Reinsurance News
Berkshire Hathaway’s re/insurance businesses deliver $2.3bn net underwriting result for Q2’24
4th August 2024
Berkshire Hathaway, the Warren Buffett-run holding company and conglomerate, has achieved an 82% year-on-year rise in net underwriting earnings across its insurance and reinsurance businesses for the second quarter of 2024, as the firm's property and casualty (P&C) reinsurance operation again generated more than $1 billion in underwriting profit. Within P&C ... Read the full article
AIG expects 2025 CoR to be the same or lower than in 2023: CEO Zaffino
2nd August 2024
Global insurer AIG expects its 2025 calendar year combined ratio to come in the same or lower than the one reported in 2023, mainly as the result of actions taken as part of its AIG Next reorganization and expense reduction program. This news follows the insurer’s release of its second ... Read the full article
Chubb appoints Leander Metzger as Regional Executive Officer, Eastern Region, EMEA
2nd August 2024
Global property and casualty (P&C) insurer Chubb has appointed Leander Metzger as Regional Executive Officer, Eastern Region, for Continental Europe, Middle East & North Africa (EMEA), effective January 1st, 2025. Metzger will be based in Frankfurt and report to Peter Kelaher, Division President of Chubb Continental Europe, Middle East, and Africa. ... Read the full article
Fairfax sees net earnings and GWP increase in Q2 2024
2nd August 2024
Fairfax Financial Holdings Limited has announced its financial results for the second quarter of 2024, reporting net earnings attributable to shareholders of $915.4 million, which compares to the $734.4 million seen in the second quarter of 2023. This increase, according to Fairfax, primarily reflects increased adjusted operating income of $1,119.4 million ... Read the full article
Bay Harbor Re appoints QBE Re’s Mark LaManna as SVP of Casualty Underwriting
2nd August 2024
Cayman Islands-domiciled reinsurer Bay Harbor Re has recently announced the appointment of Mark LaManna as Senior Vice President (SVP) of Casualty Underwriting. LaManna brings 35 years of industry experience to his new role, with expertise in casualty primary insurance underwriting, specialty program management, and property and casualty treaty reinsurance underwriting. He joins ... Read the full article
wefox completes two transactions to exit the German insurance market
2nd August 2024
InsurTech wefox has successfully completed two transactions to exit the German insurance market, aligning with the company's strategy to focus on profitable market positions of critical size If you recall, wefox's plans to exit the German market were announced in early July. It was revealed that wefox will only focus on ... Read the full article
Ambac completes acquisition of Beat Capital Partners
2nd August 2024
Ambac Financial Group has completed its acquisition of Beat Capital Partners, a London-based insurance underwriting and managing general agency (MGA) incubation platform. The acquisition follows an announcement on June 5, 2024, where Ambac disclosed it had signed a definitive agreement to acquire a 60% controlling stake in Beat for approximately ... Read the full article
US & Canada wildfire insured losses rising amid increased activity: Aon
2nd August 2024
Insured losses from wildfires are mounting due to increased activity in Canada and the US, with 574 active fires in Canada and 95 in the US as of August 1, according to Aon’s weekly catastrophe report. In Canada, the wildfire in Jasper National Park, Alberta, has had the most significant impact. ... Read the full article
Ardonagh’s MDS Brazil finalises acquisition of D’Or Consultoria
2nd August 2024
MDS Brazil, a subsidiary of the Ardonagh-owned MDS Group, has finalised the acquisition of D’Or Consultoria, a broker with expertise in health, dental, life insurance, and pensions, which is part of Rede D’Or São Luiz S.A. This acquisition significantly enhances MDS Brazil’s offerings in health and benefits, strengthening its competitive position ... Read the full article
Trisura Group reports operating net income growth of 20.1% in Q2 2024
2nd August 2024
Specialty insurance provider Trisura Group has announced its financial results for the second quarter of 2024, reporting "strong performance" with operating net income of $31.3 million, a 20.1% increase from the $26.0 million seen in the same period the year prior. According to the firm, the increase in operating income was ... Read the full article
AM Best upgrades Skyward Specialty members rating to A with stable outlook
2nd August 2024
AM Best has upgraded the Financial Strength Rating of Skyward Specialty Insurance Group’s subsidiary insurance companies from “A-” to “A” (Excellent) rating with a stable outlook. Skyward Specialty’s members Long-Term Issuer Credit Ratings (Long-Term ICRs) has also been upgraded from A- to A. Skyward Specialty's members include Houston Speciality Insurance Company, Imperium ... Read the full article
Ryan Specialty reports 18.8% revenue growth for Q2’24 to $695.4m
2nd August 2024
International specialty insurance firm, Ryan Specialty Holdings, Inc. has reported a Q2 2024 total revenue growth of 18.8% year-over-year to $695.4 million compared to last year’s $585.1 million. According to Ryan Specialty, this increase was primarily due to continued solid organic revenue growth of 14.2%, driven by new client wins, expanded ... Read the full article
West P&I Club set to open new office in Dubai
2nd August 2024
West P&I Club, an insurance provider to the global maritime and offshore industries, has announced plans to open to a new regional office in Dubai, set to be led by Captain Gagan Dhillon, who has been recruited as CEO (Dubai). With this, West will reportedly be the first International Group Club ... Read the full article
SiriusPoint’s CR hits 89% in Q2, net income reaches $109.9m
2nd August 2024
In their results for the second quarter of 2024, SiriusPoint's combined ratio deteriorated six points year on year to 89%, compared to the previous year's 83%, driven primarily by lower favorable prior year loss reserve development. The company also posted a consolidated underwriting income of $65.1 million, a notable decrease compared ... Read the full article
RGA’s consolidated net premiums rise by 17.5% to $3.9bn for Q2’24
2nd August 2024
In Q2 2024, Reinsurance Group of America (RGA), a global life and health reinsurer, reported a 17.5% year-over-year increase in consolidated net premiums, reaching $3.9 billion compared to $3.3 billion in the previous year. Consolidated net premiums saw an adverse net foreign currency effect of $33 million, after the exclusion of ... Read the full article
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