Reinsurance News
Vantage expands Insurance Leadership Team with key appointments
25th July 2024
Vantage Group Holdings Ltd. (Vantage), an insurance and reinsurance company, has strengthened its Insurance Leadership Team with two key appointments. Kelly Bellitti has been appointed Chief Pricing and Portfolio Actuary, while David Valzania has taken on the role of Chief Underwriting Officer. These appointments are effective immediately, with both Bellitti and Valzania ... Read the full article
Proactive cyber insurance helps SMEs save thousands on security costs: CFC
25th July 2024
CFC, an insurance provider specialising in emerging risks and cyber coverage, has published an analysis on the costs SMEs incur when implementing cybersecurity services. The company's cyber team examined the expenses of various third-party cybersecurity solutions to determine the financial impact on SMEs when outsourcing these services. The analysis compared the same ... Read the full article
Canadian Personal Auto & Personal lines increase in Q2’24: Applied Systems
25th July 2024
Applied Systems has released second quarter of 2024 results of the Applied Rating Index, which shows that average premiums for both Personal Auto lines and Personal Property lines increased year over year, while quarter over quarter, premium rate change increased for Personal Auto and increased for Personal Property compared to ... Read the full article
BMS appoints Hannah Watkins as UK chief growth officer
25th July 2024
BMS Group, an independent specialist re/insurance broker, has announced the promotion of Hannah Watkins to the newly created role of UK chief growth officer, effective immediately. Based in London, Watkins will lead the development and execution of BMS’s client-first growth plan, she will also be in charge of coordinating BMS’s business ... Read the full article
New entrants to UK bulk annuity underlines growth potential: Fitch
25th July 2024
The growth potential of the UK bulk annuity market has been highlighted by a wave of new entrants, according to Fitch Ratings. Steep interest rate rises in 2022-2023 boosted pension scheme funding levels, making it more affordable for corporates to transfer their pension liabilities to insurers. Mutual insurer Royal London, for example, ... Read the full article
WTW’s net income climbs 48% in Q2 as revenue hits $2.3bn
25th July 2024
Global advisory, broking and solutions firm WTW has revealed that net income for Q2 of 2024 was $142 million, an increase of 48% compared to Q2 of 2023. WTW's revenue in Q2 of 2024 was $2.27 billion, an increase of 5% compared to the same period in 2023. Of this total ... Read the full article
Stephen McKay named UK Advisory Leader, Marsh
25th July 2024
Marsh, the insurance broking division of Marsh McLennan, has appointed Stephen McKay as UK Advisory Leader, where he will be based in London, reporting to Chris Lay, CEO, Marsh McLennan UK and Giampaolo Scarso, Advisory Leader, International, Marsh, subject to regulatory approval. At the same time, it has also been confirmed ... Read the full article
ILS managers Twelve Capital and Securis to merge
25th July 2024
Insurance-linked securities (ILS) focused independent asset managers, Twelve Capital and Securis Investment Partners, have announced their intention to merge, creating one of the world's largest ILS managers with assets under management of $7.8 billion. The announcement states that shareholders of both ILS investment managers remain fully invested in the combined business, ... Read the full article
Goosehead sees $10.9mn net income growth in Q2 2024, revenues up 13%
25th July 2024
Goosehead, an independent personal lines insurance agency, has announced its financial results for the second quarter of 2024, reporting an increased net income of $10.9mn, compared to the $7.2mn reported in the same period last year. Mark Miller, President and CEO, stated: “Our excellent second quarter 2024 results reinforce our return ... Read the full article
Arthur J. Gallagher appoints Richard Harries to Board of Directors
25th July 2024
Veteran Richard Harries has been appointed to insurance and reinsurance broker Arthur J. Gallagher & Co.'s Board as a new Director. Harries has more than 35 years of insurance industry experience in the UK and other highly regulated markets and has experience growing businesses as an operational leader. He most recently served ... Read the full article
AM Best places credit ratings of SCOR under review following L&H update
25th July 2024
AM Best has placed the credit ratings of SCOR and its main subsidiaries under review with developing implications following the French reinsurer's publication of an update on its Q2 2024 and full-year 2024 results. In the update, SCOR announced that it has decided to accelerate its life & health (L&H) ... Read the full article
CrowdStrike event to cost cyber insurers up to $1.5bn: CyberCube
25th July 2024
Preliminary insured losses from the CrowdStrike IT outage for the standalone cyber insurance market are anticipated to fall between $400 million and $1.5 billion, according to CyberCube, a specialist modelling firm for cyber risks and exposures. For those unaware, the outage was caused by the security company CrowdStrike, which sent out ... Read the full article
Swiss Re Corporate Solutions appoints Kevin Bates as Country Head, Australia & NZ
25th July 2024
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant Swiss Re, has appointed Kevin Bates as Country Head of Australia & New Zealand, effective November 4th, 2024. Bates succeeds Christine Bell, who has decided to retire and will be based in Sydney. In this position, Bates will hold responsibility for ... Read the full article
RenRe’s Q2’24 underwriting income rises 36% as net income hits $495m
25th July 2024
Bermuda-based reinsurer RenaissanceRe Holdings Ltd. (RenRe) has reported underwriting income of $479.3 million and a combined ratio of 81.1% in its second quarter 2024 results, as both fee income and investment income also contributed to another successful quarter for the firm. Year-on-year, RenRe's Q2 underwriting result increased more than 36% although ... Read the full article
Arch Insurance secures approval for Allianz’s US MidCorp and Entertainment insurance businesses
25th July 2024
Arch Insurance North America, part of Arch Capital Group Ltd., has obtained regulatory approval for its previously announced acquisition of Allianz’s US MidCorp and Entertainment insurance businesses, including select specialty insurance programmes, from Allianz Global Corporate & Specialty SE. Both parties expect to close the transaction on August 1, 2024, subject ... Read the full article
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