Reinsurance News
UFG reports $6.4mn net income in Q3 2023
3rd November 2023
US property and casualty insurer, United Fire Group (UFG), has announced its financial results for the third quarter of 2023, reporting a consolidated net income of $6.4 million and an improved combined ratio of 102.1%. UFG Q3 2023 net income saw a considerable improvement compared to the net loss of $22.9 ... Read the full article
Lizzie Smith-Foreman joins MGAA board
3rd November 2023
The Managing General Agents’ Association (MGAA) has elected Lizzie Smith-Foreman, Director of Group Marketing, Communications and Sustainability for Markerstudy Group, to join its board. The MGAA is a UK-based not for profit organisation dedicated to representing true MGAs. Smith-Foreman has over two decades of marketing experience within the insurance industry. She brings ... Read the full article
Martina Neary named EY UK Insurance Leader
3rd November 2023
EY has named Martina Neary as its UK Insurance Leader, joining the UK Financial Services leadership team to lead across General Insurance, Life and Pensions and Specialty Insurance. Neary commented: “The insurance sector is at a pivotal moment. Firms are facing a number of economic headwinds including sustained cost and inflationary ... Read the full article
Building long-term relationships with reinsurance partners has “been key” for AIG: CEO Zaffino
2nd November 2023
During AIG's Q3 2023 earnings call, Chairman & Chief Executive Officer, Peter Zaffino, explained how building long-term strategic relationships with the company's reinsurance partners has "been key" for repositioning the firm. Zaffino noted how conflicting views have emerged in the market on the combination of gross portfolio underwriting with the strategic ... Read the full article
Aon to consolidate UK and EMEA regions, naming Julie Page as CEO
2nd November 2023
Insurance and reinsurance broking group, Aon, has disclosed its plan to consolidate its client service operations in the UK and EMEA regions, appointing Julie Page as the CEO for the merged region, with this transition set to take effect on November 15. Aon said the current EMEA CEO Eduardo Dávila would ... Read the full article
Gallagher Re and ICMR announce exclusive partnership to enhance reinsurance services
2nd November 2023
Gallagher Re, a prominent global reinsurance broker, and ICMR, a specialist in quantitative analysis, have officially announced the establishment of an exclusive partnership. This partnership combines Gallagher Re's extensive knowledge in reinsurance broking with ICMR's innovative quantitative analysis solutions, aimed at equipping clients with state-of-the-art resources and insights to enhance their ... Read the full article
Enstar closes previously announced transaction with AIG
2nd November 2023
Enstar Group Limited has announced that one of its wholly-owned subsidiaries has closed the previously announced transaction with American International Group (AIG), to provide protection to AIG on its retained exposure to adverse development on Validus Re's loss reserves. The transaction was first announced in September. As per the agreement, Enstar ... Read the full article
Markel anticipates firm & constructive property pricing environment in 2024
2nd November 2023
Markel has suggested that the property market pricing environment should be "firm and constructive" going into 2024, with the company noting it has the ability to deploy more capital there should it choose to do so. These comments stem from Markel's Q3 earnings call, in which Jeremy Noble, President of Insurance, ... Read the full article
Lemonade reports top line growth as net loss narrows in Q3’23
2nd November 2023
Lemonade, a digital insurance firm powered by AI and social impact, has reported an 18% year-on-year rise in in-force premium to $719 million for the third quarter of 2023, while its gross loss ratio fell 11% to 83% in the quarter. As well as top line growth, Lemonade's customer count increased ... Read the full article
Aspen hires Mardon as Global Head of property cat reinsurance & Bermuda CUO
2nd November 2023
Aspen Insurance Holdings Limited, a Bermuda-based re/insurer, has appointed Tim Mardon as Global Head of Property Catastrophe Reinsurance. His new role is effective November 14, 2023. It has also been confirmed, that Mardon will also become Chief Underwriting Officer (CUO) of Aspen Bermuda Limited (ABL), as well as a member of Aspen ... Read the full article
Whitespace announces Vega IT as an integration partner
2nd November 2023
Whitespace, a fully digital e-trading platform and Verisk company, has announced Vega IT as an integration partner. Whitespace explained that the partnership is a pivotal component of its strategy to expand the delivery of its integration capabilities. "Vega IT will support customers moving onto the Whitespace Platform in various ways, including structured ... Read the full article
California FAIR Plan increases commercial coverage limits to $20m per location
2nd November 2023
The California FAIR Plan Association (FAIR Plan) has partnered with the California Department of Insurance (CDI) to offer increased commercial coverage limits of up to $20 million per location. This change, effective as of November 1, represents a substantial enhancement from the previous maximum of $8.4 million per location for commercial ... Read the full article
Selective Insurance posts 17% rise in NPW in Q3
2nd November 2023
Selective Insurance has posted a 17% rise in net premiums written (NPW) for the third quarter of 2023, sitting at $1,058 billion, representing a $155 million increase from last year's $903.4 million. For the nine months ended September 30, NPW came in at $3,143 billion, compared to $2,723.9 billion from the ... Read the full article
Steadfast posts 22.4% surge in Q1 of FY24 EBITA year-on-year
2nd November 2023
Steadfast Group, a leading Australian insurance brokerage network, announced a 22.4% increase in unaudited underlying Earnings Before Interest, Taxes, and Amortization (EBITA) for the first quarter of FY24 compared to the same period last year. The company's Founder and CEO, Robert Kelly, shared the remarkable performance of the organization during the ... Read the full article
NAMIC urges lawmakers to focus on growing risks to ease rising insurance costs
2nd November 2023
While Congress continues to examine increasing challenges within the property insurance marketplace, the National Association of Mutual Insurance Companies (NAMIC), has warned lawmakers to look beyond obvious weather events and focus on the root problems that are said to be driving insurance cost increases across certain areas. "Insurance is a mechanism ... Read the full article
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