Reinsurance News
Conifer posts $61m gain from agency sale despite $7.4m adjusted operating loss in Q3’24
15th November 2024
In their financial results for the third quarter of 2024, Conifer Holdings has posted a $61 million gain from the sale of its insurance agency operations to Bishop Street Underwriters, which was completed in August of this year. At the same time, the company also recorded a net income of $53.3 ... Read the full article
Insurity partners with ICEYE to enhance insurer response to natural catastrophes
15th November 2024
Insurity, a provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, has partnered with ICEYE, a provider of satellite-based disaster management solutions, to offer real-time catastrophe insights to property and casualty (P&C) insurance customers. As natural disasters become more frequent and severe, timely access to accurate data is ... Read the full article
Inland homeowners increasingly vulnerable to floods but most without coverage: Triple-I
14th November 2024
Despite the growing threat of flooding from intense storms, many homeowners in inland areas remain unprotected as they do not have flood insurance coverage, reflecting a widespread misunderstanding about the coverage, Triple-I highlighted in a recent report. The report "Flood: State of the Risk" examines the flood insurance gap across the ... Read the full article
Bernard promoted to Head of Industry Practices for U.S. Middle Market at Zurich
14th November 2024
Stan Bernard has been promoted to Head of Industry Practices for the U.S. Middle Market at Zurich North America, taking over the role from Lynn Zeitler, who will be retiring in December after 31 years with Zurich. In his new role, Bernard will collaborate to implement strategic plans and drive growth ... Read the full article
Tokio Marine & Resilient Cities Network to boost investments in urban resilience
14th November 2024
Tokio Marine Group and The Resilient Cities Network (R-Cities) have entered into a partnership which will see Tokio Marine Group provide industry expertise and support to the Resilience Finance Taskforce, made up of cities and private sector partners to bolster the portfolio approach to investment in city resilience. For those unaware, ... Read the full article
Rate increases needed for ‘almost all lines’ exposed to social inflation: Swiss Re CFO, Dacey
14th November 2024
John Dacey, Chief Financial Officer (CFO) of reinsurance giant Swiss Re, has said that short-term, rates need to increase for almost all lines of business exposed to social inflation, as the industry continues to navigate the complex US liability landscape. Global reinsurer Swiss Re delivered a robust set of nine ... Read the full article
Atrium announces senior leadership changes for 2025
14th November 2024
Atrium, a specialist insurer at Lloyd’s of London, has announced several senior appointments. James Cox has been appointed Group COO, in addition to his duties as Managing Director of Atrium Underwriters Limited, effective January 1, 2025. His appointment follows James Lee’s planned retirement at the end of 2024, after 22 years with ... Read the full article
Cloutman joins Origami Risk to support international growth strategy
14th November 2024
Risk, safety, and insurance Software as a Service (SaaS) technology firm, Origami Risk, has announced the appointment of Steve Cloutman as Director of Business Development, who has been tasked to build on the company’s strong growth trajectory in Europe. With over three decades of experience in the risk and insurance technology ... Read the full article
SCOR purchases three-year capital markets P&C / life stop-loss retro cover
14th November 2024
During an analyst call this morning, the senior executive team at French reinsurer SCOR confirmed that it has secured a new capital markets retrocession agreement with a Tier 1 bank, providing three years of stop-loss protection across both property and casualty (P&C) and life risks. The retrocession, backed by third-party capital, ... Read the full article
Allianz Commercial appoints Hiscox’s Rob Carslake as new head of London region
14th November 2024
Allianz Commercial has hired Hiscox's Rob Carslake as its new head of London region for mid-market, where he will be responsible for the leadership of Allianz’s London region, shaping the business strategy, as well as delivering on the firm's underwriting goals. Overall, he brings over 13 years of expertise across the insurance ... Read the full article
Talanx sees net income growth and improved CoR in 9M’24 despite nat cat losses
14th November 2024
Talanx Group, the parent company of Hannover Re, has generated nine-month Group net income of €1,592 million, already exceeding the full prior-year figure, and an improved combined ratio of 91.2% from 93.5 in 9M ‘23, despite numerous natural catastrophe events. The Group is also lifting its earnings forecast for the ongoing ... Read the full article
L&G completes £34m buy-in with Walkers Shortbread retirement scheme
14th November 2024
UK insurer Legal & General Assurance Society Limited has announced the completion of a £34 million buy-in with the Walkers Shortbread Limited Retirement Benefits Scheme (the Scheme), securing benefits for 161 retirees and 238 deferred members. Walkers Shortbread Ltd., a Scottish producer of shortbread, biscuits, cakes, and oatcakes, is the sponsoring ... Read the full article
Cat pricing in Central Europe up 15-20% ahead of January renewals: SCOR’s Conoscente
14th November 2024
French reinsurer SCOR is currently seeing more or less flat property catastrophe reinsurance rates ahead of the January 1st, 2025, renewals, with price increases on loss affected programmes and pressure on loss free programmes in Europe and beyond, according to Jean-Paul Conoscente, Chief Executive Officer (CEO) of SCOR Property & ... Read the full article
Insured losses from Spain flooding expected to exceed €4bn: Morningstar DBRS
14th November 2024
According to Morningstar DBRS, insured losses from the extreme weather phenomenon (commonly known by its Spanish acronym DANA (Depresión Aislada en Niveles Altos) that caused severe flooding in the eastern region of Spain in October, are expected to exceed €4 billion. As of writing, the severe flooding and heavy storms that ... Read the full article
Total NFIP losses from 2024 flood events could reach $10.5bn: Neptune
14th November 2024
US private flood insurer Neptune Flood reports that the National Flood Insurance Program's (NFIP) estimated losses from 2024 flood events, including Hurricanes Helene and Milton, as well as Hurricanes Beryl, Debby, and Francine, could reach up to $10.5 billion. Hurricane Helene has been especially impactful for the NFIP, with over 55,000 ... Read the full article
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