Reinsurance News
Crawford & Company adds Fred Donner to Board
9th November 2023
Crawford & Company has elected Fred R. Donner as an Independent Director, further strengthening the company’s commitment to leveraging deep and eminent expertise. Rohit Verma, Chief Executive Officer of Crawford & Company, commented: "We are thrilled to welcome Fred to our Board of Directors. He is an industry veteran and will ... Read the full article
Captive insurer numbers to increase in Europe as jurisdictions look to lure firms: AM Best
9th November 2023
There has been a considerable rise in the number of captives domiciled in Europe, as existing domiciles remain popular and other jurisdictions are put in place to attract fresher companies. However, while European jurisdictions do not report captive numbers in a consistent manner, a recent analysis from AM Best suggests that ... Read the full article
Insure Our Future urges insurance industry to act on 1.5°C climate target
9th November 2023
Insure Our Future has said that after 50 years of failure, the insurance industry must act to support the climate target, highlighting the fact insurers withdrew cover for climate risks while backing greater fossil fuel production. The organisation states that most insurers have continued to support projects to increase oil and ... Read the full article
Juniper Re payback period to be relatively short: BRP Group CEO
8th November 2023
After launching Juniper Re, its reinsurance broking platform in mid-October, BRP Group believes the payback from the investment will be fairly short, with a view to having the business EPS accretive and cash flow positive in 2025, according to Chief Executive Officer (CEO), Trevor Baldwin. Independent insurance distribution company, BRP Group, ... Read the full article
It’s a question of capital deployment not availability: AM Best’s Carter
8th November 2023
In a recent address at the Europe Insurance Market Briefing in London, Greg Carter, Managing Director of Analytics at rating agency AM Best, shared insights into the state of the reinsurance market. His remarks shed light on the industry's dynamics and the factors influencing its current trajectory. "If you look historically, at ... Read the full article
NFP appoints Tyler James NA construction property broking leader
8th November 2023
P&C broker, benefits consultant, wealth manager and retirement plan advisor, NFP, has appointed Tyler James as North American construction property broking leader. James holds over a decade of commercial and construction underwriting experience, having most recently served as Midwest construction property manager for Zurich North America, where he implemented underwriting strategies, ... Read the full article
James River posts $16.9m net income in Q3
8th November 2023
Bermuda domiciled insurance holding company, James River Group Holdings Ltd., has posted a net income of $16.9 million for third quarter of 2023, compared to net loss of $7.2 million for the third quarter of 2022. Adjusted net operating income for the quarter sat at $18.3 million, compared to adjusted net ... Read the full article
Chubb’s Combined Insurance appoints Michelle Bryer as SVP, Chief Operations Officer
8th November 2023
Chubb’s Combined Insurance has appointed Michelle Bryer as Senior Vice President, Chief Operations Officer, effective immediately. She has been serving as Senior Vice President, Claim Operations and will report to Richard L. Williams, Jr., President of Combined Insurance in her new role, the company noted. Bryer, who brings more than two decades ... Read the full article
Jon Hermon named AND-E Group CFO
8th November 2023
AND-E, a mobility insurance provider, has announced the appointment of motor insurance finance specialist, Jon Hermon, as Group Chief Finance Officer. Reporting to Michael Kainzbauer, AND-E Group CEO, Hermon will lead the finance teams across Europe, building on the existing finance infrastructure to support the company’s strategic ambitions. In his new role ... Read the full article
HCI Group posts Q3’23 net income vs year-ago net loss
8th November 2023
Florida-based insurtech HCI Group has reported a net income of $15.7 million in the third quarter of 2023, compared to a net loss net loss of $51.5 million in the second quarter of 2022. Adjusted net income was $16.5 million for the quarter, compared to an adjusted net loss of $51.2 ... Read the full article
Incremental reinsurance demand to be in the single digit billions in 2024: RenRe CEO
8th November 2023
RenaissanceRe (RenRe) predicts incremental demand to come into the market throughout the course of 2024, and expects it to be in the single digit billions, according to CEO Kevin O'Donnell, who in a recent earnings call also highlighted that RenRe’s acquisition of Validus Re puts the company in a very ... Read the full article
MGA DOXA Insurance Holdings to be acquired by Goldman Sachs Asset Management
8th November 2023
DOXA Insurance Holdings, an underwriting and distribution company based in North America, has entered into a definitive agreement to be acquired by Goldman Sachs Asset Management. According to the announcement, the transaction is expected to close in the fourth quarter of 2023, subject to customary closing conditions and regulatory approvals. Waller Helms ... Read the full article
BRP Group posts 19% organic growth in Q3’23, revenue rises by 18%
8th November 2023
BRP Group, an independent insurance distribution firm, has released its results for the third quarter of 2023, which included its revenue growing by 18% to $306.3 million, as well as witnessing strong organic growth of 19%. The company also witnessed a quarterly net loss of $32.0 million from a loss of ... Read the full article
James River to exit reinsurance with sale of JRG Re to Fleming
8th November 2023
James River Group Holdings, Ltd. has announced it is to sell JRG Reinsurance Company (JRG Re), its third-party casualty reinsurance business, to Fleming Intermediate Holdings, for an estimated $277 million. The transaction value is inclusive of a $139 million pre closing dividend and a $138 million cash payment from Fleming at close. Fleming ... Read the full article
Ambac’s Everspan produces first quarterly pre-tax profit
8th November 2023
Financial services holding company Ambac reported a net income of $66 million for its third quarter of 2023, a lower figure compared to the $340 million reported for the same period last year. The firm's Q3 2023 results include the performance of Everspan, Ambac’s specialty program insurer, and MGA division Cirrata. Everspan ... Read the full article
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