Reinsurance News
Trisura Group’s Q3 GPW rises 59% to $645mn
4th November 2022
Specialty insurer Trisura Group has reported $644.8 million of gross premiums written in the third quarter of 2022, an increase of 59.3% compared to $404.7 million from the prior year quarter, thanks to sustained growth in Canada and expansion in US fronting. Net income for the quarter increased by 48% to ... Read the full article
Insurance claims in Louisiana from Hurricane Ida reach $13.9 billion
4th November 2022
Insurers have paid or reserved to pay $13.9 billion on all types of Hurricane Ida-related claims in Louisiana, according to Insurance Commissioner Jim Donelon. Policyholders have filed 478,417 claims of all types from Hurricane Ida as of September 30, with 319,855, or 67%, closed with payment, garnering $10.9 billion in payments ... Read the full article
AIG revamps board of directors
4th November 2022
AIG has said that Paola Bergamaschi is to become a director of the company following an election by the firm’s board of directors. Bergamaschi’s appointment is set to begin at the start of December. In addition, John G. Rice, who joined the Board in March 2022, will take on the role ... Read the full article
Fairfax Financial sees net loss of $75.1m in Q3 2022
4th November 2022
Fairfax Financial Holdings says it saw a net loss of $75.1m in Q3 2022 against net earnings of $462.4m in the same period in 2021. However, gross written premiums for the company in Q3 2022 reached $6,922.9m, up from $5,970.0m in Q3 2021. The firm said that this was an increase ... Read the full article
Singapore’s businesses face high risk and lower resilience: Beazley
4th November 2022
According to a recent Risk & Resilience research report from Beazley, Singapore business is more worried about risk and less resilient than its global peers. The report revealed that business leaders in Singapore display an admirable respect for the risks they face but at the same time, climate change needs to ... Read the full article
RGA reports net premium growth in Q3 2022
4th November 2022
Reinsurance Group of America (RGA) is reporting that its net premiums in Q3 2022 grew to $3,247m from $3,094m in the same quarter in the preceding year. The firm said in a statement accompanying its latest figures that net income to its shareholders in Q3 reached $284m, up from a loss ... Read the full article
Obsidian introduces PAR tool to be offered to MGAs, reinsurers & brokers
4th November 2022
Obsidian Insurance Group has announced the introduction of a Program Analytical Review (PAR) data analytics tool, that will be offered by Obsidian to its managing general agents (MGAs), reinsurers and reinsurance brokers. The level of detail and analysis that PAR provides will deliver keen insight into pricing, profitability, and loss trends ... Read the full article
Everest refreshed brand reflects commitment to “underwrite opportunity”
4th November 2022
Bermuda-based re/insurer Everest Re Group, Ltd. has unveiled a refreshed brand, with a modernised logo and visual identity it says reflects its positioning and commitment to underwrite opportunity for colleagues, customers, shareholders, and communities worldwide. According to the announcement, this move is another step forward in Everest’s ambitions and execution of ... Read the full article
Kin names leadership team additions to fuel next stage of growth
4th November 2022
Kin Insurance, a US insurtech focused on home insurance, has announced several leadership appointments as the company enters its next phase of growth, including Jerry Fadden, CFO; Jessica Jacob, CLO; Effie Kyroudis, CHRO; and Pete Tiwari, SVP of Product. Sean Harper, CEO of Kin commented on the new appointments, stating, “Over ... Read the full article
Global insolvencies expected to rise significantly in 2022 and 2023: Allianz Trade
4th November 2022
Global business insolvencies are expected to rise +10% in 2022 and +19% in 2023, a significant rebound after two years of decline, according to Allianz Trade. The insurer noted that this may bring global insolvencies back above their pre-pandemic levels in 2023, by +2%. According to Maxime Lemerle, lead analyst for Insolvency ... Read the full article
B.P. Marsh adds Non-Exec Director to Board of Denison and Partners
4th November 2022
B.P. Marsh has appointed Rupert Villers as a Non-Executive Director on the Board of Denison and Partners. The appointment is subject to the customary regulatory approval. Villers brings over four decades of experience in the London Insurance Market towards the role. Villers co-founded what became SVB Holdings PLC (SVB) (subsequently renamed Novae Group ... Read the full article
Volatility ahead for Asia-Pacific reinsurance sector, says S&P
4th November 2022
According to an S&P Global Ratings report based on analysis of 15 Asia-Pacific reinsurers, slower growth and subdued underwriting margins signal increasing downside risks for the sector. The report observes that Asia-Pacific (APAC) reinsurers' underwriting performance will remain pressured by the higher frequency of loss occurrences, increasing costs, and pricing challenges ... Read the full article
Marsh McLennan Agency acquires Bradley Insurance
4th November 2022
Commercial insurance broker based in Tennessee, Bradley Insurance Agency, has been acquired by Marsh McLennan Agency (MMA), a subsidiary of Marsh. The terms of the acquisition have not been disclosed. According to the announcement, all Bradley Insurance employees will be joining MMA, including Kendall and Kevin Bradley who acquired the agency ... Read the full article
AM Best Maintains Negative Outlook on Indonesia Non-Life Insurance Market
4th November 2022
Rating agency AM Best has announced that it is maintaining its negative market segment outlook on the Indonesia non-life insurance segment citing challenges in credit and motor insurance ongoing macroeconomic uncertainties. In a new Best Market segment report, titled “Market Segment Outlook: Indonesia Non-Life Insurance,” Best notes that it expects the ... Read the full article
Canadian re/insurers turning to capital markets amid volatility: Aon
3rd November 2022
Analysts at Aon have reported that insurers and reinsurers in the Canadian market are increasingly to turning to the alternative capital markets to navigate challenging conditions. The broker notes that 2021 ended with positive results for the Canadian market, and profitable results for the global reinsurance market for the first time ... Read the full article