Reinsurance News
AXA XL bolsters Asia senior leadership with two appointments
29th July 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has bolstered its Asian senior leadership with the appointment of Todd Wilhelm as Head of Specialty, Asia, and Guillaume Parard as the Head of Property & Casualty, Asia. The pair will be based in Singapore, where ... Read the full article
BMS to acquire UK insurance broker DR&P from Inflexion
29th July 2024
BMS Group, an independent specialist insurance and reinsurance broker, has entered into an agreement to acquire David Roberts & Partners (DR&P), a UK-based insurance broker, from European mid-market private equity firm, Inflexion. Founded in 1977, DR&P has a presence across the UK and Europe, handling more than £620 million in gross ... Read the full article
New listing rules can help boost the UK economic growth agenda, says Aon
29th July 2024
Global insurance and reinsurance broking group Aon has said that new changes to the UK’s listing regime could "help boost economic growth and innovation on the UK stock market." The Financial Conduct Authority (FCA) recently unveiled the biggest changes to the UK listing regime in decades, which are aimed to support ... Read the full article
D’Alessandro named head of portfolio underwriting at Hampden’s Syndicate 2689
29th July 2024
Hampden Risk Partners' Syndicate 2689 at Lloyd's (HRP) has appointed Giancarlo D’Alessandro as head of portfolio underwriting. An experienced veteran across the sector, D’Alessandro’s 13-year career spans lead underwriting roles at major firms such as AIG and QBE. Most recently, he served at QBE, where he held the role of Portfolio Manager ... Read the full article
IUA welcomes three new companies as London insurance market expands
29th July 2024
Three new companies have recently become members of the International Underwriting Association (IUA), a trade organisation representing the London insurance market, highlighting the continued expansion of the industry. The IUA now represents 81 firms, more than double the number from a decade ago. According to recent data, the London insurance market ... Read the full article
Industry unsure what impact CrowdStrike outage will have on cyber insurance market, poll suggests
26th July 2024
According to a recent poll from Reinsurance News, the re/insurance industry appears to be unsure in regards to how big of an impact the recent CrowdStrike IT global outage will have on the standalone cyber insurance market. For those who need a reminder, the outage, which took place on July 19, ... Read the full article
USAA’s Wallace becomes Chief Audit Executive, Seybold takes over as CFO
26th July 2024
USAA has announced that Jeff Wallace, the firm's current Chief Financial Officer (CFO), will take on a new role as Chief Audit Executive. Brett Seybold, who is currently the Senior Vice President and Senior Financial Officer for USAA’s property and casualty business, will replace Wallace as CFO. Throughout his 30-year-long career, ... Read the full article
Events like the CrowdStrike IT outage “are unlikely to reach catastrophic levels”: Coalition’s Motta
26th July 2024
$0.96 billion industry-wide loss experienced by US cyber insurance policyholders impacted by the CrowdStrike IT outage has been forecasted by cyber insurance provider Coalition, a low figure compared to the losses of natural catastrophe events that routinely impact the insurance industry. The IT outage took place on July 19, caused by ... Read the full article
Increase in renewal rate change for all segments except workers’ comp in Q2’24: Ivans Index
26th July 2024
Ivans, a division of Applied Systems, has released the results for the second quarter of 2024 from the Ivans Index, which showed that premium renewal rate change for all major commercial lines of business, except Workers’ Compensation, are up year over year. At the same time, both General Liability and Workers’ ... Read the full article
Cincinnati Financial reports $312mn net income in Q2 2024
26th July 2024
Cincinnati Financial Corporation has announced its financial results for the second quarter of 2024 reporting a net income of $312mn, 42% lower when compared to the $534mn reported in the same period last year. The $222mn decrease in Q2 2024 net income was primarily due to the after-tax net effect of ... Read the full article
Property reinsurance rate rises moderating, casualty seeing large increases: Gallagher
26th July 2024
While property reinsurance renewals experienced modest price declines at the mid-year renewals, casualty classes saw the greatest renewal premium increases, which could keep advancing, broker Gallagher has observed. Talking about the reinsurance market and mid-year renewals following the release of its second quarter of 2024 financial results, J. Patrick Gallagher Jr, ... Read the full article
MAPFRE RE sees premiums grow 5.5% in H1 2024
26th July 2024
MAPFRE RE, the reinsurance arm of Madrid-headquartered insurer MAPFRE, has reported that premiums, which include the reinsurance and global risks businesses, increased by 5.5%, reaching over €4.3 billion, in the first half of 2024. Of the €4.3 billion in premiums, the company noted that €3.3 billion came from the reinsurance business, ... Read the full article
US homeowner’s insurance segment suffers worst underwriting loss this century, AM Best
26th July 2024
As the U.S. homeowner's insurance segment experiences its worst underwriting results since at least 2000, rating agency AM Best has cited the continued shift in population towards catastrophe prone regions of the US, as being a key driver towards this. The segment suffered a $15.2 billion underwriting loss in 2023, which ... Read the full article
Ryan Specialty and Private Client Select launch excess & surplus lines distribution partnership
26th July 2024
Private Client Select Insurance Services LLC (PCS), an independent Managing General Underwriter mainly owned by American International Group, Inc. (AIG) and Stone Point Capital LLC, has revealed a new partnership with Ryan Specialty. In this partnership, Ryan Specialty will exclusively serve as the wholesale broker for PCS in the High and ... Read the full article
The Hartford reports 35% rise in Q2’24 net income
26th July 2024
Property and casualty (P&C) insurer The Hartford has reported a 35% year-on-year increase in net income to $733 million for the second quarter of 2024, driven by a higher underwriting gain in P&C, stronger net investment income, and an improved Group Benefits loss ratio. Alongside the rise in net income, the ... Read the full article
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