Reinsurance News
Zurich sees best-ever H1 operating profit of $4bn
8th August 2024
Zurich has announced that its group business operating profit (BOP) climbed to a record $4 billion in H1 of 2024, marking an increase of 7% compared to the same period of 2023. The firm's net income attributable to shareholders also increased in H1 of 2024, rising 21% to $3 billion. Zurich's P&C ... Read the full article
Allianz reports €3.9bn operating profit in Q2, driven by strong results in all segments
8th August 2024
In their results for the second quarter of 2024, Allianz has posted a €3.9 billion operating profit, with all of the company's segments contributing to this result, whilst the firm's property & casualty (P&C) segment business produced a strong underlying performance which largely offset the impact of elevated natural catastrophes. At ... Read the full article
Lancashire’s H1’24 GPW hits $1.3bn with strong reinsurance performance
8th August 2024
Bermuda-based Lancashire Holdings Limited has reported that gross premiums written (GPW) increased by $98.2 million, or 8.3% year-on-year to approximately $1.3 billion for the first half of 2024, split $734 million reinsurance and $547 million insurance. In the company's reinsurance segment, GPW increased by $76.6 million, or 11.6% for the first ... Read the full article
DARAG to sell North American & Bermuda business entities to RiverStone
8th August 2024
Legacy acquirer DARAG Group has agreed to sell its North American and Bermuda business entities to the RiverStone Group. According to DARAG, this transaction will simplify its operations, permitting the firm to focus on its core European business. In addition, the deal will bring in additional capital, allowing DARAG to execute ... Read the full article
Tokio Marine HCC boosts UK trade credit division with two major promotions
8th August 2024
Tokio Marine HCC, a global insurance group based in Houston, Texas, and part of the Tokio Marine Group, one of Japan's largest and oldest insurance companies, has announced two significant promotions within its UK Trade Credit Division. Fiona O’Brien has been elevated to Credit Risk Underwriting Manager, and Will O’Brien has ... Read the full article
Everest creates global broker management team led by Anthony Izzo
8th August 2024
Bermuda-domiciled global insurer and reinsurer Everest Group has established a global broker management team which will be led by Anthony Izzo as Chief Global Broking Officer. The new team will be dedicated to the shared priorities of its global distribution partners, aligned with the firm's “One Everest” approach to delivering optimal ... Read the full article
Beazley delivers record H1 profit of $728.9m despite worlds largest IT outage
8th August 2024
London-headquartered insurer Beazley has announced a significant rise in its H1 2024 profit before tax, reaching $728.9 million, a sharp increase from the $366.4 million recorded in H1 2023, while the company's undiscounted combined ratio improved to 81%, down from 88% in the same period last year. These gains were achieved ... Read the full article
Munich Re’s profit rises on strong reinsurance result
8th August 2024
Global reinsurer Munich Re has today reported that its reinsurance business contributed €1.3 billion and €3.2 billion to the Group's net result in Q2 and H1 2024, respectively, and despite a rise in major loss expenditure, the property and casualty (P&C) reinsurance combined ratio strengthened. Within reinsurance, insurance revenue from insurance ... Read the full article
Jason Lentz promoted to President of RT Specialty High Net Worth
8th August 2024
RT Specialty, the wholesale distribution division of Ryan Specialty, has promoted Jason Lentz to President of RT Specialty High Net Worth, RT Specialty’s national high net worth personal lines practice. Lentz, who is based in Las Vegas, Nevada, has nearly 20 years of expertise across the insurance sector, the last eight ... Read the full article
Arden Insurance Services and Green Shield Risk Solutions partner to mitigate wildfire risk
8th August 2024
Arden Insurance Services LLC, an MGA focused on insurance for residential condominium associations, has teamed up with Green Shield Risk Solutions, a catastrophe risk mitigation specialist based in Chicago, to tackle the increasing wildfire threat. This partnership aligns with Arden’s technology-driven approach, utilising advanced data and analytics to thoroughly assess risks ... Read the full article
ARC $11.6m insurance payout to help Malawi farmers affected by El Niño-driven drought
8th August 2024
The Government of Malawi and its Replica partner, the United Nations High Commissioner for Refugees (UNHCR), have received insurance payouts of just over $11.6 million from the African Risk Capacity (ARC) following the 2023/23 El Niño-driven drought. The payout will support immediate humanitarian efforts to address food insecurity and reach the ... Read the full article
VIPR appoints Chantal Dawson as Global Head of Customer Success
8th August 2024
VIPR, a technology solutions provider in the delegated underwriting sector, has recently announced the appointment of Chantal Dawson as Global Head of Customer Success. In her new role, Dawson will enhance VIPR's account management and customer success functions to ensure the company meets and surpasses the needs of its global customers. She ... Read the full article
Insurwave & Ambrey team up to boost marine insurance & risk management
8th August 2024
London-based insurtech platform for specialty insurance, Insurwave, has entered into a strategic partnership with Ambrey, an organisation within martitime security risk management, which will see both firm's produce an integrated, comprehensive solution for marine insurance and risk management. The partnership will combine Insurwave’s specialty insurance technology with Ambrey’s maritime risk management technology ... Read the full article
Thousands more move into fire and flood-prone areas in the US: Redfin
7th August 2024
Areas in the US endangered by wildfires, flooding, and extreme heat saw thousands more people moving in than out in 2023, according to a recent Redfin report. High-fire-risk counties in the US experienced 63,365 more people move in than out, with a significant portion moving to fire-prone Texas. However, this trend was ... Read the full article
Everest Insurance appoints new leaders for US Wholesale and Programs business
7th August 2024
Everest Insurance, the insurance division of Bermuda-based re/insurer Everest Group, has appointed Stephen Buonpane to lead its US Wholesale and Programs business and named Danielle Stewart as Chief Operating Officer. In his new role, Buonpane will report to Bill Hazelton, Executive Vice President of Everest Insurance and President of North America ... Read the full article
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