Reinsurance News
Fairfax sees net earnings and GWP increase in Q2 2024
2nd August 2024
Fairfax Financial Holdings Limited has announced its financial results for the second quarter of 2024, reporting net earnings attributable to shareholders of $915.4 million, which compares to the $734.4 million seen in the second quarter of 2023. This increase, according to Fairfax, primarily reflects increased adjusted operating income of $1,119.4 million ... Read the full article
Bay Harbor Re appoints QBE Re’s Mark LaManna as SVP of Casualty Underwriting
2nd August 2024
Cayman Islands-domiciled reinsurer Bay Harbor Re has recently announced the appointment of Mark LaManna as Senior Vice President (SVP) of Casualty Underwriting. LaManna brings 35 years of industry experience to his new role, with expertise in casualty primary insurance underwriting, specialty program management, and property and casualty treaty reinsurance underwriting. He joins ... Read the full article
wefox completes two transactions to exit the German insurance market
2nd August 2024
InsurTech wefox has successfully completed two transactions to exit the German insurance market, aligning with the company's strategy to focus on profitable market positions of critical size If you recall, wefox's plans to exit the German market were announced in early July. It was revealed that wefox will only focus on ... Read the full article
Ambac completes acquisition of Beat Capital Partners
2nd August 2024
Ambac Financial Group has completed its acquisition of Beat Capital Partners, a London-based insurance underwriting and managing general agency (MGA) incubation platform. The acquisition follows an announcement on June 5, 2024, where Ambac disclosed it had signed a definitive agreement to acquire a 60% controlling stake in Beat for approximately ... Read the full article
US & Canada wildfire insured losses rising amid increased activity: Aon
2nd August 2024
Insured losses from wildfires are mounting due to increased activity in Canada and the US, with 574 active fires in Canada and 95 in the US as of August 1, according to Aon’s weekly catastrophe report. In Canada, the wildfire in Jasper National Park, Alberta, has had the most significant impact. ... Read the full article
Ardonagh’s MDS Brazil finalises acquisition of D’Or Consultoria
2nd August 2024
MDS Brazil, a subsidiary of the Ardonagh-owned MDS Group, has finalised the acquisition of D’Or Consultoria, a broker with expertise in health, dental, life insurance, and pensions, which is part of Rede D’Or São Luiz S.A. This acquisition significantly enhances MDS Brazil’s offerings in health and benefits, strengthening its competitive position ... Read the full article
Trisura Group reports operating net income growth of 20.1% in Q2 2024
2nd August 2024
Specialty insurance provider Trisura Group has announced its financial results for the second quarter of 2024, reporting "strong performance" with operating net income of $31.3 million, a 20.1% increase from the $26.0 million seen in the same period the year prior. According to the firm, the increase in operating income was ... Read the full article
AM Best upgrades Skyward Specialty members rating to A with stable outlook
2nd August 2024
AM Best has upgraded the Financial Strength Rating of Skyward Specialty Insurance Group’s subsidiary insurance companies from “A-” to “A” (Excellent) rating with a stable outlook. Skyward Specialty’s members Long-Term Issuer Credit Ratings (Long-Term ICRs) has also been upgraded from A- to A. Skyward Specialty's members include Houston Speciality Insurance Company, Imperium ... Read the full article
Ryan Specialty reports 18.8% revenue growth for Q2’24 to $695.4m
2nd August 2024
International specialty insurance firm, Ryan Specialty Holdings, Inc. has reported a Q2 2024 total revenue growth of 18.8% year-over-year to $695.4 million compared to last year’s $585.1 million. According to Ryan Specialty, this increase was primarily due to continued solid organic revenue growth of 14.2%, driven by new client wins, expanded ... Read the full article
West P&I Club set to open new office in Dubai
2nd August 2024
West P&I Club, an insurance provider to the global maritime and offshore industries, has announced plans to open to a new regional office in Dubai, set to be led by Captain Gagan Dhillon, who has been recruited as CEO (Dubai). With this, West will reportedly be the first International Group Club ... Read the full article
SiriusPoint’s CR hits 89% in Q2, net income reaches $109.9m
2nd August 2024
In their results for the second quarter of 2024, SiriusPoint's combined ratio deteriorated six points year on year to 89%, compared to the previous year's 83%, driven primarily by lower favorable prior year loss reserve development. The company also posted a consolidated underwriting income of $65.1 million, a notable decrease compared ... Read the full article
RGA’s consolidated net premiums rise by 17.5% to $3.9bn for Q2’24
2nd August 2024
In Q2 2024, Reinsurance Group of America (RGA), a global life and health reinsurer, reported a 17.5% year-over-year increase in consolidated net premiums, reaching $3.9 billion compared to $3.3 billion in the previous year. Consolidated net premiums saw an adverse net foreign currency effect of $33 million, after the exclusion of ... Read the full article
Final agreement reached for Ryan Specialty to acquire US Assure
2nd August 2024
Ryan Specialty, an international specialty insurance intermediary, has announced a definitive agreement to acquire US Assure Insurance Services of Florida, Inc., a Jacksonville-based specialist in builder's risk insurance that will be integrated into Ryan Specialty's Underwriting Managers Specialty division. Founded in 1977, US Assure is a trusted name in the small ... Read the full article
AXA XL partners with US MIG to expand Inland Marine insurance offering
2nd August 2024
AXA XL and U.S. Marine Insurance Group (US MIG) have entered into an underwriting agreement to expand its Inland Marine insurance offerings in the supply chain and transportation sectors. Founded in 2015, U.S. Marine Insurance Group is an underwriting firm and licensed Managing General Agent that provides comprehensive insurance solutions for ... Read the full article
CrowdStrike event insured loss to fall between $300m & $1bn: Guy Carpenter
2nd August 2024
Insured losses from the CrowdStrike-linked global IT outage will fall between $300 million and $1 billion, as per a new report from Guy Carpenter. For those unaware, On July 19, CrowdStrike, a leading cybersecurity technology provider, released a "Rapid Response Content" update to its EDR tool named Falcon, sitting on Microsoft ... Read the full article
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