Reinsurance News
MGAA welcomes three new board members following 2023 record growth
11th March 2024
The Managing General Agents’ Association (MGAA) has announced the appointment of three new board members, while also revealing it had seen significant growth in its membership over the last year, welcoming its 400th member. The new board members were confirmed at the association’s Annual General Meeting at Lloyd’s. These include Ian ... Read the full article
Greenlight Re pleased with 1/1 renewals, optimistic on Lloyd’s in 2024: Patrick O’Brien
8th March 2024
During Greenlight Re's 2023 earnings call, Patrick O'Brien, Chief Executive Officer (CEO), Director, Greenlight Re Ireland, noted the still very attractive conditions at the January 1st, 2024, reinsurance renewals, when over 60% of the company's business incepts. "We are very pleased with how January 1, 2024, progressed. Market conditions remain very ... Read the full article
Hong Kong IA reports decrease in total premiums despite growth in reinsurance in 2023
8th March 2024
The Insurance Authority (IA) has reported an increase in Hong Kong’s reinsurance gross premiums by 3.1% and net premiums by 0.2% for 2023, however, total gross premiums decreased by 1.1% compared to 2022, totalling $549.7 billion. Reinsurance gross premiums reached $18.1 billion in the year, primarily driven by the Property Damage ... Read the full article
Aspen confirms Sarah Stanford as CEO of Aspen UK
8th March 2024
Bermuda-based insurer and reinsurer, Aspen Insurance Holdings, has confirmed the appointment of Sarah Stanford as CEO of Aspen UK. Prior to her approval, Stanford had been appointed as Interim CEO, Aspen UK on January 17, 2024. Before this, she was serving as the Active Underwriter of Lloyd’s Syndicate 4711, representing ... Read the full article
Guidewire reports increased net income and revenue in fiscal Q2’24
8th March 2024
Guidewire, a platform provider for property and casualty re/insurers, has reported a net income (GAAP) of $9.7 million for the second quarter of the fiscal year 2024, a notable turnaround from the net loss of $9.2 million for the same quarter in fiscal year 2023. This quarter's net income is also ... Read the full article
Porch Group sees net loss improvement in Q4 2023
8th March 2024
Porch Group, a homeowners insurance and vertical software platform, has reported a net loss of $2.5mn in the fourth quarter of 2023, an improvement from $35.5mn in Q4 2022; with a total revenue of $114.6mn, which increased 79% compared to the prior year. The company also reported a revenue less cost ... Read the full article
WTW appoints Lynda Gammons as Head of Claims Closure Solutions, CRB NA
8th March 2024
Global insurance brokerage WTW has appointed Lynda Gammons as the new Head of the Claims Closure Solutions team for Corporate Risk & Broking, North America. This appointment builds on the three recent hires by the broker to its CRB NA's Private Equity and Transactional Solutions team, which include Daniel Kesack ... Read the full article
HCI Group’s net income climbs to $89.3m in 2023
8th March 2024
Florida-based insurtech HCI Group has reported a net income of $89.3 million for 2023, compared to a net loss of $54.6 million in 2022. Consolidated gross premiums earned in 2023 also increased to $765.5 million from $724.7 million in 2022. HCI explained that gross premiums earned for 2023 include $23 million of ... Read the full article
Insurtech Arturo welcomes Donnie Millar and Thom Keyes to leadership team
8th March 2024
Arturo, a property specialist offering AI-based solutions to insurers, is strengthening its leadership team with the addition of Donnie Millar as Vice President of Data Science and AI, and Thom Keyes as Vice President of Finance. Bringing extensive tech startup experience, both executives join Arturo as the insurtech company scales into ... Read the full article
Safepoint’s new reciprocal exchange Manatee gets ‘A’ rating by Demotech
8th March 2024
Safepoint Group's newest reciprocal exchange, Manatee Insurance Exchange (Manatee), has been assigned a Financial Stability Rating of 'A', Exceptional, by Demotech, Inc. Manatee was formed to focus on providing insurance solutions to Florida homeowners and business owners. Joseph L. Petrelli, President and Co-founder, Demotech, Inc., commented: "Insurers without sufficient representative operating ... Read the full article
Martin Sullivan joins Inszone Insurance Board as Non-Exec Chairman
8th March 2024
Inszone Insurance Services, a provider of commercial, personal, and benefits insurance, has announced the appointment of Martin Sullivan as Non-Executive Chairman of the Board, effective immediately. With an extensive background in the financial services and insurance industry, Sullivan brings a wealth of expertise and leadership to Inszone Insurance. As Non-Exec Chairman he ... Read the full article
Australia’s Valentine’s Day storms estimated industry cost hits $104m: ICA
8th March 2024
The Insurance Council of Australia (ICA) has revealed that claims for the severe thunderstorms that impacted Victoria on Valentine’s Day have risen to 19,932, with an estimated cost to the industry so far of $104 million. According to the ICA, around 85% of claims are related to home and contents damage, ... Read the full article
SRS Altitude appoints Jan Bachmann from Swiss Re CorSo as new CUO
8th March 2024
Strategic Risk Solutions (SRS), an independent insurance company manager, has announced the appointment of Jan Bachmann as the Chief Underwriting Officer (CUO) at SRS Altitude, a subsidiary of SRS. His new role will commence on April 1st. In this position, Bachmann will oversee Altitude’s underwriting portfolio and be responsible for designing ... Read the full article
Hamilton adds Vaughan and Patterson to Board of Directors
8th March 2024
Bermuda re/insurer Hamilton Insurance Group, Ltd. has announced the addition of Dr. Therese Vaughan and Neil Patterson to the company’s Board of Directors, effective March 11, 2024. At the same time, Hamilton also announced that Pauline Richards, current Chair of the Audit Committee, will retire from its Board of Directors, following ... Read the full article
Cyber insurance a focal point in the P/C industry: AM Best
8th March 2024
AM Best's recent market segment report highlights how the cyber insurance sector has become a focal point of growth and risk within the property/casualty (P/C) industry. The report notes that although pricing for cyber insurance stabilised in 2023, the demand for it remains stable. According to AM Best, “cyber insurance is ... Read the full article
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