Reinsurance News
2023 SCS losses were not extreme or surprising, says KCC
19th July 2024
While the active 2023 severe convective storm (SCS) season led to higher-than-average insured losses, these losses were not extreme, according to Karen Clark & Company’s (KCC) SCS Model. The KCC US SCS Reference Model offers a realistic depiction of the impacts from SCS events, using advanced simulations of the actual atmospheric ... Read the full article
London market insurers key to future of advanced air mobility: IUA
19th July 2024
The International Underwriting Association (IUA), representing insurance and reinsurance companies in London, has stated that London Market insurers will be essential in advancing new air mobility technologies in the coming years. The IUA emphasised the importance of a thorough certification process that ensures safety and provides access to data, allowing underwriters ... Read the full article
KatRisk appoints Petros Keshishian and John Tewhill to key roles
19th July 2024
KatRisk recently announced two key appointments: Petros Keshishian as the new Head of Model Engineering and John Tewhill as Enterprise Account Executive. Founded in 2012, KatRisk specialises in catastrophe modelling for various perils, including inland flooding, tropical cyclone wind, storm surge, severe convective storm, and wildfire. Utilising advanced GPU computing technology, ... Read the full article
OneAdvent teams with Solace Global Risk to boost A&H hostile territory product offering
19th July 2024
OneAdvent, the specialist managing general agent (MGA) and broker services platform, has partnered with risk management and security services organisation, Solace Global Risk, in a move that is set to provide a holistic insurance and risk management offering to clients of its Accident & Health (A&H) MGA. From what Reinsurance News understands, ... Read the full article
A costly week of severe weather & SCS losses across US and Europe: Aon
19th July 2024
Severe convective storms (SCS) that struck parts of the US and Canada from July 13-17, as well as several countries in Europe between July 11-17, are each expected to result in economic and insured losses totaling hundreds of millions of USD, according to Aon’s weekly catastrophe report. In the US, severe ... Read the full article
Travelers sees Q2 net income soar to $534m despite elevated cat losses
19th July 2024
The Travelers Companies, Inc. has reported a net income of $534 million for Q2 of 2024 despite an underwriting loss of $65 million driven by substantial cat losses of $1.5 billion, which were offset by net favourable prior year reserve development of $230 million and an investment income increase of ... Read the full article
Travelers buys more Northeast cover at July reinsurance renewal
19th July 2024
US primary insurer Travelers decided to increase the size of its Northeast property catastrophe excess-of-loss (XoL) reinsurance treaty by $150 million at the July renewals, and also renewed its personal insurance hurricane cat XoL treaty with a higher retention. Alongside the release of its second-quarter 2024 financial results, Travelers has provided ... Read the full article
LRS securitization vehicles could benefit Brazil’s re/insurance market: Fitch
19th July 2024
As per a new Fitch Ratings report, the regulation of Letras de Risco de Seguro (LRS), which are similar to insurance linked-securities (ILS), could benefit Brazil’s re/insurance market. According to Fitch, LRS may provide new access to portfolio diversification and capital management, which would support re/insurer credit ratings. If successful in attracting ... Read the full article
19 individual billion-dollar insured cat loss events in H1’24: Gallagher Re
19th July 2024
According to reinsurance broker Gallagher Re, there were at least 19 individual billion-dollar insured natural catastrophe loss events in the first half of 2024, making it the second-highest H1 total on record, behind the 20 events seen in 2023 and 2022. Of the 19 events, 12 resulted in a multi-billion dollar ... Read the full article
Verisk estimates US insured losses from Beryl to range between $2-3bn
19th July 2024
Verisk's Extreme Event Solutions group has estimated that industry insured losses to onshore property from wind in the US for Hurricane Beryl will range between $2 billion and $3 billion. For those who need refreshing, Beryl began as a tropical depression over the central tropical Atlantic on June 28, organising into ... Read the full article
Agile Underwriting names Matthew Rowan as Group Risk and Compliance Officer
19th July 2024
Agile Underwriting Services has appointed Matthew Rowan, formerly of insurance and reinsurance broker Aon, as Group Risk and Compliance Officer, based in Sydney. Rowan takes on oversight of both the syndicate service company and MGA operations as well as the claims handling units, and working with broking partners. He has more than ... Read the full article
AM Best revises outlook for Beazley subsidiaries to stable
19th July 2024
Global credit ratings agency AM Best has revised the outlook to stable from positive for the Long-Term Issuer Credit Ratings (Long-Term ICR), and also affirmed the Financial Strength Ratings (FSR) of A (Excellent) and the Long-Term ICR's of “a+” (Excellent) of specialist re/insurer Beazley’s subsidiaries. The subsidiaries include: Beazley Insurance Designated ... Read the full article
Chris Minter appointed Head of Swiss Re’s Alternative Capital Partners division
19th July 2024
Global reinsurer Swiss Re has revealed that Chris Minter will take over as Head of its Alternative Capital Partners (ACP) division, succeeding Philipp Rüede, who is leaving the firm after 12 years of service. As Reinsurance News understands, Rüede is set to depart Swiss Re to pursue other opportunities. “We would like ... Read the full article
Selective sees Q2 net loss as combined ratio climbs to 116.1%
19th July 2024
Selective Insurance has reported a net loss of $65.6 million for Q2 of 2024, with a combined ratio of 116.1% in what the firm described as a "challenging" quarter. According to the firm, a net unfavourable prior year casualty reserve development of $176 million increased the combined ratio by 16.3 points ... Read the full article
The Hanover expects $157.1m of catastrophe losses for Q2’24
19th July 2024
Property and casualty insurance holding company, The Hanover Insurance Group, Inc., has preliminary estimated pre-tax catastrophe losses of $157.1 million, or 10.7 points of net earned premium for the second quarter of 2024. The insurer has stated that the losses were primarily driven by severe convective storm activity and mostly impacted ... Read the full article
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