Reinsurance News
Florida insurance reforms tackle fraud: Triple-I report
10th May 2024
Florida's property insurance sector, grappling with prolonged challenges from legal system manipulation and fraudulent claims, is witnessing a turnaround as the 2024 Atlantic hurricane season approaches, as outlined in a recent report by the Insurance Information Institute (Triple-I). Recent legislative changes in 2022 and 2023 have bolstered Florida's insurance environment, according ... Read the full article
AM Best revises Fairfax’s outlooks to positive on improved earnings
10th May 2024
AM Best has revised the outlooks to positive for Fairfax Financial Holdings, its subsidiaries, and Allied World, reflecting the improved earnings profile of the consolidated group. The rating agency noted that Fairfax deployed significant cash into highly rated fixed income instruments as interest rates increased in 2022, which resulted in dividend ... Read the full article
Oxbridge Re sees net loss in Q1 as CoR climbs to 99.8%
10th May 2024
Oxbridge Re, the Cayman Islands-based reinsurance company, has disclosed a Q1 2024 net loss of $905,000 compared to a net income of $142,000 in Q1 2023. According to the firm, the decrease is primarily due to the negative change in the fair value of equity securities and investments during the opening ... Read the full article
Aon unveils update to its Pricing Platform software
10th May 2024
Global insurance and reinsurance brokerage Aon has unveiled an update to its Pricing Platform, that is set to bring "enhanced visualisation and automation capabilities to re/insurance underwriters." It has also been confirmed, that the software update has also added new business lines including U.S. Financial lines and Cyber, as well as ... Read the full article
CRC Group grows NA team with two new hires
10th May 2024
CRC Group, a North American wholesale specialty insurance distributor, has announced the appointment of two new underwriting team leaders, Lance Lee and Andrew Weinberg. Lee, who has almost a decade of industry experience, is joining the company’s Clearwater, FL office as a transportation specialist. Prior to joining CRC Group, he served as ... Read the full article
American Coastal completes run-off of personal lines book with sale of Interboro to Forza
10th May 2024
American Coastal Insurance Corporation has announced the sale of its New York domiciled insurer, Interboro Insurance Company, to Forza Insurance Holdings, LLC, a move which completes the run-off of American Coastal's personal lines portfolio. The definitive agreement sees Forza acquire 100% of the issued and outstanding stock of Interboro and enables ... Read the full article
Ark reports Q1 CoR of 94% as GWP hit $872m
10th May 2024
White Mountains has released its Q1 2024 results, noting that the combined ratio for its Ark segment was 94%, which included slight net favourable prior year development and minimal catastrophe losses. However, Ark's non-catastrophe losses in Q1 2024 included $15 million on a net basis related to the collapse of the ... Read the full article
Fidelis reports GPW growth but large losses dent Q1’24 underwriting income
10th May 2024
Fidelis Insurance Holdings Limited, a Bermuda-domiciled re/insurer, has reported underwriting income of $69.2 million, with a combined ratio of 85.8% for Q1 2024, compared to $80.6 million and 79.1%, respectively, for Q1 2023, as the firm’s gross premiums written (GPW) for the quarter increased 21.6% to $1.5 billion. Alongside growth in ... Read the full article
Saudi Re sees 183.87% net profit increase in Q1 2024
10th May 2024
Saudi Re has reported a net profit after zakat (a religious obligation for all Muslims who meet the necessary criteria of wealth) of SAR 31.79 million for the first quarter of 2024, a 183.87% increase from the same quarter the year prior. According to the reinsurer’s interim results, this growth is ... Read the full article
ICW Group expands workers’ compensation coverage into New York
10th May 2024
ICW Group Insurance Companies has expanded its workers' compensation insurance coverage into the New York market to support its growth strategy. ICW Group noted that the entry into New York furthers its commitment to offering comprehensive coverage and preventative risk management services to businesses nationwide. Agents and brokers can now reportedly submit ... Read the full article
Aon launches suite of property risk tools for brokers in North America
10th May 2024
Global insurance and reinsurance broker Aon has launched a suite of risk analyser tools, allowing brokers in North America to receive exposure data, quantify loss potential and help risk managers make decisions based on the total cost of risk. The broker will showcase the new analytic capabilities at the Risk Management ... Read the full article
Oka and Clima partner to introduce insured carbon credits in Australia
10th May 2024
US carbon-credit insurance carrier, Oka, has partnered with Australia's Clima, a carbon solutions platform, to roll out insured carbon credits in the country via broker PSC Paragon (Australia). Protected by Oka's Carbon Protect™ insurance solution, the premium credits will be made available to corporations through credit provider Clima and PSC Paragon. Clima ... Read the full article
Broker Insights launches AI-enabled tool for insurers to help win new business
10th May 2024
Data analytics and market insight platform, Broker Insights, has launched Propensity Lens, which aims to improve efficiency for insurers by helping them to predict the possibility of winning business. Propensity Lens is an addition to Broker Insights’ platform Vision Decision Intelligence, which includes data from over one-third of the UK commercial ... Read the full article
James River starts 2024 with net income growth in Q1
9th May 2024
James River Group Holdings Ltd. has released its financial results for the first quarter of 2024 reporting a net income of $20.9 million and a combined ratio of 95.3%. These results compared to the prior year first quarter’s when the company reported a lower net income, $5.27 million, and a combined ... Read the full article
UK insurers to report slowing premium income growth over next three years: EY
9th May 2024
As per EY's latest ITEM Club Outlook for Financial Services, UK insurers are anticipated to report slowing premium income growth over the next three years as inflation continues to fall. EY noted that while falling inflation is likely to mean that increases in insurance premiums will be smaller, it should prompt ... Read the full article
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