Reinsurance News
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
AM Best maintains negative outlook for Brazil reinsurance market
6th August 2024
AM Best is maintaining a Negative segment outlook for Brazil’s reinsurance market until favourable performance trends can be sustained. AM Best’s recent report identifies strict regulations on foreign assets as a major factor contributing to this negative outlook. These restrictions have limited the growth of domestic reinsurers internationally. Although domestic reinsurers are ... Read the full article
Actuarial & reserving teams are doing more to combat the uncertain environment: Sealy, PwC Bermuda
6th August 2024
The reserving cycle exists, and studies have shown that historically, final estimates tend to be underestimated in bad years and overestimated in good ones, but both actuarial and reserving teams are now doing more to mitigate significant uncertainty in the current environment, according to Damian Sealy of PwC Bermuda. Read the full article
Skyward Specialty reports rise in underwriting profit as CoR strengthens
6th August 2024
Skyward Specialty Insurance Group, Inc. has reported a rise of 17.6% in gross written premiums (GWP) and an improved underwriting result of $23.9 million for Q2 2024, compared to last year’s $15.5 million. The reported GWP is $496 million for Q2 2024, compared to $422 million for Q2 2023, and hit ... Read the full article
Howden Re expands cyber capabilities, adds Harriet Gruen as Head of Threat Intelligence
6th August 2024
Howden Re, the reinsurance and risk advisory arm of Howden, has announced the expansion of its Cyber Reinsurance capabilities in threat intelligence and education with the appointment of Harriet Gruen as Head of Threat Intelligence, Education & Training. This move follows a period of rapid growth for the cyber reinsurance team ... Read the full article
At-Bay names AIG’s Ken Riegler as President, At-Bay Insurance
6th August 2024
Cyber insurance provider At-Bay has appointed Ken Riegler as President of At-Bay Insurance and to the Board of Directors of At-Bay Specialty Insurance Company, its Excess & Surplus (E&S) carrier. In this role, Riegler's remit is focused on accelerating At-Bay's growth in E&S insurance and fostering relationships with broker partners and ... Read the full article
James River’s underwriting profit falls to $9.84m in Q2
6th August 2024
James River Group Holdings has released its financial results for the second quarter of 2024, posting a net income of $11.9 million and a group combined ratio of 99.3%. These results compared to last years second quarter where the company posted a net income of $9.5 million, and a combined ratio ... Read the full article
Tokio Marine’s international segment sees Q1 net premiums swell 18.5%
6th August 2024
Tokio Marine's international business saw total net premiums written in Q1 of 2024 reach JPY 813.6 billion ($5.62 billion), driven by strong rate increases and new businesses in North America alongside the steady implementation of growth measures elsewhere. Of the total net premiums written figure, North America operations made up JPY ... Read the full article
Markel boosts International Casualty team with Hannaford and Murray appointments
6th August 2024
Markel, the insurance operations within Markel Group, has announced the addition of Robert Hannaford and James Murray to its International Casualty team, effective immediately. Hannaford, who brings over a decade of underwriting experience to Markel, was appointed Senior Underwriter, Life Science. In this role, he will support the development and build-out ... Read the full article
Palomar reports rise in net income to $25.7m in Q2’24
6th August 2024
Specialty insurer Palomar Holdings has reported a net income of $25.7 million for the second quarter of 2024, an improvement compared to net income of $17.6 million from Q2 2023. The company’s gross written premiums (GWP) experienced substantial growth, increasing by 40.4% to $385.2 million compared to $274.3 million from the ... Read the full article
Ambac’s specialty P&C insurance production hits $165m in Q2
6th August 2024
Ambac has revealed that specialty P&C insurance production, which includes gross written premiums (GWP) by its Specialty P&C Insurance segment and premiums placed by the Insurance Distribution segment, totalled $165 million in Q2 of 2024, an increase of 74.9% from Q2 of 2023. The firm's total GWP in Q2 of 2024 ... Read the full article
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