Reinsurance News
Ambac posts improved 96.5% CoR for Q4’24
27th February 2025
Ambac Financial Group, Inc., a financial services holding company specialising in insurance and reinsurance, reported strong growth in its fourth-quarter 2024 results. Ambac’s underwriting performance for the fourth quarter of 2024 saw continued progress, particularly in its Specialty P&C insurance and Insurance Distribution segments. The company reported $59.99 million in gross written ... Read the full article
Fortitude Re and Unum Group sign $3.4bn reinsurance transaction
27th February 2025
Unum Group is set to cede $3.4 billion of individual long-term care (LTC) statutory reserves and approximately $120 million of multi-life individual disability insurance (IDI) in-force premium to Fortitude Reinsurance Company. The cession to Fortitude Re's subsidiary reportedly represents 19% of Unum’s total LTC block and 20% of its in-force IDI ... Read the full article
Swiss Re has a lot of appetite for property & nat cat following 1/1 renewals: CFO, Dacey
27th February 2025
Speaking earlier today during Swiss Re's FY24 earnings call, John Dacey, Group Chief Financial Officer (CFO), stated that following the key January 1st reinsurance renewals, Swiss Re has a lot of appetite for both property and natural catastrophe business. Swiss Re reported this morning that it generated net income of ... Read the full article
Aventum appoints Novae’s Jonathan Butcher as Non-Executive Chairman
27th February 2025
Aventum, a global re/insurance group, has appointed Jonathan Butcher as Non-Executive Chairman of its Board. Butcher has 35 years of experience in the Lloyd’s and London markets. He was CEO of Novae Syndicates when it was sold to AXIS in 2017 for over $600 million, leading the Syndicate through this process. Before ... Read the full article
Aviva’s operating profit hits £1.77bn in 2024 as GI premiums climb 14%
27th February 2025
Aviva reported a group operating profit of £1.767 billion for 2024, marking a 20% increase from £1.467 billion in 2023, driven by continued strategic and operational momentum. At the same time, Aviva's General Insurance premiums were up 14% to £12.204 billion, with an undiscounted combined ratio of 96.3% and discounted combined ... Read the full article
LA wildfires ~35% of Swiss Re’s FY’25 nat cat budget, CFO expects event to mitigate downward price pressure
27th February 2025
Reinsurance giant Swiss Re said this morning that it currently estimates losses from the Los Angeles, California wildfires of less than $700 million, which Chief Financial Officer (CFO), John Dacey, confirmed is more than a third of its full year 2025 budget for natural catastrophes of €2 billion. "$700 million is ... Read the full article
Verisk reports revenue and income increase in Q4’24
27th February 2025
Verisk, a global data analytics and technology provider, has reported consolidated revenues of $736 million for the fourth quarter of 2024. This figure was up 8.6% on a consolidated and an organic constant currency (OCC) basis., with solid growth contributions from both underwriting and claims within Insurance. For the full year 2024, ... Read the full article
Canopius selects Qubit as first Lloyd’s Coverholder for digital asset insurance in APAC
27th February 2025
Qubit, a specialist managing general agent (MGA) focusing on digital asset risks, has been approved as a Lloyd's of London Coverholder by Canopius for digital asset insurance in Asia Pacific. This partnership establishes Qubit as the first and only domestic carrier in the Hong Kong market to offer products with the ... Read the full article
BMS Re adds Howden Re’s Hughes and Bartell to non-marine reinsurance team
27th February 2025
BMS Re, the reinsurance arm of independent re/insurance broker BMS Group, has announced two new senior appointments: Jonathan Hughes as managing director - non-marine reinsurance and Martin Bartell as director - non-marine reinsurance. Based in London, both executives will be reporting directly to Hannah Watkins, Chief Growth Officer. Hughes brings three decades ... Read the full article
Hamilton reports underwriting income of $149m for FY’24 with 91.3% CoR
27th February 2025
Bermuda-domiciled re/insurer Hamilton Insurance Group has reported a slightly weaker full year (FY) 2024 combined ratio of 91.3% and higher underwriting income of $149.4 million, as gross premiums written (GPW) hit $2.4 billion, an increase of 24.2% or $471.5 million compared to FY’23. The increase in premiums was driven by ... Read the full article
Swiss Re CorSo appoints Katie McGrath as CUO, unveils restructure
27th February 2025
Swiss Re Corporate Solutions has appointed Katie McGrath as Chief Underwriting Officer and introduced a new organisational structure, featuring Market Units, to better serve corporates and brokers at the country level. McGrath, who has more than 25 years of experience across multiple roles in commercial insurance, joined Swiss Re Corporate Solutions ... Read the full article
AXA’s GWP & other revenues up to €110bn in 2024 with 10% growth at AXA XL Re
27th February 2025
Global insurer AXA's property and casualty (P&C) and specialty risk division, AXA XL, achieved a combined ratio of 91% for full year 2024, a 2.1 percentage point improvement on the prior year, as gross written premiums (GWP) and other revenues increased 7% to €56.5 billion, supported by 10% growth at ... Read the full article
Hiscox Re & ILS profit soars in 2024 as ICWP exceeds $1bn
27th February 2025
Hiscox Re & ILS, the international reinsurance and insurance-linked securities arm of Hiscox, has reported a 2024 pre-tax profit of $267.5 million, up from $221.4 million in 2023, alongside an improved undiscounted combined ratio of 69%. Hiscox Re & ILS surpassed the $1 billion insurance contract written premium (ICWP) mark in ... Read the full article
Swiss Re’s net income rises to $3.2bn for 2024 as P&C Re book grows 7% at Jan 1 renewals
27th February 2025
Global reinsurer Swiss Re generated net income of $3.2 billion in 2024, up roughly 3% on 2023's $3.1 billion, driven in part by disciplined underwriting of new business as the firm's underwriting profit declined by approximately 9% to a still strong $4.3 billion. Group-wide, Swiss Re has today reported an ROE ... Read the full article
Zurich promotes Alex Todd to Chief Underwriting Officer APAC
27th February 2025
Zurich Insurance has recently promoted Alex Todd to the position of Chief Underwriting Officer for Asia Pacific (APAC). Todd brings over 20 years of industry experience to his new role, specialising in Property, with a strong focus on the APAC region. He joined Zurich Insurance in August 2023 as Head of Short-Tail ... Read the full article
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