Reinsurance News
Oka and Clima partner to introduce insured carbon credits in Australia
10th May 2024
US carbon-credit insurance carrier, Oka, has partnered with Australia's Clima, a carbon solutions platform, to roll out insured carbon credits in the country via broker PSC Paragon (Australia). Protected by Oka's Carbon Protect™ insurance solution, the premium credits will be made available to corporations through credit provider Clima and PSC Paragon. Clima ... Read the full article
Broker Insights launches AI-enabled tool for insurers to help win new business
10th May 2024
Data analytics and market insight platform, Broker Insights, has launched Propensity Lens, which aims to improve efficiency for insurers by helping them to predict the possibility of winning business. Propensity Lens is an addition to Broker Insights’ platform Vision Decision Intelligence, which includes data from over one-third of the UK commercial ... Read the full article
James River starts 2024 with net income growth in Q1
9th May 2024
James River Group Holdings Ltd. has released its financial results for the first quarter of 2024 reporting a net income of $20.9 million and a combined ratio of 95.3%. These results compared to the prior year first quarter’s when the company reported a lower net income, $5.27 million, and a combined ... Read the full article
UK insurers to report slowing premium income growth over next three years: EY
9th May 2024
As per EY's latest ITEM Club Outlook for Financial Services, UK insurers are anticipated to report slowing premium income growth over the next three years as inflation continues to fall. EY noted that while falling inflation is likely to mean that increases in insurance premiums will be smaller, it should prompt ... Read the full article
Liberty Mutual sees big net income improvement in Q1’24, CR hits 95.8%
9th May 2024
Liberty Mutual Holding Company Inc., (LMHC) and its subsidiaries have posted a net income attributable to LMHC of $1.535 billion for the first quarter of 2024. The reported Q1 net income compares to a net loss attributable to LMHC of $74 million that was posted in the same ... Read the full article
Hamilton to buy back $110m shares from funds affiliated with Blackstone
9th May 2024
Bermuda-headquartered Hamilton Insurance Group, Ltd. has entered into an agreement to repurchase shares owned by funds affiliated with Blackstone Alternative Solutions LLC (BAS). The transaction includes 9,124,729 Class A common shares which will be purchased at $12.00 per share, totalling $109,496,748. This represents a 12.0% discount to the 30-day volume weighted average ... Read the full article
Brookfield Re’s net income hits $337m in Q1
9th May 2024
Brookfield Reinsurance has recorded a net income of $337 million for Q1 2024, up considerably compared to a net loss of $93 million in the opening quarter of 2023, driven by strong operating performance as well as favourable mark-to-market movement on the firm's derivatives and funds withheld insurance reserves. Also contributing ... Read the full article
HCI Group reports Q1’24 gross premiums earned increase to $256.6m
9th May 2024
Florida-domiciled insurtech HCI Group, Inc., has reported that Q1 2024 consolidated gross premiums earned increased to $256.6 million from $180.1 million in the prior year quarter, which includes $67 million of premium from the assumption of policies from Citizens Property Insurance Corporation. The firm has reported pre-tax income of $77.4 million ... Read the full article
Louisiana Governor signs insurance reform bills to stabilise property market
9th May 2024
Governor of Louisiana, Jeff Landry, alongside Commissioner Tim Temple, Senate Insurance Chairman Kirk Talbot, House Insurance Chairman Gabe Firment, and other lawmakers, signed four insurance reform bills at the State Capitol aimed at stabilising Louisiana’s property insurance market. Landry expressed optimism, stating, “Our hope is that this package of bills will ... Read the full article
McGill and Partners names Kimber as Partner in Marine and Cargo team
9th May 2024
Insurance and reinsurance broker McGill and Partners has announced the appointment of Amy Kimber to Partner in the firm’s Marine and Cargo team. Kimber has been part of McGill and Partners since 2019, when she joined as an Associate. During this time, she worked closely with the firm’s clients and underwriters ... Read the full article
AI has a crucial role for underwriters despite risks: Denninger, Capgemini
9th May 2024
In a recent interview with Reinsurance News, Adam Denninger, Global Insurance Industry Leader at Capgemini, emphasised the critical role of AI integration in underwriting practices, while acknowledging insurers' likely cautious approach due to various challenges and risks. Denninger asserts that adopting AI technology is essential for property and casualty (P&C) insurers ... Read the full article
QIC Group reports 11% spike in net profit in Q1’24 results
9th May 2024
Qatar Insurance Company, a large insurer in Qatar and the Middle East North Africa region, has reported a net profit of QAR 194 million (USD 53m) for the first quarter of 2024, compared to QAR 175 million (USD 48m) in Q1 2023. In terms of growth, domestic and MENA operations gross ... Read the full article
US homeowners looking to boost profits as weather-related losses & inflation take toll, Moody’s
9th May 2024
US homeowners insurers are raising premiums and tightening policies to help offset weakening profitability from weather-related losses, as well as exposure to catastrophe-prone areas and inflation, according to a Moody's report. Firstly, it is important to note that the the profitability of the US homeowners lines has been volatile over the ... Read the full article
Combination of factors have created a challenging environment for M&A activity, WTW
9th May 2024
A recent report released by global re/insurance broker WTW has highlighted several factors that are contributing towards the decline in mergers & acquisitions (M&A) activity, which includes rising interest rates, geopolitical tensions, and ongoing supply chain disruptions. According to the broker, the combination of these factors have created a "challenging environment ... Read the full article
LSM enhances CAR book with broker-backed digital capabilities
9th May 2024
Liberty Specialty Markets (LSM), affiliated with Liberty Mutual Insurance Group, introduces a fresh digital trading solution for Contractors All Risks (CAR), crafted in collaboration with Howden. This latest addition, coupled with previously established CAR digital trading solutions with WTW and another major broker, solidifies LSM London’s CAR book with robust ... Read the full article
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