Reinsurance News
Fairmatic names Jim Hinchley President of Insurance to accelerates growth
7th February 2024
Insurtech Fairmatic has appointed Jim Hinchley as President of Insurance to drive growth and "bring innovative new insurance products" to market. According to Fairmatic, Hinchley's proven track record in the commercial auto insurance space makes him "uniquely positioned" to help the firm enter its next growth phase. Fairmatic serves businesses across a ... Read the full article
Prudential Financial returns to profit in Q4 2023
7th February 2024
US insurance and investment firm, Prudential Financial, Inc., has reported fourth-quarter 2023 net income of $1.317 billion compared to a net loss of $52 million in the prior year's quarter. The insurer’s after-tax adjusted operating income was $943 million in Q4 2023, compared year over year to $932 million. The net income ... Read the full article
Jason Olsen returns to Falvey Insurance Group as VP, Marine Cargo
7th February 2024
Maritime risks insurer Falvey Insurance Group has announced the appointment of Jason Olsen to the role of Vice President, Marine Cargo, welcoming him back to the company. Based out of Seattle, US, and effective February 12, Olsen will focus on a California-based underwriting portfolio. He is rejoining the firm following his ... Read the full article
CCR choses Clearwater for its full-investment lifecycle solution
7th February 2024
French reinsurer Caisse Centrale de Réassurance (CCR) has selected Clearwater to power its entire investment management processes and streamline its unlisted assets workflow. CCR is a state-owned reinsurer that provides insurance companies operating in France with state-guaranteed coverage against natural disasters and other exceptional risks in the public interest. The French reinsurer ... Read the full article
Fortegra withdraws initial public offering
7th February 2024
Global specialty insurer and a subsidiary of Tiptree Inc., The Fortegra Group, Inc., has announced the withdrawal of its initial public offering. “Due to prevailing market conditions and the high value Tiptree Inc. and Warburg Pincus LLC place on Fortegra and its growth prospects, Tiptree and Warburg have decided to withdraw ... Read the full article
Warwick Re completes inaugural funded reinsurance transaction
7th February 2024
Warwick Re Ltd, a Bermuda-domiciled reinsurer, has completed a roughly $500 million quota share reinsurance agreement with UK bulk purchase annuity (BPA) insurer Just Group plc. This inaugural transaction for Warwick Re, a provider of solutions to cedants in the life insurance, annuity and pension sectors through both in-force and flow agreements, ... Read the full article
White Mountains reports GWP rise to $232 million for Ark in Q4’23
7th February 2024
White Mountains has released its fourth-quarter results for 2023, reporting that its Ark partner firm produced strong underwriting results in both the quarter and the full year, while growing full-year gross written premiums 31%, according to CEO Manning Rountree. Ark saw gross written premiums (GWP) rise to $232 million in Q4 ... Read the full article
DeNexus set to launch Bermudian subsidiary this year
7th February 2024
DeNexus, a provider in cyber risk modeling for industrial networks, has announced plans to launch its subsidiary, DNX Intermediaries (Bermuda) Ltd, this year. This announcement came as DeNexus also announced significant investments from energy and insurance companies to meet the escalating global demand amid evolving cyber threats to critical infrastructure and ... Read the full article
April and July renewal enviroment will be “broadly similar” to 1/1: Hannover Re
7th February 2024
According to executives at large European reinsurer Hannover Re, the current market environment is anticipated to prevail at the upcoming April and mid-year renewals. As reported earlier, the German reinsurer achieved an inflation and risk-adjusted price increase on renewed business of 2.3% at the 1/1 2024 treaty renewals in traditional ... Read the full article
Pro Global reports 12% revenue growth in FY23
7th February 2024
Pro Global has recorded 12% revenue growth for the full year 2023, marking the third consecutive year of double-digit revenue progression for the company. The year also saw the company acquire a specialist Robotic Process Automation (RPA) business (Propel Automation). According to Pro Global, the acquisition is set to further enable its ... Read the full article
Ensurise merges with Risk Cooperative to boost market presence
7th February 2024
Ensurise, LLC, the independent insurance brokerage, has merged with Risk Cooperative in a move that is set to strengthen it's market presence. The merger came into effect on December 19, 2023. Risk Cooperative, which was established in 2014, is comprised of a team of seasoned, certified risk managers and licensed insurance ... Read the full article
Canopius strengthens medical professional liability division with Minetti’s addition
7th February 2024
Specialty re/insurer Canopius Group has announced the appointment of Valentina Minetti as Head of Medical Professional Liability (MPL), effective immediately. Minetti brings to her new role nearly 30 years of healthcare lines and actuarial experience, joining from Coverys Syndicate 1975 where she most recently served as Active Underwriter. Prior to this, ... Read the full article
TMHCCI set to onboard employees from specialist MGA Lavaretus Underwriting
7th February 2024
Tokio Marine HCC International (TMHCCI) has reached an agreement with Marsh Specialty UK to take on certain employees of Lavaretus Underwriting, a specialist MGA and Lloyd’s coverholder focused on the shipping, power and energy sectors. Lavaretus reportedly underwrites a range of specialist products for the construction, operational and business interruption ... Read the full article
Cincinnati Financial posts net income of $1.84 billion in full-year results
7th February 2024
Insurer Cincinnati Financial Corporation has reported a full-year 2023 net income of $1.84 billion, compared with a net loss of $487 million in 2022. For Q4 alone, the firm posted a net income of $1.18 billion, compared with a net income of $1.01 billion for the same quarter of 2022. This came ... Read the full article
Lloyd’s partners with SAP to support economic resilience of Sherbro Island
7th February 2024
Lloyd’s, the world’s oldest insurance and reinsurance marketplace, has partnered with Sherbro Alliance Partners (SAP) to support economic resilience and growth opportunities on Sherbro Island, Sierra Leone. The partnership was cemented by the signing of a Memorandum of Understanding (MOU) at the Lloyd’s iconic headquarters in London. This signals Lloyd's intention ... Read the full article
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