Reinsurance News
Billions of USD in economic losses anticipated for Hurricane Otis: Aon
31st October 2023
Hurricane Otis, the strongest hurricane ever to hit Mexico, has not only left a trail of destruction but is poised to deliver a staggering blow to the local economy, with initial expectations from independent experts suggesting total economic losses will likely reach into the billions of USD, according to a ... Read the full article
PICC P&C posts 26.2% fall in net profit for 9M’23
30th October 2023
China’s PICC Property and Casualty Company (PICC P&C) reported a net profit of RMB19,386 million for the nine months ended September 30, representing a year-on-year decrease of 26.2%. The decline in net profit can be attributed to three main factors: the resurgence of auto transportation, the adverse effects of severe typhoons ... Read the full article
AXA XL Ecosystem extends access to clients across multiple insurance lines
30th October 2023
Global re/insurer AXA XL has extended Ecosystem access to clients across its Property & Casualty and Specialty insurance lines in North America to help them uncover new technology and innovative risk solutions. The AXA XL Ecosystem is a suite of business solutions that leverages partnerships and services to help our clients ... Read the full article
Lockton appoints Craig Buckle as CEO of New Zealand business
30th October 2023
Insurance broker Lockton has appointed Craig Buckle as the Chief Executive Officer (CEO) of its New Zealand operations, effective January 1, 2024, Buckle will succeed Peter Lowe, who is to retire at the end of this year. This appointment is in alignment with Lockton Pacific’s succession planning in New Zealand, which highlights the ... Read the full article
QuoteWell emerges from stealth with $15M Series A funding led by NEA
30th October 2023
Insurtech startup QuoteWell unveiled its "innovative" approach to the insurance industry as it emerges from stealth mode. The company, founded in 2021, has raised over $15 million in a Series A funding round led by New Enterprise Associates, Inc. (NEA), with participation from Goldcrest and Floating Point. Joey Bouchard, CEO and Founder ... Read the full article
California FAIR Plan partners with ZestyAI to determine appropriate pricing
30th October 2023
The California FAIR Plan Association, the state’s property “insurer of last resort,” has partnered with ZestyAI, a provider of climate and property risk analytics solutions, to access its wildfire risk analytics product to properly assess wildfire risk in the state. Through this partnership, FAIR Plan - the California Fair Access to ... Read the full article
AgentSync raises $50mn in latest funding round
30th October 2023
AgentSync, a company building modern insurance infrastructure that connects carriers, agencies, MGAs, and producers, has raised an additional $50 million in funding to drive operational efficiencies for insurers and distributors. The latest round, co-led by existing investors Craft Ventures and Valor Ventures, brings AgentSync’s total funding to date to $161 million. Since ... Read the full article
AJ Gallagher forecasts firm pricing, increased demand at Jan renewals: CEO
30th October 2023
In a recent earnings call, J. Patrick Gallagher, Jr., Chairman, President, and CEO of Arthur J. Gallagher & Co., discussed the outlook for the upcoming January reinsurance renewals. Following a stable July 1 renewal season, the company has set its sights on what's ahead for the industry. Gallagher expressed optimism, saying, "Assuming ... Read the full article
UK home insurance market faces record losses, premiums set to surge: EY
30th October 2023
EY's latest UK Home Results Analysis has unveiled that the UK home insurance market endured its most challenging year on record in 2022. The report highlights a staggering Net Combined Ratio (NCR) of 122%, signaling significant losses for insurers. This bleak trend is expected to persist, with further losses anticipated for ... Read the full article
Shanghai unveils global reinsurance platform
30th October 2023
The Shanghai Insurance Exchange (SIE) has launched its international reinsurance business trading platform, as well as the first batch of market rules, marking the latest progress in developing the city as a reinsurance hub. According to the announcement, the platform is the key digital infrastructure of the Shanghai International Reinsurance Trading ... Read the full article
“Exceptional results” validate the Israeli InsurTech Accelerator program effectiveness: CEO Bendelak
30th October 2023
The Israeli InsurTech Accelerator program has reported “remarkable results” driving innovation and growth within the country’s start-up industry, InsurTech Israel has stated. Since its inception over two years ago, the program has contributed significantly to the evolving landscape of InsurTech in Israel. The country’s capital, Tel Aviv, has become a vibrant ... Read the full article
Credit ratings of Talcott Resolution Life subsidiaries upgraded by AM Best
30th October 2023
AM Best has upgraded the credit ratings for most of Talcott Resolution Life, Inc.’s subsidiaries, and given them a stable outlook. The Financial Strength Rating (FSR) for Talcott Resolution Life Insurance Company and Talcott Resolution Life and Annuity Insurance Company was upgraded to A- (Excellent) from B++ (Good) and the Long-Term ... Read the full article
CNA Financial sees net income of $258mn in Q3 2023
30th October 2023
Chicago-based insurer CNA Financial Corporation has reported a net income of $258 million for this third quarter of 2023, which compares to the net loss of $42 million reported in the same period last year. Core income for the quarter was $289 million, versus $43 million in the prior year quarter, ... Read the full article
Helvetia gets approval for UK branch to underwrite specialty lines business
30th October 2023
Helvetia Global Solutions has received confirmation from UK regulators that its authorisation to underwrite non-life insurance business in the UK has been approved and comes into effect on 1 November 2023. Helvetia has appointed Marc Davis as CEO of the UK branch, who joined Helvetia on 1 October 2022 and holds ... Read the full article
MAPFRE RE appoints Miguel Ángel Rosa as new CEO
30th October 2023
Insurer MAPFRE has announced a number of new appointments as it simplifies its structure, including naming Miguel Ángel Rosa as the new Chief Executive Officer (CEO) of MAPFRE RE, with current CEO Eduardo Pérez de Lema taking on the role of CEO of International Insurance. The International Insurance division is new, ... Read the full article
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