Reinsurance News
IRB (Re) sees net income increase in Q2 as CoR improves
15th August 2024
Brazilian reinsurer IRB (Re) has announced financial results for the second quarter of 2024, reporting a net income of R$ 65 million (USD 12m), an underwriting profit of R$ 34 million (USD 6.2m) and an improved combined ratio of 106% from last year's 107.5%. Compared to the second quarter of 2023, ... Read the full article
Insurance market remains growth-oriented, creating opportunities for buyers: Aon
15th August 2024
Many global insurers reported healthy profits in 2023, and with reinsurance market conditions improving for buyers, the insurance sector was once again growth-oriented in the second quarter of 2024, according to re/insurance broking group Aon. According to Aon's Q2 2024 overview of the global insurance marketplace, during the quarter, carriers remained ... Read the full article
Changing trends driving demand for health reinsurance: AM Best
15th August 2024
According to global credit ratings agency AM Best, the recent global rise in healthcare utilisation, combined with the prospect of increasing medical inflation has the potential to "expand the role of health reinsurance." A new report from the agency states that from a global perspective, health reinsurance premium levels are continuing ... Read the full article
Supercede names Sarah Pearson senior operations manager
15th August 2024
Reinsurance technology platform Supercede has announced the appointment of Sarah Pearson as its first senior operations manager, with immediate effect. Pearson’s hire is one of the first results of the USD$15 million Series A funding secured by Supercede in June. According to the firm, one of the purposes of these funds ... Read the full article
Allstate pegs Beryl losses at $226m, total catastrophe losses for July at $587m
15th August 2024
Large US primary insurer Allstate has disclosed total catastrophe losses for the month of July of $587 million, which includes an initial loss estimate of $226 million for Hurricane Beryl. Allstate's catastrophe losses for July include 20 events estimated at $542 million, pre-tax or $428 million, after tax, which suggests some ... Read the full article
Florida insurers better protected ahead of active hurricane season: KBRA
15th August 2024
Insurers in Florida are preparing for an active Atlantic storm season in 2024 by purchasing increased reinsurance limits and coverage to protect their balance sheets, according to a recent KBRA report. The report also highlighted that a combination of recent regulatory reforms and insurers obtaining extensive rate increases, have attracted reinsurers ... Read the full article
KCC estimates privately insured loss from Debby in the US will near $1.4bn
15th August 2024
Privately insured losses in the US from Hurricane Debby, the fourth named storm of the 2024 North Atlantic hurricane season and the third hurricane in the past decade to make landfall in Florida’s Big Bend region, will be close to $1.4 billion, according to catastrophe risk modeller, Karen Clark & ... Read the full article
Markel names Grant Smith as Head of Marine & Energy Liability for International Specialty
15th August 2024
Markel Group has announced that Grant Smith has been appointed as Director of Marine & Energy Liability for International Specialty, effective immediately. This appointment is part of Markel's ongoing efforts to strengthen its international specialty underwriting capabilities and expertise, following the establishment of its International Specialty practice last December. In his new ... Read the full article
Talanx’s H1 net income reaches over €1bn, CoR improves to 91.2%
15th August 2024
Talanx Group, the parent company of Hannover Re and HDI, increased its total group net profits by 32% in the first half of 2024, exceeding €1 billion for the first time. Based on this number, Talanx affirmed that it remains highly confident of exceeding the full-year group net income target of ... Read the full article
Marsh introduces pioneering insurance coverage for global CO2 transport and storage projects
15th August 2024
Marsh, an insurance broker and risk advisor that is part of Marsh McLennan, has introduced a new insurance solution aimed at the transportation and storage of carbon dioxide (CO2). This innovative solution is available for projects worldwide and tackles key insurance challenges that have previously slowed the progress of the carbon ... Read the full article
Lara Mowery to join Gallagher Re from Guy Carpenter
15th August 2024
Global reinsurance broker Gallagher Re has confirmed that Guy Carpenter's Global Head of Distribution, Lara Mowery, is joining the firm in a senior role. Mowery joined Guy Carpenter, the reinsurance broking arm of Marsh McLennan, in 1997 to lead the firm's global property reinsurance business. Most recently, she worked as Guy Carpenter's ... Read the full article
Christofer named EVP, Head of North America Casualty for Major Accounts, Chubb
15th August 2024
Chubb, the global property and casualty (P&C) insurer, has appointed Lyndsey Christofer as Executive Vice President, Head of North America Casualty for Major Accounts. Based in New York, Christofer brings more than two decades of expertise across the insurance sector towards her new role. She has been an integral part of Chubb ... Read the full article
Ariel Re leverages Lockton Re’s SAGELink for enhanced placement efficiency
15th August 2024
Lockton Re, the reinsurance division of a privately-owned independent insurance broker, has announced a new partnership with global reinsurer Ariel Re. This collaboration will allow placements to be made through Lockton Re’s SAGELink, an API-driven electronic placement system. Claude Yoder, Global Head of Analytics at Lockton Re, commented: "Continuing our investment in ... Read the full article
Steve Mills appointed Head of Casualty, US, Canopius
15th August 2024
Global specialty lines re/insurer Canopius has hired industry veteran Steve Mills as Head of Casualty in the US, reporting to Lisa Davis, CEO of US & Bermuda. He is currently based in the Greater Atlanta area where Canopius is continuing to expand its underwriting talent footprint. In the role, he will be ... Read the full article
Aspen’s reinsurance GWP up significantly in Q2’24 on targeted casualty & specialty growth
15th August 2024
Insurer and reinsurer Aspen Insurance Holdings Limited grew its reinsurance gross written premiums (GWP) 42% in the second quarter of 2024 to $566.2 million, as the segment generated underwriting income of $44.8 million with a combined ratio of 86.3%. Aspen's insurance and reinsurance businesses performed well in the second quarter, contributing ... Read the full article
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