Reinsurance News
Allstate Q4 net income hits $1.5bn on “improved auto profitability and mild weather”
8th February 2024
US primary insurer Allstate has reported net income applicable to common shareholders in Q4 2023 of $1.5 billion, up massively compared to a loss of $303 million in the same quarter of 2022. Tom Wilson, Chair, President and CEO of Allstate, explained that this positive turnaround was driven by "improved auto ... Read the full article
Frankland’s appointment as Faraday Non-Exec Director to support strategic growth
8th February 2024
Faraday Underwriting Limited (FUL), part of the General Re Corporation, a wholly owned subsidiary of Berkshire Hathaway, has appointed Nick Frankland as Non-Executive Director, effective from February 1, 2024. The executive will also succeed Martin Pike as Non-Executive Chair in May following his retirement. Pike has been an integral part of ... Read the full article
Everest highlights robust pricing momentum as growth continues in 2023
8th February 2024
Bermuda-based insurer and reinsurer Everest Group has reported 2023 combined ratios of 90.9% for the Group, 86.4% for reinsurance and 103% for insurance, as catastrophe losses fell to $451 million, and net investment income rose more than $600 million. For the year 2023, cat losses came down from the $945 million ... Read the full article
Nichola Archibald appointed Interim Chief People Officer at CFC
8th February 2024
Specialist insurance provider CFC has hired industry veteran Nichola Archibald as Interim Chief People Officer. Overall, Archibald has over 25 years of expertise across a wide range of industry sectors, including insurance holding senior HR positions at Inter Hannover Plc and Hannover Re, RSA and Aviva. CFC explained that Archibald has been ... Read the full article
Xceedance launches MGA Agility Suite led by industry veteran Parcelli
8th February 2024
Xceedance, a global provider of strategic operations support, technology, and data services for insurance organisations, has launched its MGA Agility Suite aimed to enhance digital capabilities for program administrators in the Americas. Industry veteran Michael Parcelli is to lead the initiative as Senior Vice President and Head of the managing general ... Read the full article
Talanx expecting record net income of €1.58bn for “extremely successful” 2023
8th February 2024
Based on its consolidated unaudited figures, Talanx Group, the parent company of Hannover Re, is expecting a group net income of €1.58 billion for the 2023 financial year. Talanx noted that this "clearly" surpasses its original annual target of approximately €1.4 billion. The firm said that the positive trend in net income ... Read the full article
US P&C insurers seek higher prices and advanced models in response to SCS: Moody’s
8th February 2024
According to a recent report by Moody's, the P&C sector faced significant financial setbacks last year, primarily attributed to a series of severe convective storms (SCS) rather than major catastrophes. These storms, encompassing hail, straight-line winds, and tornadoes, though individually less costly, collectively amassed considerable damages, surpassing $60 billion out of ... Read the full article
Fitch forecasts challenging times for German non-life insurance sector
8th February 2024
According to Fitch Ratings, the German non-life insurance sector is set to grapple with a net combined ratio of 99% for both 2023 and 2024, marking the highest figures since the tumultuous loss years of 2013 and 2002. The forecast primarily attributes this predicament to mounting claims inflation and substantial reinsurance ... Read the full article
Veteran Carlos Gomez named GC&C Head of Insurance
8th February 2024
Generali Global Corporate & Commercial (GC&C), subsidiary of the Italian insurance giant, has announced the appointment of Carlos Gomez as the new Head of Insurance, effective January 30, 2024. In his new role, Gomez will lead and oversee GC&C activities related to the entire insurance process. He will foster corporate portfolio management, ... Read the full article
Corvus expands Tech E+O offering with backing from Travelers
8th February 2024
Cyber Underwriter Corvus Insurance has introduced a newly expanded Tech E+O product that features an enhanced appetite backed by Travelers. Corvus explained that Smart Tech E+O provides creative risk solutions for technology businesses across a range of sizes and complexity, including primary and excess policies. The firm added that its expert team ... Read the full article
Nacional Re to utilise ACORD’s ADEPT Platform to automate data exchange
8th February 2024
Spanish reinsurer Nacional Re is set to leverage ACORD Solutions Group’s ADEPT (ACORD Data Exchange Platform and Translator) for Global Reinsurance and Large Commercial (GRLC) to "automate the digitisation and exchange of accounting and claims data in insurance industry documents". ADEPT and its integrated ACORD Transcriber service reportedly enable efficient data ... Read the full article
More consistent approach to property, casualty results more muted at 1/1 renewals: Miller Re
7th February 2024
Independent specialist re/insurance broker Miller's new London and International Market Update, notes a more consistent approach to trading within the property market at the January 1st, 2024, reinsurance renewals, and while pressure remains in the casualty space, the overall results were more muted than last year. According to Miller Re, the ... Read the full article
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
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
