Reinsurance News
Louisiana Governor signs insurance reform bills to stabilise property market
9th May 2024
Governor of Louisiana, Jeff Landry, alongside Commissioner Tim Temple, Senate Insurance Chairman Kirk Talbot, House Insurance Chairman Gabe Firment, and other lawmakers, signed four insurance reform bills at the State Capitol aimed at stabilising Louisiana’s property insurance market. Landry expressed optimism, stating, “Our hope is that this package of bills will ... Read the full article
McGill and Partners names Kimber as Partner in Marine and Cargo team
9th May 2024
Insurance and reinsurance broker McGill and Partners has announced the appointment of Amy Kimber to Partner in the firm’s Marine and Cargo team. Kimber has been part of McGill and Partners since 2019, when she joined as an Associate. During this time, she worked closely with the firm’s clients and underwriters ... Read the full article
AI has a crucial role for underwriters despite risks: Denninger, Capgemini
9th May 2024
In a recent interview with Reinsurance News, Adam Denninger, Global Insurance Industry Leader at Capgemini, emphasised the critical role of AI integration in underwriting practices, while acknowledging insurers' likely cautious approach due to various challenges and risks. Denninger asserts that adopting AI technology is essential for property and casualty (P&C) insurers ... Read the full article
QIC Group reports 11% spike in net profit in Q1’24 results
9th May 2024
Qatar Insurance Company, a large insurer in Qatar and the Middle East North Africa region, has reported a net profit of QAR 194 million (USD 53m) for the first quarter of 2024, compared to QAR 175 million (USD 48m) in Q1 2023. In terms of growth, domestic and MENA operations gross ... Read the full article
US homeowners looking to boost profits as weather-related losses & inflation take toll, Moody’s
9th May 2024
US homeowners insurers are raising premiums and tightening policies to help offset weakening profitability from weather-related losses, as well as exposure to catastrophe-prone areas and inflation, according to a Moody's report. Firstly, it is important to note that the the profitability of the US homeowners lines has been volatile over the ... Read the full article
Combination of factors have created a challenging environment for M&A activity, WTW
9th May 2024
A recent report released by global re/insurance broker WTW has highlighted several factors that are contributing towards the decline in mergers & acquisitions (M&A) activity, which includes rising interest rates, geopolitical tensions, and ongoing supply chain disruptions. According to the broker, the combination of these factors have created a "challenging environment ... Read the full article
LSM enhances CAR book with broker-backed digital capabilities
9th May 2024
Liberty Specialty Markets (LSM), affiliated with Liberty Mutual Insurance Group, introduces a fresh digital trading solution for Contractors All Risks (CAR), crafted in collaboration with Howden. This latest addition, coupled with previously established CAR digital trading solutions with WTW and another major broker, solidifies LSM London’s CAR book with robust ... Read the full article
BMS Re adds six hires to MGA ProLink Solutions
9th May 2024
BMS Group's reinsurance broking arm, BMS Re, has added six new hires to ProLink Solutions, its dedicated MGA business which was founded within the company last year. Launched in mid-2023, ProLink has expanded to become a large broker in the programs sector, with almost $6 billion of premium across more than ... Read the full article
Re/insurance industry must recalibrate cyber risk approach to reach untapped potential
9th May 2024
As per a new report from Howden Re, the reinsurance and risk advisory arm of the Howden Group, while perceptions of heightened systemic risk within the cyber re/insurance class have been persistent, the rewards offered are often underestimated relative to natural catastrophe exposure. Howden Re's report, Re-framing cyber risk: navigating threats ... Read the full article
Hamilton’s Q1 CoR increases to 91.5% as Baltimore bridge losses hit $37.9m
9th May 2024
Hamilton's Q1 2024 combined ratio has increased by 3.6 points year over year to 91.5%, primarily driven by losses of $37.9 million arising from the Francis Scott Key Baltimore Bridge collapse. The attritional loss ratio in Q1 of 2024, net of reinsurance, was 57.2%, an increase of 8.1 points compared to ... Read the full article
Greenlight Re reports stronger Q1’24 CoR as underwriting income rises
9th May 2024
Greenlight Capital Re, Ltd. has reported a 98% combined ratio for Q1 2024 compared to 99.8% in Q1 2023, as the firm's underwriting income increased to $3.4 million from $0.4 million. The current-year catastrophe losses, including the Baltimore bridge incident, added 7.7% to the firm's combined ratio during the first quarter ... Read the full article
WTW MGU Verita launches new Workers’ Compensation solution
9th May 2024
Verita, the Managing General Underwriting (MGU) company of WTW, has introduced Workers’ Compensation solution to its suite of casualty products. Verita aims to reshape the landscape for US mid-sized and larger companies by bringing a robust, technical approach to underwriting, risk advisory services, and claims management. Verita’s expansive casualty coverage solutions include ... Read the full article
FM Global 2023 financial performance drives record $1.4bn membership credit
9th May 2024
Commercial property insurer FM Global has announced a record US$1.4 billion membership credit for FM Global’s Client Owners. This is, according to the announcement, the firm’s largest-ever membership credit, which was driven by FM Global's strong financial performance in 2023. Malcolm Roberts, chairman and chief executive officer of FM Global, commented: “We ... Read the full article
ReThought Flood joins AAIS Partner Program for enhanced flood risk assessment
9th May 2024
The American Association of Insurance Services (AAIS) has announced that reThought Flood will be joining its Partner Program, bringing its innovative technological solution for underwriting flood insurance to enhance the accuracy of risk assessment. The AAIS Partner Program offers members exclusive access to premium products and services, enabling them to streamline ... Read the full article
Moody’s upgrades Assured Guaranty’s IFS with stable outlook
9th May 2024
Moody’s Ratings (Moody’s) has upgraded Assured Guaranty Corp.’s (AGC) insurance financial strength (IFS) rating to A1 from A2, and assigned an stable outlook for the firm and its subsidiaries. According to the announcement, the upgrade of AGC’s IFS rating reflects the company’s strong risk-adjusted capital adequacy, the significant improvement in the ... Read the full article
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