Reinsurance News
AXA & Athora to terminate sale agreement of closed life and pensions portfolio
3rd May 2024
Global insurer AXA and Athora have mutually agreed to terminate the sale agreement related to the purchase of a closed life and pensions portfolio from AXA Germany, which was initially announced on July 14, 2022. According to the announcement, AXA will retain this portfolio, which is well-capitalised and duration-matched, ... Read the full article
American Financial reports $242m net income in Q1’24 results
3rd May 2024
American Financial Group, Inc. (AFG) has reported a net income of $242 million for the first quarter of 2024, reflecting an increase from $212 million reported in Q1’23. In Q1, AFG's net earnings included after-tax non-core net realised gains on securities totaling $11 million. In contrast, the first quarter of 2023 ... Read the full article
Enstar posts $119m net income in Q1, ROE sits at 2.4%
3rd May 2024
Enstar Group has posted net earnings of $119 million in the first quarter of 2024, compared to net earnings of $424 million in Q1 2023. Return on equity (ROE) was 2.4% for the quarter, compared to 9.5% from the previous year, while adjusted ROE was 2.6% for the quarter compared to ... Read the full article
Delos partners with Lloyd’s to expand wildfire coverage for California homeowners
3rd May 2024
Delos Insurance Solutions, has partnered with underwriters from Lloyd’s of London to expand wildfire insurance coverage to a broader range of California policyholders with vacant properties. Delos employs cutting-edge technology to provide insurance protection to homeowners in communities abandoned by other insurers due to wildfire risk. Utilising satellite imagery and artificial ... Read the full article
US SCS and tornado activity may drive billions in losses, says Aon
3rd May 2024
Severe convective storms, tornadoes, strong winds, hail and flooding struck central United States throughout the last week, which could potentially result in a loss that runs into the billions of dollars, on both an economic and insured basis, Aon has said. In the broker's weekly cat report, it reveals that the ... Read the full article
Lancashire announces two senior appointments to its Board
3rd May 2024
Bermuda-based re/insurer Lancashire Holdings Limited has announced two senior appointments: Paul Gregory as an Executive Director on its Board and Philip Broadley as the Chair of the Board of Directors. Gregory previously held the position of Chief Underwriting Officer at Lancashire Insurance Company. With a tenure spanning 17 years at Lancashire, ... Read the full article
Ryan Specialty sees $552m revenue growth in Q1 2024
3rd May 2024
International specialty insurance firm, Ryan Specialty Holdings, Inc., has reported Q1 2024 revenue growth of 20.6% year-over-year as well as an increase in net income of 11.6% year-over-year when compared to the same period last year. The firm’s revenue went to $552.0 million in the first quarter of 2024, from the ... Read the full article
Fairfax Financial’s Q1 net earnings hit $776.5m driven by strong P&C operations
3rd May 2024
Fairfax Financial Holdings has revealed that its property and casualty insurance and reinsurance operations produced an adjusted operating income of $977.1 million in Q1 of 2024, up from $843 million in the opening quarter of 2023. As per Fairfax, this operating income increase largely contributed to its Q1 2024 net earnings ... Read the full article
Tiptree posts $9.1m net income in Q1’24, Fortegra’s CR sits at 90.3%
3rd May 2024
Tiptree has posted a net income of $9.1 million for the first quarter of 2024, compared to a net loss of $1.1 million in the first quarter of 2023. The company attributed this increase towards growth seen within their insurance business, improved mortgage operations and investments gains. Tiptree also posted $498.2 million ... Read the full article
PERILS ups industry loss estimate for Windstorm Ciarán to €2.04bn
3rd May 2024
Zurich-based catastrophe insurance data provider PERILS has disclosed its third industry loss estimate for Extratropical Windstorm “Ciarán”, increasing the figure to €2.04 billion. The windstorm, also known as “Emir”, affected France, the United Kingdom, Belgium, and the Netherlands from 1st-2nd November 2023. This new estimate compares to the €1.94 billion figure ... Read the full article
Hippo reports 20% YoY growth in total generated premium in Q1’24
3rd May 2024
In their results for the first quarter of 2024, Hippo Holdings Inc. has announced that it's total generated premium (TGP) grew by 20% year-over-year, reaching $294 million, compared to $244.9 million from the prior year quarter. At the same time, the company also reported a net loss of $35.7 million, compared ... Read the full article
Overy to succeed Young as CEO of Odyssey Group
3rd May 2024
Odyssey Group Holdings, Inc., a global reinsurance and specialty insurance company has announced that Odyssey Reinsurance Company’s global Chief Executive Officer, Carl Overy, will succeed Brian Young as CEO of Odyssey Group effective January 1, 2025. This appointment also coincides with Young’s move to Fairfax, where he will serve as President ... Read the full article
AXA XL Re premiums grow by 9% to €1.3bn in Q1
3rd May 2024
Global insurer AXA has revealed that its AXA XL Reinsurance division grew premiums by 9% in Q1 of 2024 to €1.3 billion, driven by favourable price effects in the Property and Casualty business and higher volumes in Specialty. AXA's total gross written premiums and other revenues were up 6% in Q1 ... Read the full article
Oman Re net profit increases 83% in Q1 2024
3rd May 2024
Oman Re, the sole reinsurer in the Sultanate of Oman, has reported a net profit after tax of OMR977K (USD 2.5 million), a remarkable 83% increase compared to the same period last year, when the net profit stood at OMR 534K (USD 1.4 million). Driven by resilient underwriting performance and a ... Read the full article
Ascot Group makes senior leadership changes in Bermuda
3rd May 2024
Ascot Group, the global specialty insurance firm, has appointed Michael Watkins to the newly created role of Head of Bermuda Insurance, simultaneously, Jason Pugi has been named the Head of Bermuda Excess Casualty. Watkins will be supported by the Bermuda platform’s segment leaders in this new role. According to the insurer, he ... Read the full article
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