Reinsurance News
AM Best removes from under review & affirms ratings of Accredited following Onex acquisition
9th August 2024
Global ratings agency AM Best has removed from under review with developing implications, and affirmed the Financial Strength Ratings (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Accredited Specialty Insurance Company, Accredited Surety and Casualty Company, Inc., and Accredited Insurance Limited, which are collectively known ... Read the full article
AFG’s Specialty P&C insurance segment generates 90.5% CR in Q2’24
9th August 2024
American Financial Group (AFG) has posted $209 million in net earnings for the second quarter of 2024, compared to $200 million from the second quarter of 2023. According to AFG, Q2'24's net earnings included after-tax non-core losses of $6 million. By comparison, net earnings in Q2'23 included net after-tax non-core items ... Read the full article
Poll suggests re/insurers will target growth in existing lines amid capital build-up
9th August 2024
As re/insurers accumulate capital and retain earnings following predominantly positive results, 42% of industry respondents in a recent Reinsurance News poll indicate that growth in existing lines is the most likely area for capital deployment. This comes as no surprise, given the ongoing favourable market conditions and improved results that have ... Read the full article
Aon appoints former U.S. naval officer Admiral Stavridis to Board of Directors
9th August 2024
Global insurance and reinsurance broking group Aon has announced the appointment of Admiral James Stavridis to its Board of Directors, who will be joining August 15, 2024. Lester B. Knight, chair of Aon's board, commented: "We are pleased to welcome Admiral Stavridis to Aon's Board of Directors. Admiral Stavridis' experience as ... Read the full article
Bloomberg Intelligence highlights gap in reinsurers’ midyear renewals and catastrophe losses
9th August 2024
Reinsurance companies Munich Re and Swiss Re may benefit from higher reinsurance-policy retention, but a recent report from Bloomberg Intelligence (BI), the research division of Bloomberg L.P., suggests that current pricing does not fully account for the risks tied to rising sea temperatures during this hurricane season. BI notes that midyear ... Read the full article
Oxbridge Re reports $821,000 net loss in Q2’24 on investments
9th August 2024
Oxbridge Re Holdings Limited, a Cayman Islands-based reinsurance company, reported a net loss of $821,000 for the second quarter of 2024, significantly larger than the net loss of $85,000 in Q2 2023, driven primarily by a negative change in the fair value of equity securities and other investments during the ... Read the full article
HCI Group’s net income climbs to $57.1m in Q2’24
9th August 2024
Florida-based insurtech HCI Group has posted its results for the second quarter of 2024, which includes a net income of $57.1 million and a pre-tax income of $76 million, a solid increase compared to the prior year's $14.9 million and $20.2 million figures. Adjusted net income (a non-GAAP measure which excludes ... Read the full article
QBE de-risks exposure to reserves via $1.6bn transaction with RiverStone & Enstar
9th August 2024
Australian insurer QBE has entered into a reserve transaction with RiverStone International and Enstar, that will de‑risk its exposure to reserves totalling approximately $1.6 billion, effective July 1st, 2024. The transactions are expected to close during Q2 2024, subject to regulatory approvals, and include all North America middle-market reserves up to ... Read the full article
Life and P&C growth drives Generali GWP increase in H1 2024
9th August 2024
Generali has reported its financial results for the first half of 2024, revealing a significant increase in gross written premiums (GWP), to €50.1 billion from the €42.2 billion seen in H1 2023, driven by substantial growth in both the Life and P&C segments. GWP in the Life segment in H1 2024 ... Read the full article
Sompo Intl. P&C reports dip in underwriting income for Q1 as CoR hits 94.1%
9th August 2024
Sompo International's commercial P&C business has reported an underwriting income of $127.4 million for Q1 of the 2024 financial year, down from $155.3 million in the same period of 2023, while its combined ratio increased 1.7 points to 94.1%. Broken down, Sompo International's commercial P&C North America segment contributed $19.3 million ... Read the full article
Reinsurers must maintain underwriting discipline to mitigate nat cat losses: S&P
9th August 2024
Last year marked the fourth consecutive year in which global insured natural catastrophe losses exceeded $100 billion, however, reinsurers largely avoided significant impacts due to strategic positioning, according to S&P Global Ratings. In 2023 and the first half of 2024, insured losses from secondary perils—particularly severe convective storms (SCS)—reached unprecedented levels. ... Read the full article
QBE’s profit more than doubles to $802m in H1’24
9th August 2024
Australian insurer QBE has reported a statutory net profit after tax of $802 million for the first half of 2024, compared with $400 million last year, as the combined ratio improved to 93.8% from 98.8% on the back of lower catastrophe costs, more stable reserve development, and supportive premium rate ... Read the full article
MS Reinsurance posts significant premium growth as CoR strengthens
9th August 2024
Zurich headquartered global reinsurer MS Reinsurance (MS Re) has reported a 305% rise in net income to $81 million for the first quarter of the fiscal year, as the combined ratio improved to 89.7% from 94.2% a year earlier. MS Re is part of global specialty re/insurer MS Amlin, which is ... Read the full article
Hippo reports 88% YoY growth in revenues in Q2 2024
9th August 2024
Home insurance firm Hippo has announced its financial results for the second quarter of 2024 reporting revenue growth of 88% year over year (YoY), with premium retention more in-line with risk-retention. At $90 million, up from $48 million in Q2 2023, revenue growth in Q2 outpaced Total Generated Premium (TGP) growth, ... Read the full article
Hurricane Debby’s wind & flood losses to be manageable at $1-2bn: Gallagher Re
9th August 2024
As per a new report from Gallagher Re, Hurricane Debby will remain a "very manageable" event for the re/insurance industry, with combined wind and water-related insured losses from the private insurance market and National Flood Insurance Program (NFIP) likely to fall in the range of $1-2 billion. Debby first made landfall ... Read the full article
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