Reinsurance News
PartnerRe’s H1 operating income falls on increased cat losses and reserve strengthening
31st July 2024
PartnerRe has revealed that its operating income for H1 of 2024 was $366 million, down from $636 million in H1 of 2023, driven by an increased frequency of mid-sized natural catastrophe events and a reserve strengthening in its U.S. Casualty lines. At the same time, PartnerRe's net income in H1 of ... Read the full article
AIG appoints Dimitry Zilberud as Head of Marine, APAC
31st July 2024
Global insurer American International Group (AIG) has announced the appointment of Dimitry Zilberud as Head of Marine for the Asia Pacific (APAC) region. In his new role, Zilberud will be based in Sydney, Australia. In a statement, Emma Woolley, Global Head of Marine at AIG, said: “Dimitry has 26 years of insurance ... Read the full article
AXIS sees Q2 net income hit $204m as GWP swell 7% to $2.4bn
31st July 2024
AXIS Capital has revealed that net income available to common shareholders in Q2 of 2024 was $204 million, up from $143 million in Q2 of 2023, while gross written premiums (GWP) increased by $156 million, or 7%, to $2.4 billion. Within this GWP growth, there was an increase of $130 million, ... Read the full article
Conduit Re posts strong reinsurance service result as GPW rises 36% in H1’24
31st July 2024
Bermuda-based Conduit Re has reported a 25% rise in comprehensive income to $98.1 million for the first half of 2024, as gross premiums written (GPW) swelled 36% to $737.8 million on the back of strong growth in both property and specialty. Group-wide, H1'24 reinsurance revenue rose 37% to $382 million from ... Read the full article
TFIC’s negative outlook impacted by large weather-related claims: AM Best
31st July 2024
AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Ratings of Tennessee Farmers Insurance Companies (TFIC), a move influenced by the company’s deteriorating performance due to large claims resulting from significant weather events. The credit rating agency also affirmed the company’s Financial Strength Ratings (FSR) ... Read the full article
Swiss Re appoints Anders Malmström to succeed John Dacey as Group CFO
31st July 2024
Global reinsurance giant Swiss Re has named Anders Malmström as its new Group Chief Financial Officer (CFO), effective April 1st, 2025, succeeding John Dacey, who retires from his executive role on March 31st, 2025. Dacey will continue to represent Swiss Re as a non-executive director on the boards of FWD and ... Read the full article
Italian insurers show resilience despite challenging environment, improving outlook: Morningstar DBRS
31st July 2024
According to a recent analysis by Morningstar DBRS, the Italian insurance sector has mostly overcome the challenges of the difficult operating environment it faced in 2023, and the current outlook is improving. Recently published data has shown that Italian insurers managed to report an improvement in profitability compared with the prior ... Read the full article
Saima Shaukat joins ReSource Pro as SVP, Retail Practice
31st July 2024
ReSource Pro, a provider of business process solutions for the insurance industry, has announced the appointment of Saima Shaukat as Senior Vice President, Retail Practice. Shaukat will leverage her deep technology and industry experience to provide strategic direction to drive the enhancement and customization of ReSource Pro's services tailored to the ... Read the full article
New Zealand insurance industry set to go through transformation period following NHI Act implementation
31st July 2024
New Zealand insurance carriers need to update their claims handling processes and ensure their staff are trained accordingly in order to adapt to the changes brought by the implementation of the Natural Hazards Insurance Act 2023 (NHI Act). Gallagher Bassett has prioritised training and upskilling its staff to ensure they are ... Read the full article
P&C reinsurance market will remain broadly where it is today: SCOR’s Conoscente
30th July 2024
For the foreseeable future, SCOR's Global P&C CEO, Jean-Paul Conoscente, expects the property and casualty (P&C) reinsurance market to remain broadly where it is today after the renewals of 2024, absent any major events. SCOR reported its second-quarter results today, including updates on the June and July 2024 reinsurance renewals. ... Read the full article
Number of re/insurance companies based at the DIFC grows 14% in H1’24
30th July 2024
The number of insurance and reinsurance companies based in the Dubai International Financial Centre (DIFC) has grown to 125 companies, up from 110, the centre has reported in its results for the first half of 2024. An international financial hub in the Middle East, Africa and South Asia (MEASA), Dubai-based DIFC ... Read the full article
ART specialist SRS Altitude announces partnership with Generali Global Corporate & Commercial
30th July 2024
European Managing General Underwriter (MGU) SRS Altitude, a specialist in Alternative Risk Transfer (ART), has partnered with Generali Global Corporate & Commercial for ART underwriting solutions. Through this partnership SRS aims to leverage Generali’s dedicated re/insurance capacity, global reach and technical excellence to originate, tailor, and provide a diverse range of ... Read the full article
Gradient AI raises $56.1m in Series C funding
30th July 2024
Gradient AI, the provider of proven artificial intelligence (AI) solutions for the insurance sector, has raised $56.1 million in Series C funding, in a round led by Centana Growth Partners, with participation from existing investors MassMutual Ventures, Sandbox Insurtech Ventures and Forte Ventures. Gradient AI will reportedly use the funds for ... Read the full article
Karma Wallet and Palomar jointly launch new card to help insurance claims
30th July 2024
Karma Wallet, a financial platform dedicated to sustainability and social impact, has strategically partnered up with Palomar, an innovative specialty insurer serving residential and commercial clients to launch Karma Wallet Card. The card aims to provide customers with the benefit of greater financial security through an innovative insurance coverage capability provided ... Read the full article
Poll predicts CrowdStrike IT outage losses could exceed $1bn for re/insurance industry
30th July 2024
The majority of respondents to a recent Reinsurance News poll believe the total re/insurance industry loss from the CrowdStrike-linked IT outage will surpass $1 billion, with 38% of voters anticipating that losses could exceed $1.5 billion. According to our poll, which compiled votes from a range of individuals within the re/insurance ... 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.
