Reinsurance News
Hiscox Re & ILS reports solid 9M’24 growth, eyes positive Jan renewal rates
7th November 2024
Hiscox Re & ILS, the international reinsurance and insurance-linked securities arm of the Hiscox Group, has reported that insurance contract written premiums (ICWP) grew to $1.017 billion in the first nine months of 2024, up 4.3% from the same period of 2023. According to the firm, most growth was achieved during ... Read the full article
Munich Re’s 9M’24 net result rises 31% despite Q3 cat losses of €1.4bn
7th November 2024
German reinsurer Munich Re has reported a net result of €4.7 billion for the first nine months of 2024, despite losses from natural catastrophes in the third quarter rising significantly to €1.4 billion, of which roughly €500 million relates to hurricane Helene. For 9M 2024, the net result increased by 31% ... Read the full article
Swiss Re strengthens P&C Re reserves by $2.4bn in Q3’24
7th November 2024
Reinsurance giant Swiss Re has strengthened its property and casualty reinsurance (P&C Re) reserves by an additional $2.4 billion in the third quarter of 2024, following a comprehensive review of its prior year US liability reserves. This brings the reinsurer’s P&C Re total reserve additions to $3.1 billion for the first ... Read the full article
Hood Group completes buyout of silent shareholders with support from Connection Capital
7th November 2024
Hood Group Limited, a provider of insurance solutions, is pleased to announce the successful buyout of the Group’s silent shareholders, with support from Connection Capital LLP, a private equity and alternative investment firm. The company’s senior leadership team—CEO Simon Hood, Commercial Director Bruce Reid, Chief Operating Officer James Wallis, Travel Director ... Read the full article
Market conditions continue to have solid rating fundamentals going into 2025, Lancashire CUO
6th November 2024
According to Lancashire Holdings' Chief Underwriting Officer (CUO), Paul Gregory, market conditions in almost all lines of business continues to have "very solid rating fundamentals going into 2025." "Our expectation is that the recent loss activity both highlights the value of the products that we sell, which will always help demand, ... Read the full article
Ark’s Q3’24 combined ratio strengthens to 79% despite elevated cat losses
6th November 2024
White Mountains has released its third quarter results for 2024 for its Ark partner firm reporting gross written premium (GWP) growth to $374 million compared to the $251 million reported the same period last year. Ark's GWP for the first nine months of 2024 was $1.9 billion, compared to the $1.7 ... Read the full article
Trump 2.0: How a potential 15% corporate tax and trade policies could reshape the re/insurance sector
6th November 2024
With Donald Trump's imminent return to the White House, re/insurers are now reconsidering the policies that shaped his first presidency and preparing for the potential impacts on the sector. Trump’s “America First” agenda is expected to re-emerge in full force, potentially influencing areas such as trade policy, tax reforms, climate regulations, ... Read the full article
Jan 1 outlook is very positive amid stable market: Conduit Re CUO Roberts
6th November 2024
The re/insurance market has absorbed the elevated level of small and medium sized catastrophe events around the world so far this year, which will ensure pricing remains robust for the remainder of 2024 and beyond, leading Gregory Roberts, Chief Underwriting Officer (CUO) at reinsurer Conduit Re, to be positive on ... Read the full article
MIC Global and VOOM Insurance partner to reinsure rideshare business
6th November 2024
Insurtech MIC Global has partnered with VOOM Insurance to provide reinsurance to its rideshare business. This partnership aligns with MIC’s mobility book and reflects its commitment to supporting innovative solutions for the future of mobility. VOOM Insurance, known for its usage-based insurance products, delivers tailored solutions for emerging mobility segments across the ... Read the full article
QBE Asia appoints Jeyasakthi Ratnasingam as Head of Risk and Compliance
6th November 2024
QBE Asia has announced the appointment of Jeyasakthi Ratnasingam as Head of Risk and Compliance. In this role, Ratnasingam will oversee the firm’s risk and compliance strategy, program, and infrastructure, ensuring robust controls, procedures, and processes meet legal and regulatory requirements across all business functions. Ratnasingam brings extensive experience in consulting and ... Read the full article
Buyer friendly conditions continue as insurers focus on growth: Aon
6th November 2024
Buyer friendly conditions for insurance buyers in North America continued through the third quarter of 2024, accelerating in key areas as insurers seek to achieve year-end growth, Aon has revealed in its recent North America Market Overview for Q3. In its remarks, the broker noted that the Casualty insurance environment presents ... Read the full article
Bay Harbor Re expands letter of credit facility to $150m
6th November 2024
Bay Harbor Reinsurance Company, a reinsurer focused on the US Property and Casualty program marketplace, has announced the expansion of its letter of credit facility to $150 million with Comerica Bank. This increase highlights the company's financial stability and ongoing commitment to providing long-lasting, bespoke solutions that cater to the unique ... Read the full article
Orendorf named Chief Underwriting Officer at Chard Re
6th November 2024
William Orendorf has been promoted to the role of Chief Underwriting Officer (CUO) at reinsurance-linked investment manager Chard Re. Orendorf, who has over two decades of industry experience, has been part of the company since 2022, when he joined as Senior Portfolio Analyst. Prior to joining Chard Re, the executive served as ... Read the full article
Enstar completes second property ILS transaction with acquisition of Bermuda reinsurer
6th November 2024
Enstar Group Limited, a company specialising in managing runoff insurance and reinsurance portfolios, through its wholly-owned subsidiary, Cavello Bay Reinsurance Limited, has acquired a Bermuda-domiciled Class 3B insurer and segregated accounts company. The newly acquired reinsurer underwrote property reinsurance business between 2020 and 2023 on behalf of third-party investors, assuming the ... Read the full article
Hurricane Helene drives $90m cat losses for AFG in Q3, Specialty P&C CoR hits 94.3%
6th November 2024
American Financial Group's (AFG's) Specialty property & casualty (P&C) insurance operations reported underwriting profit of $117 million in the third quarter of 2024, compared to $143 million in the prior year period, while catastrophe losses sat at $90 million, which were primarily driven by Hurricane Helene. The firm's cat losses in ... Read the full article
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