Reinsurance News
Verisk estimates $3bn-$6bn of industry insured losses from Hurricane Otis
1st November 2023
Global data analytics and technology provider Verisk, estimates industry insured losses to onshore property for Hurricane Otis, the strongest hurricane ever to hit Mexico, will likely fall from MXN 50 billion to MXN 110 billion (~USD 3 billion to 6 billion). The industry loss range, according to Verisk, includes insured estimates ... Read the full article
RenaissanceRe completes $3.3bn acquisition of Validus Re from AIG
1st November 2023
Bermuda-based reinsurer RenaissanceRe has completed its previously announced acquisition of Validus Re, the treaty reinsurance operation of global insurer AIG, a transaction it says creates immediate and long-term value for its shareholders. First announced back in May and approved by the European Commission in August, RenRe has now closed ... Read the full article
Verisk posts revenue & net income increases in Q3
1st November 2023
Verisk, a global data analytics and technology provider, has posted an increase in its consolidated and organic constant currency (OCC) revenues, due to strong growth in underwriting and claims within the company's Insurance segment. Consolidated revenues grew 11.1% to $677.6 million. OCC revenues increased 9.4%. Underwriting revenues increased by 8.9% in the ... Read the full article
Brown & Brown to sell four TPA businesses to Davies Group
1st November 2023
Insurance brokerage firm, Brown & Brown has entered into an agreement with Davies Group Ltd., that includes the sale of four third-party administrator (TPA) businesses and a long-term strategic commercial relationship. The transaction is expected to close in December of 2023, and is subject to certain closing conditions. The announcement was made ... Read the full article
Cowbell’s growth shows ongoing commitment to closing the insurability gap: CEO Kudale
1st November 2023
Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), continues rapid growth as it announces $25mn in equity financing and a 49% increase in its new customer base year-over-year. In an expanding cyber insurance market, 72% of SMEs are still without cyber insurance and say that a major ... Read the full article
Cacciatori urges integrated approach to strengthen UK’s insurance resilience post-Babet
1st November 2023
In the aftermath of Storm Babet and the looming threat of further weather-related disasters, Dr. Eugenia Cacciatori, Senior Lecturer in Management at Bayes Business School (formerly Cass), is calling for a comprehensive integration of insurance into the UK's resilience landscape. The recent early autumn storms, including the menacing Storm Ciarán, have ... Read the full article
Arch gets $233m+ of mortgage reinsurance through latest Bellemeade Re deal
1st November 2023
Arch Mortgage Insurance Company (Arch MI) has obtained over $233 million of indemnity reinsurance on a pool representing approximately $32.4 billion of mortgages from Bellemeade Re 2023-1 Ltd., a special purpose reinsurer. The coverage was obtained by issuing approximately $186 million in bonds and $46 million in direct reinsurance, Arch explained. "This ... Read the full article
Hamilton targets $90m+ in net proceeds as it launches IPO
1st November 2023
Bermuda insurer and reinsurer, Hamilton Insurance Group, could receive net proceeds of up to USD 97.1 million from its initial public offering (IPO) of its Class B common shares, which will be used to make capital contributions to its re/insurance subsidiaries amid favourable market conditions. After submitting a draft proposal in ... Read the full article
Ian Summerfield named Pen Underwriting Head of Cyber
1st November 2023
Pen Underwriting, a multi-class, multi-territory managing general agent (MGA), has appointed Ian Summerfield as Head of Cyber, effective January 1, 2024. Summerfield was promoted from his current role as Commercial Director of Pen’s Hazardous Goods & Environmental Industries niche within its Specialty division. His new position, will see Ian take on the ... Read the full article
Mission Underwriters appoints Jim Dwane as new CEO
1st November 2023
Mission Underwriting Managers, an insurance program administrator, has announced the appointment of Jim Dwane as its new Chief Executive Officer, effective immediately. As the new CEO, Dwane is poised to lead the company into a new period of growth and success. His appointment comes as the company's founding CEO pursues new ... Read the full article
Mercury General reports 9.4% increase in net premiums earned in Q3
1st November 2023
Mercury General Corporation has posted a 9.4% increase in net premiums earned for the third quarter of 2023, sitting at $1,090,311, compared to $996,939 from the same period last year. Net premiums written also saw an increase from $1,034,476 in Q322 to $1,206,503 in Q323. At the same time, Mercury General did ... Read the full article
TWIA to increase reinsurance limit in 2024 to support exposure growth
1st November 2023
Despite its reinsurance attaching higher due to growth in the Catastrophe Reserve Trust Fund (CRTF), the Texas Windstorm Insurance Association (TWIA) expects to need additional reinsurance limit for 2024 as exposure growth persists. TWIA, the Texas wind and hail insurer of last resort, is expecting annual exposure growth of 28.2% in ... Read the full article
Cyber insurance pricing decreases for first time since 2018: Marsh
1st November 2023
Globally, cyber insurance pricing decreased by 2% in Q3 of 2023, compared to a 1% increase in Q2, marking this as the first quarter to record an average decrease since the second half of 2018, according to insurance broker and risk advisor Marsh, a business of Marsh McLennan. More broadly, Marsh's ... Read the full article
Hymans Robertson adds Nadeem Ladha to its Risk Transfer team
1st November 2023
Hymans Robertson, a pensions and financial services consultancy, has appointed Nadeem Ladha to its Risk Transfer team as a Senior Advisor. Ladha has been appointed on a short-term contract, where he will focus on risk transfer projects involving special situations. Before joining the team, Ladha served as a senior Professional Independent Trustee ... Read the full article
Parameter Climate completes buyout of SiriusPoint stake
1st November 2023
Climate risk advisory, distribution, and analytics firm, Parameter Climate, has announced a management buyout of its seed investor, SiriusPoint, two years after launch. SiriusPoint acquired a significant ownership stake in Parameter Climate back in October of 2021 as part of a strategic partnership between the two firms. Now, following the ... Read the full article
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