Reinsurance News
BMS Re adds six hires to MGA ProLink Solutions
9th May 2024
BMS Group's reinsurance broking arm, BMS Re, has added six new hires to ProLink Solutions, its dedicated MGA business which was founded within the company last year. Launched in mid-2023, ProLink has expanded to become a large broker in the programs sector, with almost $6 billion of premium across more than ... Read the full article
Re/insurance industry must recalibrate cyber risk approach to reach untapped potential
9th May 2024
As per a new report from Howden Re, the reinsurance and risk advisory arm of the Howden Group, while perceptions of heightened systemic risk within the cyber re/insurance class have been persistent, the rewards offered are often underestimated relative to natural catastrophe exposure. Howden Re's report, Re-framing cyber risk: navigating threats ... Read the full article
Hamilton’s Q1 CoR increases to 91.5% as Baltimore bridge losses hit $37.9m
9th May 2024
Hamilton's Q1 2024 combined ratio has increased by 3.6 points year over year to 91.5%, primarily driven by losses of $37.9 million arising from the Francis Scott Key Baltimore Bridge collapse. The attritional loss ratio in Q1 of 2024, net of reinsurance, was 57.2%, an increase of 8.1 points compared to ... Read the full article
Greenlight Re reports stronger Q1’24 CoR as underwriting income rises
9th May 2024
Greenlight Capital Re, Ltd. has reported a 98% combined ratio for Q1 2024 compared to 99.8% in Q1 2023, as the firm's underwriting income increased to $3.4 million from $0.4 million. The current-year catastrophe losses, including the Baltimore bridge incident, added 7.7% to the firm's combined ratio during the first quarter ... Read the full article
WTW MGU Verita launches new Workers’ Compensation solution
9th May 2024
Verita, the Managing General Underwriting (MGU) company of WTW, has introduced Workers’ Compensation solution to its suite of casualty products. Verita aims to reshape the landscape for US mid-sized and larger companies by bringing a robust, technical approach to underwriting, risk advisory services, and claims management. Verita’s expansive casualty coverage solutions include ... Read the full article
FM Global 2023 financial performance drives record $1.4bn membership credit
9th May 2024
Commercial property insurer FM Global has announced a record US$1.4 billion membership credit for FM Global’s Client Owners. This is, according to the announcement, the firm’s largest-ever membership credit, which was driven by FM Global's strong financial performance in 2023. Malcolm Roberts, chairman and chief executive officer of FM Global, commented: “We ... Read the full article
ReThought Flood joins AAIS Partner Program for enhanced flood risk assessment
9th May 2024
The American Association of Insurance Services (AAIS) has announced that reThought Flood will be joining its Partner Program, bringing its innovative technological solution for underwriting flood insurance to enhance the accuracy of risk assessment. The AAIS Partner Program offers members exclusive access to premium products and services, enabling them to streamline ... Read the full article
Moody’s upgrades Assured Guaranty’s IFS with stable outlook
9th May 2024
Moody’s Ratings (Moody’s) has upgraded Assured Guaranty Corp.’s (AGC) insurance financial strength (IFS) rating to A1 from A2, and assigned an stable outlook for the firm and its subsidiaries. According to the announcement, the upgrade of AGC’s IFS rating reflects the company’s strong risk-adjusted capital adequacy, the significant improvement in the ... Read the full article
GBN Risk Solutions appoints Houssam Yehya as Director & Group Head of International
9th May 2024
GBN Worldwide Risk Solutions (GBNRS), a London-based independent broker and Managing General Agent (MGA), has strengthened its leadership team by appointing Houssam Yehya as Director and Group Head of International. In his new capacity, Yehya will directly report to Jamil Elbahou, chairman of Silverbrook Holdings, the parent company of GBN Worldwide ... Read the full article
AM Best assigns ratings to Guilderland Re, affirms ratings of parent
9th May 2024
Guilderland Reinsurance Company (GRC) has been assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) by credit ratings company, AM Best. The outlook assigned to GRC is stable, which reflects its role as a member of Knight and the explicit ... Read the full article
MSIG USA bolsters executive team with new additions
9th May 2024
MSIG USA has announced it is strengthening its executive leadership team with new appointments aimed at reinforcing the company's dedication to the U.S. market, its expansion and innovation. Peter McKenna, CEO of MSIG USA, stated: "These appointments, coupled with the organizational changes we announced earlier this year, underscore MSIG USA's significant ... Read the full article
Saha Re enters African reinsurance market
8th May 2024
Saha Reinsurance Proprietary Limited (Saha Re) launched on the 27th of March, 2024, as a newly established reinsurance company licensed by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) of Botswana. Established as a forward-thinking reinsurer, Saha Re is dedicated to providing innovative reinsurance solutions tailored to the evolving insurance landscape in ... Read the full article
Assurant’s net income increases 108% in Q1’24
8th May 2024
US specialty insurance group Assurant has reported a GAAP net income of $236.4 million for the first quarter of 2024, representing a 108% increase compared to the $113.6 million reported in the same period last year. According to the company, this increase was mainly due to higher segment earnings and lower ... Read the full article
Front Street Re welcomes Edison Fong as new CEO
8th May 2024
Edison Fong has been named Chief Executive Officer of Front Street Re (FSR), an insurtech and reinsurance company focused on annuity, life, health, and general reinsurance solutions and is an operating subsidiary of Lexasure Financial Group Limited. Fong is joining the company from New York-based Converge Re, a reinsurance company focusing ... Read the full article
K2 Parametric Insurance Services adds Palms Specialty to carrier panel
8th May 2024
K2 Parametric Insurance Services, LLC , a subsidiary of K2 Insurance Services and Palms Insurance, has announced that Palms Specialty will be providing capacity to support K2 Parametric’s program. According to the announcement, under this partnership, K2 Parametric will be able to further increase their capacity offering for commercial Parametric Natural ... Read the full article
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