Reinsurance News
Oman Re net profit increases 83% in Q1 2024
3rd May 2024
Oman Re, the sole reinsurer in the Sultanate of Oman, has reported a net profit after tax of OMR977K (USD 2.5 million), a remarkable 83% increase compared to the same period last year, when the net profit stood at OMR 534K (USD 1.4 million). Driven by resilient underwriting performance and a ... Read the full article
Ascot Group makes senior leadership changes in Bermuda
3rd May 2024
Ascot Group, the global specialty insurance firm, has appointed Michael Watkins to the newly created role of Head of Bermuda Insurance, simultaneously, Jason Pugi has been named the Head of Bermuda Excess Casualty. Watkins will be supported by the Bermuda platform’s segment leaders in this new role. According to the insurer, he ... Read the full article
Heritage reports $14.2m net income in Q1’24
3rd May 2024
Heritage Insurance Holdings has reported a net income of $14.2 million for the first quarter of 2024, a slight improvement compared to $14 million for Q1’23. This increase can be attributed primarily to a rise in net premiums earned and higher net investment income, partially offset by increased operating expenses. The company ... Read the full article
Nicola George appointed Managing Director of Allianz personal lines broker business
3rd May 2024
Allianz has announced the appointment of Nicola George as the Managing Director (MD) of its personal lines broker business in the UK, which will undergo a rebranding from LV= Broker to Allianz on May 1st. George's appointment follows Mike Crane's decision to step down from his role as MD of LV= ... Read the full article
Inari appoints Amanda Strazdins as VP of Sales
3rd May 2024
Inari, a technology solution provider for global insurance and reinsurance companies, has appointed Amanda Strazdins as Vice President (VP) of Sales, based in London. Strazdins joined in April, and her remit includes leading all of the commercial operations strategy at inari. Founded in 2017, inari offers a core insurance policy administration, an ... Read the full article
Kemper posts net income of $71.3m for Q1’24, Specialty P&C underlying CR hits 93.6%
3rd May 2024
Kemper Corporation has posted its results for the first quarter of 2024, which includes total revenues decreasing by $151.8 million, or 11.7%, to $1,143.0 million, compared to the first quarter of 2023. The company attributed this decrease towards $104.2 million of reduced Specialty property & casualty (P&C) earned premiums due to ... Read the full article
ICEYE launches advanced flood data products for Canadian insurers
3rd May 2024
ICEYE, a provider of satellite-powered disaster management solutions, has launched its Flood Insights and Flood Early Warning products for Canada, providing insurers with rapid access to real-time flood data across the country. Given that floods cause the most damage of any peril in Canada and are expected to escalate in frequency ... Read the full article
Third Point launches life & annuity reinsurer Malibu Life Re
2nd May 2024
New York based alternative asset manager Third Point LLC has announced the launch of Malibu Life Reinsurance SPC (Malibu Life Re), a newly licensed life and annuity reinsurer based in the Cayman Islands. Malibu Life Re is an independent, Class B(iii) Cayman Islands-based reinsurer wholly owned by Third Point LLC and ... Read the full article
Verisk’s e-trading platform introduces workflow automation functionality
2nd May 2024
Verisk’s Whitespace digital e-trading platform has introduced workflow automation functionality with Digital Follow which will be trialled by a select set of customers before a wider launch in the second half of this year. Developed with brokers' and underwriters’ needs in mind Digital Follow allows them, or brokers’ in-house underwriters, to ... Read the full article
Origami Risk to launch new GenAI solutions for risk managers
2nd May 2024
Origami Risk, the risk, safety, and insurance Software as a Service (SaaS) technology firm, has announced that it will launch its new package of Generative AI (GenAI) solutions for risk managers at RIMS in San Diego next week, as the company urges risk managers to take an informed approach to ... Read the full article
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
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.
