Reinsurance News
Improved exposure data key for cat reinsurance renewals: Poll
27th December 2024
In a recent Reinsurance News poll, industry experts and observers identified "getting more exposure data" as the most important factor for upcoming property catastrophe reinsurance renewals, with 44% of respondents selecting this option. Stable retentions/T&C came second, with 28% of the respondents selecting this option. 24% selected sustaining price, while only ... Read the full article
AM Best upgrades L&G Re’s financial strength ratings
27th December 2024
Ratings agency AM Best has upgraded Legal & General Reinsurance Company No. 2 Limited’s (Bermuda) Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa-” (Superior) from “a” (Excellent). Concurrently, the firm has also affirmed the Long-Term ICR of “a” (Excellent) ... Read the full article
Saudi Re opens subscription for capital increase
27th December 2024
Saudi Reinsurance Company (Saudi Re) has commenced its subscription period for a capital increase, running from December 26th to 30th. The offering comprises 26,730,000 new ordinary shares, which represent 30% of the company’s current capital, with a nominal value of SAR 10 per share (around USD 2.6). This move follows the ... Read the full article
Doha Insurance receives approval to open reinsurance arm in India
27th December 2024
Doha Insurance Group (DIG), a provider of insurance and reinsurance solutions in the Middle East and North Africa region, has revealed plans to open a reinsurance branch in the Republic of India. The insurer has obtained the approval of the Qatar Central Bank to open a branch in Gujarat International Financial ... Read the full article
Florida Re names Jeremy Baczkiewicz as CUO
27th December 2024
Florida Insurance and Reinsurance Company (Florida Re), a property and casualty re/insurer serving commercial clients across Florida, has appointed Jeremy Baczkiewicz as its new Chief Underwriting Officer (CUO). Baczkiewicz brings over 21 years of experience in underwriting management and strategic operations within the insurance and reinsurance sectors to Florida Re. In his ... Read the full article
Amynta Group acquires Crum & Forster’s credit insurance business
27th December 2024
Insurance services provider, Amynta Group has acquired the Credit Division of Crum & Forster (C&F), a subsidiary of Fairfax Financial Holdings Limited. According to the announcement, the business will operate as a full-service Managing General Underwriter (MGU) under Amynta Risk Solutions. From what we understand, Amynta's acquisition of the C&F Credit Division, which ... Read the full article
AM Best remains stable on Japan’s life insurance sector amidst premium boom
27th December 2024
Global credit ratings agency AM Best has maintained its stable outlook on Japan's life insurance market segment, citing in part the growth in premium income and stable core profits that are supported by higher levels of investment income. According to the agency, premium income has increased considerably throughout the past two years, ... Read the full article
Waymo shows 90% fewer claims than advanced human-driven vehicles: Swiss Re
24th December 2024
According to a recent Swiss Re study, the Waymo Driver is safer than both the general driving population and the latest human-driven vehicles equipped with advanced driver assistance systems (ADAS). The study compared Waymo’s liability claims to benchmarks for human drivers, using Swiss Re’s data from over 500,000 claims and 200 ... Read the full article
Industry veteran Brian Simpson appointed Equisoft’s VP, Insurance Solutions
24th December 2024
Equisoft, a global provider of digital business solutions for the insurance and wealth industries, has appointed Brian Simpson as Vice President, Insurance Solutions, USA. With over three decades of experience in the life, health, and annuity sectors, Simpson is joining the sales team for Equisoft's insurance solutions in the US. Commenting on ... Read the full article
Insurers still benefit from higher yields, but impact is fading: RBC Capital Markets
24th December 2024
The insurance industry is still reaping the rewards of higher investment yields, although the effect is gradually diminishing, analysts at RBC Capital Markets have highlighted in a recent report. Property and casualty (P&C) insurers typically invest in short-term, high-quality investment portfolios like corporate bonds, Treasuries and other highly-rated fixed income instruments. As ... Read the full article
ICEYE to provide more SAR-imaging opportunities at middle latitudes with new satellites launch
24th December 2024
ICEYE, a provider of satellite-based disaster management solutions, has expanded its Earth Observation capabilities with the launch of two new SAR satellites. With these new satellites, ICEYE aims to expand its availability imaging technology to deliver additional 25 cm imaging capacity. Now, ICEYE counts with 40 satellites in orbit since 2018. This ... Read the full article
Bermuda’s P&C re/insurance sector saw improved CoR and net income in 2023: BMA
24th December 2024
Bermuda’s international Property and Casualty (P&C) re/insurance sector saw significant improvements in combined ratio and net income in 2023, driven by continued price improvements, stricter terms and conditions, limit and aggregation management, and favourable investment returns, according to the Bermuda Monetary Authority (BMA). Despite this progress, the BMA highlighted ongoing global ... Read the full article
EigenRisk names Rebecca Morris as Vice President of Customer Success
24th December 2024
EigenRisk, Inc., a provider of catastrophe risk management solutions, has appointed Rebecca Morris as Vice President of Customer Success. Headquartered in Minneapolis, EigenRisk specialises in delivering cloud-based tools for managing property/casualty risks, providing insurers, reinsurers, and other risk managers with powerful data analytics and modelling capabilities. In her new role, Morris will ... Read the full article
Private insurers uniquely positioned to close US flood coverage gap: Neptune Flood
24th December 2024
In a new report analysing the U.S. residential flood insurance market, Neptune Flood has underlined the critical role private insurers can play in addressing the nation’s growing flood coverage gap. According to the firm's research, more than 20 million homes in the U.S. face moderate to severe flood risk, yet only ... Read the full article
Enstar completes $75m legacy reinsurance agreement with James River
24th December 2024
The previously announced $75 million adverse development cover (ADC) reinsurance agreement between a wholly owned subsidiary of legacy player Enstar Group and certain subsidiaries of Bermuda-domiciled insurance holding company, James River Group Holdings, has been completed following receipt of the relevant regulatory approval and satisfaction of the other closing ... 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.
