Reinsurance News
Property cat reinsurance rates to be up 5-10% in US & Europe at Jan 1: Everest CEO Andrade
31st October 2024
Executives at global insurer and reinsurer Everest Group said today that they expect property catastrophe reinsurance pricing in the US and Europe to be up by as much as 10% heading into the January 1st, 2025, renewals, following the impacts of hurricanes Helene and Milton in Florida and the severe ... Read the full article
The Hanover’s CoR improves to 95.5% in Q3’24, net income climbs to $102.1m
31st October 2024
The Hanover Insurance Group has released its financial results for the third quarter of 2024, which includes its combined ratio improving 8.9 points to 95.5%, driven in part by lower catastrophe losses, while net income increased to $102.1 million. At the same time, operating income was $111.3 million for the ... Read the full article
SRG expands equestrian portfolio with Stonehatch acquisition
31st October 2024
Insurance intermediary Specialist Risk Group (SRG), has acquired Stonehatch, a specialist bloodstock and livestock insurance broker, a move that will complement its existing equestrian portfolio. Stonehatch was founded in 2024 by Chris Williamson, since then, the company has built a strong reputation in the bloodstock and livestock sectors, providing insurance solutions ... Read the full article
Howden launches new cyber insurance solution backed by Mosaic, Chubb and LSM
31st October 2024
Global insurance intermediary group Howden has launched Howden Safe+, a cyber insurance solution developed in partnership with Safe Security aimed at clients with revenues between $250 million and $2 billion. Backed by Mosaic Insurance, Chubb and Liberty Specialty Markets, Howden Safe+ reportedly enables quicker risk assessment without compromising coverage quality. Clients are ... Read the full article
WTW posts $1.67bn net loss in Q3 as revenue hits $2.29bn
31st October 2024
Global brokerage WTW has posted its financial results for the third quarter of 2024, which includes a net loss of $1.67 billion compared to net income of $139 million in the prior-year third quarter. WTW's revenue for Q3'24 climbed by 6% on both a reported and organic basis to $2.29 billion, ... Read the full article
Optio Group expands leadership with appointment of Joanna Eilts as Head of Legal
31st October 2024
Specialty MGA Optio Group has appointed Joanna Eilts as Head of Legal, a newly established London-based role in which she will report to CFO Mark Mugge, effective immediately. This appointment adds to Optio's leadership team as it continues expanding internationally through strategic acquisitions. Eilts brings extensive experience across corporate and commercial matters, ... Read the full article
Allstate sees net income and revenue growth despite higher cat losses in Q3’24
31st October 2024
The Allstate Corporation has reported it was able to generate “excellent” returns in the third quarter of 2024 despite higher catastrophe losses, seeing its net income applicable to common shareholders improve to $1.2bn, compared to a net loss of $41mn loss seen in the same quarter last year. Catastrophe losses for ... Read the full article
Insured losses from Spain flooding to be well above €1bn: Morningstar DBRS
31st October 2024
According to Morningstar DBRS, insured losses from the extreme flooding in eastern and southern regions of Spain are expected to be well above €1 billion, given the significant damage to people, properties, vehicles, and businesses as well as to the agriculture sector. On October 29, 2024, extreme flooding, triggered by severe ... Read the full article
Carlos Rivera named CEO of Marsh McLennan LAC and President of Marsh LAC
31st October 2024
Marsh McLennan, a global insurance and reinsurance broker, has announced the appointment of Carlos Rivera as CEO, Marsh McLennan Latin America and the Caribbean (LAC) and President, Marsh LAC, effective January 1, 2025. Based in Bogotá, Colombia, Rivera will report to Flavio Piccolomini, CEO of Marsh McLennan International. He succeeds Ricardo Brockmann, ... Read the full article
Markel’s operating income up on investments but elevated losses drive reinsurance segment loss
31st October 2024
Global re/insurer Markel Group Inc. has reported operating income of $1.4 billion and $3.1 billion for the third quarter and first nine months of 2024, respectively, and while overall the firm's insurance engine performed well in both periods, elevated losses resulted in a reinsurance segment operating loss for the company. Across ... Read the full article
AXIS reports Q3’24 net income of $173m, CoR hits 93%
31st October 2024
Insurer and reinsurer AXIS Capital has disclosed a Q3 2024 net income available to common shareholders of $173 million, down slightly from $181 million in the same period last year, with a combined ratio of 93.1%. In Q3 2024, pre-tax catastrophe and weather-related losses, net of reinsurance, were $78 million, or ... Read the full article
Arch grows reinsurance GPW 29% as group net income hits $978m in Q3’24
31st October 2024
Arch Capital Group Ltd., the Bermuda-based insurer and reinsurer, has reported premium growth across its insurance and reinsurance segments in the third quarter of 2024, although the underwriting result dipped year-on-year amid elevated losses from natural catastrophes. Group-wide, gross premiums written (GPW) rose more than 20% year-on-year to $5.4 billion in ... Read the full article
Everest delivers solid Q3’24 underwriting result as reinsurance GWP rises to $3.3bn
31st October 2024
Bermuda-based re/insurer Everest Group, Ltd. generated underwriting income of $272 million in the third quarter of 2024, driven by the strong performance of its reinsurance business in spite of elevated catastrophe losses. Everest has reported a solid set of results for the third quarter, with net income of $509 million and ... Read the full article
B.P. Marsh & Partners fund SRT with up to £2.5m, subscribe to 25.5% share
31st October 2024
B.P. Marsh & Partners, a specialist private equity investor, has acquired a 30% cumulative preferred ordinary shareholding in SRT & Partners Limited, a start-up UK Retail and London Market broker. B.P. Marsh has provided £2.5 million in funding through a combination of equity and loan, which has been fully drawn down ... Read the full article
Scheerer joins ASIC Board as Non-Exec Director
31st October 2024
AM Specialty Insurance Company (ASIC), a provider of specialised insurance products, has announced the appointment of Joseph M. Scheerer, CEO and Principal of Stonybrook Capital, to its board as a non-executive director. Scheerer brings a wealth of expertise in re/insurance, investment banking, and capital markets, gained from over two decades of ... Read the full article
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