Reinsurance News
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
Cover Genius secures $80m in Series E Funding
16th May 2024
Cover Genius, an insurtech specialising in embedded protection, announced today the successful completion of its Series E funding round, securing $80 million. Despite the recent slowdown in tech funding, Spark Capital led the round, joined by existing investors Dawn Capital, King River Capital, and G Squared. This funding marks another milestone for ... Read the full article
World Bank issues $175m parametric cat bond for Mexico’s Pacific hurricane risk
16th May 2024
Mexico has secured $175 million of additional insurance protection against named storm events occurring on the Pacific side of Mexico via a catastrophe bond transaction facilitated by the World Bank and IBRD. With this bond, the Government of Mexico significantly expands the country's coverage for Pacific hurricane risk from the ... Read the full article
Swiss Re appoints Beat Strebel as CEO Reinsurance China & China Country President
16th May 2024
Reinsurance giant Swiss Re has announced the appointment of Beat Strebel as CEO Reinsurance China and China Country President. Strebel will take over from Ivan Gonzalez, who has been appointed as Swiss Re’s new CEO of Corporate Solutions. Both will assume their new positions effective July 1, 2024. In his new ... Read the full article
Aegon reports Q1’24 operating capital of €256m
16th May 2024
Life insurer and asset manager Aegon, in its trading update for Q1 2024, has reported a €256 million operating capital generation before holding funding and operating expenses. The firm added that with this growth it is on track to achieve guidance of around €1.1 billion for 2024. Capital ratios remain robust, ... Read the full article
Parsyl appoints Simon Coles as new Head of Capital
16th May 2024
Parsyl, an insurer for essential supply chains, has announced the appointment of Simon Coles as Head of Capital. In his new capacity, Coles will oversee all aspects of capital, financial management, and syndicate performance for Parsyl. Ben Hubbard, CEO of Parsyl, expresses his enthusiasm for Coles’ appointment, stating, “Parsyl is entering a ... Read the full article
MIB reaches agreement to acquire underwriting services provider RiskRighter
16th May 2024
MIB has reached an agreement with Crump Life Insurance Services, LLC to acquire RiskRighter, LLC, a provider of underwriting services to insurance carriers, distribution agencies and other businesses across the life insurance sector. Andrea Caruso, MIB's Chief Operating Officer, commented: "MIB is excited to add RiskRighter's capabilities to our Medical Data Solutions portfolio. ... Read the full article
CatX unveils AI-powered reinsurance submission creation & analysis tool
16th May 2024
CatX, the digital marketplace that connects re/insurers and brokers with alternative capital, has launched a stand-alone artificial intelligence-powered tool called Catamaran for the creation and analysis of reinsurance submissions. According to the announcement, brokers and underwriters will be able to use the tool to prepare high-quality structured submissions by uploading documentation ... Read the full article
Zurich P&C revenue hits $10.25bn in Q1 as GWP swell 9%
16th May 2024
Zurich Insurance Group has reported that Q1 2024 P&C insurance revenue was up 12% on a like-for-like basis to $10.25 billion, driven by strong commercial and retail growth. In commercial, rates improved across all regions with an average of 5%. Zurich noted that its North American line was a key contributor, ... Read the full article
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