up with Meetrisk, a provider of advanced marine risk intelligence. This collaboration integrates Meetrisk's Marine Platform into Cytora's sophisticated underwriting productivity tool, enabling marine insurers to utilise improved resources for accurate risk assessment and management of vessels, fleets, and portfolios. As a result, insurers ... Read the full article
ASIC enters into strategic capital partnership with Veritex Bank
17th October 2024
Dallas-domiciled surplus lines insurance carrier, AM Specialty Insurance Company (ASIC), has entered a strategic capital partnership with Veritex Bank by obtaining a $20 million senior secured loan facility through a private placement with Veritex Community Bank. In the initial phase of the senior secured loan facility, the agreement includes a multimillion-dollar ... Read the full article
AXA rebrands China reinsurance unit to AXA International Re
17th October 2024
AXA Insurance has renamed its China reinsurance business, XL Re China, to AXA International Re, according to finews.asia. This reportedly follows AXA’s acquisition of the mainland China unit in April. Sally Wan, CEO of AXA Greater China, commented, "This strategic renaming to ‘AXA International Re’ underscores our commitment to the mainland Chinese ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
