Reinsurance News
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
Tokio Marine’s international business reports 11.6% growth in net premiums in Q3’23
14th February 2024
Tokio Marine’s international business has reported profit of JPY300.8 billion for the third quarter of the 2023 fiscal year, representing an increase in profit from last year’s JPY187.3 billion. Profit was strong across all its international entities, Asia & Oceania produced a net profit of JPY23.6 billion, representing year-on-year growth of ... Read the full article
Sompo Intl. adjusted profit above forecast despite $575m reserve strengthening
14th February 2024
Sompo International has disclosed that its USD-basis adjusted profit exceeded forecasts by $39m in 2023, reaching a preliminary $1.15bn, despite substantial reserves strengthening in Q4. According to the Bermuda headquartered re/insurer, it strengthened 2019 and prior accident year reserves in Q4 2023, and the balance for future years, resulting in a ... Read the full article
Inver Re hires Gallagher Re’s Steven Rance as Head of Specialty, London
14th February 2024
Inver Re, Ardonagh Specialty’s reinsurance broking business, has appointed Steven Rance to the newly created position of Head of Specialty in London. He will report to Jonathan Prinn, Chief Executive Officer of Inver Re London. Rance's remit in his new role will include being responsible for Credit, Marine, Cyber, Parametrics, Motor, ... Read the full article
MS Amlin sees £250m net income in 9M23, combined ratio hits 90%
14th February 2024
MS Amlin's net income jumped to £250 million for the first nine months of 2023, representing an increase of £237 million year-on-year. The substantial rise in net income comes as the company benefited from top-line growth, improved profitability, and reduced catastrophes. The company also posted a £309 million insurance service profit, an ... Read the full article
DARAG concludes two additional captive legacy transactions
14th February 2024
DARAG Group, a company specialising in acquiring legacy insurance portfolios, has announced the conclusion of two captive legacy transactions while keeping the details undisclosed. In these agreements, insurance liabilities were transferred from the captives to DARAG through novation, along with their respective fronting carriers. In the first transaction, DARAG assumed the insured ... Read the full article
MAPFRE Re sees premiums grow 8.8% in 2023 to €7.9bn
14th February 2024
MAPFRE RE, the reinsurance arm of Madrid-headquartered insurer MAPFRE, has reported that premiums, which include the reinsurance and Global Risks business, grew 8.8% in 2023, reaching nearly €7.9 billion. The firm states that the Reinsurance business grew 7.8%, while the Global Risks business is up 12.2%. It estimated that the two relevant ... Read the full article
Gallagher grows facultative reinsurance team with several senior hires
14th February 2024
Gallagher has announced a number of senior appointments to its facultative (fac) reinsurance team, including the hire of Ardonagh’s Claire Burrell as Chief Operating Officer (COO). According to the announcement, the expansion is part of Gallagher’s growth plans for its global fac team, which includes establishing new hubs in Singapore and ... Read the full article
WTW and The Nature Conservancy expand US coral reef parametric insurance policy
14th February 2024
WTW and The Nature Conservancy (TNC) have announced the purchase of a new coral reef parametric insurance policy that expands coverage around the main Hawaiian islands and increases payouts after qualifying storms. This new policy replaces the first U.S. coral reef insurance policy purchased in 2022 and adds 314,976 square ... Read the full article
Fathom and The World Bank partner to strengthen flood resilience in 16 countries
14th February 2024
Swiss Re's recently acquired, UK-based provider of water risk intelligence and flood models, Fathom, has strategically teamed up with The World Bank to offer its flood data for non-commercial use, free of charge, to 16 countries. The new agreement targets regions that often struggle with limited data resources and are ... Read the full article
Great American Insurance Group adds Laura A. True to Cyber Risk Division
14th February 2024
Property and casualty insurance, Great American Insurance Group has announced the appointment of Laura A. True as Divisional Vice President of its Cyber Risk Division. In her new role, based in Hartford, Connecticut, True will lead a specialty underwriting team focusing on cyber risk and technology errors and omissions insurance for ... Read the full article
TWIA could need as much as $4bn in fresh reinsurance and risk transfer limit for 2024
14th February 2024
The Actuarial and Underwriting Committee of the Texas Windstorm Insurance Association (TWIA) has recommended that the Board sets the 2024 1-in-100 year PML at $6.5 billion, meaning TWIA could need to purchase even more reinsurance limit for the upcoming storm season. At yesterday's meeting, the Actuarial and Underwriting Committee voted unanimously ... Read the full article
PERILS estimates AU$1.4bn industry loss for Australia Christmas storms
14th February 2024
Zurich-based catastrophe insurance data provider PERILS AG has disclosed its initial industry loss estimate for the Australia Christmas storms which affected the states of Victoria, New South Wales, and Queensland, pegging the total at AU$1.395 billion ($903 million). PERILS noted that this initial estimate is based on loss data collected from ... Read the full article
AIG reports stronger general insurance combined ratio as premiums rise in Q4’23
14th February 2024
Global insurer American International Group, Inc. (AIG) has reported slight growth in underwriting income of $7 million for Q4 2023 to $642 million, which included $122 million of total catastrophe-related charges, representing 2.1 loss ratio points, of which $54 million was in North America and $68 million in International. Within the ... Read the full article
Reinsurers lose key Covid business interruption case
14th February 2024
In a landmark decision, the UK Commercial Court has ruled in favour of insurer's Covéa and Markel on a non-damage business interruption case linked to the COVID-19 pandemic. The dispute was between the two insurers and their respective reinsurers, Markel's being General Reinsurance AG, and Covéa's UnipolRe Designated Activity Company. The ruling ... Read the full article
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