Reinsurance News
Major European reinsurers report sustained earnings growth in 1H24: Fitch
29th August 2024
Among the four largest European reinsurers, Munich Re, Swiss Re, and Hannover Re all saw further improvements in earnings in 1H24, driven by better underwriting results across most business lines, according to Fitch Ratings. In contrast, SCOR reported a loss due to unfavourable changes in its life and health insurance (L&H) ... Read the full article
Steadfast reports strong FY 2024 with $252.2m net profit & 22.7% EBITA growth
29th August 2024
Australian insurance broking and distribution group Steadfast has revealed net profit after tax for the FY 2024 of $252.2 million, up 21.8% from 2023, while the firm's underlying EBITA grew 22.7% to $528.5 million. According to Steadfast, the EBITA increase in FY 2024 was driven by organic growth of 12.5%, fueled ... Read the full article
Prudential to oversee $221m in retirement benefits for Sound Retirement Trust
29th August 2024
The Prudential Insurance Company of America, a provider of insurance and financial services, has been selected for an industry-first pension risk transfer (PRT) involving a multi-employer plan. They will now oversee the retirement benefits for the Sound Retirement Trust, a Seattle-based joint labour-management board of trustees that provides retirement benefits to ... Read the full article
Fiona McMartin joins Coalition as Assistant Underwriter for active cyber insurance
29th August 2024
Coalition, an active insurance provider focused on preventing digital risks before they occur, has appointed Fiona McMartin as Associate Underwriter in its London office. McMartin launched her insurance career in 2022 through RSA’s graduate programme, where she initially served as a team leader in client services. She later transitioned to RSA’s cyber ... Read the full article
Aon’s White Rock sues Chinese bank over Vesttoo LOC fraud
29th August 2024
White Rock Insurance (SAC) Ltd., global insurance and reinsurance broker Aon's segregated accounts company, has reportedly filed a lawsuit in New York against China Construction Bank as Aon seeks compensation for itself and its clients for damages related to Vesttoo collateral fraud, as first reported by our sister publication ... Read the full article
Sapiens launches new version of CoreSuite for P&C market
29th August 2024
Sapiens International Corporation has unveiled Version 12.0 of its Sapiens CoreSuite for Property & Casualty (P&C) for the North American insurance market. As Reinsurance News understands, this new release will provide insurers with a multitude of functional and performance improvements, along with enhanced security features too. The new release, which is part ... Read the full article
CRC Group expands team with three new appointments
29th August 2024
CRC Group, a North American wholesale specialty insurance distributor, has announced the addition of three new team members as part of its strategic expansion to better support retail agency clients nationwide. Rudie Heling has joined the CRC Group office in Carmel, IN, as an Underwriting Team Leader. He brings nearly a decade ... Read the full article
Canada Life Re’s base earnings up 14% in H1’24
28th August 2024
Canada Life Reinsurance, a provider of reinsurance solutions for life and health, has reported its results for the first half of 2024, showing a 14% increase in base earnings compared to the same period last year. Canada Life Re is a division of The Canada Life Assurance Company, which is a ... Read the full article
Insured losses from Jasper, Canada wildfire exceeds $880m
28th August 2024
The wildfire that struck the Municipality of Jasper and Jasper National Park this summer has resulted in insured losses exceeding $880 million, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The intense wildfire, which began on July 22, has become the second most expensive wildfire in Alberta’s history ... Read the full article
Reinsurers’ financial strength & diversification key to mitigating cat losses: Swiss Re
28th August 2024
After reinsurers paid over $150 billion in global claims across property, casualty, and specialty lines in 2023, Swiss Re's Urs Baertschi has emphasised the industry's critical role as a shock absorber, a springboard for addressing the protection gap, and a compass for data-driven decision-making. Writing in a blog post for Swiss ... Read the full article
Credit ratings of Core Specialty subsidiaries upgraded by AM Best
28th August 2024
As specialty insurer Core Specialty Insurance Holdings, Inc.'s product and geographical diversification continues to improve on the back of acquisitions and organic growth initiatives, AM Best has upgraded the credit ratings of its subsidiaries. The global credit rating agency has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- ... Read the full article
AXIS Capital names David White as new Head of Aviation
28th August 2024
Global specialty underwriter and re/insurance provider, AXIS Capital Holdings Limited (AXIS), has announced the appointment of David White as Head of Aviation, AXIS Global Markets, effective October 1, 2024. White will be taking over from Terry Wood, who is retiring after 22 years with the company. Mark Gregory, Head of Global Markets ... Read the full article
Ageas Re generates €67m operating profit in H1’24, CoR sits at 93.1%
28th August 2024
Ageas, the Brussels-headquartered multinational insurer, has reported a total net operating result of its reinsurance segment of €67 million in the first six months of 2024, up from the €66 million figure that was posted in the prior year period. Ageas Re's combined ratio for the period was up compared to ... Read the full article
WTW promotes Bonnet and Hirsch to Co-Heads of Transactional Insurance
28th August 2024
Global advisory, broking, and solutions firm WTW has appointed Simone Bonnet and Andrew Hirsch as Co-Heads of Transactional Insurance Solutions within Private Equity and Transactional Solutions, Corporate Risk and Broking North America (CRB NA). As per WTW, in their new roles, Bonnet and Hirsch will co-lead the Transactional Insurance Solutions team ... Read the full article
Better motor and buildings insurance results support German non-life earnings: Fitch
28th August 2024
Fitch Ratings has revised its sector outlook for the German non-life insurance market to ‘improving’ from ‘neutral’ in June 2024, as the rating agency predicts better underlying profitability supported by strongly rising premium rates in motor and buildings insurance. According to a recent Fitch report, the sector premium is now forecasted ... Read the full article
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