Reinsurance News
Assessing and adequately pricing SRCC crucial for managing burgeoning risk: Swiss Re’s Pande
12th March 2024
According to Mohit Pande, CUO, Property, Swiss Re, assessing and adequately pricing for the risk of Strikes, Riots and Civil Commotion (SRCC) is crucial for insurers and reinsurers and an area that should continually improve. Writing in a company blog post on the matter, Pande observed that the impacts of SRCC ... Read the full article
Ascendant Re reports strong Q4’23 performance and positive outlook for 2024
12th March 2024
Ascendant Re, a Cayman Islands-based annuity reinsurer, recently disclosed its financial performance for the fourth quarter of 2023, revealing a total net income of $6.7 million. During Q4, the net book value per preferred share surged by 25.3% compared to the prior quarter, rising from $1,881 to $2,357. Furthermore, its total assets ... Read the full article
Rating downgrades on US P&C insurers outpace upgrades in 2023: AM Best
12th March 2024
According to AM Best, credit rating downgrades on US property & casualty (P&C) insurance companies climbed to 55 in 2023, compared with 30 in 2022, given the challenging conditions in the personal lines segment. The rating agency explained that throughout 2023, P&C insurers continued to witness higher reinsurance costs, worsening economic ... Read the full article
MS Amlin returns to profitability in 2023, reports lowest CoR in a decade
12th March 2024
MS Amlin, the Lloyd's global insurer and reinsurer, achieved its strongest adjusted combined ratio for more than a decade in 2023 with a 9.6 percentage point improvement to 86.6%, with Chief Executive Officer (CEO), Andrew Carrier, describing it as a landmark year for the business. As well as being the firm's ... Read the full article
Guillaume Déal named managing director of DUAL France
12th March 2024
DUAL Europe recently announced the appointment of Guillaume Déal as the Managing Director of DUAL France, a strategic move aimed at further strengthening the company’s leadership team in France. In his new role, Déal will be based in Paris and will report directly to Olaf Jonda, CEO at DUAL Europe. Déal will ... Read the full article
Antares Syndicate 1274 reports record profits in 2023
12th March 2024
Antares Syndicate 1274, the re/insurance subsidiary in the Lloyd's market of QIC's Antares Global, has seen improved financial results in 2023 with a 8.1% gross written premiums (GWP) growth and an improved combined ratio of 89.2%. This year, the company saw GWP of $600mn, compared to the $555mn reported in 2022, ... Read the full article
Chubb CEO Evan Greenberg anticipates strong premium growth in P&C
12th March 2024
Evan Greenberg, CEO at Chubb, expresses confidence in the company's ability to capitalise on favourable commercial P&C underwriting conditions globally, anticipating strong premium growth. In his 2023 letter to shareholders, Greenberg highlights the growth potential in property insurance, particularly due to favourable risk-reward underwriting conditions worldwide. He states, “With the growing impact ... Read the full article
Heritage’s Q4 net income hits $30.9m, combined ratio improves to 84.9%
12th March 2024
Heritage Insurance Holdings has reported a net income of $30.9 million for Q4 of 2023, up from $12.5 million in the same quarter of 2022, primarily driven by an increase in net premiums earned, higher net investment income, and lower net losses incurred. Heritage also revealed that gross premiums written were ... Read the full article
Munich Re HealthTech promotes Bilal Ramadan to Chief Executive Officer
12th March 2024
Munich Re HealthTech (MRHT), a subsidiary of Munich Re, has promoted Bilal Ramadan to Chief Executive Officer. Ramadan will report to Owais Ansari Head of Munich Re Life & Health, MENA, Pakistan & Takaful Business. Ansari commented, “We congratulate Bilal Ramadan for his appointment. His promotion marks an exciting new chapter for ... Read the full article
Buy-ins & buy-outs hit a record £50bn in 2023: Hymans Robertson
12th March 2024
Hymans Robertson has revealed that total pension scheme buy-in and buy-out volumes for 2023 reached an all-time high figure of £50 billion, with both the number and value of transactions secured the highest ever recorded. The pensions and financial services consultancy has analysed the 2023 results which have now been published ... Read the full article
Generali reports record operating result of €6.9bn as P&C combined ratio strengthens
12th March 2024
Italian insurer Generali generated a record operating performance of €6.9 billion in its full year 2023 results, an increase of 7.9% as a result of a positive contribution from all segments, led by Property & Casualty (P&C). Group-wide, the insurer has reported an "excellent" new business margin of 5.78%, and a ... Read the full article
Insurance industry must be proactive as GenAI reshapes cyber landscape: Lloyd’s
12th March 2024
The impact of Generative Artificial Intelligence (GenAI) technology on the cyber landscape is expected to increase the frequency, severity, and diversity of attacks, and as the threats evolve, it's imperative that the insurance industry takes proactive steps, according to Lloyd's. A new report from Lloyd's, the world's oldest insurance and reinsurance ... Read the full article
Canopius reports strongest underwriting result in history for 2023
12th March 2024
Global specialty and P&C (re)insurer Canopius Group has revealed its profit after tax for 2023 reached $363 million, up from $129 million in 2022, with a combined ratio for the year of 88.7%. Canopius' insurance contract written premium also increased in 2023 to $2.8 billion, marking a rise of 22% from ... Read the full article
Amynta Group completes acquisition of MGU Sutton Special Risk
12th March 2024
Insurance services provider, Amynta Group, has completed the acquisition of Toronto-based Sutton Special Risk Inc., a managing general underwriter (MGU) of specialty insurance and reinsurance products. The transaction accelerates Amynta’s growth plans in the Canadian marketplace, and expands its offerings across the accident and health market. Amynta had previously announced its ... Read the full article
Distinguished Programs reveals veteran team for Executive Lines business
12th March 2024
Distinguished Programs (Distinguished), a national insurance program manager, has recently introduced its team of seasoned industry veterans for the newly established Executive Lines business. The Executive Lines business aims to set a new standard in management liability insurance, specialising in risk-specific underwriting and tailored solutions for each unique exposure. Leading the team ... Read the full article
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