Reinsurance News
Aon bolsters Risk Capital unit with senior appointments
7th March 2024
Insurance and reinsurance broker Aon has named Arshi Ahmed as the Global Head of Analytics for financial, professional and cyber products, and Ben Von Obstfelder as Head of U.S. Casualty Analytics, both for Commercial Risk. The broker stated that these two appointments are to strengthen the advanced risk analytics capabilities within ... Read the full article
Beazley reports CoR of 71% and record profit in 2023
7th March 2024
Specialist insurer Beazley has announced record pre-tax profit of $1.25 billion and a combined ratio of 71% for the year ended December 31st, 2023, with strong growth in the insurance service result of 52% and an investment return of 4.9%. Group profit after-tax rose 112% from 2022's $483 million to $1.026 ... Read the full article
Ivans Index shows increase in all commercial lines premium renewal rates in February
7th March 2024
Ivans, a division of Applied Systems, recently released the February 2024 results from the Ivans Index, revealing that all major commercial lines experienced an increase in average premium renewal rates month over month. The Ivans Index is a data-driven report released monthly, providing insights into current conditions and trends for premium ... Read the full article
PURE announces two key leadership appointments
7th March 2024
Privilege Underwriters, Inc. and the affiliated companies of the PURE Group of Insurance Companies have announced two key leadership appointments: Drew Saad as Chief Underwriting Officer and Dea Malollari as Chief Risk Officer. Martin Leitch, CEO at PURE, expresses enthusiasm for the appointments, stating, “we will focus on continuing to deliver ... Read the full article
Parametrix introduces AI monitoring capabilities to manage and mitigate BI risks
7th March 2024
Managing general agent Parametrix, has expanded its capabilities to include real-time monitoring of the availability of Artificial Intelligence (AI) services to enable holistic business interruption insurance for the digital supply chain. Thanks to its expanded capabilities, Parametrix can now monitor AI platforms such as OpenAI’s ChatGPT, Google Gemini, Claud, and others, ... Read the full article
Falvey launches commercial output insurance policy
7th March 2024
Falvey Insurance Group has unveiled a commercial output insurance policy that bundles commercial property and inland marine coverage. The policy has been crafted by the firm's Inland Marine Managing General Agency (MGA), and is specifically designed to cater towards the insurance needs of businesses within the manufacturing, institutional, industrial, and commercial ... Read the full article
More stability, healthy levels of reinsurance profitability expected in 2024: Lancashire CUO
6th March 2024
Trading conditions at the January 1st, 2024, reinsurance renewals were much more stable than a year earlier, and with discipline maintained and a greater willingness from existing carriers to deploy, the outlook for 2024 is one of more stability and healthy levels of profitability, according to Paul Gregory, Chief Underwriting ... Read the full article
Hippo’s total generated premium reaches $1.1bn in FY23
6th March 2024
Home insurance firm Hippo has posted their results for the full-year 2023, which includes total generated premium (TGP) climbing from $811 million to $1.1 billion, representing a 40% increase from 2022. During the year, the company grew revenue significantly faster than TGP, increasing from $120 million to $210 million, representing a ... Read the full article
SCOR to pursue a more regional approach to casualty underwriting: CEO
6th March 2024
SCOR CEO Thierry Léger has revealed that the firm will stop underwriting US General Liability and Professional Indemnity single-risk business from Europe, deciding to only write it locally from the US in the future. Léger disclosed this information in SCOR's Q4 earnings call, noting that the decision will be effective for ... Read the full article
IQUW reports combined operating ratio of 80.9% for FY’23
6th March 2024
Property and specialty re/insurer IQUW has reported a combined operating ratio of 80.9% for the full year 2023, as gross written premiums reported increased by 35% year-on-year to $913 million. The firm explains that premium growth was primarily a result of the syndicate sustaining its trajectory in its third operating year ... Read the full article
Ratings on Asia-Pacific insurers to remain stable, economic conditions “pressuring earnings”: S&P
6th March 2024
S&P Global Ratings, the credit rating agency, has said that while they expect their ratings on Asia-Pacific insurers to remain stable, a combination of economic conditions and underlying changes are "pressuring earnings." The agency explained that credit trends in the Asia-Pacific insurance sector remain steady, however prospects vary across regions. Of the ... Read the full article
Allianz Commercial appoints four regional distribution managers for broker support
6th March 2024
Allianz Commercial has recently appointed four regional distribution managers covering the South, North, London, Midlands, and the South West regions to enhance support for brokers across the UK. The appointed regional distribution managers are Victoria Ashman, Viral Patel, Mark O’Brien, and Julie O’Donovan. In their new roles, they will oversee the sales ... Read the full article
Gallagher Re names André Gerling Head of Region for DACH
6th March 2024
Reinsurance broker Gallagher Re has announced the promotion of André Gerling to Head of Region for DACH, Netherlands and Central and Eastern Europe. He will take up this new position in June 1, 2024, when the current DACH leader, Hamish Dowlen, formally moves into the role of Managing Director of ... Read the full article
Mosaic’s cyber division launches primary tech E&O coverage
6th March 2024
Mosaic Insurance has announced the launch of primary technology errors and omissions (E&O) coverage to protect tech companies from increasing liability risks. Offering up to $15 million in capacity via both its own Syndicate 1609 and a consortium of syndicated capital partners, Mosaic is making primary Tech E&O coverage available via ... Read the full article
Moody’s RMS Risk Modeler to boost Malayan Insurance nat cat risk analytics
6th March 2024
Malayan Insurance, one of the leading non-life insurance providers in the Philippines, has licensed Moody’s RMS Risk Modeler to help enhance its natural catastrophe risk analytics, the firm has revealed in a recent announcement. Risk Modeler is a data-driven modelling and advanced analytics application, available on the cloud-native Intelligent Risk Platform. Malayan ... Read the full article
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