Reinsurance News
CCR estimates cost of flooding in Hauts-de-France at €550mn
23rd November 2023
French reinsurer CCR has estimated the cost of flooding in Hauts-de-France at €550 million, at least half of which will be covered by the reinsurer’s natural catastrophe scheme. The region has experienced unconventional flooding due to a succession of rainy episodes associated with storm Ciarán, which also caused flooding in ... Read the full article
Allianz could lift nat cat budget to enhance underwriting discipline: Berenberg
23rd November 2023
In a recent fireside chat with Allianz's head of investor relations, Oliver Schmidt, the insurance giant revealed that it could modestly increase its natural catastrophe budget. The move would aim to fortify the company's underwriting discipline and align pricing strategies with potential risks. Investors raised inquiries about the rationale behind augmenting the ... Read the full article
MNRB Holdings Berhad posts improved reinsurance profit
23rd November 2023
MNRB Holdings Berhad, the parent to Malaysian Re, has reported a strong financial performance for its first six-month period ended 30th September 2023, on the back of steady growth in the Group’s reinsurance and takaful businesses. MNRB’s group net profit improved substantially to RM111.1 million (USD 24m) in the period, compared to ... Read the full article
Lloyd’s syndicate forecasts showing continuous improvements, says Argenta
23rd November 2023
Lloyd’s has released the updated forecasts for all syndicates’ 2021 and 2022 years of account. Argenta Holdings Ltd., an underwriting and insurance services group operating in the Lloyd’s Market, and a wholly owned subsidiary of reinsurer Hannover Re, states that the forecasts for both underwriting years continues to improve. The company noted ... Read the full article
Tower falls to reported loss as large event costs rise to $55.6m for FY23
23rd November 2023
Kiwi insurer Tower has reported a net loss for the year ended September 30 2023, as the firm's combined ratio deteriorated by more than 10 percentage points on the back of an elevated catastrophe loss experience. For the year to 30 September 2023, the insurer recorded an underlying profit including large ... Read the full article
Beat appoints Cunningham as active underwriter of Syndicates 4242 and 1416
23rd November 2023
Beat Capital Partners has announced that Andrew Cunningham, former deputy active underwriter, has assumed the role of active underwriter of Syndicates 4242 and 1416, effective immediately. Cunningham is a qualified actuary and knowledgable underwriter who collectively holds more than three decades of experience. Acting as deputy active underwriter since 2019, Cunningham has ... Read the full article
Hijacking of Galaxy Leader has broader implications for marine war underwriters: Skytek
23rd November 2023
According to Skytek, the recent hijacking of the reportedly Israeli-linked ship, Galaxy Leader, has "worldwide implications for Israeli shipowners and ultimately the marine war underwriters." Outlining the particulars of the event, Skytek said that Galaxy Leader passed near the Iranian flagship, Behshad, in the early morning of November 19th. A few ... Read the full article
Resilient outlook for European insurers despite investment challenges: S&P
23rd November 2023
In a recent report by S&P Global Ratings, European insurers are navigating a challenging landscape marked by rapidly soaring interest rates in 2022, resulting in substantial unrealized losses on fixed-income investments exceeding €500 billion. Despite this, the insurance sector remains resilient, displaying a slow but sturdy journey to recovery, the report ... Read the full article
Secondary legislation to be introduced to give effect to Solvency II reforms
23rd November 2023
The UK government has announced it will be introducing secondary legislation to give effect to the planned Solvency II reforms, the prudential regulatory regime for insurers, at this year’s Autumn Statement. According to the announcement, this will deliver a more tailored, clearer, and simpler regulatory regime for the insurance sector, and ... Read the full article
Maria Morris elected to Allstate’s Board of Directors
23rd November 2023
The Allstate Corporation has announced that Maria Morris, the former Executive Vice President, Global Employee Benefits at MetLife, has been elected to Allstate’s board of directors, effective January 2, 2024. She previously served on MetLife’s Executive Group for almost 10 years, and also served in a variety of senior leadership positions ... Read the full article
October’s PRT costs hit highest levels in over three years: Milliman
23rd November 2023
Global consulting and actuarial firm Milliman has reported that the October estimated retiree pension risk transfer (PRT) cost reached 101.9% of a plan’s accounting liabilities (accumulated benefit obligation, or ABO). As per its latest Milliman Pension Buyout Index (MPBI) During October, the estimated cost to transfer retiree pension risk to an ... Read the full article
RSA adds Linda Deans to Wholesale Property team
23rd November 2023
Global insurer RSA Insurance has appointed Linda Deans as a Senior Specialist Underwriter for US & International Property in its UK Specialty Lines business. Deans will assume the role in January and report to Jonathan Sigwart, Underwriting Leader of Wholesale International Property, UK Specialty Lines, at RSA Insurance. Sigwart, commented on the appointment, ... Read the full article
Arthur J. Gallagher announces acquisition of Hughes Insurance Agency, Inc.
23rd November 2023
Global insurance brokerage, Arthur J. Gallagher & Co., has acquired Queensbury, New York-based Hughes Insurance Agency, Inc. Hughes Insurance Agency is a provider of comprehensive commercial, personal and life & health insurance services for independent businesses and individuals across the Northeastern United States. At this time, terms of the transaction ... Read the full article
Ageas reconfirms guidance for 2023 net operating result to hit €1.1 – 1.2bn
22nd November 2023
International insurance firm, Ageas has reconfirmed its guidance for the 2023 net operating result to reach the upper end of the €1.1 to 1.2 billion range, even taking into account the recent storms that have taken place across Belgium, the UK and France. At the company's recent Investor Day event, the ... Read the full article
UK government to consult on new captive insurance regulations
22nd November 2023
The HM Treasury's Autumn Statement 2023 reveals that the UK government is set to consult on the introduction of a regime for captive insurance companies by spring next year. Presented today to Parliament by the Chancellor of the Exchequer, Jeremy Hunt, the Autumn Statement, one of the key financial events in ... Read the full article
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