Reinsurance News
Arch opted against property cat growth at mid-year renewal amid heightened storm risk: CEO Grandisson
1st August 2024
Bermuda-based insurer and reinsurer Arch Capital Group decided against further growing its property catastrophe book at the mid-year renewal given the heightened storm risk, as the firm looks for the right balance across its portfolio, according to Chief Executive Officer (CEO), Marc Grandisson. This week, Arch Capital reported a 26% ... Read the full article
Corebridge Financial sees $353m net income in Q2 2024
1st August 2024
Corebridge Financial, an American multinational financial services company, reported a net income of $365 million for the second quarter of 2024, down from $771 million in the same quarter last year. The firm attributed this change primarily to higher net realised losses stemming from asset optimisation activities. The company also reported an ... Read the full article
Joe Boren to chair Mosaic Insurance’s new advisory board
1st August 2024
Global specialty insurer Mosaic Insurance has named Joe Boren as Chair of a new advisory board to drive strategic growth, especially across North America. Boren's remit will be helping the firm identify other key industry individuals to build out the new advisory group, mandated to focus on market engagement, innovation, strategy, ... Read the full article
World Bank launches REPAIR program to boost climate resilience in Eastern & Southern Africa
1st August 2024
The World Bank's recently approved Regional Emergency Preparedness and Inclusive Recovery Program (REPAIR), which African Risk Capacity Limited will implement, is set to enhance Eastern and Southern African countries' resilience against climate shocks and attract $205 million in private capital to support these efforts. According to the World Bank, over six ... Read the full article
Miller continues european expansion with 4809 Brokers AG acquisition
1st August 2024
Independent specialist re/insurance broker Miller has announced the acquisition of reinsurance capital advisory business 4809 Brokers AG, its third European acquisition as it continues its expansion in the continent. Miller stated this acquisition is consistent with its reinsurance strategy, which is focused on growth opportunities in the value-add and advisory parts ... Read the full article
Michael Eberhardt named Managing Director and CUO of Hannover Re Bermuda
1st August 2024
Global reinsurer Hannover Re has announced the appointment of Michael Eberhardt as Managing Director and Chief Underwriting Officer (CUO) of Hannover Re Bermuda. Eberhardt brings nearly two decades of industry experience in various management roles to his new position. He joined Hannover Re in June 2006 as a Senior Underwriter in the ... Read the full article
Markel’s underwriting profit dips to $134.2m in Q2, CR sits at 93.5%
1st August 2024
Global re/insurer Markel Group has posted an underwriting profit of $134.2 million for the second quarter of 2024, an 8% decrease from the $145.3 million figure the firm reported last year. At the same time, the organisation's total operating revenues for Q2 2024 sat at $3.7 billion, a decrease from the ... Read the full article
Guy Carpenter appoints Justin Ward as MD, Head of Capital Advisory (APAC)
1st August 2024
Guy Carpenter, the reinsurance broking division of Marsh McLennan (MMC), has recently appointed Justin Ward as Managing Director, Head of Capital Advisory for the Asia Pacific (APAC) region. In his new role, Ward will be based in Singapore. With over 20 years of experience in the industry, Ward is a valuable addition ... Read the full article
Everest reports rise in Q2’24 net income amid strong reinsurance result
1st August 2024
Bermuda-based insurer and reinsurer, Everest Group, Ltd., has reported net income of $724 million and a Q2 2024 combined ratio of 90.3% as pre-tax underwriting income reached $358 million, driven by a strong result in its reinsurance segment. Year-on-year, the combined ratio has deteriorated slightly from the 87.7% in Q2 2023, ... Read the full article
Allstate sees Q2 net income of $301m as Property-Liability segment improves
1st August 2024
US primary insurer Allstate has revealed that its net income applicable to common shareholders in Q2 of 2024 was $301 million, up from a net loss of $1.4 billion in the same quarter of 2023, driven by improved Property-Liability underwriting results. Earned premiums of $13.3 billion in the Property-Liability segment in ... Read the full article
AIG reports Q2’24 net loss on Corebridge deconsolidation
1st August 2024
Global insurer AIG has reported a net loss of $4 billion in its second quarter 2024 results, driven by the recognition of a loss as a result of Corebridge deconsolidation, with divested businesses denting the performance of its general insurance (GI) business. AIG explains that it recognized a loss of $4.7 ... Read the full article
Insurtech funding shifts to $1.27bn in Q2, highest level since Q1’23: Gallagher Re
1st August 2024
The global Insurtech sector witnessed a significant rise in funding throughout the second quarter of 2024, amounting to US $1.27 billion, marking the highest levels of funding seen since the first quarter of 2023, according to latest findings unveiled by reinsurer Gallagher Re. Q2 2024 saw AI-centred Insurtechs obtain a grand ... Read the full article
H Group Benefits acquired by insurance broker Relation
1st August 2024
Insurance brokerage firm Relation Insurance Services has acquired the assets of H Group Benefits, Inc., a health insurance agency based in Illinois, US. The transaction, which terms were not disclosed, went into effect on June 30, 2024. Tim Hall, Chief Executive Officer for Relation, said: “H Group has an outstanding reputation in ... Read the full article
Insurers steadily increasing their private credit holdings continued throughout 2023: AM Best
1st August 2024
According to credit ratings agency AM Best, a decade-long trend of insurers moderately increasing their private credit holdings continued to be seen throughout 2023, comprising 44% of the bonds held within the insurance sector, compared with approximately 27% in 2013. A new report from AM Best reveals that insurers’ private credit ... Read the full article
Skuld appoints Matthew Bayman as SVP of Business Development
1st August 2024
Marine insurance provider Skuld has announced the appointment of Matthew Bayman as Senior Vice President (SVP) of Business Development, effective early 2025. Bayman will report directly to Gregory Thomas, Chief Business Development Officer at Skuld. In his new role, Bayman will collaborate closely with Skuld’s underwriting and business development teams across all ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
