Reinsurance News
Synthetik successfully demonstrates its advanced flood analysis tool
13th May 2024
Synthetik has announced the successful demonstration of Flowcore, its "Flood Data Collection and Analysis" platform designed for modelling flood scenarios and predicting resulting damages and financial/insurance losses. Flowcore integrates Synthetik's specialised GPU-accelerated flood simulation code and employs artificial intelligence (AI) to deliver rapid results. This capability enables the assessment of cumulative ... Read the full article
Assured Guaranty starts the year strong with 35% y-o-y net income increase
10th May 2024
Assured Guaranty has announced its financial results for the first quarter of 2024, reporting an increased net income of $109 million compared to the $81 million reported in the same period the year prior. Adjusted operating income was also up, to $113 million for Q1 2024, compared to $68 million Q1 ... Read the full article
Fusion Specialty strengthens London M&A team with two new hires
10th May 2024
Fusion Specialty, a managing general agent (MGA) platform within Pop Group Holdings (POP), is expanding its UK underwriting capabilities with the appointments of Alexander Mackay and Tom Hopkins to its Mergers and Acquisitions (M&A) London team. Mackay is joining Fusion UK as a Partner following five years working in M&A insurance ... Read the full article
Maiden Holdings sees improved net income and lower underwriting loss in Q1’24
10th May 2024
Maiden Holdings Ltd., has posted its results for the first quarter of 2024, which includes a net income of $1.5 million, compared to a net loss of $11.3 million from the prior year period. According to the firm, this improvement was due to higher total income from investment activities of $17.1 ... Read the full article
Cover Whale hires Khurana & Hart as Chief Product Officer & Chief Architect
10th May 2024
Insurtech, Cover Whale Insurance Solutions, Inc., has bolstered its senior leadership team with two new hires, as Barninder Khurana joins the firm as Chief Product Officer and Bill Hart assumes the role of Chief Architect. Khurana takes on the role with a deep degree of experience in product management, program delivery, ... Read the full article
F&G Annuities & Life reaches $5bn in cumulative PRT transactions
10th May 2024
F&G Annuities & Life, Inc., the provider of insurance solutions serving retail annuity and life customers and institutional clients, has reached over $5 billion in cumulative sales of pension risk transfer (PRT) transactions, since the channel was launched in June 2021. Since its inception, the firm's PRT channel, one of F&G's ... Read the full article
QBE continues momentum in GWP growth, underwriting performance “tracking to plan”
10th May 2024
Australian insurer QBE continued to report growth in gross written premium in Q1 2024, up 2% on the prior corresponding period on both a reported and constant currency basis. The firm has also disclosed that group-wide, there were renewal rate increases of 7.3% in Q1 2024, in line with expectations and ... Read the full article
American Coastal on course to secure more reinsurance with June renewal near completion
10th May 2024
American Coastal Insurance Corporation has secured more than 90% of the total reinsurance limit it's seeking for its June 1st renewal, as the firm looks to increase the total open market limit by around $265 million for the 2024 hurricane season, $200 million of which comes from its new, multi-year ... Read the full article
Mosaic Insurance launches professional liability products for specialist engineers
10th May 2024
Mosaic Insurance is now offering customised professional liability protection for specialist engineers, offering $15 million in targeted primary coverage for unique risks. According to the announcement, the new form offers a dedicated product, with core coverage of professional liability, plus enhancements such as pollution, public-relations costs, and mitigation. The suite caters to ... Read the full article
Tokio Marine America and Mercury join forces for Californian non-renewals
10th May 2024
Mercury Insurance is leading an initiative to ensure insurance access and coverage continuity for numerous California consumers. Through close collaboration, Tokio Marine (TMA) and Mercury have devised a strategy to seamlessly transfer TMA and its subsidiary, Trans Pacific Insurance Company (TPIC), customers to Mercury. This transition is facilitated by a coalition ... Read the full article
Florida insurance reforms tackle fraud: Triple-I report
10th May 2024
Florida's property insurance sector, grappling with prolonged challenges from legal system manipulation and fraudulent claims, is witnessing a turnaround as the 2024 Atlantic hurricane season approaches, as outlined in a recent report by the Insurance Information Institute (Triple-I). Recent legislative changes in 2022 and 2023 have bolstered Florida's insurance environment, according ... Read the full article
AM Best revises Fairfax’s outlooks to positive on improved earnings
10th May 2024
AM Best has revised the outlooks to positive for Fairfax Financial Holdings, its subsidiaries, and Allied World, reflecting the improved earnings profile of the consolidated group. The rating agency noted that Fairfax deployed significant cash into highly rated fixed income instruments as interest rates increased in 2022, which resulted in dividend ... Read the full article
Oxbridge Re sees net loss in Q1 as CoR climbs to 99.8%
10th May 2024
Oxbridge Re, the Cayman Islands-based reinsurance company, has disclosed a Q1 2024 net loss of $905,000 compared to a net income of $142,000 in Q1 2023. According to the firm, the decrease is primarily due to the negative change in the fair value of equity securities and investments during the opening ... Read the full article
Aon unveils update to its Pricing Platform software
10th May 2024
Global insurance and reinsurance brokerage Aon has unveiled an update to its Pricing Platform, that is set to bring "enhanced visualisation and automation capabilities to re/insurance underwriters." It has also been confirmed, that the software update has also added new business lines including U.S. Financial lines and Cyber, as well as ... Read the full article
CRC Group grows NA team with two new hires
10th May 2024
CRC Group, a North American wholesale specialty insurance distributor, has announced the appointment of two new underwriting team leaders, Lance Lee and Andrew Weinberg. Lee, who has almost a decade of industry experience, is joining the company’s Clearwater, FL office as a transportation specialist. Prior to joining CRC Group, he served as ... Read the full article
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