Reinsurance News
Vienna Insurance Group’s GWP climbs 7.9% in H1’24
28th August 2024
In their financial results for the first half of 2024, Vienna Insurance Group (VIG) has reported that its total volume gross written premiums (GWP) increased by 7.9% to reach €7,886.8 million. Particularly positive premium growth was reported in the firm's Special Markets segment (Germany, Georgia, Liechtenstein, and Türkiye) with an increase ... Read the full article
Lloyds Bank names De Monte as MD, Head of Insurance & Group Subsidiaries
28th August 2024
Lloyds Bank Corporate & Institutional Banking has appointed Christian De Monte as Managing Director, Head of Insurance and Group Subsidiaries. De Monte will join on September 2nd, and oversee two teams, one which supports the bank’s insurance clients and the other which supports its group subsidiaries client base. Based in London, ... Read the full article
Global reinsurers’ earnings to remain favourable through 2025, says Fitch
28th August 2024
Global reinsurers are expected to maintain strong earnings through the rest of 2024 and into 2025, thanks to generally adequate pricing and disciplined underwriting, according to a recent Fitch Ratings report. In the first half of 2024, the 19 non-life reinsurers tracked by Fitch achieved a combined ratio of 84.2%, an ... Read the full article
Peak Re sees strong H1 profit as GWP swell to $847.9m
28th August 2024
Hong Kong-based reinsurer Peak Re has released its H1 2024 results, reporting GWP of $847.9 million, up from $832.9 million in the same period of 2023. At the same time, Peak Re disclosed an H1 2024 profit of $124.2 million, while its investment results benefitted from rising interest rates. Indeed, with assets ... Read the full article
IFRS 17 adds complexity to reinsurers’ financial reporting: AM Best
28th August 2024
The International Financial Reporting Standards (IFRS) 17 is undergoing a significant accounting shift that necessitates changes in performance analysis within the reinsurance market, according to a recent AM Best report. Implemented at the end of 2023, the IFRS 17 arrived during the hardest reinsurance markets in decades. The new standard has ... Read the full article
Redline Underwriting reveals property facultative reinsurance solution for LatAm
28th August 2024
Redline Underwriting has unveiled a new comprehensive property facultative reinsurance solution targeting Commercial and Industrial Property risks across Mexico, Central, and South America, and the Caribbean. Adriana Cisneros, who will lead the new offering as Head of Underwriting, commented, "This journey has been remarkable, characterized by intensive strategy sessions, remote and ... Read the full article
Kristopher Lynn joins Lockton Re as Senior Broker and Practice Leader for Agriculture
28th August 2024
Lockton Re, the reinsurance arm of the independent insurance broker, has appointed Kristopher Lynn as a Senior Broker and Practice Leader for Agriculture, based in the Bermuda office. Lynn has nearly two decades of industry experience, most recently serving at Terra Underwriting Management. His past roles include serving as the President ... Read the full article
WTW unveils Fintech & Digital Assets Taskforce to tackle complex digital ecosystem
28th August 2024
WTW, the broker and risk advisor, has unveiled a Fintech and Digital Assets Taskforce, in a move that is set to provide clients with consultancy support for managing risks in the complex digital asset ecosystem. The broker has brought together their global fintech and digital assets specialists in an integrated taskforce ... Read the full article
FWD Group posts $223m operating profit in H1’24
28th August 2024
FWD Group, an Asian insurance company, has announced its financial results for the first half of 2024, reporting an operating profit after tax of US$223 million, which reflects positive contributions from the company's four geographic business segments: Hong Kong SAR & Macau SAR; Thailand & Cambodia; Japan; and Emerging Markets. At ... Read the full article
Goosehead & Root Insurance collaborate to simplify insurance sales for independent agents
28th August 2024
Root, Inc., a technology firm specialising in insurance solutions and the parent company of Root Insurance Company, and Goosehead Insurance, Inc., an expanding independent personal lines insurance agency, have announced a new technology integration partnership that is transforming the agent experience. This collaboration represents a significant advance toward their shared goal ... Read the full article
Swiss Re reiterates financial targets amid challenging macroeconomic & geopolitical environment
27th August 2024
Swiss Re has reiterated its 2024 financial targets, including Group net income of more than USD 3.6 billion, following the announcement of its H1 2024 results last week, which were strong despite reserve additions. The global reinsurer reported profit of USD 996 million and net income of USD 2.1 billion, ... Read the full article
Life/Annuity reinsurers see growing competition amidst improving conditions, AM Best
27th August 2024
While the combination of higher interest rates and more favourable mortality trends have led to improved conditions for life/annuity (L/A) reinsurers, it has also created more competition, with some backed by alternative investment managers or large private equity firms, according to global ratings agency AM Best. In a new report, the ... Read the full article
RGA and American National Insurance announce $3.5bn coinsurance agreement
27th August 2024
Reinsurance Group of America (RGA), a provider of life and health reinsurance, has announced it has finalised a deal with American National Insurance Company, a provider of insurance and financial services, and its affiliates to reinsure a varied portfolio of life insurance business through a coinsurance arrangement. As part of the ... Read the full article
SageSure partners with Markel to increase Expanded Markets capacity
27th August 2024
SageSure has collaborated with Markel, the insurance division of Markel Group, to introduce new capacity to its Expanded Markets program. SageSure Expanded Markets will initially distribute Markel’s insurance products in Louisiana, South Carolina, and Texas, with plans to expand to additional states in the future. Dan Maloney, Vice President of Expanded Markets ... Read the full article
Edward Bousa appointed to Corebridge Financial Board of Directors
27th August 2024
Corebridge Financial, Inc., a provider of retirement, life, and asset management solutions, announced the immediate appointment of Edward Bousa as an independent director to its Board of Directors. Bousa is a distinguished portfolio manager with more than 40 years of experience in the mutual fund industry. Renowned for his thorough evaluations and ... Read the full article
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