Reinsurance News
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
Swiss Re names Gonzalez CEO of Corporate Solutions
16th May 2024
Today, Swiss Re announced the appointment of Ivan Gonzalez, currently CEO Reinsurance China, as the new CEO of Corporate Solutions, effective July 1, 2024, replacing Andreas Berger. Gonzalez will also join the Group Executive Committee concurrently. Gonzalez, presently the CEO Reinsurance China and China Country President, responsible for overseeing both Property ... Read the full article
AM Best places Brookfield’s NERC ratings under review following AEL acquisition
16th May 2024
Following the recent closure of Brookfield Reinsurance’s acquisition of American Equity Investment Life Holding Company (AEL), the strategy for subsidiary North End Re (Cayman) SPC (NERC) is under review by AM Best. The rating agency has placed NERC’s credit ratings under review with developing implications, which include the company’s Financial Strength ... Read the full article
Swiss Re posts Q1’24 net income of $1.1bn and P&C CoR of 84.7%
16th May 2024
Reinsurance giant Swiss Re has announced net income of $1.1 billion and a return on equity (ROE) of 21.3% for the first quarter of 2024, as property and casualty reinsurance net income hit $552 million with a combined ratio of 84.7%. For Q1 2024, Swiss Re is reporting under IFRS for ... Read the full article
WTW reports possible firming cyber insurance market later in 2024
16th May 2024
WTW, a global insurance and reinsurance broker, observes that the cyber insurance market has remained stable in 2024, however, there's a potential shift towards a firmer market later this year due to recent cyber events and the expanding cyber threat landscape. Currently, primary and excess cyber renewals are staying level, and ... Read the full article
Samantha Smithson-Biggs to lead MS Amlin Operational Transformation team
16th May 2024
Lloyd's global insurer and reinsurer MS Amlin has announced the appointment of Samantha Smithson-Biggs as Head of Operational Transformation. In her new role she will help MS Amlin to further improve its technology and services, to ensure the company continues to deliver for brokers and clients. Smithson-Biggs is joining the firm following ... Read the full article
US P&C 2023 underwriting improves, personal lines continue to drag: Triple-I/Milliman
16th May 2024
The U.S. property & casualty (P&C) industry saw its second consecutive year of underwriting losses, with a net combined ratio of 101.6% for 2023. While there was improvement from 2022, personal lines still remained the major driver of unprofitability in 2023. According to industry underwriting projections by actuaries at the Insurance ... Read the full article
Applied Systems’ commercial lines panel welcomes Arch Insurance live
16th May 2024
Today, Applied Systems Europe announced the launch of Arch Insurance's specialised property owners’ insurance product on its commercial e-trading panel. Tony Silve, VP, National Director, Arch Online, said: “We are delighted to offer Applied brokers e-trade access to our popular Property Owner’s solution, as we continue to expand our digital solutions. ... Read the full article
Swiss Re to boost digital transformation in group insurance with Cortical.io partnership
15th May 2024
Swiss Re has partnered with Cortical.io, a collaboration that aims to boost digital transformation by facilitating the adoption of intelligent document processing (IDP) among group insurance carriers. Founded in 2011, Cortical.io is described as a pioneer for efficient artificial intelligence (AI) solutions that automate labour-intensive insurance processes like intake, submission and ... Read the full article
Conifer Holdings reports Q1’24 results with improved combined ratio
15th May 2024
Michigan-domiciled property and casualty holding company, Conifer Holdings has announced its financial results for the first quarter of 2024, reporting a net income of $74,000, compared to the $1,001,000 reported in Q1 2023. The company also reported an improved combined ratio of 96.7%, which included a loss ratio of 62% and ... Read the full article
Paulsson named MS Transverse new CEO as Matson becomes Vice Chairman
15th May 2024
MS Transverse, a hybrid fronting carrier in North America and a subsidiary of MSIGH, has appointed David Paulsson as CEO, taking over the position from Erik Matson, co-founder and CEO, as he will voluntarily step down from his active role at the company and transition to Vice Chairman. At the same ... 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.
