Reinsurance News
AXIS reports strong combined ratio as re/insurance underwriting result improves
2nd November 2023
Bermuda-based re/insurer AXIS Capital has reported an improvement in its combined ratio to 92.7% for Q3 2023, supported by a better underwriting result in both its insurance and reinsurance segments. Group-wide, the third quarter combined ratio improved 11.6 percentage points from 104.3% in 2022, as the net losses and loss expense ... Read the full article
Markel reports 9M’23 net income but combined ratio weakens
2nd November 2023
Insurer Markel Group has reported a higher combined ratio for both Q3 and 9M 2023 on the back of a higher attritional loss ratio and less favourable prior year reserve development, but has reported comprehensive income of more than $1.1 billion for the nine month period compared with a loss ... Read the full article
Majesco identifies new drivers of change in auto insurance market
2nd November 2023
Cloud insurance software solution for the insurance business, Majesco, in its report "Bridging the Customer Expectation Gap for Auto Insurance," has given an intricate view of the rapidly changing forces impacting the property and casualty industry’s largest line of business, commercial and personal. The shifting ownership, usage, risk and claims costs ... Read the full article
Nuvalaw raises $3 million in pre-series A financing
2nd November 2023
Insurance sector focused LegalTech, Nuvalaw, has raised $3 million in pre-series A financing, which it will use to expand in the UK and drive its entry into the U.S. market. Nuvalaw is a claims resolution platform that facilitates the online negotiation and arbitration of P&C insurance claims. The financing is led by ... Read the full article
Ryan Specialty adds former Munich Re exec Anthony Kuczinski to its Board
2nd November 2023
Specialty insurer, Ryan Specialty Holdings, Inc., has appointed Anthony J. Kuczinski to its Board of Directors, effective October 30th, 2023, where he will serve as a member of the Compensation and Governance Committee. Kuczinski has more than 38 years of re/insurance industry experience, and spent 34 years at Munich Re in ... Read the full article
Fiji, India and UN launch “ambitious” project to scale parametric insurance in the island
2nd November 2023
Fiji, India and the United Nations have announced the launch of the 'Scaling Climate and Disaster Risk Financing Framework and Parametric Insurance in Fiji' project. This initiative was created in collaboration between the United Nations Capital Development Fund (UNCDF), the India-UN Partnership Fund, the United Nations Office for South-South Cooperation (UNOSSC) ... Read the full article
Industry loss estimates of up to $6.5bn from Hurricane Otis: AM Best
1st November 2023
Insurance industry losses from the impacts of Hurricane Otis in Mexico could range from $1.8 billion to $6.5 billion, with losses likely to fall to reinsurers, according to analysis by AM Best. The ratings agency notes that while regulators in the country have set standards to mitigate hurricane risks, and companies ... Read the full article
Orange Insurance announces formation and launch in Florida’s property insurance market
1st November 2023
Orange Insurance Exchange, a reciprocal insurer, has announced its formation and launch in the Florida property insurance market. The company is headed by Chief Executive Officer, Don Matz, an insurance industry veteran who was previously the CEO of Producer's National Corporation, as well as the President of Tower Hill Insurance ... Read the full article
NEXT Insurance enters partnerships with Allstate and Allianz X
1st November 2023
NEXT Insurance, a digital insurtech specialising in small businesses, has announced it has entered into strategic partnerships with US primary insurer Allstate, and Allianz X, an investor in digital frontrunners in ecosystems relevant to insurance and asset management. Partnership fuels a new $265 million equity raise from Allstate and Allianz X ... Read the full article
AXA completes acquisition of Corebridge Financial’s Laya Healthcare
1st November 2023
Corebridge Financial, one of the largest providers of retirement solutions and insurance products in the US, has completed the sale of Laya Healthcare Limited to a subsidiary of AXA. The sale was previously announced back in August 2023. It was stated that AXA would acquire Laya Healthcare for a total ... Read the full article
Previsico launches in New York to alleviate future losses following record flooding
1st November 2023
Live flood forecasting insurtech, Previsico, has announced that it has gone live in New York with its flood forecasting technology, following the recent record flooding that took place in the state, and US $2.2 million of further funding to support its accelerated growth across the US market. The insurtech's model showed ... Read the full article
London market insurers present generational investment opportunity: Berenberg
1st November 2023
The London insurance market has emerged as a generational investment opportunity, according to a recent report by Berenberg. The report highlights several key factors that support this assessment, including the sector's strong fundamentals, attractive valuations, and a growing appetite for insurance products. In the report, Berenberg noted that earlier concerns about the ... Read the full article
Verisk estimates $3bn-$6bn of industry insured losses from Hurricane Otis
1st November 2023
Global data analytics and technology provider Verisk, estimates industry insured losses to onshore property for Hurricane Otis, the strongest hurricane ever to hit Mexico, will likely fall from MXN 50 billion to MXN 110 billion (~USD 3 billion to 6 billion). The industry loss range, according to Verisk, includes insured estimates ... Read the full article
RenaissanceRe completes $3.3bn acquisition of Validus Re from AIG
1st November 2023
Bermuda-based reinsurer RenaissanceRe has completed its previously announced acquisition of Validus Re, the treaty reinsurance operation of global insurer AIG, a transaction it says creates immediate and long-term value for its shareholders. First announced back in May and approved by the European Commission in August, RenRe has now closed ... Read the full article
Verisk posts revenue & net income increases in Q3
1st November 2023
Verisk, a global data analytics and technology provider, has posted an increase in its consolidated and organic constant currency (OCC) revenues, due to strong growth in underwriting and claims within the company's Insurance segment. Consolidated revenues grew 11.1% to $677.6 million. OCC revenues increased 9.4%. Underwriting revenues increased by 8.9% in the ... Read the full article
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