Reinsurance News
Fairfax posts solid rise in GPW in Q3’24
1st November 2024
In their financial results for the third quarter of 2024, Fairfax Financial Holdings has reported net earnings attributable to shareholders of $1,030.8 million, which compares to the $1,068.9 million seen in the third quarter of 2023. According to Fairfax, this figure primarily reflects increased adjusted operating income of $1,136.8 million and ... Read the full article
Insurers brace for one of Spain’s costliest events following October floods: Aon
1st November 2024
The insurance sector is preparing for potentially one of Spain’s costliest events on record due to catastrophic flooding across eastern and southern regions that began on October 27, 2024, according to global insurance and reinsurance broking group Aon. The event began with intense rainfall and severe storms in Almería Province on ... Read the full article
Reinsurance Group of America’s net income drops in Q3 2024
1st November 2024
Reinsurance Group of America (RGA), Incorporated, a provider of life and health reinsurance has posted its financial results for the third quarter of 2024, which includes net income available to RGA shareholders of $156 million, a decrease compared to last year's $287 million. RGA's adjusted operating income for Q3 2024 sat ... Read the full article
Best estimate for FHCF pay out for Milton & Helene pegged at $4.6bn
1st November 2024
The Florida Hurricane Catastrophe Fund (FHCF), a tax-exempt trust fund created by the State in 1993 to provide coverage for property insurers, could pay out an estimated $4.6 billion due to claims from Hurricanes Milton and Helene, according to its independent actuary, Paragon Strategic Solutions Inc. The FHCF was created to ... Read the full article
Hamilton to head AXIS newly consolidated A&H insurance and reinsurance team
1st November 2024
Insurer and reinsurer AXIS Capital has announced it is consolidating its A&H Insurance and Reinsurance organisations under a single leader, James “Jay” Hamilton. This change aims to create a unified team, combining market knowledge and expertise from across all Accident and Health markets to enhance customer service. Hamilton will leverage his 35 ... Read the full article
SiriusPoint’s Q3’24 CoR strengthens to 84.4% as reinsurance GPW rises
1st November 2024
Bermuda-based insurer and reinsurer SiriusPoint has reported an improved combined ratio of 84.4% for the third quarter of 2024 as consolidated underwriting income increased from $73.8 million to $89 million, driven by increased favorable prior year loss reserve development. For the third quarter of 2024, favorable prior year loss reserve development ... Read the full article
Insurers to benefit from Accelerant’s risk management platform as it launches to the public
1st November 2024
Accelerant, a services & data platform for the specialty insurance market, has announced the public launch of app.accelerant.ai, a revolutionary digital platform with enhanced artificial intelligence (AI) capabilities. Insurers and risk capital partners can now harness the same powerful tools to optimise risk management and drive superior underwriting results that Accelerant’s ... Read the full article
Ardonagh Advisory to acquire Rowett Insurance Broking
1st November 2024
Ardonagh Advisory, a UK insurance broking and consulting firm, has announced its agreement to acquire Rowett Insurance Broking Limited. Rowett specialises in commercial and personal insurance from its offices in St Austell and Plymouth. Its subsidiary, AGRi Insurance Facilities Ltd, focuses on wholesale agricultural insurance, operating from Darlington and St Austell. Upon ... Read the full article
Chubb appoints new Latin America leaders
1st November 2024
Global property and casualty insurer Chubb has announced the appointment of Mario Romanelli as Regional President South America and Diego Sosa as Regional President Northern Latin America, effective immediately. Romanelli will leverage his two decades of industry experience to lead Chubb’s regional office in Miami as well as the company’s operations ... Read the full article
Tiptree posts $12m net income in Q3’24 driven by growth in insurance business
1st November 2024
Holding company Tiptree has reported a net income of $11.9 million for the third quarter of 2024, up from $2.2 million in Q3 2023, driven by growth in its insurance business. Adjusted net income reached $27.9 million, a 55.9% increase from $17.9 million in Q3 2023, due to higher insurance revenues ... Read the full article
Marsh names Lang Digital Leader, Marsh Specialty and Global Placement
1st November 2024
Marsh, insurance broker and risk advisor and a business of Marsh McLennan, has announced the appointment of Christopher Lang as Digital Leader, Marsh Specialty and Global Placement, a newly created role, effective November 1. Based in New York and reporting to Pat Donnelly, President, Marsh Specialty and Global Placement, Lang will ... Read the full article
Insurance premiums for CMBS properties rise 16% in 2023, says Moody’s Ratings
1st November 2024
According to Moody's Ratings, a financial services firm specialising in credit ratings, research, and risk analysis, insurance premiums for commercial mortgage-backed securities (CMBS) properties rose by 16.4% in 2023, far outpacing the 3.4% US consumer price inflation. Rising insurance costs, driven by extreme weather events, are becoming a major financial strain ... Read the full article
Cyber insurance and natural disasters fuel growth in Asia-Pacific’s insurance sector: Gallagher Re
31st October 2024
With the Asia-Pacific region’s contribution to global GDP increasing, it is positioned to play a vital role in driving growth within the global insurance industry, according to the latest APAC Market Report from Gallagher Re, a reinsurance broker. This report provides insights into the diverse insurance landscapes across the Asia-Pacific, where ... Read the full article
Oman Re sees 9M’24 reinsurance revenue climb 17% despite recurrent nat cat events
31st October 2024
Oman Re, the Sultanate of Oman’s sole reinsurer, has reported reinsurance revenue of OMR 37.4 million ($97.2 million) in the first nine months of 2024, up 17% compared to the same period of 2023. Meanwhile, Oman Re's net profit after tax stood at OMR 1.4 million ($3.7 million) in the first ... Read the full article
Saudi Re reports 351% increase in profits for the first nine months of 2024
31st October 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 475 million for the first nine months of 2024, representing an impressive 351% increase compared to the same period last year. Total written premiums also saw significant ... Read the full article
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