Reinsurance News
Lockton Re adds Henry Philipps to Marine & Energy division
6th November 2024
Reinsurance broker Lockton Re has announced the addition of Henry Philipps to its Marine & Energy team as Senior Broker. Philipps is joining Lockton Re from Guy Carpenter, where he most recently served as Senior Vice President. He joined the reinsurance broker in 2029 as Assistant Vice President and was then appointed ... Read the full article
IGI reports net income of $35m for Q3’24 amid rise in net premiums earned
6th November 2024
International General Insurance Holdings Ltd. (IGI), in its Q3 2024 results, has reported net income of $34.5 million compared to $10.9 million last year, driven primarily by an increase in net premiums earned (NPE) of $17.2 million. The increase in net income also included a decrease of $15.5 million in the ... Read the full article
PCRIC & WTW renew disaster risk insurance cover for Pacific region
6th November 2024
The Pacific Catastrophe Risk Insurance Company (PCRIC), in collaboration with the global advisory, broking, and solutions company WTW, has renewed its portfolio of policies for governments and government-affiliated entities in Pacific Island countries and territories, along with the associated reinsurance placement. PCRIC is a regional catastrophe insurance facility that provides its ... Read the full article
Pool Re appoints Andrew Stark as Head of Underwriting
6th November 2024
Pool Re, the UK’s government-backed terrorism reinsurer, has announced the appointment of Andrew Stark to the newly created role of Head of Underwriting. In his new role, Stark will report to Jonathan Gray, Chief Underwriting Officer at Pool Re. Stark’s appointment comes ahead of Pool Re’s planned transition in April 2025 ... Read the full article
AEGIS London adds two new Non-Exec Directors to its Board
6th November 2024
AEGIS Managing Agency Limited, managing agent of top-quartile Lloyd's syndicate 1225 (AEGIS London), has announced the appointment of two new non-executive directors to its Board, Martin Bride and Andrew Gibbs. Both appointments were made back in September. The addition of these two executives is to broaden AEGIS's insurance sector expertise, the ... Read the full article
Lancashire sees 9M’24 insurance revenue climb 16.8% to $1.3bn
6th November 2024
Specialty insurance and reinsurance group Lancashire Holdings has reported insurance revenue of $1.3 billion for the first nine months of 2024, an increase of $186.8 million, or 16.8%, compared to the same period in 2023, despite anticipating net losses relating to recent weather events of up to $140 million. Meanwhile, gross ... Read the full article
Conduit’s reinsurance revenue up over 30% as GPW hits $957m in 9M’24
6th November 2024
Bermuda-based reinsurer Conduit Re generated reinsurance revenue of $588.2 million for the first nine months of 2024, an increase of 30.3% over the same period last year, as gross premiums written (GPW) rose 25.2% amid strong growth in property and specialty. For 9M 2024, reinsurance revenue at the multi-line reinsurer increased ... Read the full article
Beazley reports strong growth in property as group-wide premiums rise 7% in 9M’24
6th November 2024
Specialist insurer Beazley has reported a 7% rise in net insurance written premiums to $3.8 billion for the nine months ended September 30th, 2024, and has maintained its combined ratio guidance for the year at around 80% despite expected losses of up to $175 million from hurricanes Helene and Milton. As ... Read the full article
Brace Underwriting appoints Richard Wheeler as Senior Underwriter
6th November 2024
Brace Underwriting Limited, a multi-line alternative risk underwriter backed by Beat Capital, has appointed Richard Wheeler as Senior Underwriter, effective immediately. Based in London, Wheeler will report to Tom Sambrook, Head of Underwriting. Wheeler will leverage his deep expertise in the international property sector and his experience in managing multi-line placements to ... Read the full article
FWD Group’s value of new business grows 16% to $623m in 9M’24
6th November 2024
FWD Group Holdings Limited (FWD Group), a global insurance company, reported strong year-on-year growth in the value of new business (VNB), reaching $623 million for the nine months ended September 30, 2024, a 16% increase compared to the same period last year. All four geographic segments—Hong Kong SAR & Macau SAR; ... Read the full article
Berkshire (BHSI) welcomes Viele and Majerna to Cyber team in Italy
6th November 2024
Berkshire Hathaway Specialty Insurance (BHSI) has announced the appointment of Vincenza Viele as Head of Claims, and Alessandro Majerna as Head of PI and Cyber for Executive & Professional Lines, in Italy. With over 24 years of loss adjusting and claims management experience, Viele is joining BHSI Milan office following her ... Read the full article
Bowhead reports net income and GWP growth in Q3’24
6th November 2024
Bowhead Specialty, a provider of casualty and professional liability products, has announced its financial results for the third quarter of 2024, reporting a net income of $12.1 million and a 32.3% increase in gross written premiums (GWP). The firm’s net income for the quarter saw a 38.9% increase compared to the ... Read the full article
The Baldwin Group total revenue up 11% to $338.9m in Q3’24
5th November 2024
The Baldwin Group has announced that total revenue has grown 11% in the third quarter of 2024, to $338.9 million from the $306.2 million reported in the same period last year. At the same time, the company also posted organic revenue growth of 14% during Q3 2024. However, the organisation also posted ... Read the full article
Urgent need for insurers to move beyond legacy systems: Earnix
5th November 2024
For insurers to remain competitive and responsive to market demands, they must move beyond legacy systems and leverage new and emerging technologies, yet many still rely on outdated systems, with nearly half of insurers (49%) acknowledging they are behind schedule, according to Earnix’s 2024 Industry Trends Report. The report highlights that ... Read the full article
Frequency & severity losses will not be solved by reinsurers in 2025: AIG CEO
5th November 2024
This year, insured catastrophe losses have already exceeded $100 billion and are expected to easily breach the $120 billion mark, but with reinsurers poised to generate underwriting profits on their global catastrophe portfolios in 2024 after the significant market reset last year, industry losses will continue to be realised by ... Read the full article
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