Reinsurance News
Current hard market driven by need for profitability: Lancashire CEO
9th November 2023
One of the unusual things about the current hard re/insurance market is that there's now been positive rate change for seven years running, and with market discipline expected to persist as carriers target better returns, Lancashire Holdings is confident that this market is here to stay, according to Chief Executive ... Read the full article
Liberty Mutual sees $219 million net income in Q3’23
9th November 2023
Liberty Mutual Holding Company and its subsidiaries (LMHC) have reported their results for the three and nine months ended September 30, 2023, posting a net income attributable to LMHC of $219 million and loss of $441 million for Q3'23 & 9M'23, compared to net loss’ attributable to LMHC of $353 ... Read the full article
Ardonagh Specialty names Marsh Deputy CEO of Bermuda & Inver Re Retro Head
9th November 2023
Ardonagh Specialty has appointed Jonathan Marsh as Deputy CEO of Bermuda and Global Head of Retro at Inver Re. According to the firm, Marsh will be running Ardonagh Specialty’s Bermudian business operations alongside CEO Chris Bonard, while simultaneously building out Inver Re’s retro capabilities. Marsh joins Ardonagh from Gallagher Re, having most ... Read the full article
Arch Australia launches new cyber practice with senior appointment
9th November 2023
Arch Insurance Australia has established a new cyber insurance practice, naming Rachel Green as National Cyber Underwriting Manager for Australia and the Pacific region, effective immediately. According to Arch, the cyber practice will offer excess and primary insurance products spanning cyber, IT liability, and cyber property, "providing comprehensive solutions to brokers ... Read the full article
Failure to attract or retain talent becomes key business risk: Aon
9th November 2023
Human capital issues have become a key business risk fueled by the competition for talent and workforce shortages among other issues, a recent Aon report has revealed. Failure to attract and retain talent reached the highest ever ranking position in Aon’s 2023 Global Risk Management Survey, as it took fourth position ... Read the full article
Novatae appoints Von Breaux as its new COO
9th November 2023
Wholesale insurance brokerage and managing general agency, Novatae Risk Group, has appointed Von Breaux as the firm's new Chief Operating Officer (COO), where he will be responsible for operational activities related to the company's wholesale, managing general agency and program business. Breaux has more than 35 years of leadership experience in ... Read the full article
Argo Group reports Q3’23 underwriting loss on higher loss ratio
9th November 2023
Argo Group International Holdings, Ltd. has announced a deterioration in its combined ratio to 115.8% for Q3 2023 compared with 101.1% in Q3 2022, driven by a higher loss ratio. The firm reported an underwriting loss of $54.3 million, compared with a $4.8 million loss a year earlier, as the loss ... Read the full article
Lancashire to appoint Philip Broadley as Chair and Non-Exec Director
9th November 2023
Bermuda-based re/insurer Lancashire Holdings Limited (LHL), has announced the appointment of Philip Broadley as a Non-Executive Director of LHL, effective November 8, 2023. Broadley has also been appointed as the LHL Chair designate, a position Lancashire expects to take effect immediately following the company’s 2024 AGM - to be held on ... Read the full article
Munich Re’s ERGO-FESCO and BMW (China) approved to set up in Beijing
9th November 2023
Munich Re's ERGO-FESCO Broker Company Limited and BMW (China) Insurance Brokers Co. have received regulatory approval to set up in Beijing. Li Yunze, head of the National Administration of Financial Regulation, said at the opening ceremony of the annual Financial Street Forum, “To make it easier for foreign institutions to enter ... Read the full article
Hannover Re ‘happy’ with experience so far in 2023, despite rising frequency losses: Althoff
9th November 2023
German reinsurance giant Hannover Re will continue to manage growth within US wind very carefully in order to improve diversification, and despite a rise in frequency outside of the US, is happy with the experience year-to-date, according to Sven Althoff, Member of the Executive Board, Property & Casualty (P&C). This morning, ... Read the full article
Global political violence events reshape insurance landscape: Marsh
9th November 2023
Recent political violence events worldwide have led to significant shifts in the political violence insurance marketplace, impacting rates, limits, and terms and conditions, according to a Marsh report. The Russia-Ukraine war, tensions between Israel and Hamas, and global civil unrest have raised awareness of associated risks. In some territories, including Russia, ... Read the full article
Fusion Specialty bolsters US team with three appointments
9th November 2023
Fusion Specialty Americas has appointed Natasha Richard as senior partner, M&A, Renay Gosen as senior associate, M&A, and Michelle Yohe as senior associate, underwriting & legal operations support, all effective immediately. Fusion noted that the hires will further strengthen its representations and warranties (R&W) capabilities. Richard holds more than two and a ... Read the full article
Greenlight Re reports $13.5mn net income for Q3 2023
9th November 2023
Greenlight Re has reported a net income of $13.5mn for the third quarter of 2023, compared to the $18.5mn net loss seen in the same quarter last year; gross premiums written (GPW) increased to $183.1mn, and combined ratio improved to 91.2% from 115.4%. The 18% GPW increase in Q3 2023 relates ... Read the full article
Strong Q3 results indicate positive outlook for reinsurers in 2024: Morgan Stanley
9th November 2023
In a recent report, Morgan Stanley has highlighted the impressive third-quarter results for reinsurers, signaling a promising outlook for the industry in 2024. Despite a recent pullback, the underlying fundamentals remain robust, and leading players such as Arch, Everest, and RenRe have underscored the solid secular positioning of reinsurers. One key factor ... Read the full article
SiriusPoint’s combined ratio hits 88% in Q3, generates $43m underwriting profit
9th November 2023
Specialty insurer and reinsurer, SiriusPoint Ltd. has posted a combined ratio of 88% for the third quarter of 2023, compared to last year's 107.7%, while also reporting a net income of $58 million for the same period. In Q3, the company's core income totaled $50 million, which includes an underwriting income ... Read the full article
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