Reinsurance News
Lloyd’s Market Association adopts new Chair appointment process
22nd October 2024
The Board of the Lloyd's Market Association (LMA) has announced it is adopting a new process for the appointment of a Chair, this includes a timing and procedural change. According to the announcement, following the recommendation of the LMA Nominations Committee, the LMA Board has agreed the new Chair is to ... Read the full article
PERILS places final industry loss estimate for Babet-Aline floods and storms at €639m
22nd October 2024
Zurich-domiciled catastrophe insurance data provider, PERILS, has released its final industry loss estimate of €639 million for the floods and storms caused by low-pressure systems Babet (Viktor) and Aline (Wolfgang) over the British Isles and northwestern Europe from October 18th to 22nd, 2023. This new loss figure compares to the previous ... Read the full article
Cyber insurers could cut loss ratios by 16% by excluding high-risk entities: Gallagher Re
22nd October 2024
A recent study by Gallagher Re, a global reinsurance broker, analysed Bitsight's security performance data from 62,000 organisations across 67 countries, along with Gallagher Re's proprietary data on cybersecurity incidents and claims. The research revealed that poor performance in specific areas increased the likelihood of a cybersecurity incident and subsequent claim, ... Read the full article
Industry veteran Thomas Long joins HDI Global Insurance as US Casualty Lead
22nd October 2024
HDI Global Insurance Company (HGIC), the US subsidiary of HDI Global SE (HDI), has appointed 35-year industry veteran Thomas Long as US Casualty Lead. In his new role, Long will be based out of the company’s US headquarters in Chicago, IL. He will report to Marco Hensel, Chief Underwriting Officer, HGIC. He ... Read the full article
CNA Financial estimates net cat losses of $143m in Q3’24
22nd October 2024
Chicago-domiciled insurer, CNA Financial Corporation expects to report pretax net catastrophe losses of $143 million for Q3 2024 in its results. Approximately 75% of the catastrophe losses are associated with four larger events, including $55 million from Hurricane Helene, noted the insurer. The remaining approximately $35 million of losses is spread across ... Read the full article
Selective sees net income growth, cat losses increase CoR in Q3’24
22nd October 2024
Selective Insurance Group, Inc. has announced its financial result for the third quarter of 2024, reporting an improved net income of $90.0 million and $1,157.6 million net premiums written (NPW). According to the insurer, NPW increased 9% from a year ago driven by accelerating renewal pure price increases and stable Standard ... Read the full article
September’s PRT costs increased from 100.8% to 101.7%: Milliman
22nd October 2024
Global consulting and actuarial firm Milliman has reported that the estimated retiree pension risk transfer (PRT) cost for September reached 101.7% of a plan’s accounting liabilities (accumulated benefit obligation, or ABO). In its latest Milliman Pension Buyout Index (MPBI), the firm outlines that the estimated cost to transfer retiree pension risk ... Read the full article
US state residual property markets see policy count double in 5 years, AM Best
22nd October 2024
According to AM Best, US residual property insurance markets have seen a far greater influx of personal lines business that far exceeds its commercial lines counterpart, with much of the new business written in states worst affected by the growing frequency and severity of secondary peril losses. In a new report, ... Read the full article
Register for Artemis’ live webinar on the use of alternative capital sources by originators of risk
22nd October 2024
Artemis, our insurance-linked securities (ILS) focused sister publication, has partnered with Artex Capital Solutions, the specialist unit of Artex Risk Solutions that creates and manages ILS and related structures, to host a live webinar on the use of alternative capital sources by originators of insurance risk. This ... Read the full article
Adam Neverton to lead Aon’s strategic broking for professional services
22nd October 2024
Global insurance and reinsurance broker Aon has promoted Adam Neverton as Global Head of strategic broking for professions, effective immediately. In his new role, Neverton will be based in London, with a dual reporting line to John Brosnan, Head of Specialty Products, Financial and Professional services at the Global Broking Centre, ... Read the full article
Munich Re reports preliminary Q3 result of €900m despite high loss expenditure
22nd October 2024
Munich Re has reported a preliminary Q3 2024 net result of around €900 million, despite the impact of higher-than-average major-loss expenditure from natural catastrophes in property-casualty reinsurance. Hurricane Helene was the reinsurer's largest single claims event in the quarter, causing approximately €500 million in losses. Meanwhile, three loss events in Canada ... Read the full article
Bowhead Specialty does not expect direct material losses from Q3 hurricanes
22nd October 2024
Specialty lines insurance group Bowhead Specialty does not expect material direct losses from the recent hurricanes in the third quarter of 2024, as the firm does not write any property risks, the company recently said in its preliminary third quarter earnings. In their preliminary third quarter earnings, the company revealed that ... Read the full article
LSM names Mahida Head of Third Party Claims, UK & MENA
22nd October 2024
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has appointed Nikunj Mahida as Head of Third Party Claims, UK & MENA with immediate effect. In his new role, Mahida will lead the London claim team for LSM’s Financial and Professional (FINPRO), Cyber and Casualty lines. He will report to Scott ... Read the full article
AXA XL introduces new cyber insurance for emerging Gen AI risks
22nd October 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has introduced a new cyber insurance policy that extends coverage to help businesses manage risks associated with developing their own Generative AI (Gen AI) models. Michael Colao, Global Chief Underwriting Officer, Cyber at AXA XL, stated, ... Read the full article
W. R. Berkley sees record Q3 net profit of $365.6m
22nd October 2024
W.R. Berkley Corporation has reported a record Q3 net profit of $365.6 million amid continued strong underwriting margins and increased investment income. The firm's Q3 2024 return on equity and operating return on equity were 19.6% and 20.0%, respectively, while net investment income grew 19.5% compared to the same period of ... Read the full article
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