Reinsurance News
ICEYE expands constellation with four new SAR satellites
19th August 2024
ICEYE, a provider of satellite-powered disaster management solutions, has launched four new synthetic aperture radar (SAR) satellites, further expanding its constellation to enhance data granularity and increase the frequency of analysis for its clients. Operating the world’s largest constellation of SAR satellites, ICEYE can image any location on Earth under any ... Read the full article
Rokstone announces multi-year capacity agreement with Accredited
19th August 2024
Rokstone, the Aventum Group’s international re/insurance MGA, has announced a multi-year, multi-strategy capacity agreement with Accredited Insurance Program Management. As per Rokstone, the enhanced financial strength and expanded capabilities of Accredited will provide it with the necessary support to further develop its specialty insurance solutions and expand its market reach. At the ... Read the full article
Suncorp sees FY net profit of around $1.2bn as GWP increase 13.9%
19th August 2024
Australian insurer Suncorp Group has revealed that net profit after tax for FY2024 was $1.197 billion, up from $1.071 billion in 2023, while cash earnings increased to $1.372 billion from $1.177 billion. Suncorp also recorded a higher net investment income of $661 million, driven by a strong underlying yield on the ... Read the full article
Zurich Singapore names Nixon Ooi as Head of Accident & Health
19th August 2024
Zurich Singapore has appointed Nixon Ooi as Head of Accident and Health, reporting to Alexandra Cowley, Chief Underwriting Officer, Singapore. Ooi's remit in this role will include leading underwriting, portfolio management and proposition development for Accident & Health. With over 12 years of industry experience, Ooi joins Zurich from Chubb, where he ... Read the full article
NormanMax hires Turgel as CUO, Gabin joins as General Counsel
19th August 2024
NormanMax Insurance Holdings, the specialist parametric underwriter and operator of the only dedicated parametric syndicate at Lloyd's, has bolstered its leadership team with two key appointments, with Daniel Turgel joining the firm as Chief Underwriting Officer, and Matthew Gabin joining as General Counsel. A highly experienced veteran across the sector, Turgel ... Read the full article
Re/insurance and insurtech focused RB Ventures launches in Dubai
19th August 2024
Venture capital firm RB Ventures has launched in Dubai established by Rohit Boda, Managing Director at India-headquartered re/insurance broker J.B. Boda Group. RB Ventures will facilitate venture capital investments into re/insurance, insurtechs and other related sectors while providing deal related services. The company aims to bridge the capital gap by offering opportunities ... Read the full article
Previsico survey finds most businesses lack a flood action plan
19th August 2024
In the face of the escalating threat of climate change, a recent survey by Previsico, a company specialising in real-time flood forecasting and water management, reveals that 54% of organisations in both the public and private sectors do not have a plan to address the rising risk of flooding. A majority ... Read the full article
Emerald Bay expands tailored insurance solutions with Mainsail acquisition
16th August 2024
Collaborative underwriting carrier Emerald Bay Risk Solutions is set to expand its tailored insurance solutions with the acquisition of P&C insurer Mainsail Insurance Company in a private transaction. Mainsail, previously a 100% reinsured subsidiary of Spinnaker Insurance Company, provides P&C insurance coverage, offering 17 varying lines of insurance, including auto, property, ... Read the full article
Aon forecasts 9% rise in US employer health care costs for the coming year
16th August 2024
The cost of employer-sponsored health care in the US is expected to increase by 9.0 percent in 2025, bringing the average expense per employee to over $16,000, according to Aon, a global professional services firm. This expected rise assumes that employers won't introduce additional cost-sharing or other savings measures. It marks a ... Read the full article
Moody’s upgrades Talcott Financial Group & subsidiaries outlook to positive
16th August 2024
Moody’s Ratings has upgraded the insurance financial strength (IFS) ratings of Talcott Resolution Life Insurance Company and Talcott Resolution Life and Annuity Insurance Company from Baa2 to Baa1. The company also upgraded the senior unsecured debt rating of Talcott Resolution Life, Inc. and the issuer rating of Talcott Financial Group, Ltd. ... Read the full article
Global reinsurers show resilience through de-risking & diversification, says AM Best
16th August 2024
On the back of de-risking and diversifying actions, global reinsurers are showing more resilience than in previous cycles, in part thanks to positive underwriting margins, higher reinvestment rates, and diversification, according to a recent AM Best report. AM Best notes that the exceptional results seen in 2023 are unlikely to ... Read the full article
Positive renewals outcomes ahead as market conditions favour airline insurance buyers: Gallagher Specialty
16th August 2024
Despite ongoing challenges, excess capacity and increased competition are driving rate softening for airline insurance as the market reaches the midpoint of the year, according to Gallagher Specialty. Lower average claims alongside the higher rates seen in recent years have attracted capacity back into the market, generating increased competition and pursuit ... Read the full article
Insurance industry lags in GenAI adoption, says BCG
16th August 2024
According to a recent report by Boston Consulting Group (BCG), the insurance industry is lagging behind other sectors in adopting generative AI (GenAI), with 40% of insurance companies showing minimal or no use of this technology. The report includes a GenAI maturity index to evaluate company adoption levels. Based on their ... Read the full article
MNRB Holdings posts 38.2% increase in reinsurance profit
16th August 2024
MNRB Holdings Berhad (MNRB), has released its financial results for the first quarter ended 30 June 2024 (Q1 FY2025), which includes an RM86.1 million ($19.42 million) net profit from Malaysian Re, the company's reinsurance and retakaful business, representing a 38.2% increase from the prior year period. The company stated that the ... Read the full article
Funded Re can support greater new business volumes in bulk annuity market: Aon
16th August 2024
According to a recent report from Aon, with appropriate risk controls in place, Funded Reinsurance (Funded Re) transactions can support greater new business volumes in the bulk annuity market over time. This statement from Aon follows the Prudential Regulation Authority (PRA) Supervisory Statement on 26 July 2024, which was issued with ... Read the full article
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