Reinsurance News
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
FRISS and Globlue Technologies join Verisk’s ClaimSearch platform
6th March 2024
Global data analytics and technology provider, Verisk is expanding its fraud-fighting capabilities with two new partners FRISS and Globlue Technologies. Both insurance technology companies will join the Verisk Claims Solutions ecosystem by integrating with Verisk's ClaimSearch platform, which includes the world's largest property and casualty (P&C) claims database containing over 1.7 ... Read the full article
Reinsurance execs remain very optimistic about property cat conditions: KBW
6th March 2024
Providing insight from the Association of Insurance and Financial Analysts (AIFA) conference 2024, analysts at KBW have noted that reinsurance executives remain very optimistic about the returns embedded in property catastrophe pricing, terms, and conditions. "The only real concession to cedents so far has been a few contracts covering strikes, riots, ... Read the full article
Oman Re granted Retakaful licence
6th March 2024
Oman Re, the sole reinsurer in the Sultanate of Oman, has announced it has obtained a Retakaful licence by the Capital Market Authority. Granted on 22 February 2024, the licence empowers Oman Re to establish Retakaful operations, further solidifying its position in the market and enabling the provision of Shariah-compliant Retakaful ... Read the full article
European insurers to see low CRE exposure: Fitch
6th March 2024
At about 4% of assets, the European insurance sector faces low exposure to the rising risks of commercial real estate (CRE), according to Fitch Ratings, with most insurers facing minimal risk to capital or ratings from falling CRE valuation. Fitch’s report also highlighted that just under half of that exposure is ... Read the full article
Sompo names Koji Takahashi as CRO & Head of Reinsurance, Japan
6th March 2024
Sompo Holdings, Inc. has appointed Koji Takahashi to replace Emiko Maki as the Chief Risk Officer (CRO) and Head of Reinsurance for Sompo Japan, effective April 1st, 2024, reporting to Koji Ishikawa, President of the core subsidiary. Maki steps down from her positions within Sompo Japan after announcing her retirement. In his ... Read the full article
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