Reinsurance News
CFC expands corporate cyber offering in Europe with new team and key appointment
7th November 2024
CFC, an insurance provider with expertise in cyber risk, has announced that it is expanding its corporate cyber offering by launching a team dedicated to supporting brokers across Europe. With established offices in Brussels and Madrid and plans to open more locations by year-end, has appointed Ilaria Silvato as Corporate Cyber ... Read the full article
RenRe adds Loretta J. Mester as an Independent Director
7th November 2024
Bermuda-domiciled reinsurer RenaissanceRe (RenRe) has appointed Loretta J. Mester as an Independent Director, effective November 6, 2024, following the retirement of Brian G. J. Gray, who had served as a Board member since 2013. Most recently, Dr. Mester was the President and Chief Executive Officer (CEO) of the Federal Reserve Bank ... Read the full article
Liberty Mutual sees $892m net income in Q3, total CoR hits 96.7%
7th November 2024
Liberty Mutual Holding Company Inc. (LMHC) and its subsidiaries has posted a net income attributable to LMHC of $892 million for the third quarter of 2024, a notable shift from last year's income of $219 million, while also posting consolidated pre-tax net catastrophe losses of $1.1 billion in ... Read the full article
American Coastal posts $28m net income in Q3’24, revenue climbs 56% to $82m
7th November 2024
Property and casualty (P&C) holding company, American Coastal Insurance Corporation (ACIC) has posted a $28.1 million net income for the third quarter of 2024, an improved figure compared to the $10.6 million income that was posted in the third quarter of 2023. The company said, that of this income, $27.7 million ... Read the full article
AI-focused InsurTechs lead funding surge in Q3’24 with $897.4m raised: Gallagher Re
7th November 2024
Gallagher Re, a reinsurance broker, has released its latest InsurTech report, revealing that AI-focused InsurTechs raised $897.4 million across 29 deals in Q3 2024. Eight of the top 10 companies by funding round were centred around artificial intelligence, resulting in an average deal size of $34.9 million for AI-driven InsurTech ventures. The ... Read the full article
Loadsure partners with Google Cloud to launch AI-powered claims verification system
7th November 2024
Loadsure, an insurtech managing general agent (MGA), has partnered with Google Cloud to develop an AI-powered claims verification system that processes claims more efficiently and accurately. Traditionally, insurance claims processing has been labour-intensive and time-consuming, often requiring manual document verification and data entry, which can cause settlement delays and frustration for ... Read the full article
Conditions in property cat to remain ‘very attractive’ in 2025: Hiscox CFO
7th November 2024
Paul Cooper, Group Chief Financial Officer of Hiscox, has noted that in light of recent catastrophe activity, rates are expected to remain robust, creating "very attractive" conditions in the property cat market. As a result, the company plans to gradually deploy additional capital into this sector. Speaking during an analyst call ... Read the full article
Heritage posts solid $8.2m net income in Q3, despite $48m of retained hurricane losses
7th November 2024
Heritage Insurance Holdings has released its financial results for the third quarter of 2024, which includes a net income of $8.2 million, a solid improvement compared to the $7.4 million net loss that the firm posted in the prior year period. According to the firm, this improved figure was ... Read the full article
Munich Re expects property cat pricing to plateau at Jan 1 renewals: CFO Jurecka
7th November 2024
Christoph Jurecka, Chief Financial Officer (CFO) of global reinsurer Munich Re, said this morning that he expects property catastrophe reinsurance rates, overall, to be flat on average at the January 1st, 2025, renewals, despite the elevated level of catastrophe activity in the third quarter. Speaking after the release of the ... Read the full article
Zurich P&C sees revenue increase as GWP grows 4% in 9M’24
7th November 2024
Zurich has released its financial results for the first nine months of 2024, reporting a “robust performance” as gross written premiums (GWP) for its P&C segment rose 4% and insurance revenue was up 6% with rate increases of 5% year-on-year. The Group also highlighted that in the first nine months of ... Read the full article
Parametrix launches new cyber insurance solution for digital interruption
7th November 2024
Parametrix has launched "Parametrix Enterprise Solutions", a new type of parametric cyber insurance that covers the costs associated with digital interruptions. Parametrix, a specialist in parametric cloud downtime cyber insurance and reinsurance protection, explained that its new enterprise coverage, underwritten by syndicates at Lloyd’s of London, features "clear and flexible" parametric ... Read the full article
Hamilton reports Q3’24 CoR of 93.6% with an underwriting income of $29.1m
7th November 2024
Bermuda-domiciled re/insurer Hamilton Insurance Group has reported a slightly increased combined ratio of 93.6%, with an underwriting income of $29.1 million for the third quarter of 2024. The reinsurer reported catastrophe losses (current and prior year), net of reinsurance of $38.3 million for Q3 2024, driven by Hurricane Helene at $33.9 ... Read the full article
Gallagher Re pegs preliminary insured loss estimate for October Spanish floods at €1.5bn – €2.5bn
7th November 2024
Preliminary estimates from global reinsurance broker Gallagher Re have placed the potential public and private insured losses from October's Spanish floods between €1.5 billion and €2.5 billion ($1.6 billion and $2.7 billion). It's important to note that this estimate is preliminary and is subject to change. For those in need of a ... Read the full article
Cytora & Dataplor collaboration to provide insurers with global location intelligence
7th November 2024
Digital risk processing platform Cytora has entered into a partnership with data intelligence platform Dataplor, which will enable property insurance underwriters to gain access to a wide range of location data via Cytora’s platform. This integration will reportedly enable underwriters to make faster and more accurate risk assessments. It's worth highlighting that Dataplor’s ... Read the full article
RenRe grows property book as Q3’24 underwriting income rises despite large loss events
7th November 2024
Bermuda-based reinsurer RenaissanceRe Holdings Ltd. (RenRe) has reported underwriting income of $394 million for the third quarter of 2024 and a significant rise in net income to $1.2 billion, as the strong performance of its property segment more than offset a loss in casualty and specialty. Across the business, underwriting income ... Read the full article
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