Reinsurance News
QBE continues momentum in GWP growth, underwriting performance “tracking to plan”
10th May 2024
Australian insurer QBE continued to report growth in gross written premium in Q1 2024, up 2% on the prior corresponding period on both a reported and constant currency basis. The firm has also disclosed that group-wide, there were renewal rate increases of 7.3% in Q1 2024, in line with expectations and ... Read the full article
American Coastal on course to secure more reinsurance with June renewal near completion
10th May 2024
American Coastal Insurance Corporation has secured more than 90% of the total reinsurance limit it's seeking for its June 1st renewal, as the firm looks to increase the total open market limit by around $265 million for the 2024 hurricane season, $200 million of which comes from its new, multi-year ... Read the full article
Mosaic Insurance launches professional liability products for specialist engineers
10th May 2024
Mosaic Insurance is now offering customised professional liability protection for specialist engineers, offering $15 million in targeted primary coverage for unique risks. According to the announcement, the new form offers a dedicated product, with core coverage of professional liability, plus enhancements such as pollution, public-relations costs, and mitigation. The suite caters to ... Read the full article
Tokio Marine America and Mercury join forces for Californian non-renewals
10th May 2024
Mercury Insurance is leading an initiative to ensure insurance access and coverage continuity for numerous California consumers. Through close collaboration, Tokio Marine (TMA) and Mercury have devised a strategy to seamlessly transfer TMA and its subsidiary, Trans Pacific Insurance Company (TPIC), customers to Mercury. This transition is facilitated by a coalition ... Read the full article
Florida insurance reforms tackle fraud: Triple-I report
10th May 2024
Florida's property insurance sector, grappling with prolonged challenges from legal system manipulation and fraudulent claims, is witnessing a turnaround as the 2024 Atlantic hurricane season approaches, as outlined in a recent report by the Insurance Information Institute (Triple-I). Recent legislative changes in 2022 and 2023 have bolstered Florida's insurance environment, according ... Read the full article
AM Best revises Fairfax’s outlooks to positive on improved earnings
10th May 2024
AM Best has revised the outlooks to positive for Fairfax Financial Holdings, its subsidiaries, and Allied World, reflecting the improved earnings profile of the consolidated group. The rating agency noted that Fairfax deployed significant cash into highly rated fixed income instruments as interest rates increased in 2022, which resulted in dividend ... Read the full article
Oxbridge Re sees net loss in Q1 as CoR climbs to 99.8%
10th May 2024
Oxbridge Re, the Cayman Islands-based reinsurance company, has disclosed a Q1 2024 net loss of $905,000 compared to a net income of $142,000 in Q1 2023. According to the firm, the decrease is primarily due to the negative change in the fair value of equity securities and investments during the opening ... Read the full article
Aon unveils update to its Pricing Platform software
10th May 2024
Global insurance and reinsurance brokerage Aon has unveiled an update to its Pricing Platform, that is set to bring "enhanced visualisation and automation capabilities to re/insurance underwriters." It has also been confirmed, that the software update has also added new business lines including U.S. Financial lines and Cyber, as well as ... Read the full article
CRC Group grows NA team with two new hires
10th May 2024
CRC Group, a North American wholesale specialty insurance distributor, has announced the appointment of two new underwriting team leaders, Lance Lee and Andrew Weinberg. Lee, who has almost a decade of industry experience, is joining the company’s Clearwater, FL office as a transportation specialist. Prior to joining CRC Group, he served as ... Read the full article
American Coastal completes run-off of personal lines book with sale of Interboro to Forza
10th May 2024
American Coastal Insurance Corporation has announced the sale of its New York domiciled insurer, Interboro Insurance Company, to Forza Insurance Holdings, LLC, a move which completes the run-off of American Coastal's personal lines portfolio. The definitive agreement sees Forza acquire 100% of the issued and outstanding stock of Interboro and enables ... Read the full article
Ark reports Q1 CoR of 94% as GWP hit $872m
10th May 2024
White Mountains has released its Q1 2024 results, noting that the combined ratio for its Ark segment was 94%, which included slight net favourable prior year development and minimal catastrophe losses. However, Ark's non-catastrophe losses in Q1 2024 included $15 million on a net basis related to the collapse of the ... Read the full article
Fidelis reports GPW growth but large losses dent Q1’24 underwriting income
10th May 2024
Fidelis Insurance Holdings Limited, a Bermuda-domiciled re/insurer, has reported underwriting income of $69.2 million, with a combined ratio of 85.8% for Q1 2024, compared to $80.6 million and 79.1%, respectively, for Q1 2023, as the firm’s gross premiums written (GPW) for the quarter increased 21.6% to $1.5 billion. Alongside growth in ... Read the full article
Saudi Re sees 183.87% net profit increase in Q1 2024
10th May 2024
Saudi Re has reported a net profit after zakat (a religious obligation for all Muslims who meet the necessary criteria of wealth) of SAR 31.79 million for the first quarter of 2024, a 183.87% increase from the same quarter the year prior. According to the reinsurer’s interim results, this growth is ... Read the full article
ICW Group expands workers’ compensation coverage into New York
10th May 2024
ICW Group Insurance Companies has expanded its workers' compensation insurance coverage into the New York market to support its growth strategy. ICW Group noted that the entry into New York furthers its commitment to offering comprehensive coverage and preventative risk management services to businesses nationwide. Agents and brokers can now reportedly submit ... Read the full article
Aon launches suite of property risk tools for brokers in North America
10th May 2024
Global insurance and reinsurance broker Aon has launched a suite of risk analyser tools, allowing brokers in North America to receive exposure data, quantify loss potential and help risk managers make decisions based on the total cost of risk. The broker will showcase the new analytic capabilities at the Risk Management ... Read the full article
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