Reinsurance News
The Fidelis Partnership launches new renewables MGA, Novagen
7th August 2024
Pine Walk Capital Limited, the specialist MGA platform and a wholly owned subsidiary of The Fidelis Partnership, has launched Novagen, a new renewables MGA. The new MGA will reportedly focus on underwriting the full spectrum of renewable technologies (onshore, offshore, construction and operational) globally. Valeria Del Villano, who most recently served as ... Read the full article
TWIA pays out $120m on Beryl claims, files for 10% rate increase
7th August 2024
As of August 5th, 2024, residual market insurer the Texas Windstorm Insurance Association (TWIA) had received over 27,000 claims for Hurricane Beryl and has made payment on more than 10,000 claims at a cost of roughly $120 million. Hurricane Beryl, the earliest Category 5 storm ever recorded which made three separate ... Read the full article
Severe convective storms drive 70% of $60bn insured losses in H1: Swiss Re
7th August 2024
According to a new report from Swiss Re, global insured losses from natural catastrophes have reached $60 billion in H1 of 2024, with severe thunderstorms, mainly in the US, accounting for 70% of the total figure. At $60 billion, global insured losses from natural catastrophes in H1 of 2024 are reportedly ... Read the full article
IGI sees slight drop in net income for Q2 as CoR hits 81.2%
7th August 2024
IGI has revealed that net income for Q2 of 2024 was $32.8 million, down from $40.5 million in the same quarter of 2023, while its combined ratio was 81.2%, up from 73.5% in the same period last year. According to the firm, its net income was largely driven by underwriting income ... Read the full article
Bill Hazelton to lead Everest North America Insurance business as EVP
7th August 2024
Bermuda-domiciled global re/insurer Everest Group, Ltd., has announced the appointment of veteran Bill Hazelton as Executive Vice President of Everest Insurance® & President of North America Insurance. Hazelton will be taking over the role from Mike Mulray, who will be leaving the company to pursue other opportunities. The executive brings more than ... Read the full article
Phinsys establishes presence in Middle East with new Dubai office
7th August 2024
Phinsys, the finance automation software provider for the re/insurance industry, has opened a regional office in Dubai, marking its entry into the Middle East. The strategic expansion aims to tap into the market with an increasing number of insurers seeking to enhance financial data management and automate accounting processes. Stuart Conibear, Chief ... Read the full article
Hiscox Re & ILS reports strong H1’24 growth as CoR strengthens to 73.8%
7th August 2024
Hiscox Re & ILS, the Group's reinsurance businesses in London and Bermuda and insurance-linked securities (ILS) activity, produced a strong and improved combined ratio of 73.8% for the first half of 2024, while net premiums written in the segment rose by 10.5% as Hiscox looked to capitalise on attractive market ... Read the full article
Arch Insurance acquires Allianz’s US MidCorp and Entertainment insurance businesses
7th August 2024
Arch Insurance North America, part of Arch Capital Group Ltd., has announced its acquisition of Allianz’s U.S. MidCorp and Entertainment insurance businesses. This deal follows Arch Insurance obtaining regulatory approval on 25th July. Almost 500 former Allianz MidCorp and Entertainment employees have joined Arch, ensuring a smooth transition for clients and ... Read the full article
Bowhead Specialty sees $5.5mn net income in Q2 2024 with GWP increase
7th August 2024
Bowhead Specialty, a provider of casualty and professional liability products, has announced its financial results for the second quarter of 2024, reporting a net income of $5.5 million and a 50.4% increase in gross written premiums (GWP). The firm’s net income for the quarter was 15.6% down when compared to the ... Read the full article
Ryan Specialty and MagMutual enter exclusive partnership for healthcare facility coverage
7th August 2024
Ryan Specialty, an international specialty insurance company, has entered into a new exclusive partnership with MagMutual, the mutual insurer of physicians and hospitals in the US. This collaboration will be managed through Sapphire Blue, known for its advanced solutions for complex healthcare risks, and is part of Ryan Specialty's underwriting division, ... Read the full article
Janover’s new insurtech platform hits profitability and boosts revenue by 60% in May
7th August 2024
Janover Inc., a provider of AI-powered solutions for commercial real estate transactions, has recently shared an update on its insurtech subsidiary, Janover Insurance Group. Launched in March 2024, Janover Insurance achieved profitability by May 2024. During that period, its monthly recurring revenue increased by more than 60% compared ... Read the full article
Ivans Index shows increase in premium renewal rates in July
6th August 2024
Ivans, a division of Applied Systems, has reported an increase in average premium renewal rate change across all major commercial lines of business, except for Workers' Compensation, year over year in July. According to the Ivans Index, July experienced an increase in average premium renewal rate change across Commercial Auto, Business ... Read the full article
Saudi Re’s insurance revenues rise 68% in H1’24
6th August 2024
Saudi Re has reported a 68% rise in insurance revenues for the first half of 2024, climbing to SAR 482.69 million ($128.71 million) from the previous year's SAR 286.62 million ($76.43 million). At the same time, the company also posted net profits after Zakat, attributable to shareholders of SAR 75.27 million ... Read the full article
ZestyAI launches AI model to tackle non-weather water claims
6th August 2024
Climate and property risk analytics provider ZestyAI has launched Z-WATER, an AI-powered property-specific model designed to predict the frequency and severity of non-weather water and freeze claims. Non-weather water claims are a leading cause of insurance losses, ranking third nationwide, highlighting the urgent need for a predictive tool like Z-WATER. Z-WATER is ... Read the full article
Guy Carpenter appoints Lisa Tolaini as General Counsel
6th August 2024
Lisa Tolaini has been appointed General Counsel of Guy Carpenter, the reinsurance broking division of Marsh McLennan (MMC). Based in London, Tolaini has been with Marsh McLennan for over 13 years, having most recently served as General Counsel, UK and International, a role she held from March 2023 until August 2024. Prior ... Read the full article
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