Reinsurance News
Universal Insurance reports Q4’23 CoR of 103.7% and net income of $20m
23rd February 2024
Florida-domiciled and expansive primary insurance company, Universal Insurance Holdings, has reported a Q4 2023 combined ratio of 103.7%, an increase of 2.3 points from the comparative quarter, reflecting a higher net loss ratio as the net expense ratio came down. The insurer’s loss ratio increased by 5.6 points in Q4 2023 ... Read the full article
Gallagher Re appoints Wei Hou as new Head of Life and Health, UK&I
23rd February 2024
Gallagher Re, a reinsurance broker, has recently announced the appointment of Wei Hou to the position of Head of Life and Health, UK and Ireland (UK&I). In this role, he will be responsible for developing Life & Health solutions for the UK and Irish markets. Prior to joining Gallagher Re, Hou served ... Read the full article
Goosehead sees net income improvement with 10% revenue growth in Q4
23rd February 2024
Independent personal lines insurance agency Goosehead has reported a net income of $5.4m for the fourth quarter of 2023, mainly due to revenue growth, a significant improvement compared to the $2.6m reported the prior year quarter. According to Goosehead, its revenues saw a 10% increase in Q4 2023, to $63.0m, compared ... Read the full article
Donegal Group sees $2m net loss and increased combined ratio in Q4 2023
23rd February 2024
US primary holding company Donegal Group has announced its financial results for the fourth quarter of 2023, reporting a net loss of $2.0 million, compared to net income of $3.5 million a year earlier. Donegal Group’s combined ratio for Q4 2023 was 106.8%, compared to 102.8% reported in the prior year ... Read the full article
Nick Clements named Brightway Insurance CEO
23rd February 2024
Brightway Insurance, an US personal lines insurance distribution platform, has announced the appointment of Nick Clements as Chief Executive Officer (CEO), effective March 1, 2024. Clements has more than two decades of experience building and scaling fintech businesses, both as a founder and an operator within leading financial services organisations. Prior to ... Read the full article
IRDAI to implement collateral requirements for reinsurance deals with CBRs: report
23rd February 2024
According to a report from Business Standard, the Insurance Regulatory and Development Authority of India (IRDAI) is planning to introduce collaterals for reinsurance transactions with Cross Border Reinsurers (CBR). These changes aim to protect both policyholders and insurers, building confidence in the market and creating a healthier insurance system. These guidelines ... Read the full article
Zurich adds $300m top cat layer for Europe to 2024 reinsurance arrangements
22nd February 2024
European re/insurer Zurich has made some adjustments to its reinsurance coverages for 2024 with the addition of a new $300 million top catastrophe layer to its Europe all perils tower, while the retention on its U.S. all perils tower has come down by $50 million to $600 million. Alongside the ... Read the full article
AXA grows European windstorm reinsurance by 40% to €3.9bn for 2024
22nd February 2024
Global insurance and reinsurance firm AXA has purchased significantly more protection for its European exposures at the January 2024 renewals, growing its European windstorm reinsurance in particular by 40% to reach €3.9 billion. AXA has purchased significantly more catastrophe reinsurance limit overall for 2024, with its European flood reinsurance tower also ... Read the full article
Adam Meyerowitz named EPIC’s new COO
22nd February 2024
EPIC Insurance Brokers & Consultants (EPIC) has appointed Adam Meyerowitz as Chief Operating Officer as part of the firm’s expansion plans. A risk management provider, delivering diverse and specialised P&C, employee benefits, private client and specialty insurance solutions, EPIC has seen significant growth and expansion due to a focus on investing ... Read the full article
Resilience enhances incident response capabilities with BreachQuest acquisition
22nd February 2024
Resilience, a cyber risk management firm, has fortified its position in combating cyber threats by acquiring BreachQuest, an innovative incident response technology solution. With the digital landscape evolving rapidly and risks escalating, this strategic move aims to enhance incident response mechanisms, particularly against Business Email Compromise (BEC) attacks, which have emerged ... Read the full article
Fitch expects new regulations to enhance Indonesia’s re/insurance sector
22nd February 2024
Fitch Ratings reports that new regulations for Indonesian insurers and reinsurers are likely to reduce the number of companies operating in the sector and encourage a healthier competitive environment. The country's Financial Services Authority will significantly raise minimum equity requirements starting from the end of 2026. Currently, Indonesian insurers must maintain a ... Read the full article
SCOR Korea partners with Lydia AI to enhance VUS and future risks
22nd February 2024
Global reinsurer SCOR's South Korean branch has strategically partnered with Lydia AI, a health AI start-up, to augment SCOR's Virtual Underwriting Solution (VUS) with point-of-underwriting predictive health analytics to create holistic end-to-end underwriting solutions. Rho Donghyun, Chief Executive Officer, SCOR Korea, commented, "Health and life insurers are challenged by the aging ... Read the full article
Howden announces new appointment within Surety team
22nd February 2024
Global re/insurance broker Howden has announced new appointments to its Capital, Advisory & Placement’s Surety team, naming Chris Coomans Head of Natural Resources, James Royal Head of Mining and Marc Underwood Trade Finance Lead. All the new appointments are based within Howden’s Surety division. The broker has a long history of ... Read the full article
Global Atlantic and Manulife close $10 billion reinsurance transaction
22nd February 2024
In a significant move within the insurance industry, Global Atlantic Financial Group (Global Atlantic) and Manulife Financial Corporation have successfully finalized a $10 billion reinsurance transaction. The deal, which was initially unveiled last December and has now reached completion, involves the reinsurance of a diverse portfolio of Manulife's life, annuity, and ... Read the full article
Everest promotes Jill Beggs to COO of Reinsurance
22nd February 2024
Bermuda-based insurer and reinsurer, Everest Group, Ltd., has named Jill Beggs as the new Chief Operating Officer (COO) of its reinsurance arm, with Jiten Voralia taking over as Reinsurance Head of North America Treaty, effective immediately. Beggs spent the first decade of her underwriting career at Everest, and joined Munich Re ... Read the full article
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