Reinsurance News
Brona Magee to succeed Klaus Miller on the Executive Board of Hannover Re
12th August 2024
Global reinsurer Hannover Re’s Supervisory Board has appointed Brona Magee as a member of the Executive Board, effective January 1st, 2025. Magee succeeds Klaus Miller on the Executive Board, who will remain with the firm in an advisory role. Since April 2023, Magee has successfully overseen the firm's Business Center Life & ... Read the full article
Canopius’ net insurance revenue climbs 24% to $980m in H1
12th August 2024
Specialty and P&C re/insurer Canopius Group has revealed that its net insurance revenue for H1 2024 was $980 million, up 24% from the same period of 2023, while its net combined ratio (discounted) improved to 85.4%. Meanwhile, the firm's insurance contract written premium figure in H1 2024 was $1.84 billion, up ... Read the full article
Gareth Henty named Head of Pensions, PwC
12th August 2024
PwC has announced the appointment of Gareth Henty as the new Head of Pensions and named Mark Jennings as head of the pensions employer covenant and restructuring team. This move comes as PwC’s pensions practice has been through a period of growth and evolution, the firm stated. Henty, a pensions actuary with ... Read the full article
Hannover Re sees P&C reinsurance CoR strengthen as underwriting result improves
12th August 2024
Large reinsurer Hannover Re has reported a 21% rise in Group net income to €1.2 billion for the first half of 2024, with an 8.8% increase in property and casualty (P&C) reinsurance revenue as large loss costs came within budget at €566 million. Germany's Hannover Re has posted a strong set ... Read the full article
GuideOne Insurance appoints Travis Sheets as SVP & General Counsel
12th August 2024
GuideOne Insurance Company, a provider of property and casualty insurance and risk management solutions, has announced the appointment of Travis Sheets as Senior Vice President (SVP) and General Counsel. GuideOne outlined that in his new role, “Sheets will be responsible for corporate strategic and tactical legal initiatives, overseeing a broad range ... Read the full article
Aon reports dip in US P&C companies upgraded to ‘A’ by AM Best in 2023
12th August 2024
In 2023, Aon observed that only 6 out of 175 US Property and Casualty (P&C) companies were upgraded by AM Best from an “A-” to an “A” rating based on their own merit, which is below the 5-year average of 9 upgrades per year. In the first half of 2024, only ... Read the full article
Zesty AI & Amica Mutual expand partnership in face of increasing climate risks
12th August 2024
Zesty AI, a provider of climate and property risk analytics solutions powered by artificial intelligence (AI), and Amica Mutual Insurance, a provider of auto, home and life insurance, have expanded their long-standing partnership. According to the announcement, Amica will now leverage ZestyAI’s full property and climate risk analytics platform, which includes AI-powered climate ... Read the full article
Oneglobal names de Lima CEO of Central America, announces new strategies for regional growth
9th August 2024
Ernesto de Lima has been appointed as the new CEO of Oneglobal’s Central America operation, who will aim to drive the company towards new achievements and sustainable growth in the region. A highly experienced insurance and reinsurance professional, de Lima brings substantial experience in the Property, Sabotage & Terrorism and Power ... Read the full article
RSA Insurance launches enhanced broker and customer claims portal with Guidewire Cloud
9th August 2024
UK insurer RSA Insurance has introduced its enhanced broker and customer claims portal, now powered by Guidewire, a global firm within insurance software, making RSA the first UK insurer to adopt the Guidewire cloud solution. With ClaimCenter on Guidewire Cloud, RSA benefits from a comprehensive claims management system integrated into a ... Read the full article
AM Best removes from under review & affirms ratings of Accredited following Onex acquisition
9th August 2024
Global ratings agency AM Best has removed from under review with developing implications, and affirmed the Financial Strength Ratings (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Accredited Specialty Insurance Company, Accredited Surety and Casualty Company, Inc., and Accredited Insurance Limited, which are collectively known ... Read the full article
AFG’s Specialty P&C insurance segment generates 90.5% CR in Q2’24
9th August 2024
American Financial Group (AFG) has posted $209 million in net earnings for the second quarter of 2024, compared to $200 million from the second quarter of 2023. According to AFG, Q2'24's net earnings included after-tax non-core losses of $6 million. By comparison, net earnings in Q2'23 included net after-tax non-core items ... Read the full article
Poll suggests re/insurers will target growth in existing lines amid capital build-up
9th August 2024
As re/insurers accumulate capital and retain earnings following predominantly positive results, 42% of industry respondents in a recent Reinsurance News poll indicate that growth in existing lines is the most likely area for capital deployment. This comes as no surprise, given the ongoing favourable market conditions and improved results that have ... Read the full article
Aon appoints former U.S. naval officer Admiral Stavridis to Board of Directors
9th August 2024
Global insurance and reinsurance broking group Aon has announced the appointment of Admiral James Stavridis to its Board of Directors, who will be joining August 15, 2024. Lester B. Knight, chair of Aon's board, commented: "We are pleased to welcome Admiral Stavridis to Aon's Board of Directors. Admiral Stavridis' experience as ... Read the full article
Bloomberg Intelligence highlights gap in reinsurers’ midyear renewals and catastrophe losses
9th August 2024
Reinsurance companies Munich Re and Swiss Re may benefit from higher reinsurance-policy retention, but a recent report from Bloomberg Intelligence (BI), the research division of Bloomberg L.P., suggests that current pricing does not fully account for the risks tied to rising sea temperatures during this hurricane season. BI notes that midyear ... Read the full article
Oxbridge Re reports $821,000 net loss in Q2’24 on investments
9th August 2024
Oxbridge Re Holdings Limited, a Cayman Islands-based reinsurance company, reported a net loss of $821,000 for the second quarter of 2024, significantly larger than the net loss of $85,000 in Q2 2023, driven primarily by a negative change in the fair value of equity securities and other investments during the ... Read the full article
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