Reinsurance News
H Group Benefits acquired by insurance broker Relation
1st August 2024
Insurance brokerage firm Relation Insurance Services has acquired the assets of H Group Benefits, Inc., a health insurance agency based in Illinois, US. The transaction, which terms were not disclosed, went into effect on June 30, 2024. Tim Hall, Chief Executive Officer for Relation, said: “H Group has an outstanding reputation in ... Read the full article
Insurers steadily increasing their private credit holdings continued throughout 2023: AM Best
1st August 2024
According to credit ratings agency AM Best, a decade-long trend of insurers moderately increasing their private credit holdings continued to be seen throughout 2023, comprising 44% of the bonds held within the insurance sector, compared with approximately 27% in 2013. A new report from AM Best reveals that insurers’ private credit ... Read the full article
Skuld appoints Matthew Bayman as SVP of Business Development
1st August 2024
Marine insurance provider Skuld has announced the appointment of Matthew Bayman as Senior Vice President (SVP) of Business Development, effective early 2025. Bayman will report directly to Gregory Thomas, Chief Business Development Officer at Skuld. In his new role, Bayman will collaborate closely with Skuld’s underwriting and business development teams across all ... Read the full article
Benedikt Signer named SEADRIF Exec Dic and Board Member
1st August 2024
SEADRIF Insurance Company has announced the appointment of Benedikt Signer as Executive Director and Board Member. Signer brings a wealth of knowledge and experience in Disaster Risk Finance, combined with deep insights from his extensive experience working with governments and development partners in Southeast Asia. In his new role, Signer will oversee ... Read the full article
Insurers to benefit from Ivans enhanced Distribution Platform
1st August 2024
Ivans, a division of Applied Systems, has announced the latest release of Ivans Distribution Platform, which has enhanced carrier dashboards that increase visibility into agency submission trends and growth opportunities. The Distribution Platform provides carrier connectivity to agency-facing systems for commercial lines quoting and submissions. Specifically agency-specific submission data, including lines ... Read the full article
CrowdStrike outage an opportunity for cyber re/insurance market to reset, says AXIS CEO
31st July 2024
The recent CrowdStrike-linked IT global outage presents an opportunity for the cyber insurance and reinsurance market to reset appropriately, according to Vincent Tizzio, President and CEO of AXIS Capital. During today’s Q2 2024 AXIS Capital earnings call, Tizzio discussed the impact of the July 19th CrowdStrike outage on the cyber market. He ... Read the full article
Verisk sees consolidated revenues grow 6.2% in Q2 2024
31st July 2024
Verisk, a global data analytics and technology provider, has reported an increase in its consolidated and organic constant currency (OCC) revenues in the second quarter of 2024, with growth contributions from both underwriting and claims within Insurance. Consolidated revenues were $717 million, up 6.2% from the $675 million reported in Q2 ... Read the full article
MAPFRE names Leire Jiménez Group Chief Innovation Officer
31st July 2024
Global insurer MAPFRE has announced Leire Jiménez is to lead the new phase of MAPFRE Open Innovation as Group Chief Innovation Officer, effective September 1. She will hold her new role concurrently with her current role as CEO of MAWDY, the company’s assistance business unit. Jiménez will be replacing José Antonio Arias ... Read the full article
Talcott Financial Group reveals its first flow reinsurance agreement in Japan
31st July 2024
Talcott Financial Group, an international life insurance company known for providing extensive risk solutions, has announced a flow reinsurance agreement involving its subsidiary, Talcott Life Re, Ltd., and The Dai-ichi Frontier Life Insurance Co., Ltd., a Japanese life insurance company. As part of the agreement, Talcott Life Re will reinsure Dai-ichi ... Read the full article
Boost Insurance secures equity investment from BHMS
31st July 2024
Boost Insurance, the insurance infrastructure platform, has secured a considerable equity investment from BHMS Investments, LP (BHMS), a private investment firm with a specialty in middle market insurance and insurance-related businesses. According to the announcement, the proceeds will be used to support Boost's continued MGA program and customer growth, as well ... Read the full article
AM Best revises outlook for Palomar and subsidiaries to stable
31st July 2024
AM Best, the global credit rating agency, has revised the outlook to stable from positive and upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” (Good) from “bbb-” (Good) of Palomar Holdings, Inc., the insurance holding company and its subsidiaries. The subsidiaries include Palomar Specialty Insurance Company (PSIC), Palomar Excess ... Read the full article
Hurricane Season Spurs Automation & Exposure Management Advancements in LatAm: Pro Global
31st July 2024
With the 2024 hurricane season in full effect, this time of the year is always interesting for the re/insurance industry due to the number of opportunities and challenges it poses for many different countries/regions. Reinsurance News recently spoke to Martin Smith, President of Pro Global, Latin America (LatAm) about some of ... Read the full article
PRA’s new regulatory controls on funded reinsurance to accelerate risk mitigation: S&P
31st July 2024
S&P Global Ratings welcomes the Prudential Regulation Authority (PRA) new measures to control the spike in funded reinsurance (Funded Re) transactions and believes they will mitigate the associated risks, if implemented properly . This follows a warning from the PRA stating that the UK life insurance sector could face a ... Read the full article
Mercury General sees improved net income of $62.6m in Q2 2024
31st July 2024
Mercury General Corporation has announced its financial results for the second quarter of 2024, reporting a net income of $62.6 million, compared to the -$41.5 million reported in the same period the year prior. Net premiums earned for the quarter sat at $1.23 billion, a 19.5% increase from the $1.03 billion ... Read the full article
Lemonade posts $57.2m net loss in Q2 results, IFP increases 22% YoY
31st July 2024
Lemonade, a digital insurance firm powered by AI, has posted a net loss of $57.2 million for the second quarter of 2024, compared to a loss of $67.2 million from the second quarter of 2023. At the same time, in-force premium (IFP) increased by 22% year on year (YoY) to $838.8 ... Read the full article
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