Reinsurance News
Cyber insurance market attractive despite ransomware uptick: JP Morgan
13th November 2023
Despite ransomware frequency picking up following a slowdown in 2022, analysts at JP Morgan still see the cyber insurance market as an "attractive area with strong profitability and good exposure growth potential in the coming years." Citing data released by Aon, JP Morgan said that ransomware attacks picked up 176% in ... Read the full article
Moody’s downgrades Nationwide P&C financial strength
13th November 2023
Moody’s has downgraded the Nationwide Mutual Insurance Company (NMIC) and its property & casualty affiliates, Nationwide P&C, insurance financial strength rating to A2 from A1, and downgraded NMIC’s surplus notes rating to Baa1 (hyb) from A3 (hyb). The rating agency has also affirmed the insurance financial strength ratings of Nationwide Life ... Read the full article
Talanx posts 38% rise in 9M’23 net income, increases FY23 earnings forecast
13th November 2023
The Talanx Group, the parent company of global reinsurer Hannover Re, has disclosed that its Group net income increased 38% in the first nine months of 2023 to €1.3 billion, while the firm’s overall combined ratio also improved to 93.5%. Talanx’s insurance revenue in the period grew to €32.3 billion, while ... Read the full article
Arch MI to acquire RMIC Companies in strategic deal
13th November 2023
Arch U.S. MI Holdings (Arch MI), a subsidiary of Arch Capital Group Ltd., has finalised a definitive agreement to acquire RMIC Companies, Inc. (RMIC), along with its subsidiaries, constituting the run-off mortgage insurance business of Old Republic International Corporation. Upon the completion of the transaction, RMIC's $1 billion risk in force ... Read the full article
Legal & General completes £500m buy-in with the DB (UK) Pension Scheme
13th November 2023
Legal & General Assurance Society Limited has completed a c.£500 million buy-in with the DB (UK) Pension Scheme (the Scheme). Legal & General noted that this buy-in secures the benefits of around 2,000 retirees and deferred members. The Scheme is sponsored by a subsidiary of Deutsche Bank AG (the Bank). This is ... Read the full article
QBE expands marine offer in Europe seizing growth opportunity
13th November 2023
Australian insurer QBE has expanded its marine offer in Europe, with products now available in Germany as well as France and the Nordics. While growth in the marine insurance market in Asia appears to be slowing, it has seen a strong performance in Europe, according to the latest statistics from the ... Read the full article
Insurance industry leaders anticipate challenges and opportunities in 2024: WTW
13th November 2023
In a recent survey conducted by global advisory and solutions company WTW at its inaugural European Insurance Leaders' Forum in Brussels, industry leaders identified key trends that are expected to shape the insurance landscape in 2024. Respondents highlighted high inflation and interest rates as the most significant barriers to securing future ... Read the full article
ICEYE expands radar imaging constellation with four new satellites launched
13th November 2023
In a further indicator of the growing use of satellite technology to assess exposures to extreme weather events, ICEYE, a provider of natural catastrophe solutions and insights, has expanded its constellation with four new synthetic aperture radar satellites. The launch on SpaceX’s Transporter-9 smallsat rideshare mission via Exolaunch was conducted from ... Read the full article
IRB (Re) posts underlying profit in Q3’23 vs year-ago loss
13th November 2023
Brazilian reinsurance company IRB (Re), which was formerly named IRB Brasil Re, has reported an underwriting profit of R$11 million for the third quarter of 2023, compared with an underwriting loss of R$539 million in the third quarter of 2022. The reinsurer posted a net income in Q3’23 of R$48 million, ... Read the full article
IAG joins Australia’s Cyclone Reinsurance Pool
13th November 2023
Australian insurance giant IAG has joined the Federal Government’s Cyclone Reinsurance Pool, administered by the Australian Reinsurance Pool Corporation (ARPC). According to IAG, the Pool aims to "reduce insurance premiums for eligible policyholders in cyclone-prone areas of Queensland, the Northern Territory, and Western Australia." IAG said it will pass on savings from ... Read the full article
Moody’s RMS estimates Windstorm Ciarán insured losses of up to €1.5bn
13th November 2023
Moody’s RMS has released a report estimating that insured losses from Windstorm Ciarán, will likely fall between €0.9 billion and €1.5 billion. Windstorm Ciarán (also named Emir by the Free University of Berlin), struck Western Europe on November 1-2. According to Moody's RMS, France accounts for the majority of the loss estimate, ... Read the full article
Kingstone reports net loss of $3.5mn in Q3 2023
13th November 2023
P&C insurance holding company Kingstone Companies has released its financial results for the third quarter of 2023, reporting a net loss of $3.5 million on a net combined ratio of 110.2%. The net loss in the current quarter compares to the $4.0 million net loss reported in Q3 2022. According to ... Read the full article
HSB strengthens development team in the UK with trio of appointments
13th November 2023
HSB (UK and Ireland) has announced the strengthening of its UK Business Development team with the appointments of Sarah Purnell, Michael Farrugia and Lydia White. Sarah Purnell, who previously worked for the British Engineering Services, Zurich and Axa, has been appointed Business Development Manager for the East and West Midlands. Meanwhile, based ... Read the full article
Coalition expands Northern UK presence with key underwriting hire
13th November 2023
Coalition has announced that it has appointed Gareth Machin as its first Manchester-based underwriter in the UK. Machin's appointment comes as part of the company's ongoing drive to provide regional support for brokers in addition to its London headquarters. Machin, a former senior professional indemnity (PI) underwriter with Allianz, has joined Coalition ... Read the full article
EU Associations push for equitable access to vehicle data in automotive industry
13th November 2023
The European automotive and mobility industry faces a critical turning point, prompting Insurance Europe and several EU-level associations to call for regulatory action in ensuring equitable access to vehicle data, functions, and resources. In a letter sent November 6 to the European Commission, these groups urged the swift implementation of complementary ... Read the full article
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