Reinsurance News
Insurity Survey reveals 56% of consumers facing higher premiums due to severe weather
13th August 2024
Insurity, a provider of cloud software for insurance carriers, brokers, and MGAs, has released insights from its 2024 Severe Weather P&C Consumer Pulse survey. This survey highlights consumers' concerns about their property and casualty (P&C) insurance coverage in light of increasing severe weather incidents. It reveals a rising anxiety among consumers about ... Read the full article
Allianz and Fortegra to serve as reinsurance providers for Jetty
13th August 2024
Global insurers Allianz and Fortegra have strategically partnered with Jetty, the fintech company, to provide reinsurance for all new policies written under its core products Jetty Deposit and Jetty Renters Insurance. Jetty, the US domiciled fintech company, works on making renting a home more affordable. The firm works with top property managers ... Read the full article
Coface sees €142.3mn net income in H1’24, welcomes Rathman to Board
13th August 2024
Credit insurer Coface has reported its first half of 2024 results with an improved combined ratio of reinsurance and a net income of €142.3 million, up 10% compared to the same period the year prior. For H1 2024 the insurer also recorded a consolidated turnover of €923 million down -3.1% at ... Read the full article
Kairos partners with CHAZ to enhance Parametric and Trade Credit Insurance
13th August 2024
Kairos Risk Solutions, a Singapore-based boutique insurance solutions consultancy, has signed an agreement with Thailand’s CHAZ Insurance Brokers to offer expertise in Parametric and Trade Credit Insurance. Kairos will assist CHAZ with marketing and product development for these innovative lines of business. Founded in 1966, CHAZ Insurance Brokers is one of Thailand’s ... Read the full article
UK riot losses to be manageable for British insurers, says Morningstar DBRS
12th August 2024
Analysts at Morningstar DBRS predict that the total insured losses from the recent UK riots will be manageable for British insurers, estimating that they will remain below £250 million. The impact on the insurance industry is expected to be limited, as claims under £1 million per property can be covered by ... Read the full article
Brown & Brown adds insurance veteran Stephen P. Hearn to board of directors
12th August 2024
Insurance brokerage firm, Brown & Brown has announced the appointment of Stephen P. Hearn to its board of directors. H. Palmer Proctor, Jr., Brown & Brown’s lead independent director and chair of the Nominating/Corporate Governance Committee of Brown & Brown’s board of directors, said: “Steve has established himself as a fixture ... Read the full article
Hiscox launches Google Cloud-backed GenAI underwriting model
12th August 2024
Global specialist insurer Hiscox has gone live with its Google Cloud-backed generative artificial intelligence (AI) underwriting model for sabotage and terrorism insurance quotes. Considered the London insurance market’s first underwriting model of its kind, the model was developed as a proof of concept in December 2023 in collaboration with Google ... Read the full article
ARC returns to profit in 2023 as product expansion continues
12th August 2024
African Risk Capacity (ARC) Ltd., the parametric insurer and financial affiliate of the ARC Group, has released its 2023 annual report, revealing a net profit of $13 million, a significant recovery from a $29 million loss over the past two years. According to the firm, the net profit was largely driven ... Read the full article
Aventum confirms development of AI underwriting assistant
12th August 2024
Aventum, an international insurance and reinsurance group, is investing in the development of an innovative AI Underwriting Assistant, following its inaugural Bear Cave Innovation Challenge. Every member of staff across Aventum was encouraged to pitch ideas for how to drive revenue growth, boost efficiency, improve the workplace, or achieve sustainability advantage. The ... Read the full article
The Mutual Group names Patrick Markowski SVP and COO
12th August 2024
TMG Insurance Services, LLC (The Mutual Group), an integrated insurance operations platform serving the mutual industry, has announced the appointment of Patrick Markowski as senior vice president and chief operating officer. AS COO, Markowski will lead strategic operations, technology, new member onboarding and integration, and optimization of the underwriting-focused platform at ... Read the full article
Florida’s Yaworsky affirms strengthening property market as Progressive commits
12th August 2024
As Florida's property insurance market improves on the back of reforms, Insurance Commissioner Michael Yaworsky has revealed that Progressive is committed to investing in the state, just days after Hurricane Debby’s landfall in the Big Bend area. The news follows announcements by State Farm and the most recent approval of the ... Read the full article
AM Best issues FSR and credit ratings for Martello Re
12th August 2024
AM Best, a credit rating agency, has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Martello Re Limited, an insurance and reinsurance company based in Hamilton, Bermuda, the outlook for these ratings is stable. Martello Re’s robust balance sheet strength is ... Read the full article
VINARE reports 8.2% y-o-y revenue increase in H1’24
12th August 2024
Vietnam National Reinsurance Corporation (VINARE) has announced its financial results for the first half of 2024, reporting a total revenue of VND1,696 billion, around $68 million dollars, an 8.2% increase year-on-year and attaining 58.1% of the yearly target. The firm’s gross written premium amounted to VND1,607 billion, around $64 million, reflecting ... Read the full article
Howden acquires Help Me Compare Group (ActiveQuote)
12th August 2024
Howden, a global insurance intermediary group, has acquired UK health and life insurance broker, Help Me Compare Group Limited (ActiveQuote) and its subsidiaries (HMCGL), in a move that is set to bolster Howden's position across the health insurance broker market in the UK. Established in 2009 by Richard Theodossiades, HMCGL employs ... Read the full article
Retentions still holding, current P&C market sentiment to persist: Althoff, Hannover Re
12th August 2024
Sven Althoff, Member of the Executive Board for P&C at Hannover Re, said today that the global reinsurer is not expecting a change in P&C market sentiment despite another active period for catastrophe losses, notably from secondary perils. This morning, reinsurer Hannover Re announced a very strong set of results ... Read the full article
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