Reinsurance News
India has all the ingredients to become a reinsurance hub: G. Srinivasan, Galaxy Health & Allied Insurance
27th February 2025
According to industry experts, the combination of large carriers, a sizeable market, reinsurance talent, a long-standing insurance market history, and connections to other major markets globally, suggests India is poised to establish itself as a global reinsurance hub. During a recent panel discussion moderated by G. Srinivasan, Managing Director (MD) and ... Read the full article
China Re says FY’24 net profit could be up 100% YoY
27th February 2025
China Re, the country's state-owned reinsurance company, has estimated that its net profit for the full year 2024 will increase be 80% to 100% when compared with the prior year, driven by an improved underwriting and investment performance. For 2023, China Re's net profit amounted to RMB5,652 million (~USD 780m). So, the ... Read the full article
AM Best: Casualty reinsurance faces financial strain amid rising litigation costs and social inflation
26th February 2025
Rising litigation expenses and increased jury awards are placing significant financial strain on the casualty reinsurance sector, leading some carriers to bolster their reserves and squeeze profit margins, according to a recent AM Best report. The Best’s Market Segment Report, titled “Casualty Reinsurance Capacity Remains Plentiful Amid Concerns,” highlights that reinsurers ... Read the full article
Chubb announces leadership changes in EMEA and North America
26th February 2025
Global insurer Chubb has announced that Ana Robic, Division President of Personal Risk Services (PRS), North America, has been appointed Regional President of Europe, Middle East, and Africa (EMEA), succeeding David Furby, who has been named Executive Chairman, both effective April 1, 2025. Robic has been with Chubb for 25 years. ... Read the full article
IRB(Re) reports best underwriting profit in four years for 2024
26th February 2025
In its 2024 full-year results, IRB(Re) reported its best underwriting profit in four years, reaching R$ 452 million, up from R$ 155 million in 2023. IRB(Re) also disclosed a net income of R$ 373 million for 2024, compared to R$ 114 million in 2023, while its loss ratio stood at 64%, ... Read the full article
AmericanAg adjusts structure and executive leadership team
26th February 2025
Global reinsurer AmericanAg has announced the appointment of Meredith Williams as Senior Vice President, Reinsurance Strategy and Placement & Broker Assumed Operations. The reinsurer has also appointed Pat Larsen as Senior Vice President of its new Client Retro & Broker Assumed Pool Management team. Both appointments are effective March 1, 2025. The ... Read the full article
Lemonade’s gross profit surges 90% as net loss narrows for 2024
26th February 2025
Lemonade, a technology-driven insurance company offering home, renters, pet, and auto coverage, saw its gross profit surge 90% year over year in the fourth quarter of 2024, reaching $64 million. This reflects a significant improvement in its financial performance. However, the company still reported a net loss of $30 million for ... Read the full article
MetLife adds former Swiss Re CEO Mumenthaler to Board of Directors
26th February 2025
Former Swiss Re Group Chief Executive Officer (CEO), Christian Mumenthaler, has been elected to join the Board of Directors of MetLife, Inc., a global provider of insurance, annuities, and employee benefit programs, effective May 1, 2025. Mumenthaler's career at Swiss Re Group spanned more than 25 years. During this time, he ... Read the full article
Skyward Specialty posts net income of $119m in 2024 despite higher cat losses
26th February 2025
Skyward Specialty Insurance Group has reported net income of $118.8 million for full year 2024, up from $86 million in 2023, despite elevated catastrophe losses driving a higher combined ratio of 92.3% for the year The company’s adjusted operating income for 2024 rose to $126.7 million, up from $80.8 million in ... Read the full article
Saudi EXIM signs reinsurance agreements with Allianz Trade, Bpifrance, and AIG
26th February 2025
The Saudi Export-Import Bank (Saudi EXIM) has signed three reinsurance agreements with global players: Allianz Trade, Bpifrance, and American International Group (AIG) to bolster trade finance and credit insurance solutions. His Excellency Eng. Saad bin Abdulaziz Al-Khalb, Chief Executive Officer of Saudi EXIM, signed the agreements during an official visit to ... Read the full article
AXA XL appoints Rees as Chief Underwriting Officer for North America
26th February 2025
AXA XL, the property and casualty (P&C) and specialty risk division of global insurer AXA, has announced the appointment of Simon Rees as Chief Underwriting Officer, North America Programs. In her new role, effective April 1, Rees will be reporting to Tim Whisler, Wholesale Solutions, Americas. Rees has over two decades of ... Read the full article
Universal’s net income down 70% in Q4’24 to $6m as CoR deteriorates
26th February 2025
Universal Insurance Holdings has reported a net income of $6 million for the fourth quarter of 2024, representing a 69.9% decrease compared to $20 million in the same period a year earlier, as the company’s combined ratio deteriorated by 4.2 percentage points to 107.9%. Total revenue for the quarter rose 2.5% ... Read the full article
Munich Re CEO: Reinsurance pricing is overall ‘very attractive’
26th February 2025
Joachim Wenning, the Chief Executive Officer (CEO) of Munich Re, one of the world's largest reinsurance companies, said this morning that overall, reinsurance prices remain very attractive, with the firm seeing enough attractive growth markets. Alongside reporting its full year 2024 results, which were very strong once again, Munich Re ... Read the full article
State Farm to retain $212m of $7.6bn LA wildfire loss after reinsurance
26th February 2025
State Farm General has estimated direct losses from the Los Angeles wildfires at $7.6 billion, with retained losses after reinsurance at $212 million and its share of FAIR Plan losses at $400 million. According to its latest update, State Farm General has paid out $1.75 billion on approximately 9,500 claims filed ... Read the full article
IGI reports net income rise of 14.4% to $135m for FY’24
26th February 2025
International General Insurance Holdings Ltd. (IGI) has reported a net income increase of 14.4% for the full year 2024 (FY'24) to $135.2 million compared to $118.2 million in the prior year, although the firm’s Q4 2024 net income decreased to $30 million compared to $33 million in Q4 2023. Both periods ... Read the full article
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