Reinsurance News
US homeowner’s insurance segment suffers worst underwriting loss this century, AM Best
26th July 2024
As the U.S. homeowner's insurance segment experiences its worst underwriting results since at least 2000, rating agency AM Best has cited the continued shift in population towards catastrophe prone regions of the US, as being a key driver towards this. The segment suffered a $15.2 billion underwriting loss in 2023, which ... Read the full article
Ryan Specialty and Private Client Select launch excess & surplus lines distribution partnership
26th July 2024
Private Client Select Insurance Services LLC (PCS), an independent Managing General Underwriter mainly owned by American International Group, Inc. (AIG) and Stone Point Capital LLC, has revealed a new partnership with Ryan Specialty. In this partnership, Ryan Specialty will exclusively serve as the wholesale broker for PCS in the High and ... Read the full article
The Hartford reports 35% rise in Q2’24 net income
26th July 2024
Property and casualty (P&C) insurer The Hartford has reported a 35% year-on-year increase in net income to $733 million for the second quarter of 2024, driven by a higher underwriting gain in P&C, stronger net investment income, and an improved Group Benefits loss ratio. Alongside the rise in net income, the ... Read the full article
Aon’s Reinsurance Solutions delivers 7% organic revenue growth in Q2’24
26th July 2024
Global insurance and reinsurance broking group Aon has reported an 18% year-on-year rise in total revenue to $3.8 billion for the second quarter of 2024, with solid organic revenue growth across the business, including 7% to $635 million in its Reinsurance Solutions arm. The increase in total revenue reflects acquired revenues ... Read the full article
Cowbell secures $60m Series C from Zurich for SMEs cybersecurity boost
26th July 2024
Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), has announced the closure of a $60 million Series C equity round, funded by Zurich Insurance Group (Zurich), a global multi-line insurer. With this $60 million investment, Cowbell plans to enhance its operations to accommodate growing demand, increase its ... Read the full article
S&P upgrades Munich Re’s ratings on improved profitability & earnings diversification
26th July 2024
S&P Global Ratings has raised to 'AA' from 'AA-' its long-term issuer credit and insurer financial strength ratings on the entities within the Munich Re group, citing significant improvement in overall profitability and earnings diversification in recent years. "Our base case indicates that Munich Re's strong and well-diversified earnings will remain ... Read the full article
Up to 50% of structures may have been destroyed in Jasper from wildfires: officials say
26th July 2024
Alberta Premier Danielle Smith has revealed that potentially 30-50% of buildings have been destroyed in Jasper, Alberta following a series of fast-moving wildfires. Around 25,000 people have reportedly been evacuated from Alberta province, while the town of Jasper and adjacent National Park have been closed until further notice. Smith added, "For many ... Read the full article
Universal’s CR strengthens in Q2’24, net income rises to $35.4m
26th July 2024
Universal Insurance Holdings has announced a net income of $35.4 million for the second quarter of 2024, an increase of 24% from the prior year quarter, as the company's combined ratio strengthened by 3.2 percentage points to 95.9%. At the same time, the company has reported Q2 2024 total revenues of $380.2 ... Read the full article
Archera raises $100m reinsurance and lending capacity
26th July 2024
Archera, a provider of cloud purchasing and management solutions, has announced it successfully raised $17 million in a Series B investment round accompanied by access to over $100 million in reinsurance capacity. The startup was founded in 2019 aiming to pioneer insurance and financing solutions that enable flexible and cost-effective cloud ... Read the full article
Gallagher sees Q2 revenue of $2.73bn as net earnings improve
26th July 2024
Arthur J. Gallagher has revealed that its revenue in Q2 of 2024 stood at $2.73 billion, up from £2.4 billion in Q2 of 2023, driven by strong performance in its brokerage segment. Of this total revenue before reimbursements figure, Gallagher's brokerage segment made up $2.37 billion, while its risk management segment ... Read the full article
Fitch appoints new heads for the Global and EMEA insurance divisions
26th July 2024
Fitch Ratings, a global credit ratings agency, has appointed Harish Gohil as the new Global Group Head of Insurance, effective August 1. Gohil will be based in Fitch's London office and will report to Marjan van der Weijden, the company’s Global Group Head for Financial Institutions. He replaces Cynthia Chan, who has ... Read the full article
RT1 issuances expected to exceed €6.0bn in 2024, Morningstar DBRS
26th July 2024
With almost €5.0 billion in Restricted Tier 1 (RT1) instruments issued so far this year, analysts at Morningstar DBRS are anticipating for the market to surpass its previous record of approximately €5.4 billion in 2021, after two years of muted activity. The firm explained that European insurers and reinsurers have had ... Read the full article
Microinsurance Network names Genazzini Executive Director
26th July 2024
The Microinsurance Network (MiN), a Luxembourg-based non-profit association, has announced the appointment of inclusive finance expert Matthew Genazzini as its new Executive Director, effective October 1, 2024. With 18 years of experience, 15 of which are in the field of inclusive finance, Genazzini brings a wealth of experience and a strong ... Read the full article
Solvency II review, a “golden opportunity” to unlock additional capital in the EU, Insurance Europe
26th July 2024
The insurance sector has reportedly called on the EU to use the "golden opportunity" offered by the review of Solvency II to unlock additional capital. Insurance Europe, in a recent statement, said that by increasing insurers’ investment capacity, the industry could further contribute to the political guidelines laid out by the ... Read the full article
ZestyAI’s AI-powered Severe Convective Storm Models secure regulatory approval in Texas
26th July 2024
ZestyAI, a provider of AI-driven climate and property risk analytics solutions, has received approval for use in rating and underwriting from the Texas Department of Insurance for its complete suite of Severe Convective Storm products. These include Z-HAIL, Z-WIND, and Z-STORM, which along with Z-FIRE, ZestyAI's predictive wildfire risk analytics product, ... Read the full article
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