Reinsurance News
CRC Group expands team with three new appointments
29th August 2024
CRC Group, a North American wholesale specialty insurance distributor, has announced the addition of three new team members as part of its strategic expansion to better support retail agency clients nationwide. Rudie Heling has joined the CRC Group office in Carmel, IN, as an Underwriting Team Leader. He brings nearly a decade ... Read the full article
Canada Life Re’s base earnings up 14% in H1’24
28th August 2024
Canada Life Reinsurance, a provider of reinsurance solutions for life and health, has reported its results for the first half of 2024, showing a 14% increase in base earnings compared to the same period last year. Canada Life Re is a division of The Canada Life Assurance Company, which is a ... Read the full article
Insured losses from Jasper, Canada wildfire exceeds $880m
28th August 2024
The wildfire that struck the Municipality of Jasper and Jasper National Park this summer has resulted in insured losses exceeding $880 million, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The intense wildfire, which began on July 22, has become the second most expensive wildfire in Alberta’s history ... Read the full article
Reinsurers’ financial strength & diversification key to mitigating cat losses: Swiss Re
28th August 2024
After reinsurers paid over $150 billion in global claims across property, casualty, and specialty lines in 2023, Swiss Re's Urs Baertschi has emphasised the industry's critical role as a shock absorber, a springboard for addressing the protection gap, and a compass for data-driven decision-making. Writing in a blog post for Swiss ... Read the full article
Credit ratings of Core Specialty subsidiaries upgraded by AM Best
28th August 2024
As specialty insurer Core Specialty Insurance Holdings, Inc.'s product and geographical diversification continues to improve on the back of acquisitions and organic growth initiatives, AM Best has upgraded the credit ratings of its subsidiaries. The global credit rating agency has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- ... Read the full article
AXIS Capital names David White as new Head of Aviation
28th August 2024
Global specialty underwriter and re/insurance provider, AXIS Capital Holdings Limited (AXIS), has announced the appointment of David White as Head of Aviation, AXIS Global Markets, effective October 1, 2024. White will be taking over from Terry Wood, who is retiring after 22 years with the company. Mark Gregory, Head of Global Markets ... Read the full article
Ageas Re generates €67m operating profit in H1’24, CoR sits at 93.1%
28th August 2024
Ageas, the Brussels-headquartered multinational insurer, has reported a total net operating result of its reinsurance segment of €67 million in the first six months of 2024, up from the €66 million figure that was posted in the prior year period. Ageas Re's combined ratio for the period was up compared to ... Read the full article
WTW promotes Bonnet and Hirsch to Co-Heads of Transactional Insurance
28th August 2024
Global advisory, broking, and solutions firm WTW has appointed Simone Bonnet and Andrew Hirsch as Co-Heads of Transactional Insurance Solutions within Private Equity and Transactional Solutions, Corporate Risk and Broking North America (CRB NA). As per WTW, in their new roles, Bonnet and Hirsch will co-lead the Transactional Insurance Solutions team ... Read the full article
Better motor and buildings insurance results support German non-life earnings: Fitch
28th August 2024
Fitch Ratings has revised its sector outlook for the German non-life insurance market to ‘improving’ from ‘neutral’ in June 2024, as the rating agency predicts better underlying profitability supported by strongly rising premium rates in motor and buildings insurance. According to a recent Fitch report, the sector premium is now forecasted ... Read the full article
AM Best assigns A- ratings to Mainsail with stable outlook
28th August 2024
Global ratings agency AM Best has assigned Mainsail Insurance Company with a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent), with a stable outlook. Mainsail, a property and casualty insurer, offers 17 different lines of coverage, including auto, property, and commercial insurance. The ... Read the full article
FullCircl partners with Howden to enhance client experience
28th August 2024
FullCircl, a software company that assists insurance brokers in accelerating growth and integrating compliance smoothly, has announced a multi-year agreement with Howden, an insurance intermediary group. This partnership aims to help Howden's clients maintain proper coverage while lowering compliance costs and reducing administrative burdens. The deployment of FullCircl SmartBroker includes a suite ... Read the full article
Arch Capital adds Dan J. Houston and Neal Triplett to its Board of Directors
28th August 2024
Bermuda-headquartered insurer and reinsurer Arch Capital Group Ltd. has added Daniel "Dan" J. Houston and Neal Triplett to its Board of Directors, effective immediately. John Pasquesi, Chair of the ACGL Board of Directors, commented, "The Board of Directors regularly assesses the composition of our Board and identifies opportunities to broaden our ... Read the full article
Vienna Insurance Group’s GWP climbs 7.9% in H1’24
28th August 2024
In their financial results for the first half of 2024, Vienna Insurance Group (VIG) has reported that its total volume gross written premiums (GWP) increased by 7.9% to reach €7,886.8 million. Particularly positive premium growth was reported in the firm's Special Markets segment (Germany, Georgia, Liechtenstein, and Türkiye) with an increase ... Read the full article
Lloyds Bank names De Monte as MD, Head of Insurance & Group Subsidiaries
28th August 2024
Lloyds Bank Corporate & Institutional Banking has appointed Christian De Monte as Managing Director, Head of Insurance and Group Subsidiaries. De Monte will join on September 2nd, and oversee two teams, one which supports the bank’s insurance clients and the other which supports its group subsidiaries client base. Based in London, ... Read the full article
Global reinsurers’ earnings to remain favourable through 2025, says Fitch
28th August 2024
Global reinsurers are expected to maintain strong earnings through the rest of 2024 and into 2025, thanks to generally adequate pricing and disciplined underwriting, according to a recent Fitch Ratings report. In the first half of 2024, the 19 non-life reinsurers tracked by Fitch achieved a combined ratio of 84.2%, an ... Read the full article
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