Reinsurance News
HCI Group approved to launch Condo Owners Reciprocal Exchange in Florida
22nd November 2023
The Florida Office of Insurance Regulation (OIR) has approved HCI Group's Condo Owners Reciprocal Exchange to form as a property and casualty reciprocal insurer in Florida. The OIR explained that this announcement marks the newest property and casualty insurer approved to operate in Florida following "extensive legislative reforms implemented to promote ... Read the full article
Fitch turns positive on Swiss Re following strongly improved financial performance
22nd November 2023
Global ratings agency Fitch has revised reinsurance giant Swiss Re's outlook to positive from stable, reflecting the firm's "strongly improved financial performance and better capitalisation and leverage." Alongside the revision to positive, Fitch has affirmed Swiss Re's Insurer Financial Strength (IFS) Rating at 'A+' (Strong) and Long-Term Issuer Default Rating (IDR) ... Read the full article
73% of UK insurance execs expect generative AI to take their jobs: FintechOS
22nd November 2023
73% of UK insurance executives anticipate that Generative AI (GAI) will eventually take their jobs, according to a new study launched by FintechOS. The firm's new study, ‘Generative Artificial Intelligence: The Technology Polarising the Financial Services Industry’, unveils a host of varied opinions among UK insurance companies on the expectations, implementation, ... Read the full article
AEGIS London expands digital trading team for enhanced product offerings
22nd November 2023
Lloyd’s insurer AEGIS London has strengthened its Digital Trading Team with the addition of two industry experts, Iain Lewers and Mark Wilding, to key roles. The team expansion is part of AEGIS London's strategic initiative to diversify its digital product offerings and elevate its presence in online trading platforms. Calum Williams, a ... Read the full article
PERILS increases industry loss estimate for Emilia-Romagna floods to €509m
22nd November 2023
Zurich-based catastrophe insurance data provider PERILS AG has disclosed its third industry loss estimate for the floods in the Emilia-Romagna region of Italy during May 2023, upping the figure to €509 million. This compares to the previous loss estimates of €377 million and €488 million issued by PERILS six ... Read the full article
Generative AI expected to impact many different insurance lines: Aon
22nd November 2023
The insurance market’s overall understanding of generative AI-related risk is still within it's early stages, but this developing form of the technology is expected to impact many different lines within the sector, such as Technology Errors and Omissions / Cyber, Professional Liability, Media Liability, Employment Practices Liability, and more, reports ... Read the full article
HCI Group subsidiary assumes more than 53,000 policies from Florida Citizens
22nd November 2023
The largest subsidiary of HCI Group, Inc., Homeowners Choice Property & Casualty Insurance Company, has successfully assumed approximately 53,750 policies from Citizens Property Insurance Corporation, Florida's state-backed insurer. These assumed policies total roughly $196 million of in-force premium. The assumption is effective from November 21st, 2023, and is based upon an approval ... Read the full article
Redline Underwriting adopts Moody’s RMS Risk Modeler application on the IRP platform
22nd November 2023
Redline Underwriting, a Lloyd’s coverholder specialty underwriting firm, has adopted Moody's RMS' Risk Modeler application on the Moody's RMS Intelligent Risk Platform (IRP). This comes as Redline Underwriting enters into a long-term agreement with the leading risk modeling and solutions company. By being able to use the Risk Modeler, this will ... Read the full article
Swiss Re predicts over $100 billion in nat cat losses for 2023
21st November 2023
In its latest sigma report, Swiss Re has forecasted that natural catastrophe insured losses are set to surpass USD 100 billion in 2023, marking the fourth consecutive year and the sixth year since 2017 (inflation-adjusted) that the industry has faced such substantial losses. The report suggests that the continuous growth in ... Read the full article
Farmsure, INSTANDA target “ever changing and complex needs” of agricultural sector
21st November 2023
Farmsure Underwriters Ltd, an agricultural insurance specialist has partnered with INSTANDA, a global provider of no-code insurance platform technology, to deliver innovative and tailored insurance solutions for the farming community. This partnership looks to address the increasingly complex challenges faced by the agricultural sector with adaptive, efficient, and customer-centric insurance offerings. Challenges ... Read the full article
VIG increases its stake in Hungarian business from 55% to 90%
21st November 2023
Vienna Insurance Group (VIG) has signed a purchase agreement to acquire 35% stake of the Hungarian holding company VIG Magyarország Befektetesi Zrt., which is currently held by the Hungarian state holding company Corvinus. Once the transaction has been completed, VIG’s stake in the Holding will increase from 55 to 90%, with ... Read the full article
Fortitude Re closes $28bn reinsurance agreement with Lincoln Financial
21st November 2023
Global multi-line reinsurer Fortitude Re has announced the closing of its $28 billion reinsurance agreement with The Lincoln National Life Insurance Company, a subsidiary of Lincoln National Corporation. This is consistent with the agreement announced in early May this year. It was stated that Lincoln will reinsure a significant portion ... Read the full article
Non-life insurance profitability to improve on stronger investment & underwriting returns: Swiss Re
21st November 2023
Property and casualty (P&C) insurance premium growth is expected to soften next year and in 2025, but the sector's profitability is poised to improve on stronger investment results and a better underwriting performance, according to Swiss Re's latest sigma report. Total insurance premium growth is forecast at 2.2% annually on average ... Read the full article
AI to reignite global M&A market in 2024, says WTW
21st November 2023
Artificial intelligence (AI) is seen as a "potential boon for improving M&A processes and value creation," according to Jana Mercereau, Head of Corporate M&A Consulting, Great Britain at WTW. As per WTW, historic levels of inflation, rising interest rates, and geopolitical instability contributed to a "slump in deal activity that bottomed ... Read the full article
Cedents & reinsurers better prepared for Jan 2024 renewals: Aspen’s Hough
21st November 2023
According to Philip Hough, Global Head of Property Reinsurance and Head of EMEA & LATAM, Aspen, there was a calmness to the meetings at Baden-Baden this year ahead of 1:1, after "the chaos and uncertainty around capacity last year." "Capacity is available across all lines of business and both cedents and ... Read the full article
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