Reinsurance News
EIOPA’s Hielkema discusses insurers’ vital role in climate change mitigation
23rd April 2024
At the IIF 2024 – ESG in Insurance Conference, Petra Hielkema, Chairperson of the European Insurance and Occupational Pensions Authority, emphasised insurers' pivotal role in combating climate change by educating society, factoring in risks, investing wisely, and promoting resilient behaviours among consumers. The frequency of natural disasters has tripled in the ... Read the full article
W. R. Berkley reports Q1’24 combined ratio of 88.8% as underwriting income rises
23rd April 2024
Property and casualty re/insurer W. R. Berkley Corporation has reported a Q1 2024 combined ratio of 88.8%, including current accident year catastrophe losses of $30.5 million, leading to a 31.8% rise in pre-tax underwriting income to $309 million. The insurer’s gross premiums written (GWP) were $3.4 billion for Q1 2024, compared ... Read the full article
Munich Re Life US & Clareto unveil new digital solution for life insurance underwriting
23rd April 2024
Munich Re Life US, part of Munich Re Group, and Clareto, a Munich Re company, have unveiled a new digital solution called Automated EHR Summarizer, which is set to ensure efficient and accurate use of Electronic Health Record (EHR) data for automated and programmatic life insurance underwriting. According to the announcement, ... Read the full article
Brown & Brown’s net income climbs to $293m in Q1
23rd April 2024
Insurance brokerage firm, Brown & Brown has posted their results for the first quarter of 2024, which included net income of $293 million, increasing $57 million from the prior year period. Revenues for Q124 under US generally accepted accounting principles (GAAP) were $1,258 million, representing an increase of $142 million, or ... Read the full article
Liberty Mutual Re and Safehub partner on sensor-based parametric solution for earthquake risk
23rd April 2024
Liberty Mutual Reinsurance (LM Re), the reinsurance division of Liberty Mutual Insurance Group, has signed an exclusive partnership with Safehub, a technology provider in seismic sensor and risk management solutions, to offer a building-specific, sensor-based, parametric earthquake re/insurance product for global clients. The pilot programme was launched in Mexico City, where ... Read the full article
MS Amlin invests in modelling and insight solutions with Moody’s RMS partnership
23rd April 2024
MS Amlin, the Lloyd’s global re/insurer, has partnered with catastrophe risk modelling and solutions company, Moody’s RMS, as it invests in a new suite of modelling and insight solutions. Recently, the firm moved its Exposure Management team into its underwriting division to facilitate closer alignment and support efficient decision-making. It will ... Read the full article
Mortality models “creaking” under the strain of disruption in wake of pandemic, says LCP
23rd April 2024
A new report released by Lane Clark & Peacock (LCP) has highlighted significant disruption to mortality trends in the wake of the COVID-19 pandemic and the ongoing pressures on the healthcare system. The firm has addressed the challenge that this disruption presents to traditional actuarial models used by the industry for ... Read the full article
Maksure Risk Solutions becomes a Lloyd’s registered broker
23rd April 2024
The specialist Lloyd’s insurance and reinsurance marketplace has granted Maksure Risk Solutions, an Afro-Global independent specialist re/insurance broker, Broker Status. As a Lloyd’s broker, Maksure now has direct access to a unique pool of underwriting expertise and capacity in the Lloyd's global marketplace. Commenting on the approval, Simba Makwembere; Managing Director at ... Read the full article
Munich Re posts quarterly profit of €2.1bn as P&C reinsurance CoR strengthens
23rd April 2024
Global reinsurer Munich Re has announced a preliminary net profit of €2.1 billion for the first quarter of 2024, as the firm highlights a better than expected operational performance across all lines of business. Munich Re will release its full Q1 2024 results on May 8th, but has today provided some ... Read the full article
UAE floods prompt concerns for local insurance sector: S&P
23rd April 2024
Following unprecedented rainfall and widespread flooding in the United Arab Emirates (UAE), concerns have arisen regarding the local insurance sector's capacity to handle the expected surge in motor and property damage claims, according to analysts at S&P Global Ratings. On April 15-16th, the UAE experienced the heaviest downpour since records began ... Read the full article
Steve Willett named Head of Development for Nexus Group
23rd April 2024
Specialty Managing General Agent Nexus Group has announced the appointment of Steve Willett as Head of Development. In his new role, Willett will mainly focus on expanding Nexus’ Financial Lines team’s global footprint and broking base, in addition to spearheading the Nexus Lloyd’s box offering. The executive brings significant experience in underwriting, ... Read the full article
RLI reports rise in net earnings and Q1’24 combined ratio of 78.5%
23rd April 2024
RLI Corp., a specialty insurer serving property, casualty and surety markets, has reported Q1 2024 net earnings of $127.9 million, compared to $98.8 million a year earlier. The insurer has announced underwriting income of $77.7 million on a combined ratio of 78.5% for the first quarter of 2024, compared to $67.9 ... Read the full article
Claims paid for New Year’s Day Japan earthquake rise to $492m: GIAJ
23rd April 2024
The General Insurance Association of Japan (GIAJ) has released new insurance claims data for the January 1st M7.5 earthquake that hit near the Noto Peninsula in Ishikawa prefecture, revealing that the claims paid total has risen by around 22% in a few weeks to approximately $492 million (JPY 74.44 billion). Read the full article
Arch Insurance Intl. names Kirsten Valder as Deputy CEO
23rd April 2024
Arch Insurance International, part of Bermuda based re/insurer Arch Capital Group Ltd., has appointed Kirsten Valder as its new Deputy Chief Executive Officer (CEO), effective immediately. Valder will be based in London and will continue to report to Hugh Sturgess, CEO of Arch Insurance International. Sturgess commented, "Kirsten has played a leading ... Read the full article
Macquarie Insurance gains Lloyd’s coverholder status
23rd April 2024
Macquarie Insurance Facility has expanded its insurance capabilities after gaining approval as a Lloyd’s coverholder, and has subsequently partnered with Mosaic Insurance to write Transactional Liability Insurance on a delegated authority basis. The new agreement gives Macquarie follow form binding authority on behalf of Mosaic Syndicates 1609 and 5399, enabling it ... Read the full article
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