Reinsurance News
Hippo reports 88% YoY growth in revenues in Q2 2024
9th August 2024
Home insurance firm Hippo has announced its financial results for the second quarter of 2024 reporting revenue growth of 88% year over year (YoY), with premium retention more in-line with risk-retention. At $90 million, up from $48 million in Q2 2023, revenue growth in Q2 outpaced Total Generated Premium (TGP) growth, ... Read the full article
Hurricane Debby’s wind & flood losses to be manageable at $1-2bn: Gallagher Re
9th August 2024
As per a new report from Gallagher Re, Hurricane Debby will remain a "very manageable" event for the re/insurance industry, with combined wind and water-related insured losses from the private insurance market and National Flood Insurance Program (NFIP) likely to fall in the range of $1-2 billion. Debby first made landfall ... Read the full article
Enstar agrees $376m ground-up LPT with QBE
9th August 2024
One of global insurer Enstar Group Limited’s wholly-owned subsidiaries has agreed to provide a ground-up Loss Portfolio Transfer (LPT) with certain subsidiaries of QBE Insurance Group Limited (QBE), covering a diversified portfolio of US commercial liability and workers’ compensation business, largely underwritten on recently discontinued programs. Under the terms of the ... Read the full article
Assured Guaranty Municipal Corp. merges into Assured Guaranty
9th August 2024
Assured Guaranty Inc. (AG), a company that offers financial guarantees and credit enhancement products, has completed the merger of Assured Guaranty Municipal Corp. (AGM), with AG as the surviving company. The merger was initially announced on July 8, 2024, and was effective as of August 1, 2024. With the completion of ... Read the full article
Rockford Mutual selects Sapiens ReinsurancePro to automate reinsurance processes
9th August 2024
Rockford Mutual Insurance Company has chosen Sapiens ReinsurancePro to fully automate its reinsurance management processes, aiming to enhance efficiency and reduce costly claims leakage. Sapiens ReinsurancePro streamlines the underwriting and administration of reinsurance, including treaty and facultative, ceded, assumed, and retroceded reinsurance. Designed exclusively for the reinsurance market, it manages the ... Read the full article
Robert Foskey named new CEO & President of Everen Group
9th August 2024
The Everen Group, a consortium of energy insurance companies, has appointed Robert Foskey as its new President and Chief Executive Officer, effective August 5, 2024. Foskey brings extensive experience and a successful history with the Everen Group and is poised to guide the company into its next chapter of development and ... Read the full article
Bondaval appoints Centrica’s Paul Collier Group VP Risk Underwriting
9th August 2024
Bondaval, a provider of technology-enabled credit insurance solutions, has announced the appointment of Paul Collier as Group Vice President of Risk Underwriting. In his new role, Collier will lead all risk underwriting activity and assist in setting underwriting and pricing strategies aiming to minimise potential losses and enhance the company’s profitability, ... Read the full article
Kemper’s net income reaches $75.4m in Q2, Specialty P&C underlying CR hits 89.6%
9th August 2024
In their results for the second quarter of 2024, Kemper Corporation has posted a net income of $75.4 million, a major improvement compared to a net loss of $97.1 million from the second quarter of 2023. Kemper's total revenues for Q2'24 decreased $132.9 million, or 10.5%, to $1,129.9 million, compared to the previous ... Read the full article
Property reinsurance market a great place to be, says Lancashire CUO Gregory
8th August 2024
Bermuda-based carrier Lancashire Holdings Ltd. reported strong growth in its property reinsurance portfolio during the first six months of 2024, and recent comments from Chief Underwriting Officer (CUO), Paul Gregory, suggest the firm will continue to take advantage of favourable market conditions. For the first half of this year, Lancashire's ... Read the full article
AM Best upgrades Dunav-Re’s ratings, reflecting strong financial performance
8th August 2024
AM Best, the credit rating agency, has upgraded the ratings for Serbian reinsurance company Dunav-Re a.d.o, raising its Financial Strength Rating from B+ (Good) to B++ (Good) and its Long-Term Issuer Credit Rating from “bbb-” (Good) to “bbb” (Good), with the outlook adjusted from positive to stable. These upgraded ratings are ... Read the full article
Assurant sees net income increase 21% in Q2 2024
8th August 2024
US specialty insurance group Assurant has reported a GAAP net income of $188.7 million for the second quarter of 2024, representing a 21% increase compared to the $156.3 million reported in the same period last year. According to the company, this increase was mainly due to a lower after-tax loss from ... Read the full article
Lancashire Holdings appoints Linda Ventresca as Non-Exec Director
8th August 2024
Bermuda-based Lancashire Holdings Limited has announced the appointment of Linda Ventresca, former Head of Digital at AXIS Capital, as a Non-Executive Director. An experienced senior leader in the insurance industry, Ventresca brings first-hand knowledge of the US and international insurance and reinsurance markets to her new position with Lancashire. She worked at ... Read the full article
CINICO launches new home insurance policy with Parametric Coverage
8th August 2024
The Cayman Islands National Insurance Company (CINICO) has announced it is now offering home insurance policy with Parametric Coverage. This parametric solution was created to pay out pre-agreed amounts automatically to cover incidental expenses, without the need to submit a claim in the event of a hurricane of a Category 3 ... Read the full article
Howden Re teams with Temblor to enhance Turkish earthquake risk & impact assessment
8th August 2024
Howden Re, the reinsurance and risk advisory arm of Howden, has entered into a partnership with Temblor Inc., the catastrophe modelling company that specialises in seismic hazard and risk assessment, which will see Temblor provide Howden Re with access to their SiteAmp model, providing critical data-driven insights on both the ... Read the full article
Munich Re CEO anticipates strong 1/1 2025 reinsurance renewals
8th August 2024
Global reinsurer Munich Re is confident that favourable market conditions will persist at the January 1st, 2025, renewals, as the firm sees continued strong demand from buyers and discipline from sellers, according to CEO, Joachim Wenning. “Looking at the factors that drive reinsurance rates, I cannot detect anything material that would ... Read the full article
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