Reinsurance News
Kinsale Capital reports net income of $114.2m, after-tax cat losses surge to $10.8m for Q3’24
25th October 2024
Kinsale Capital Group, Inc. has reported a net income of $114.2 million for Q3 2024, which includes after-tax catastrophe losses of $10.8 million, compared to after-tax catastrophe losses of $0.9 million in Q3 2023, when the net income was $76.1 million. For the quarter, gross written premiums (GWP) increased by 18.8% ... Read the full article
Renewal rate increases for all commercial lines except workers’ comp in Q3’24: Ivans Index
25th October 2024
Ivans, a division of Applied Systems, has released the results for the third quarter of 2024 from the Ivans Index, which show year-over-year premium renewal rate increases across all major commercial lines of business, except Workers’ Compensation. For Business Owner’s Policy (BOP), General Liability, and Umbrella, average premium renewal rates decreased ... Read the full article
Leaders keen for in-person collaboration, but also see hybrid working advantages: KPMG UK
25th October 2024
insurance, asset and wealth management and private equity - are planning to increase office attendance in the next 12 months, according to a new KPMG UK research. Of those planning to increase attendance, more than a third (37%) expect employees to be in the office at least four days a week, ... Read the full article
Universal Insurance reports Q3’24 CoR of 116.9% and net loss of $16.2m
25th October 2024
Florida-domiciled and expansive primary insurance company, Universal Insurance Holdings, has reported a Q3 2024 combined ratio of 116.9%, up by 6.2 points from the comparative quarter, reflecting an increase in both the net loss and net expense ratios. The insurer’s net loss ratio increased by 4.7 points in Q3 2024 to ... Read the full article
Retention levels to remain stable despite demand: MAPFRE RE’s Meyerhoff
25th October 2024
Amid growing demand for reinsurance capacity, clients have shown interest in buying lower down to go back to past retention levels, MAPFRE RE's Mark Meyerhoff has observed, yet this is not something he sees happening, instead he anticipates stable retention levels at the upcoming renewals. Around the Baden-Baden conference, MAPFRE RE's ... Read the full article
FCCI partners with Cognizant to expand into E&S market and modernise operations
25th October 2024
Through a partnership with Cognizant, FCCI Insurance Group (FCCI) has launched a new Excess & Surplus (E&S) line of business, marking a significant milestone in its modernisation journey. This collaboration utilises Cognizant's expertise in the insurance industry and Duck Creek Policy with Active Delivery to modernise FCCI's operations and expand into ... Read the full article
A. J. Gallagher sees Q3 net earnings hit $314.1m as revenues increase 13%
25th October 2024
Global insurance broker Arthur J. Gallagher & Co. has reported net earnings of $314.1 million for Q3 of 2024, up 12% from the same period of last year, while total revenues increased 13% to $2.77 billion. Gallagher's EBITDAC also improved to $691 million in Q3 of 2024, up from $606.1 million ... Read the full article
P&I clubs expected to raise rates by 5% amid rising claims in 2025: S&P
25th October 2024
S&P Global Ratings, a provider of credit ratings, research, and analytics, forecasts that most Protection and Indemnity (P&I) clubs will achieve near-breakeven results for the financial year ending February 20, 2025. The 12 P&I clubs in the International Group (IG), which collectively underwrite approximately 90% of the global oceangoing fleet's liability ... Read the full article
Lloyd’s, LMA & LIIBA welcome FCA’s non-financial misconduct report
25th October 2024
The Lloyd's insurance and reinsurance market, as well as the Lloyd's Market Association (LMA) and LIIBA (London & International Insurance Brokers’ Association), two London-focused insurance and reinsurance organisations have shared their reactions to UK regulator, the Financial Conduct Authority's (FCA) latest non-financial misconduct report. Firstly, Lloyd’s CEO John Neal said, “We ... Read the full article
AM Best downgrades SCFBG’s ratings driven by Hurricane Helene losses
25th October 2024
Global ratings agency AM Best has downgraded the Issuer Credit Ratings of South Carolina Farm Bureau Group (SCFBG) due to ongoing volatility in its operating results, primarily driven by weather-related events and inflationary pressures, particularly significant losses from Hurricane Helene. SCFBG comprises South Carolina Farm Bureau Mutual Insurance Company and its ... Read the full article
Convex to improve operational model with EXL partnership
25th October 2024
International specialty insurer and reinsurer Convex has partnered with EXL, a data analytics and digital operations and solutions company, to evolve their operational model through data and technology. Through this multiyear partnership, the program aims to improve efficiency and customer experience, delivering a more cost-effective, scalable and resilient operating model. As part ... Read the full article
Richard Mangion named Chief Financial Officer of Fortegra Europe
24th October 2024
The Fortegra Group, a global specialty insurer and a subsidiary of Tiptree Inc., has announced the appointment of Richard Mangion as Chief Financial Officer for its UK and European business. In his new position, Mangion will report to Ed Peña, Fortegra's Chief Financial Officer. He will lead finance operations and help ... Read the full article
Oka unveils lineslip to bring insurance capacity to global carbon markets
24th October 2024
Oka, The Carbon Insurance Company (Oka) has introduced a lineslip for its innovative Article 6 insurance solution, Corresponding Adjustment Protect. Corresponding Adjustment Protect is the first-ever policy designed to protect voluntary carbon credits traded in compliance markets. It safeguards project developers and their clients against the risk of Article 6 revocation ... Read the full article
FM to support client investment in climate resilience with third ‘Resilience Credit’
24th October 2024
Commercial property insurer FM has announced the allocation of approximately a $400 million ‘Resilience Credit' to support client investment in climate resilience. With this third resilience credit, FM will have allocated more than $1 billion to help clients protect their operations from the increasing frequency of extreme weather over the last ... Read the full article
BCG reveals 74% of companies face challenges in unlocking AI value
24th October 2024
Boston Consulting Group (BCG), a global management consulting firm, has released new research revealing that after years of investing in artificial intelligence (AI), CEOs are increasingly focused on achieving tangible returns from these technologies. However, realising AI's full potential remains challenging. The report indicates that only 26% of companies have developed ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
