Reinsurance News
Kuwait Re’s net profit climbs 30% to $46m in 2024
13th February 2025
Kuwait Reinsurance Company has reported a net profit after tax of $45.93 million for the full year 2024, an increase of 30% as compared to the $35.22 million figure posted in 2023. The firm's insurance revenue was also up in 2024, climbing 12% from $232.11 million in 2023 to $259.88 million. Meanwhile, ... Read the full article
Global InsurTech funding fell to a seven-year low in 2024: Gallagher Re
13th February 2025
Global InsurTech funding fell to a seven-year low in 2024, declining 5.6% year-over-year from $4.51 billion in 2023 to $4.25 billion in 2024, according to a recent Gallagher Re report. This data is from Gallagher Re's Global InsurTech Report, the fourth and final instalment in its 2024 series on AI’s role ... Read the full article
MNK Re targets SMEs in Latin America with new energy reinsurance facility
13th February 2025
MNK Re, an independent reinsurance broker of specialist risks into Lloyd’s, has launched its new energy facility, designed to provide reinsurance solutions specifically to meet the demands of small to medium-sized businesses (SMEs) across Latin America. This new facility will offer capacity of up to $50 million per declaration, which will ... Read the full article
Palomar reports strong 23% growth in premiums for Q4’24
13th February 2025
Palomar Holdings, Inc., a specialty insurer, posted strong underwriting performance in 2024, with significant increases in premiums and underwriting income, driving robust financial performance for the fourth quarter and full year. In the fourth quarter 2024, Palomar saw impressive growth in its underwriting operations. Gross written premiums surged 23.3%, reaching $373.7 ... Read the full article
LSM expands Dipam Pandit’s role to include Head of Broker Distribution Asia
13th February 2025
Liberty Specialty Markets (Asia Pacific) (LSM), part of Liberty Mutual Insurance Group, has expanded Dipam Pandit’s role as Head of War and Terrorism, Asia Pacific, to also include Head of Broker Distribution, Asia. LSM now offers more than 20 commercial and specialty product lines in Asia, and Pandit’s expertise will support ... Read the full article
Natural habitats can reduce insured nat cat losses: Swiss Re Institute
13th February 2025
Natural habitats like mangrove swamps and salt marshes can provide significant protection against storms and help reduce insurance losses, according to a recent Swiss Re Institute article. Swiss Re studied Florida’s coastline, which has the highest exposure to storm surge of any U.S. state, and found that natural protection in these ... Read the full article
ILS managers Twelve Capital and Securis merge creating Twelve Securis
13th February 2025
Insurance-linked securities (ILS) focused independent asset managers, Twelve Capital and Securis Investment Partners have finalised their merger, establishing Twelve Securis. With $8.5 billion in assets under management, the combined firm is poised to capitalise on expanded investment opportunities across catastrophe bonds, private ILS, and the broader insurance markets. Twelve Securis will prioritise ... Read the full article
Ercan Eryaşar named Chief Sales Officer of Price Forbes Türkiye
13th February 2025
Global specialty broker Price Forbes has announced the appointment of Ercan Eryaşar to the newly created role of Chief Sales Officer for Price Forbes Türkiye. Eryaşar brings nearly 30 years of industry experience to the role. He most recently worked at Howden Turkey, where he joined as Chief Operating Officer in ... Read the full article
IAG posts 91% surge in net profit to A$778m in H1’25
13th February 2025
Australian insurer IAG has reported a net profit after tax of A$778 million for the first half of the 2025 financial year, a significant 91% increase from A$407 million in the same period last year. IAG noted that this increase was largely driven by a A$140 million post-tax release from the ... Read the full article
BMS appoints Genna Biddell as MD & Head of London P&C Re
13th February 2025
Independent insurance and reinsurance broker BMS has appointed Genna Biddell as Managing Director and Head of London P&C Re. Biddell joins BMS from Howden Re, where she was Managing Director of the North American wholesale property treaty team. Throughout her 25-year career, Biddell has also previously held North American property treaty ... Read the full article
Mercury to ‘aggressively pursue subrogation’ for Eaton wildfire: CFO Stalick
13th February 2025
Executives at California-based insurer Mercury General Corporation said yesterday that the company will "aggressively pursue subrogation", particularly for the Eaton Fire, as there's strong evidence utility equipment caused the event. As part of its 2024 earnings release, Mercury provided an update on the Los Angeles wildfires, announcing a gross ... Read the full article
Corebridge Financial reports hike in net income for Q4 & FY’24 at $2.2bn
13th February 2025
Corebridge Financial, the American multinational financial services company, has reported 2024 fourth-quarter net income of $2.2 billion compared to a loss of $1.3 billion in the prior year's quarter, as the firm’s full-year 2024 net income rose to $2.2 billion from $1.1 billion in 2023. Corebridge explained that the variance was ... Read the full article
Lancashire anticipates up to $165m in losses from California wildfires
13th February 2025
Lancashire Holdings has estimated its aggregate net ultimate losses from the recent wildfires in California at $145 million to $165 million. According to the firm, this preliminary estimate has been derived from a combination of market data and assumptions, a limited number of provisional loss advice, limited client loss data and ... Read the full article
Everest Insurance Intl. appoints AIG’s van Keimpema Head of Liability & Industry Practices
13th February 2025
Eelco van Keimpema has been appointed Head of Liability and Industry Practices, Europe for Everest Insurance International, part of global insurer and reinsurer Everest. van Keimpema, who has over two decades of industry experience, is joining Everest following 16 years at AIG, where he most recently served as Head of Casualty ... Read the full article
HDI Global SE’s financial strength rating upgraded to AA- by S&P Global Ratings
13th February 2025
S&P Global Ratings has upgraded the credit ratings of HDI Global SE, Talanx Primary Insurance Group, and their subsidiaries from “A+” (Strong) to “AA-” (Very Strong), with a stable outlook. This positive adjustment also applies to the Talanx Primary Insurance Group, reflecting the consistent enhancement of HDI Global SE’s balance sheet ... Read the full article
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