Reinsurance News
SCOR to “massively” boost investments in the Chinese market
7th May 2024
In an interview with China Daily, Thierry Leger, Chief Executive Officer (CEO) of French reinsurer SCOR, stated that the company will "massively" boost investments in the Chinese market to capture the country's long-term growth prospects. He added that he "disagrees strongly" with the arguments that China's economic development has peaked because ... Read the full article
MGA Casper Specialty selects Chaucer and TMK as new capacity providers
7th May 2024
The global specialty re/insurance firm, Chaucer and global specialist insurer Tokio Marine Kiln (TMK) have been chosen as new capacity partners by Casper Specialty UK Limited, a casualty-focused MGA, post a successful launch and continued growth, as it enters its second year of trading. Chaucer and TMK have joined Argenta to ... Read the full article
Swiss Re urges data-driven risk management amid escalating natural catastrophes: Ojeisekhoba
7th May 2024
In response to escalating natural catastrophes and rising insured losses, Moses Ojeisekhoba, Chief Executive Officer of Global Clients & Solutions at Swiss Re, stresses the urgent need for society to leverage advanced data-driven insights to drive efforts in adapting to and mitigating risks. With climate change amplifying weather-related disasters, global insured ... Read the full article
Mining firm Boliden confirms insurance claim for Rönnskär fire
7th May 2024
Swedish mining company Boliden has confirmed that the primary insurance company has fully assumed its part of the insurance claim following the June 2023 fire at the Rönnskär smelter, a major producer of copper, zinc, lead and other metals. For those who need a reminder, on June 13, 2023, a fire ... Read the full article
RGA reports increase in net premiums to $5.4bn for Q1’24
7th May 2024
Reinsurance Group of America (RGA), a global life and health reinsurer, has reported a consolidated net premium increase of 58.8% to $5.4 billion for Q1 2024. This included a $1.9 billion contribution from a single premium pension risk transfer transaction in the U.S. Financial Solutions business. The reinsurer has reported Q1 2024 ... Read the full article
Truist completes sale of remaining stake in insurance brokerage TIH
7th May 2024
Truist Financial Corporation has completed the sale of its remaining stake in Truist Insurance Holdings (TIH), the fifth largest insurance brokerage in the US, to an investor group led by private equity firms Stone Point Capital, Clayton, Dubilier & Rice, Mubadala Investment Company and other co-investors. If you recall, in February ... Read the full article
The Hanover Insurance reports spike in net income for Q1’24 to $115.5m
7th May 2024
The Hanover Insurance Group, Inc. has reported net income of $115.5 million for Q1 2024, compared to a net loss of $12 million in the prior-year quarter. The firm’s operating income was $111.9 million for the quarter, compared with $4.6 million in the prior-year period. The insurer has reported a combined ... Read the full article
AXA XL unveils coverage for SEC cyber incident reporting requirement costs
7th May 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has introduced a new cyber insurance endorsement designed to help public organisations manage the costs associated with the U.S. Securities and Exchange Commission's (SEC) updated cyber incident reporting requirements. Michelle Chia, Chief Underwriting Officer for ... Read the full article
Acrisure expands in southern England with FinCred and GBS acquisitions
7th May 2024
Acrisure, a global Fintech company, has announced the acquisitions of Financial and Credit Insurance Services Ltd (FinCred) and Global Broking Solutions (GBS), managed by the Sutton Winson team, marking a significant expansion of the company’s footprint in southern England. FinCred, based in Sevenoaks, Kent, is a specialised credit insurance broker and ... Read the full article
CNA Financial posts $338m net income in Q1, P&C CR hits 94.6%
7th May 2024
In their results for the first quarter of 2024, CNA Financial Corporation has reported a net income of $338 million, compared to a net income of $297 million in the prior year quarter. The firm's property & casualty (P&C) segments produced core income of $372 million for Q124, representing an increase ... Read the full article
Markel reports growth in income and operating revenue for Q1’24
7th May 2024
Global re/insurer Markel Group Inc. has reported growth of 23% in operating revenue to $4.47 billion and operating income growth of 77% to $1.33 billion, primarily driven by its investment engine, for the first quarter of 2024. The company has reported a higher combined ratio of 95.2% in Q1 2024 compared ... Read the full article
Maiden Holdings enters renewal rights transaction with AmTrust Nordic AB
7th May 2024
Maiden Holdings, Ltd. has entered into a renewal rights transaction with AmTrust Nordic AB, the Swedish subsidiary of AmTrust Financial Services, Inc. to cover the majority of its primary business written through its subsidiaries, Maiden General Försäkrings and Maiden Life Försäkrings in Sweden, Norway and other Nordic countries. Under the terms ... Read the full article
Hannover Re CEO expects further earnings growth following robust recent performance
7th May 2024
Hannover Re CEO Jean-Jacques Henchoz anticipates further earnings growth following a string of successful financial years in the firm's most recent strategy cycle. During Hannover Re's Annual General Meeting, Henchoz underlined the firm's reliability, noting how it delivered on promises from 2021 to 2023 in the face of numerous challenges. The firm ... Read the full article
Canadian Personal Auto & Personal Property lines increase in Q1’24: Applied Systems
7th May 2024
Applied Systems has released first quarter 2024 results of the Applied Rating Index, which shows that average premiums for both Personal Auto lines and Personal Property lines increased year over year, while quarter over quarter, premium rate change increased for Personal Auto and increased for Personal Property compared to Q4 ... Read the full article
Quadrant and Verve forge exclusive partnership for regional risks
7th May 2024
Quadrant Insurance Managers and Verve Risk Services have announced the next phase of their long standing partnership, with Quadrant assuming the role of exclusive regional partner for Verve. This partnership will focus on managing risks located specifically in North Carolina, Montana, Tennessee, and Vermont. Together, they will offer insurance company management and ... Read the full article
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