Reinsurance News
Hastings Direct enhances property assessment with Verisk’s UKBuildings
7th March 2024
Verisk, an insurance and analytics provider, has recently announced that Hastings Direct will now leverage its UKBuildings database to enhance its capabilities in assessing properties for insurance. UKBuildings is a comprehensive, property-specific database catering to organisations looking for detailed building information, especially beneficial for residential and commercial insurance providers. It offers ... Read the full article
BLUECYBER secures $1.5m investment and acquires ISMAC
7th March 2024
BLUECYBER, a managing general agent (MGA) specialising in cyber insurance, has secured a significant $1.5 million investment from venture capital firms Invisto and Bossa Invest, alongside support from investors within the insurance market. Eduardo Rocha, CEO of BLUECYBER, expressed enthusiasm about the investment, stating, “This investment reflects the investors' confidence in ... Read the full article
Resilience US clients to benefit from new Tech E&O coverage
7th March 2024
Cyber risk management firm Resilience has announced it has added Technology Errors & Omissions (E&O) coverage to its existing cyber insurance and cyber risk management solutions. US organisations with $300M-$10B in revenue will benefit from this new coverage, which has $10M in limits available for both primary and excess placements. Resilience's new ... Read the full article
Allianz SE extends contracts of Board members Boshnakova & Thallinger
7th March 2024
The Supervisory Board of Allianz SE has confirmed that it has extended the mandates of Allianz SE Board of Management members Sirma Boshnakova and Günther Thallinger, through December 2029, subject to customary regulatory approvals. Boshnakova, is responsible for the Group’s insurance businesses in Western & Southern Europe, Allianz Direct and Allianz ... Read the full article
“Outstanding” 2023 leads to best underwriting result in recent history: Lloyd’s
7th March 2024
In a trading update for its full year 2023 financial performance, global insurance and reinsurance marketplace Lloyd’s has revealed its underwriting profit increased by £3.3 billion to £5.9 billion. Burkhard Keese, Lloyd’s CFO commented, “2023 was an outstanding year for the Lloyd’s market. We continued to see sustainable, profitable growth and ... Read the full article
Hamilton reports 90.2% CoR as net income hits $127m in Q4’23
7th March 2024
Hamilton Insurance Group, Ltd. has reported a combined ratio of 90.2% and underwriting income of $36 million for the fourth quarter of 2023, as the firm's net income rose considerably to $127 million for the period. The insurer’s gross premiums written (GPW) increased by $92.5 million, or 27.1% to $433.8 million ... Read the full article
Tokio Marine HCC invests into CAD$4.3m funding round secured by Clir
7th March 2024
Tokio Marine HCC has invested into a CAD $4.3 million funding round, secured by Clir Renewables (Clir), a renewable energy intelligence platform for wind and solar. Longbow Capital Inc., ArcTern Ventures and BDC Capital also participated in the funding round too. Clir confirmed that this round of financing will allow the company ... Read the full article
Price Forbes hires Dan Nicholls and Ray Spreadbury to grow energy and renewables team
7th March 2024
Global specialty broker Price Forbes has appointed Dan Nicholls to its energy leadership team, and Ray Spreadbury as Head of Renewables. Commenting on the appointments, Andrew Draycott, CEO - Energy, Transportation and Specie at Price Forbes, said, “At Price Forbes, we want to be at the forefront of the energy transition, ... Read the full article
PIC completes full scheme buy-ins of the Thomas Cook Travel schemes for £50m
7th March 2024
Pension Insurance Corporation plc (PIC), the specialist insurer of defined benefit pension funds, concluded, in November 2023, full scheme buy-ins with the Trustees of three defined benefit pension schemes formerly sponsored by Thomas Cook Group, totalling £50 million. According to the announcement, the Thomas Cook Travel Schemes entered Pension Protection Fund ... Read the full article
Liberty Mutual’s 2023 net income drops despite strong Q4
7th March 2024
Liberty Mutual Holding Company Inc. has reported a net income of $213 million for the full year 2023, down substantially from the $414 million recorded in 2022, despite a strong end to the year. Liberty’s total net written premium for the full year 2023 grew 2.5% versus 2022, reaching $46.48 billion. The ... Read the full article
Prudential and RGA in $5.9bn pension risk transfer for Verizon
7th March 2024
Prudential Financial and Reinsurance Group of America (RGA) have been selected for a pension risk transfer involving Verizon Communications, settling approximately $5.9 billion of Verizon pension liabilities and providing retirement security for a population that includes 56,000 Verizon retirees and their beneficiaries. Under the terms of the transactions, Prudential and RGA ... Read the full article
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
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