Reinsurance News
SCOR reports Q1’24 net income of €196m amid solid P&C performance
17th May 2024
French reinsurer SCOR has announced net income of €196 million for the first quarter of 2024 and a P&C re/insurance combined ratio of 87.1%, which includes a nat cat ratio of 7.2%, mainly impacted by the update of the market loss related to the Q3 2023 Italian hailstorm. Within P&C, SCOR ... Read the full article
Ardonagh’s MDS Brazil to acquire D’Or Consultoria for £123m
17th May 2024
MDS Brazil, a subsidiary of Ardonagh-owned MDS Group, has revealed it intends to acquire D'Or Consultoria, a health, dental, life insurance, and pensions broker from Rede D’Or Sao Luiz. S.A. (Rede D’Or). The transaction, which has a consideration of R$800 million (£123 million), is subject to approval by the Administrative Council ... Read the full article
Insurers are likely to add to alternatives allocations, says KKR
17th May 2024
A recent insurance survey released by global investment firm KKR has highlighted a sharp recovery in allocations to investment-grade fixed income as rates rebounded over the past three years, as well as considerable resilience for nontraditional investments such as private equity and structured credit. However, despite higher rates, insurance company Chief ... Read the full article
AM Best revises Spain’s non-life insurance segment from negative to stable
17th May 2024
Global credit ratings agency AM Best has revised its outlook on Spain's non-life insurance segment from negative to stable, driven by segment growth supported by economic development and resilient profitability on the back of premium rate increases. The agency has confirmed that it expects non-life insurance premium growth in Spain to ... Read the full article
Lloyd’s updates cyber war wordings
17th May 2024
Lloyd’s of London has recently issued an updated Market Bulletin to offer clearer guidance on cyber war wordings, aiming to prevent disputes over policy coverage. In August 2022, Lloyd’s released Market Bulletin Y5381, outlining requirements for exclusions in standalone cyber-attack policies. This was done to help the Lloyd’s market better manage ... Read the full article
Trium & Wikifri enter commercial E&S property insurance space
17th May 2024
Wikifri, an insurance consulting firm and provider of the Insurance Daylight Data Solution, is collaborating and supporting Trium Cyber US Services, Inc., a US-domiciled Lloyd’s coverholder and underwriter, in expanding their insurance offerings to include commercial E&S property insurance. Following the successful launch of their cyber operations in January 2023 with ... Read the full article
HSB Canada to offer employment practices liability coverage to small businesses
17th May 2024
HSB Canada, a multi-line specialty insurer and part of the global reinsurance giant Munich Re, has introduced a new coverage, Employment Practices Liability Insurance with the aim to help small businesses respond to claims arising from employment-related practices. The firm has cited external and internal reports which show that 80% of ... Read the full article
Conduit Holdings names Stephen Redmond as a Non-Executive Director
16th May 2024
Bermuda-domiciled property and casualty reinsurance group, Conduit Holdings, has appointed Stephen Redmond as a Non-Executive Director of its Board, effective May 14th, 2024. As previously reported, Sir. Brian Williamson has now stepped down as a non-executive Director in line with CHL's board succession plan. It follows the addition of Rebecca ... Read the full article
Munich Re Specialty NA deploys Kalepa’s underwriting platform to enhance risk analysis
16th May 2024
Munich Re Specialty - North America, part of the Munich Re Group insurance operations, to enhance risk analysis, critical submission management capabilities, and document ingestion with Kalepa’s underwriting platform, Copilot. To support its rapid expansion in the US, the reinsurer chose to deploy the underwriting platform as it was looking for ... Read the full article
Melissa Carmichael assumes leadership as Beazley’s Head of US Cyber
16th May 2024
Following Patricia Kocsondy's move to Beazley's Head of Global Cyber Digital Risks in January, Melissa Carmichael steps into the role of leading Beazley's US Cyber division. Beazley has announced today the appointment of Carmichael as the new Head of US Cyber, effective immediately. Carmichael, based in New York, will report directly ... Read the full article
Allstate estimates total catastrophe losses for April 2024 at $494m
16th May 2024
Allstate, a US primary insurer, has disclosed that its estimated catastrophe losses for April 2024 amounted to $494 million, or $390 million after-tax. According to Allstate, the losses in April 2024 resulted from 11 events valued at $491 million, with approximately 80% of these losses attributed to four wind, hail, or ... Read the full article
Progressive’s property line CoR hits 116.7% in April on severe weather losses
16th May 2024
The Progressive Corporation has released its results for April, revealing a property line combined ratio of 116.7%, driven by weather losses throughout the month. The insurer's Property segment combined ratio for April is comprised of an expense ratio of 29.1% and a loss ratio of 87.6%. The division's net catastrophe loss ratio ... Read the full article
MS Reinsurance announces two new appointments to its Board
16th May 2024
Global reinsurer, MS Reinsurance has announced the addition of Yasuko Fukuda and Dr. Frank Ellenbürger to its Supervisory Board of Directors. Fukuda has been appointed third shareholder representative director and Ellenbürger as fourth independent director, they both took over their new role in April 2024. Additionally, Ellenbürger is to become Chair of ... Read the full article
AIG to sell Corebridge common stock to Nippon Life Insurance Company
16th May 2024
Global insurer AIG has reached an agreement to sell approximately 120 million shares of its Corebridge common stock to Nippon Life Insurance Company. The selling price of the stock has been decided at $31.47 per share, for an aggregate purchase price of $3.8 billion. The shares represent 20% of the outstanding ... Read the full article
US insurance industry’s cash and invested assets increase of 4.4% in 2023: NAIC
16th May 2024
The US insurance industry reported $8.5 trillion in total cash and invested assets, including affiliated and unaffiliated investments, at year-end 2023, compared to year-end 2022, with growth rebounding modestly from 1.3% in the prior period, an NAIC report revealed. The research by the National Association of Insurance Commissioners (NAIC) also stated ... Read the full article
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