Reinsurance News
Actuarial & reserving teams are doing more to combat the uncertain environment: Sealy, PwC Bermuda
6th August 2024
The reserving cycle exists, and studies have shown that historically, final estimates tend to be underestimated in bad years and overestimated in good ones, but both actuarial and reserving teams are now doing more to mitigate significant uncertainty in the current environment, according to Damian Sealy of PwC Bermuda. Read the full article
Skyward Specialty reports rise in underwriting profit as CoR strengthens
6th August 2024
Skyward Specialty Insurance Group, Inc. has reported a rise of 17.6% in gross written premiums (GWP) and an improved underwriting result of $23.9 million for Q2 2024, compared to last year’s $15.5 million. The reported GWP is $496 million for Q2 2024, compared to $422 million for Q2 2023, and hit ... Read the full article
Howden Re expands cyber capabilities, adds Harriet Gruen as Head of Threat Intelligence
6th August 2024
Howden Re, the reinsurance and risk advisory arm of Howden, has announced the expansion of its Cyber Reinsurance capabilities in threat intelligence and education with the appointment of Harriet Gruen as Head of Threat Intelligence, Education & Training. This move follows a period of rapid growth for the cyber reinsurance team ... Read the full article
At-Bay names AIG’s Ken Riegler as President, At-Bay Insurance
6th August 2024
Cyber insurance provider At-Bay has appointed Ken Riegler as President of At-Bay Insurance and to the Board of Directors of At-Bay Specialty Insurance Company, its Excess & Surplus (E&S) carrier. In this role, Riegler's remit is focused on accelerating At-Bay's growth in E&S insurance and fostering relationships with broker partners and ... Read the full article
James River’s underwriting profit falls to $9.84m in Q2
6th August 2024
James River Group Holdings has released its financial results for the second quarter of 2024, posting a net income of $11.9 million and a group combined ratio of 99.3%. These results compared to last years second quarter where the company posted a net income of $9.5 million, and a combined ratio ... Read the full article
Tokio Marine’s international segment sees Q1 net premiums swell 18.5%
6th August 2024
Tokio Marine's international business saw total net premiums written in Q1 of 2024 reach JPY 813.6 billion ($5.62 billion), driven by strong rate increases and new businesses in North America alongside the steady implementation of growth measures elsewhere. Of the total net premiums written figure, North America operations made up JPY ... Read the full article
Markel boosts International Casualty team with Hannaford and Murray appointments
6th August 2024
Markel, the insurance operations within Markel Group, has announced the addition of Robert Hannaford and James Murray to its International Casualty team, effective immediately. Hannaford, who brings over a decade of underwriting experience to Markel, was appointed Senior Underwriter, Life Science. In this role, he will support the development and build-out ... Read the full article
Palomar reports rise in net income to $25.7m in Q2’24
6th August 2024
Specialty insurer Palomar Holdings has reported a net income of $25.7 million for the second quarter of 2024, an improvement compared to net income of $17.6 million from Q2 2023. The company’s gross written premiums (GWP) experienced substantial growth, increasing by 40.4% to $385.2 million compared to $274.3 million from the ... Read the full article
Ambac’s specialty P&C insurance production hits $165m in Q2
6th August 2024
Ambac has revealed that specialty P&C insurance production, which includes gross written premiums (GWP) by its Specialty P&C Insurance segment and premiums placed by the Insurance Distribution segment, totalled $165 million in Q2 of 2024, an increase of 74.9% from Q2 of 2023. The firm's total GWP in Q2 of 2024 ... Read the full article
PERILS issues final insured loss estimate for Turkey earthquakes of $6.2bn
6th August 2024
Zurich-based catastrophe insurance data provider, PERILS AG, has released its final insured property market loss estimate for the Kahramanmaras Earthquake Sequence of TRY 116.9 billion, approximately USD 6.2 billion at February 2023 exchange rates. This new loss figure compares to the previous PERILS estimates of TRY 117.0 billion (USD 6.2bn) ... Read the full article
TransRe creates Chief AI Officer role, restructures data science team
6th August 2024
Transatlantic Holdings (Trans Re), a wholly owned subsidiary of Alleghany Corporation, has restructured its data science team with two senior appointments as it looks to better support the expansion and adoption of artificial intelligence, machine learning, and large language models. To lead TransRe’s Artificial Intelligence Team (TRAIT), Otakar Hubschmann has been ... Read the full article
Hurricane Debby losses to largely fall within reinsurance retentions: Moody’s
6th August 2024
The majority of insured losses from Hurricane Debby are anticipated to fall within primary insurers’ retentions under their reinsurance coverages, as per James Eck VP-Senior Credit Officer, Financial Institutions Group at Moody’s Ratings. Hurricane Debby is the second hurricane to form in the Atlantic basin this season, having recently made landfall ... Read the full article
Ledger Investing launches new ILS subsidiaries, Fermat to manage casualty ILS funds
6th August 2024
Ledger Investing, an insurtech and insurance-linked securities (ILS) focused venture-backed company, has expanded its casualty ILS capabilities with the launch of two new Cayman-based subsidiaries. The firm has created Ledger Re SPC as a reinsurer that aims to provide institutional investors access to casualty ILS, and Ledger ILS Services, as a ... Read the full article
YoY rate changes down across all major commercial lines in Q2’24: Applied Systems
6th August 2024
Applied Systems has released the second quarter 2024 results of the Applied Commercial Index, the Canadian insurance industry’s premium rate index, which shows that average premium rates decreased year-over-year across the most commonly placed commercial lines of business. The firm reported that the overall rate of premium increases was lower across ... Read the full article
Carrot acquires exclusive behavioural-based insurance use in auto
6th August 2024
Carrot General Insurance, the Korean digital insurance firm, has acquired the exclusive right to use for behavioural-based insurance (BBI) for six months from the General Insurance Association of Korea. It's important to stress how significant this is, as it marks the first time in over four years that an exclusive right ... Read the full article
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