Reinsurance News
Augment Risk hires legacy expert Paul Corver as Advisor
13th May 2024
Reinsurance broker Augment Risk has announced that Paul Corver, formerly of R&Q Insurance Holdings (R&Q), will join the firm as an Advisor. Corver brings deep experience and insights in the reinsurance industry to the broker as it looks to strengthen its legacy build-out. He retired from his position as Group Head of ... Read the full article
Re/insurance losses from Brazil floods expected to be contained: AM Best
13th May 2024
With losses due to floods in Rio Grande do Sul, Brazil, estimated at BRL 7.5 billion ($1.45 billion), AM Best has noted that the impact on most re/insurers will be contained as they retain smaller exposures and have exited volatile business lines. Heavy rains started in Rio Grande do Sul, Brazil’s ... Read the full article
AXA XL Re appoints Alfredo Salcedo as Head of Latin America, Reinsurance
13th May 2024
AXA XL Reinsurance, the property and casualty and specialty risk unit of global insurer AXA, has appointed Alfredo Salcedo as the Head of Latin America, Reinsurance, effective June 1st, 2024. Subsequently, AXA XL has announced that Michael Yeats will be taking on a new opportunity at AXA XL to lead the ... Read the full article
Extreme weather sweeps across US, billions in losses predicted by Aon
13th May 2024
Aon's latest weekly cat report, ending May 10, highlights ongoing severe weather across the United States, with predictions of significant economic losses in the billions, particularly affecting the Southern Convective States (SCS). From May 2 to May 5, Texas experienced heavy rainfall, worsening existing flooding problems. Some areas received over 20 ... Read the full article
American Equity Investment Life Insurance Company upgraded to ‘A’ rating by S&P
13th May 2024
Brookfield Reinsurance announces that its wholly-owned subsidiary, American Equity Investment Life Insurance Company (AEL), has been upgraded in its Insurer Financial Strength rating by S&P Global Ratings, advancing from 'A-' to 'A'. This upgrade underscores AEL's vital role within the broader Brookfield Reinsurance group and its ability to leverage the strong ... Read the full article
Whiddett to head Arch’s expanded terrorism insurance solution for UK
13th May 2024
Arch Insurance's UK Regional Division has announced the launch of its enhanced standalone terrorism insurance product for businesses across the UK regions, to be led by Jason Whiddett. The expanded terrorism insurance solution includes a series of extensions and benefits available as standard, and key policy features such as prevention of ... Read the full article
American Coastal reports lower net income for Q1’24 as GWP rise
13th May 2024
American Coastal Insurance Corporation, a property and casualty insurer, has reported net income for Q1 2024 of $23.6 million, or $0.48 per diluted share, compared to $267.3 million, or $6.14 per diluted share, for Q1 2023. This decrease in net income reflects $236 million of income from discontinued operations in Q1 ... Read the full article
Synthetik successfully demonstrates its advanced flood analysis tool
13th May 2024
Synthetik has announced the successful demonstration of Flowcore, its "Flood Data Collection and Analysis" platform designed for modelling flood scenarios and predicting resulting damages and financial/insurance losses. Flowcore integrates Synthetik's specialised GPU-accelerated flood simulation code and employs artificial intelligence (AI) to deliver rapid results. This capability enables the assessment of cumulative ... Read the full article
Assured Guaranty starts the year strong with 35% y-o-y net income increase
10th May 2024
Assured Guaranty has announced its financial results for the first quarter of 2024, reporting an increased net income of $109 million compared to the $81 million reported in the same period the year prior. Adjusted operating income was also up, to $113 million for Q1 2024, compared to $68 million Q1 ... Read the full article
Fusion Specialty strengthens London M&A team with two new hires
10th May 2024
Fusion Specialty, a managing general agent (MGA) platform within Pop Group Holdings (POP), is expanding its UK underwriting capabilities with the appointments of Alexander Mackay and Tom Hopkins to its Mergers and Acquisitions (M&A) London team. Mackay is joining Fusion UK as a Partner following five years working in M&A insurance ... Read the full article
Maiden Holdings sees improved net income and lower underwriting loss in Q1’24
10th May 2024
Maiden Holdings Ltd., has posted its results for the first quarter of 2024, which includes a net income of $1.5 million, compared to a net loss of $11.3 million from the prior year period. According to the firm, this improvement was due to higher total income from investment activities of $17.1 ... Read the full article
Cover Whale hires Khurana & Hart as Chief Product Officer & Chief Architect
10th May 2024
Insurtech, Cover Whale Insurance Solutions, Inc., has bolstered its senior leadership team with two new hires, as Barninder Khurana joins the firm as Chief Product Officer and Bill Hart assumes the role of Chief Architect. Khurana takes on the role with a deep degree of experience in product management, program delivery, ... Read the full article
F&G Annuities & Life reaches $5bn in cumulative PRT transactions
10th May 2024
F&G Annuities & Life, Inc., the provider of insurance solutions serving retail annuity and life customers and institutional clients, has reached over $5 billion in cumulative sales of pension risk transfer (PRT) transactions, since the channel was launched in June 2021. Since its inception, the firm's PRT channel, one of F&G's ... Read the full article
QBE continues momentum in GWP growth, underwriting performance “tracking to plan”
10th May 2024
Australian insurer QBE continued to report growth in gross written premium in Q1 2024, up 2% on the prior corresponding period on both a reported and constant currency basis. The firm has also disclosed that group-wide, there were renewal rate increases of 7.3% in Q1 2024, in line with expectations and ... Read the full article
American Coastal on course to secure more reinsurance with June renewal near completion
10th May 2024
American Coastal Insurance Corporation has secured more than 90% of the total reinsurance limit it's seeking for its June 1st renewal, as the firm looks to increase the total open market limit by around $265 million for the 2024 hurricane season, $200 million of which comes from its new, multi-year ... Read the full article
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