Reinsurance News
Direct Line posts 115% increase in motor GWP in Q3
8th November 2023
Direct Line Group doubled its motor gross written premiums (GWP) in the third quarter of 2023, increasing by 115.4% to £826.8 million. The company attributed this substantial rise towards an improved approach to pricing. DLG's home division also witnessed growth, rising 3.9% to £144.4 million. DLG's rescue and other personal lines division ... Read the full article
DB schemes seeking risk transfer to insurers increases by over 50%: LCP
8th November 2023
A recent analysis from LCP has highlighted that the number of UK private sector defined benefit (DB) schemes fully funded on buy-out has expanded to 20%, equating to 1,000 schemes, and c£275 billion of assets out of the £1,400 billion total in UK DB schemes. According to the firm, this has ... Read the full article
SURE to offer commercial property coverage in South Carolina
7th November 2023
SureChoice Underwriters Reciprocal Exchange, in partnership with SageSure, has announced its expansion to the South Carolina commercial property market with its business owners policy (BOP) offering. SureChoice Underwriters Reciprocal Exchange is a policyholder-owned coastal insurer, and SageSure is a managing general underwriter focused on catastrophe-exposed markets. After launching its BOP program in ... Read the full article
Bank of Japan adjusts yield curve control policy, signals gradual normalisation: Swiss Re
7th November 2023
The Bank of Japan (BOJ) has taken a significant step towards normalising its monetary policy by rephrasing the 1% upper bound on 10-year Japanese government bond yields as a "reference" rather than a rigid cap, according to a Swiss Re Institute report. This move effectively removes the cap on bond yields, ... Read the full article
IVANS Index shows average premium renewal rates up in October
7th November 2023
IVANS, a division of Applied Systems, has reported renewal rate change for all major commercial lines of business except Workers’ Compensation are up year over year in October 2023. The third quarter of 2023 experienced an increase in average premium renewal rate change across all major commercial lines compared to Q2'23, ... Read the full article
Citizens adopts Verisk’s Aerial Imagery Analytics
7th November 2023
Verisk has announced that Citizens Property Insurance Corporation, a not-for-profit insurer in Florida, will adopt its Aerial Imagery Analytics solution to help "provide a more comprehensive view of risks across the state." According to Verisk, it submitted a proposal to provide the service to Citizens, which then evaluated the solution against ... Read the full article
WTW launches Asia Pacific Climate Risk Centre in Singapore
7th November 2023
Global insurance broker WTW has launched a new Asia Pacific Climate Risk Centre (ACRC) in Singapore, which will provide climate risk quantification and management capabilities to support the region’s resilience and transition to net-zero. The launch reinforces the company's commitment to helping the region transition to a resilient, low-carbon economy. It ... Read the full article
Lockton Re analytics platform receives US Patent
7th November 2023
Lockton Re, the reinsurance arm of the independent insurance broker, has announced that its analytics platform, SAGE, has been awarded a US Patent. This patent is for systems and methods for custom and real-time visualization, comparison, and analysis of insurance and reinsurance structures. Claude Yoder, Global Head of Analytics, Lockton Re, commented: ... Read the full article
Applied Underwriters unveils United Risk, names Dan Malloy as CEO
7th November 2023
Applied Underwriters has unveiled a newly consolidated enterprise named United Risk, which brings together the entirety of the firm's MGA and MGU businesses into a single cohesive brand, headed by industry leader Dan Malloy. Malloy, who has been appointed CEO of United Risk, most recently served as CEO of SiriusPoint after ... Read the full article
FWD Group announces robust growth momentum
7th November 2023
Pan-Asian life insurance business, FWD Group sees “another quarter of robust double digit new business growth”, Group Chief Executive Officer, Huynh Thanh Phong stated as the company publishes its business highlights for the nine months ended 30 September 2023. New business sales for the FWD Group grew 22%, to $1,253 million. ... Read the full article
Underwriters highly concerned about slow progress in underwriting processes: hyperexponential
7th November 2023
A vast majority of underwriters are worried about insurers’ ability to deliver next-generation underwriting, mainly due to underperforming technology, hyperexponential research has revealed. Analysts stated: “This disillusionment comes as the majority of insurance firms are about to embark on a new investment cycle for pricing tech over the next 12 months. ... Read the full article
RenRe emerges as fifth-largest P&C reinsurer following Validus Re acquisition
7th November 2023
RenaissanceRe Holdings Ltd. (RenRe), a distinguished member of the Association of Bermuda Insurers and Reinsurers (ABIR), has successfully concluded its acquisition of Validus Re and its subsidiaries from American International Group (AIG), securing its position as the fifth-largest property and casualty (P&C) reinsurer in the world. Validus Re was among the ... Read the full article
Charles Taylor boosts its loss adjusting services in Asia with key hires
7th November 2023
With the expansion of its operations across Asia, Charles Taylor has welcomed 11 new hires to boost its loss adjusting services team across vital locations in the region. According to the announcement, this move is in response to the growing need for comprehensive loss adjusting services in Asia, and as part ... Read the full article
FM Global names Tadmoury as Executive Vice President
7th November 2023
Commercial property insurer FM Global has named Ziad Alex S. Tadmoury as their new Executive Vice President. Tadmoury will be responsible for overseeing operations in the regions of EMEA, Asia Pacific, Canada, as well as FM Global's specialty industries. Additionally, he will take charge of AFM, the company's middle market insurance division. Tadmoury, ... Read the full article
Skyward Specialty posts $21.7m net income for Q3, combined ratio sits at 90.2%
7th November 2023
Skyward Specialty Insurance Group, Inc. has posted a net income of $21.7 million for the third quarter of 2023, compared to a net loss of $2.4 million for the same period last year. Net income for the first nine months of 2023 sits at $56.7 million, a substantial improvement compared to ... Read the full article
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