Reinsurance News
Palomar Holdings reports $79.2m net income in FY23, GWP hits $1.1bn
15th February 2024
Palomar Holdings has posted a net income of $79.2 million for the full year 2023, representing significant growth from $52.2 million that the company recorded in 2022. The company's gross written premiums (GWP) also saw a solid rise, increasing by 29.4% to $1.1 billion compared to $881.9 million in 2022. Moreover, Palomar ... Read the full article
CSC partners with cyber risk solutions NetDiligence
15th February 2024
Security and threat intelligence provider CSC has partnered with NetDiligence, a specialist in cyber risk solutions, to help mitigate cyber risks and support the cyber insurance ecosystem. With this agreement, CSC is now an available vendor to cyber insurance carriers, brokers, and clients on NetDiligence’s eRiskHub under the newly developed “pre-breach” ... Read the full article
Arch reports stronger reinsurance underwriting result as group net income hits $2.3bn in Q4’23
15th February 2024
Bermuda-based re/insurer Arch Capital Group Ltd. has reported a Q4 2023 combined ratio of 78.9% compared with 73.5% a year earlier as catastrophe losses increased, although underwriting income in both its insurance and reinsurance segments strengthened year-on-year. Group wide, net income available to common shareholders hit $2.3 billion in Q4 2023, ... Read the full article
Marsh’s D&O Echo Facility providing clients up to $75m of D&O insurance capacity
15th February 2024
Insurance broker and risk advisor and a business of Marsh McLennan, Marsh, has confirmed that its directors & officers (D&O) Echo facility is now offering clients with enhanced D&O insurance protection, which is being done in order to provide significant financial stability amid continued volatile market conditions and swaying insurance ... Read the full article
Rising demand for political risk insurance amidst surging global elections: Chaucer
15th February 2024
Chaucer, a re/insurance company owned by China Re, forecasts that 2024 will bring heightened political risk due to a surge in scheduled elections worldwide. This escalation raises concerns about potential political upheaval, prompting an increased demand for political risk insurance among businesses globally as they seek to protect themselves. Consequently, the ... Read the full article
Mercury General posts $191m net income in Q4, CR sits at 98.6%
15th February 2024
Mercury General Corporation has posted $191.4 million net income in their results for the fourth quarter of 2023, compared to a -$6.7 million for the prior year period. Net premiums earned for the quarter sat at $1.14 billion, representing a solid increase from the prior year quarter's $1.0 billion. At the same ... Read the full article
AXIS Re names Matthew Krizmanic as Casualty Treaty Underwriter
15th February 2024
AXIS Re, the reinsurance arm of Bermuda-based AXIS Capital Holdings, has announced the appointment of Matthew Krizmanic as Casualty Treaty Underwriter. In this role, Krizmanic will manage a portfolio of casualty treaty business, including workers compensation and general and excess liability, among several other lines of business. He will also be involved ... Read the full article
Hagerty agrees to acquire Everspan’s CNIC
15th February 2024
Hagerty Insurance Holdings, Inc. (Holdings), a subsidiary of Hagerty, has agreed to acquire Everspan’s Colorado-domiciled insurance company, Consolidated National Insurance Company (CNIC). Holdings entered into a stock purchase agreement with Everspan and has agreed to pay approximately $18.4 million to acquire all of the issued and outstanding capital stock of CNIC. The ... Read the full article
WTW Research Network & London Mathematical Laboratory partner on nat cat models
15th February 2024
WTW, the global advisory, broking and solutions company, has announced a new collaboration between its subsidiary WTW Research Network and the London Mathematical Laboratory to better inform decision-making through catastrophe models. This new agreement will inform the use of mathematical modelling for insurance, to help mitigate natural catastrophe risk. The pair note ... Read the full article
ShoreOne names Brendan Voss as Chief Claims Officer
14th February 2024
ShoreOne Insurance Company has announced the appointment of Brendan Voss as its new Chief Claims Officer. With over 25 years of extensive experience in claims process management, strategy development, and resource optimisation, Voss brings a wealth of expertise to his new role. In his capacity as Chief Claims Officer, Voss will play ... Read the full article
NAIC 2024 strategic priorities to include AI, climate risks and insurance marketing
14th February 2024
Climate and cyber risks, as well as protection gaps and transparency among the National Association of Insurance Commissioners (NAIC), priorities for 2024. The NAIC has recently announced its strategic priorities for the year and stated they are equipped to take on the shared challenges and responsibilities of a more interconnected world. The ... Read the full article
Aon seeds AXA IM carbon transition bond fund
14th February 2024
In a strategic move towards bolstering sustainable investment portfolios, Aon seeds AXA Investment Managers (AXA IM) carbon transition bond fund aimed at facilitating the transition to net zero emissions. The initiative has been jumpstarted with a significant £127 million seed capital infusion from Aon, a prominent professional services and investment consulting ... Read the full article
Allianz introduces new Financial Lines team to enhance customer support
14th February 2024
Allianz has announced the launch of a new in-house team dedicated to managing Financial Lines claims. This move aims to provide seamless support to brokers and customers who rely on Allianz's Directors & Officers and Professional Indemnity products. Located at Allianz’s Milton Keynes branch, this newly established team collaborates closely with ... Read the full article
Warwick Re completes second deal, increases asset base by $550m
14th February 2024
Warwick Re Ltd, the Bermuda-domiciled reinsurer, has completed its second transaction, an annuity reinsurance agreement with a US life insurer. Under the terms of the agreement, Warwick Re has reinsured an inforce block of US annuity business and the cedant will continue to service and administer the policies. At the same time, ... Read the full article
AIG ‘significantly improved’ property cat structure and reinsurance coverage at 1.1 renewal: CEO Zaffino
14th February 2024
Global insurer AIG was able to "significantly improve" its property catastrophe structure and reinsurance coverage provided at the key January 1st, 2024, reinsurance renewals, with Chief Executive Officer (CEO) Peter Zaffino describing the outcome as "tremendous" for the carrier. After reporting a solid set of results for the fourth quarter ... Read the full article
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