Reinsurance News
CLARA hires Spaulding as CIO, Toll as VP of Sales for Self-Insured
22nd August 2024
CLARA Analytics, a provider of artificial intelligence (AI) technology for insurance claims optimization, has announced the appointment of Robin Spaulding as Chief Insurance Officer, and Greg Toll as Vice President of Sales for Self-Insured. In her new role, Spaulding will advise clients on operational best practices to fully leverage AI opportunities ... Read the full article
De-risking & underwriting profits propel reinsurers above cost of capital in 2023
22nd August 2024
According to a new report from AM Best, reinsurers met their cost of capital for the first time in four years in 2023, driven by a rebound in capital gains and underwriting profits. The rating agency observed that rising interest rates, stock market volatility, weather events, and inflation have raised the ... Read the full article
Shawn Johnson named CEO of Aegon Asset Management
22nd August 2024
Life insurer and asset manager Aegon has announced the appointment of Shawn Johnson as the new CEO of Aegon Asset Management (Aegon AM) and a member of Aegon’s Executive Committee. This appointment will take effect on September 23, with Johnson succeeding Bas NieuweWeme, who has decided to pursue career opportunities outside ... Read the full article
Ping An posts 3.9% P&C insurance revenue growth in H1’24
22nd August 2024
Ping An has released its financial results for the first half of 2024, revealing a solid 3.9% year on year growth in property & casualty (P&C) insurance revenue, amounting to RMB 161,910 million. At the same time, the organisation also posted an overall combined ratio of 97.8% in the period. Auto ... Read the full article
Deadly hurricane frequency surges by 300%, says Deep Sky
22nd August 2024
The frequency of deadly hurricane weather has surged by 300%, according to findings from Deep Sky Research. In its latest report, Deep Sky, a Montreal-based carbon removal project developer, explores how climate change is increasing hurricane risks. Its Hurricane Rainfall Model shows that intense hurricane rainfall, which used to occur once every ... Read the full article
Ceded reinsurance, an ever smaller proportion of total premium over the last five years: Howden Re
22nd August 2024
According to Howden Re's re/insurer earnings overview report for the first half of 2024, the period witnessed moderating rate increases in the primary market, whilst also experiencing a greater proportion of property & casualty (P&C) premiums coming through reinsurers. But, according to David Flandro, Head of Industry Analysis and Strategic Advisory, ... Read the full article
S&P assigns Enact Re A- rating as strong performance continues
22nd August 2024
Enact Re, a subsidiary of Enact Mortgage Insurance Company (EMICO), has received an A- rating from S&P Global Ratings, with a stable outlook. This is the first rating assigned to Enact Re by S&P and the second rating since its launch, which underscores continued strong performance, Enact stated. Rohit Gupta, Enact’s President ... Read the full article
Swiss Re’s Lubomir Varbanov expands role to oversee global MDB collaboration
22nd August 2024
Lubomir Varbanov is assuming additional responsibilities at Swiss Re, expanding his current role as Managing Director, Head of Public Sector Solutions for Asia Pacific to include global accountability of the company's work with Multilateral Development Banks (MDBs). In a recent LinkedIn post, Veronica Scotti, Chairperson Public Sector Solutions at Swiss Re, ... Read the full article
Pool Re selects Aon Securities & Howden Capital Markets for ILS advisory contract
22nd August 2024
Pool Re, a UK terrorism reinsurer, announces that following a competitive tender process, it has selected Aon Securities Limited and Howden Capital Markets and Advisory for an insurance-linked securities (ILS) advisory contract. Previously, Pool Re has secured reinsurance protection through catastrophe bonds, successfully raising a total of £175 million in ILS ... Read the full article
Gen Re promotes Beardsley and Kang to strengthen Mutual Practice team
22nd August 2024
Gen Re, the global reinsurance subsidiary of Berkshire Hathaway, has appointed Craig Beardsley as Treaty North America Manager for its Mutual Practice team, while Erin Kang has been named Chief Underwriter for the same team, alongside her ongoing role managing Regional & Specialty Underwriting. Beardsley has worked at Gen Re for ... Read the full article
Aegon reports H1’24 net loss of €65m, operating result down 8%
22nd August 2024
In its trading update for H1 2024, life insurer and asset manager Aegon has reported a net loss of €65 million as the operating result deteriorated by 8% to €750 million, reflecting unfavorable mortality experience mainly related to US Financial Assets. The Netherlands-domiciled insurer’s operating capital generation before holding funding and ... Read the full article
Omdia urges closer collaboration with InsurSec for enhanced cybersecurity
22nd August 2024
To enhance cybersecurity, businesses should collaborate more closely with their insurance providers—particularly those that operate as hybrid InsurSec (insurance and cybersecurity) firms—to develop more effective risk reduction strategies, according to a study by global tech analyst firm Omdia. The study revealed that cyber insurance is now seen as a best practice ... Read the full article
Swiss Re posts strong H1’24 results despite reserve additions
22nd August 2024
Global reinsurer Swiss Re has today reported profit of $996 million and net income of $2.1 billion for the first half of 2024, as the firm's property and casualty (P&C) and life and health (L&H) reinsurance businesses performed well in the period. Swiss Re attributes the reported net income and an ... Read the full article
McGriff appoints Kelly Ward as Producer in its Mining Practice
22nd August 2024
McGriff, a US retail insurance broker, has announced the appointment of Kelly Ward as a Producer in its Mining Practice. In this role, she will provide insurance and risk transfer solutions to companies in the mining industry. Ward brings nearly two decades of experience in engineering consulting for the mining sector. She joins ... Read the full article
Written premiums top $1 billion for Millennial Specialty Insurance
22nd August 2024
Millennial Specialty Insurance, LLC, (MSI) an independent managing general agency (MGA) in the US, and a subsidiary of The Baldwin Insurance Group, Inc., an insurance distribution firm, recently announced that it has surpassed $1 billion in in-force written premiums during the second quarter of 2024. "This milestone is a reflection of ... Read the full article
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