Reinsurance News
Insurers urge EU to regulate private Third-Party Litigation Funding
15th November 2024
A coalition of eleven associations, spearheaded by Insurance Europe, is urging the European Commission to establish EU-wide regulations for private Third-Party Litigation Funding (TPLF). TPLF involves private investors, unconnected to the lawsuit, financing legal action in return for a portion of any financial award. This practice, Insurance Europe highlights, currently lacks ... Read the full article
SRG boosts claims capabilities with One Claim acquisition
15th November 2024
Insurance industry intermediary, Specialist Risk Group (SRG), has announced the acquisition of Essex-based One Claim Limited. The UK company provides broker partners and their clients with claims management support from initial notification through to settlement. Now sitting within SRG’s MGA pillar MX, the One Claim team has significant expertise in the motor ... Read the full article
UK government to consult on captive insurance framework, industry responds
15th November 2024
Rachel Reeves, Chancellor of the Exchequer, has revealed that the government is consulting on introducing a new framework for UK-based captive insurance companies to make the UK insurance market a more attractive hub for firms seeking efficient risk solutions. In an announcement outlining a package of reforms aimed at solidifying the ... Read the full article
Skyward Specialty launches new Life Sciences Liability insurance product
15th November 2024
Skyward Specialty, a property and casualty (P&C) insurer, has announced the addition of Life Sciences liability coverage to its Healthcare Solutions underwriting unit, which now will offer tailored protection for life sciences needs. The life sciences sector faces complex risks that demand specialised insurance solutions. Skyward Specialty’s Life Sciences liability coverage ... Read the full article
TWIA may need ~$5.8bn in reinsurance for 2025 as PML rises 20%
15th November 2024
The Texas Windstorm Insurance Association (TWIA) has projected that it might need almost $5.8 billion in reinsurance limit for 2025 as 20% exposure growth lifts its projected 1-in-100 year probable maximum loss (PML) to $7.8 billion, while total losses from hurricane Beryl are expected to almost deplete the Catastrophe Reserve ... Read the full article
Aspen reports Q3’24 underwriting income as GWP swell to $1.1bn
15th November 2024
Aspen Insurance has reported a Q3 2024 net income available to ordinary shareholders of $42.9 million, with an underwriting income of $33 million and a total combined ratio of 95.2%. The underwriting income figure of $33 million in Q3 2024 compares to $47.9 million in Q3 2023 and includes $54.8 million, ... Read the full article
Just Group completes £1.8bn buy-in with Trustee of G4S Pension Scheme
15th November 2024
Just Group, a specialist UK financial services company, has completed a £1.8 billion full buy-in with the Trustee of the G4S Pension Scheme, covering the benefits of around 22,500 members. This has become Just’s largest insurance de-risking transaction to date, as well as the largest publicly announced deal in the Bulk ... Read the full article
Generali posts strong GWP growth and 94% CoR for 9M’24 despite significant cat losses
15th November 2024
Italian insurer Generali has reported a 5% year-on-year increase in its net result to €3 billion for the first nine months of 2024, as gross written premiums (GWP) across the group rose 18% to €70.7 billion amid strong growth in both P&C and life. Group-wide, Generali's 9M 2024 consolidated operating result ... Read the full article
YoY decrease in rate changes across major commercial lines in Q3’24: Applied Systems
15th November 2024
Applied Systems has released the third quarter 2024 results of the Applied Commercial Index, the Canadian insurance industry’s premium rate index, showing that average premium rates decreased year-over-year across the most commonly placed commercial lines of business. Overall, rates declined by 5.52% in Q3 2024, a drop compared to the 7.27% ... Read the full article
AM Best maintains stable outlook for New Zealand’s non-life insurance sector
15th November 2024
AM Best, the global credit ratings agency, is maintaining a stable outlook on the New Zealand non-life insurance segment, citing the sector's robust premium growth supported by rate adjustments, notably within the property, motor and commercial segments, in spite of a challenging economic environment. The agency also cites positive factors, including, good ... Read the full article
FM appoints Randy Hodge as Chief Operating Officer
15th November 2024
FM, a commercial property insurer, has appointed Randy Hodge as Chief Operating Officer (COO), effective December 1, 2024. Hodge will succeed Bret Ahnell, who is set to retire in March 2025. Ahnell joined the company in 1997 and has held various senior leadership roles, including serving as COO for the past ... Read the full article
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
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