Reinsurance News
Peak Re reports best-ever net profit of $200m in 2023 despite market challenges
2nd May 2024
Hong Kong-domiciled global reinsurer Peak Re has achieved its best-ever net profit of $200 million for the full year 2023, supported by a diversified underwriting portfolio, as well as liquid and quality investment assets, despite a host of market challenges. Peak Re's reinsurance revenue reported for 2023 was $1.56 billion, a ... Read the full article
SiriusPoint backs MGA RAM Group to enhance insurance products
2nd May 2024
Specialist Managing General Agent (MGA), Risk Assurance Management Ltd (RAM) has partnered with Shepherds Friendly, one of Britain’s oldest mutual societies, and global re/insurer SiriusPoint, to further develop its existing portfolio of UK Group Risk business. RAM was established in 2001 and currently provides in excess of £10bn worth of cover ... Read the full article
Marsh McLennan Agency acquires commercial lines brokerage, AC Risk Management
2nd May 2024
Marsh McLennan Agency, a subsidiary of Marsh, has acquired AC Risk Management (ACRM), an independent commercial lines brokerage based in Melville, New York. Established in 2012, ACRM essentially offers property & casualty insurance to businesses in the region, with a particular focus on the construction industry. According to the announcement, all ACRM ... Read the full article
Janover launches new insurtech to revolutionise commercial insurance
2nd May 2024
Janover, an AI-enabled platform for commercial real estate transactions, has announced the launch of Janover Insurance, its new insurtech subsidiary for commercial property insurance and more. Blake Janover, Chairman, and CEO of Janover Inc., stated: “Our ability to navigate large complex transactions in a marketplace model, particularly in multifamily and commercial ... Read the full article
Canada Life Re contributes 22% of Great-West Lifeco’s record Q1 earnings
2nd May 2024
Jeff Poulin, CEO of Canada Life Re, has revealed that the reinsurer delivered 22% of Great-West Lifeco's base earnings in Q1 of 2024, which exceeded $1 billion for the first time. According to the firm, this record figure reflects growth in expected insurance earnings, improved insurance experience, higher earnings on surplus ... Read the full article
Resilience enhances cyber risk solutions with new integrated features
2nd May 2024
Resilience, a cyber risk management firm, enhances its Essential Solution for Cyber Insurance and Edge Solution for Cyber Risk Management by integrating two new features that empower clients to consistently monitor and prioritise their efforts in mitigating and transferring cyber risk. One of the new features is Breach & Attack Simulation ... Read the full article
Only 52% of last decade’s largest M&A transactions created long-term value: ACORD
2nd May 2024
As per ACORD's Carrier Mergers & Acquisitions study, only 52% of last decade's largest M&A transactions created long-term value. The firm's new study, set to be officially presented at ACORD Industry First on May 21st, screened nearly 15,000 transactions, focusing on those publicly disclosed valued at $1 billion or greater. The deals ... Read the full article
Skyward Specialty sees net income growth in Q1’24 with improved CoR
2nd May 2024
Skyward Specialty Insurance Group, Inc. has announced its financial results for the first quarter of 2024 reporting a net income of $36.8 million and an improved combined ratio of 89.6%. The increase in Q1 2024’s net income compares to the $15.6 million reported for the same 2023 period. While this quarter’s ... Read the full article
Aon introduces new cyber solutions product to support mid-market clients
2nd May 2024
Aon, a global insurance and reinsurance broker, has introduced Cedar, a new cyber solutions product aimed at providing long-term stability and support for mid-market clients globally. Cedar is underwritten by Aon Underwriting Managers and a team of cyber underwriters, backed by A+ rated Lloyd’s carriers. Developed through collaborative planning and execution across ... Read the full article
Allstate reports Q1 total revenues of $15.3bn, net income sees substantial rise
2nd May 2024
The Allstate Corporation has posted a net income of $1.2 billion in the first quarter of 2024, a substantial improvement from last year's net loss of $346 million, as Property-Liability underwriting results improved. At the same time, adjusted net income sat at $1.4 billion, compared to an adjusted net loss of ... Read the full article
Neptune Flood to enhance AI-driven flood insurance solutions with new acquisition
2nd May 2024
Private flood insurance company Neptune Flood has acquired Charles River Data, a renowned Boston-based data science consulting group, marking a significant milestone in the company’s growth strategy. According to the announcement, this strategic move aims to bolster Neptune Flood's Triton underwriting system through advanced data science, machine learning, and artificial intelligence ... Read the full article
Insight bolsters NA Distribution team with three senior hires
2nd May 2024
Specialist fixed income investment manager Insight Investment has made three senior hires within its North America Distribution team, naming Ryan McMurdie as Director, Insurance Solutions, Sarah Leffel as Associate Director, Institutional, and Anna Danik as Pensions Channel Lead. As Director, Insurance Solutions, McMurdie will have responsibility for defining and executing Insight’s ... Read the full article
Acrisure acquires WH&R McCartney expanding its Scottish footprint
2nd May 2024
Global fintech company Acrisure has announced the acquisition of Scottish insurance broker WH&R McCartney, representing the formation of Acrisure Scotland platform and marking the firm’s growth strategy in the region. Based in Motherwell, WH&R McCartney is a general commercial SME insurance broker operating since 1932 and led by Graeme Robb and ... Read the full article
Selective reports NPW of $1.16bn in Q1’24 results
2nd May 2024
Selective Insurance Group has reported $1.16 billion in net premiums written (NPW) for the first quarter of 2023, marking a notable 16% increase, equivalent to $157 million, compared to the first quarter of 2023. For Q1, Standard Commercial Lines premiums, which account for 80% of the total NPW, experienced a robust ... Read the full article
Top of Allstate’s catastrophe reinsurance tower grows by $1bn for 2024
2nd May 2024
U.S. primary insurer Allstate has revealed it has raised the top of its Nationwide excess catastrophe reinsurance tower for 2024 to just over $7.9 billion, an increase of around $1 billion compared to 2023. Last year, Allstate’s Nationwide Excess Catastrophe Reinsurance Program covered it for losses of up to $6.92 ... Read the full article
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