Reinsurance News
Thai Re sees 418% jump in net profit in Q1’24
17th May 2024
Thai Reinsurance Company (Thai Re) has released their results for the first quarter of 2024, which includes a net profit of THB 57 million ($1.58 million), 418% higher than the prior year's first quarter, due to improved reinsurance results. This was disclosed in financial statements lodged with the Stock Exchange of ... Read the full article
IFRS17 earnings benefit seen as highest for reinsurers: JP Morgan
17th May 2024
JP Morgan has noted that when looking at the change in earnings expectations in 2024-26 across the insurance sector, reinsurers have seen the biggest benefit from IFRS17. The firm's recent Love Actuary report observed it is "evident" that the reinsurers have seen the greatest increase in earnings expectations as a group ... Read the full article
Anne Rappa appointed Fine Arts and Specie Leader at Marsh McLennan Agency
17th May 2024
Marsh McLennan Agency, part of global insurance and reinsurance brokerage Marsh McLennan, has announced the appointment of Anne Rappa as the Fine Arts and Specie Leader, effective May 20. In this newly established role, Rappa will spearhead the development and implementation of customised solutions aimed at safeguarding clients' valuable assets against ... Read the full article
ICA reports $176m in insured damages from April NSW storms
17th May 2024
The Insurance Council of Australia (ICA) has reported that the storms in New South Wales from April 3rd to 8th caused $176 million in insured damages, with over 95% attributed to property damage. These storms significantly impacted the Hawkesbury-Nepean and Illawarra regions, prompting a total of 14,781 claims, with 13,959 concerning ... Read the full article
Solvency reforms UK: S&P global notes no revolutionary changes for insurers
17th May 2024
S&P Global Ratings anticipates the implementation of Solvency UK reforms, which align the European Economic Area-wide Solvency II insurance regulatory framework with the UK insurance market, to be largely completed by the end of 2024. The insurance industry generally welcomes these reforms due to their potential to reduce costs and increase ... Read the full article
Houston, Texas hit by hurricane-like winds and flash floods during deadly storms
17th May 2024
Houston, Texas has been hit by deadly storms that reportedly blew out windows in high-rise buildings, caused flash floods, and knocked out power to nearly a million homes and businesses. Four people have died following the storms, during which Houston’s mayor, John Whitmire, observed winds reaching 100 mph - the equivalent ... Read the full article
Aon reveals cyber attack/data breach as top risk for financial institutions
17th May 2024
Aon, a global insurance and reinsurance broker, has revealed that cyber attack/data breach ranks first among the top business risks confronting the financial institutions industry. This insight is derived from Aon’s 2023 Global Risk Management Survey. The survey also identifies regulatory/legislative changes and economic slowdown/slow recovery as the next most critical ... Read the full article
SCOR reports Q1’24 net income of €196m amid solid P&C performance
17th May 2024
French reinsurer SCOR has announced net income of €196 million for the first quarter of 2024 and a P&C re/insurance combined ratio of 87.1%, which includes a nat cat ratio of 7.2%, mainly impacted by the update of the market loss related to the Q3 2023 Italian hailstorm. Within P&C, SCOR ... Read the full article
Ardonagh’s MDS Brazil to acquire D’Or Consultoria for £123m
17th May 2024
MDS Brazil, a subsidiary of Ardonagh-owned MDS Group, has revealed it intends to acquire D'Or Consultoria, a health, dental, life insurance, and pensions broker from Rede D’Or Sao Luiz. S.A. (Rede D’Or). The transaction, which has a consideration of R$800 million (£123 million), is subject to approval by the Administrative Council ... Read the full article
Insurers are likely to add to alternatives allocations, says KKR
17th May 2024
A recent insurance survey released by global investment firm KKR has highlighted a sharp recovery in allocations to investment-grade fixed income as rates rebounded over the past three years, as well as considerable resilience for nontraditional investments such as private equity and structured credit. However, despite higher rates, insurance company Chief ... Read the full article
AM Best revises Spain’s non-life insurance segment from negative to stable
17th May 2024
Global credit ratings agency AM Best has revised its outlook on Spain's non-life insurance segment from negative to stable, driven by segment growth supported by economic development and resilient profitability on the back of premium rate increases. The agency has confirmed that it expects non-life insurance premium growth in Spain to ... Read the full article
Lloyd’s updates cyber war wordings
17th May 2024
Lloyd’s of London has recently issued an updated Market Bulletin to offer clearer guidance on cyber war wordings, aiming to prevent disputes over policy coverage. In August 2022, Lloyd’s released Market Bulletin Y5381, outlining requirements for exclusions in standalone cyber-attack policies. This was done to help the Lloyd’s market better manage ... Read the full article
Trium & Wikifri enter commercial E&S property insurance space
17th May 2024
Wikifri, an insurance consulting firm and provider of the Insurance Daylight Data Solution, is collaborating and supporting Trium Cyber US Services, Inc., a US-domiciled Lloyd’s coverholder and underwriter, in expanding their insurance offerings to include commercial E&S property insurance. Following the successful launch of their cyber operations in January 2023 with ... Read the full article
HSB Canada to offer employment practices liability coverage to small businesses
17th May 2024
HSB Canada, a multi-line specialty insurer and part of the global reinsurance giant Munich Re, has introduced a new coverage, Employment Practices Liability Insurance with the aim to help small businesses respond to claims arising from employment-related practices. The firm has cited external and internal reports which show that 80% of ... Read the full article
Conduit Holdings names Stephen Redmond as a Non-Executive Director
16th May 2024
Bermuda-domiciled property and casualty reinsurance group, Conduit Holdings, has appointed Stephen Redmond as a Non-Executive Director of its Board, effective May 14th, 2024. As previously reported, Sir. Brian Williamson has now stepped down as a non-executive Director in line with CHL's board succession plan. It follows the addition of Rebecca ... Read the full article
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