Reinsurance News
hyperexponential & Akur8 to power data-driven specialty & commercial pricing
20th November 2023
hyperexponential and Akur8 have announced a new partnership that will integrate their complementary pricing decision intelligence (PDI) capabilities. This collaboration aims to offer insurers an automated, data-driven system for accurately pricing commercial and specialty insurance products. Samuel Falmagne, Chief Executive Officer, Akur8, commented, "We're delighted to partner with hyperexponential. We not only ... Read the full article
BoE’s PRA proposes stricter guidelines for insurers utilising funded reinsurance
20th November 2023
In response to the rapid growth in the UK Bulk Purchase Annuity (BPA) market, the Prudential Regulation Authority (PRA) has put forth proposals aimed at enhancing the risk management and structuring of funded reinsurance arrangements. The PRA's concerns center around the specific risks associated with these arrangements, particularly the challenges in ... Read the full article
European reinsurers see 9M’23 nat cat claims fall on improved T&Cs: Fitch
20th November 2023
The four large European reinsurers, Munich Re, Swiss Re, Hannover Re, and SCOR, all reported claims from natural catastrophes below budget in the first nine months of 2023 on the back of improved terms and conditions, while higher investment returns also supported earnings in the period, according to Fitch Ratings. Higher ... Read the full article
Duck Creek teaming with Microsoft to bring generative AI to P&C insurers
20th November 2023
Duck Creek Technologies, a P&C solutions provider, has unveiled a breakthrough initiative in collaboration with Microsoft, which is set to empower insurers to reimagine their businesses by facilitating smoother implementation processes and faster speed to market through the aid of generative artificial intelligence (AI). Duck Creek's platform is built on Microsoft ... Read the full article
European insurers face increased weather-related losses amid reinsurance cutbacks: Fitch
17th November 2023
Fitch Ratings highlights the growing vulnerability of European insurers to weather-related losses, primarily attributed to reinsurers reducing coverage against medium-sized natural catastrophe risks. The trend, which commenced in 2022, is exemplified by results from the Italian non-life market, demonstrating a notable impact on profitability following reinsurance cutbacks. Global reinsurers have responded to ... Read the full article
Bermuda to remain highly competitive jurisdiction following introduction of 15% minimum tax
17th November 2023
Re/insurers welcome the introduction of a 15% minimum tax in Bermuda by the Government of Bermuda and expect it to remain a highly competitive jurisdiction. On 8 August 2023, the Government of Bermuda announced that it had opened a series of consultations on proposals to introduce a corporate income tax (CIT) ... Read the full article
MMC UK Pension Fund completes £2bn longevity swap
17th November 2023
Mercer, a subsidiary of Marsh McLennan and an advisor to the MMC UK Pension Fund Trustee Limited, has announced the completion of a longevity hedge covering approximately £2 billion of liabilities, backed by German reinsurer Munich Re. This is the first longevity swap to include active members, and covers the liabilities ... Read the full article
Nicholas T. Moraites joins Great American Insurance Group
17th November 2023
Property and casualty insurer, Great American Insurance Group, has announced the appointment of Nicholas T. Moraites as Divisional Assistant Vice President of Claims. Based in Pittsburgh, Pennsylvania, Moraites joins the insurer’s Fidelity/Crime Division from Travelers, a large commercial and personal property and casualty insurer, where he most recently served as Senior ... Read the full article
Skyward Specialty reveals pricing of its upsized follow-on offering of its common stock
17th November 2023
Skyward Specialty, a P&C insurer, has announced the pricing of its upsized follow-on offering of 5,000,000 shares of its common stock, with 2,150,000 shares being offered by Skyward Specialty and an upsized 2,850,000 shares being sold by Skyward Specialty’s existing stockholder - The Westaim Corporation at $30.50 per share. Earlier ... Read the full article
Electronic Health Records accelerate underwriting process by more than 7 times: Swiss Re
17th November 2023
Studies conducted by Swiss Re and prominent life insurance carriers have unveiled the revolutionary potential of Electronic Health Records (EHRs) in reshaping the conventional landscape of life and health underwriting processes. The studies indicate that EHRs can expedite underwriting decisions by more than seven times, significantly enhancing efficiency and accuracy. The research ... Read the full article
Kafesie heads VIG’s new “CO³” department aimed to strengthen collaboration
17th November 2023
Vienna Insurance Group (VIG) creates a new department, “CO³” - communication, collaboration & cooperation -, to strengthen collaboration within its Group companies. According to the announcement, the focus of this department is on boosting cross-border know-how sharing as well as on intensifying cooperation between VIG companies located in the same country, ... Read the full article
Generali reports 4.7% increase in GWP to €60.5bn for 9M’23
17th November 2023
Italian insurer Generali has reported gross written premiums (GWP) of €60.5 billion for the first nine months of 2023, as its combined ratio strengthened by 3.1 percentage points to 94.3%. Generali attributes the growth in GWP to strong growth in its P&C business, which saw premiums expand 11.4% year-on-year to €23.4 ... Read the full article
US regional property cat coverage remains healthy ahead of Jan 1: Gallagher Re
17th November 2023
Following a costly 2023 severe convective storm season, Gallagher Re's Josh Knapp, Executive Vice President, Broking, National, has noted that reinsurers are proving less willing to provide aggregate covers for regional property cat risk, though their overall appetite "remains healthy." Knapp's comments come following a poll in which Gallagher Re surveyed ... Read the full article
Tokio Marine HCC posts 12.5% increase in net premiums written in Q2 results
17th November 2023
Tokio Marine HCC has posted a 12.5% increase in net premiums written in its Q223 financial year results to JPY 413.4 billion. Net premiums written in the firm's Non-life: North America segment reached JPY 137.3 billion, while A&H reached JPY 124.3 billion, and International came in at JPY 151.4 billion. At the ... Read the full article
MS Amlin posts 91.6% combined ratio in Q2’23, as insurance profits rise
17th November 2023
MS Amlin, the Lloyd’s global re/insurer, has published its results for second quarter 2023, which includes a combined ratio of 91.6%, compared to last year’s 100.6%. The improved combined ratio resulted in a better underwriting result with an insurance profit of £156 million, which represented an increase of £147 million from ... Read the full article
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