Reinsurance News
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
Howden Tiger names Martin Ford as Executive Director
17th November 2023
Howden Tiger, the reinsurance broking arm of the global insurance group Howden, announced the appointment of Martin Ford as Executive Director. Based in London, Ford will be reporting directly to Managing Director Paul Esterbrook. Ford brings with him a wealth of expertise, having spent the last 26 years at Gallagher Re, formerly ... Read the full article
Sompo Intl. sees underwriting income of $340.6m in H1
17th November 2023
Sompo International has reported an underwriting income of $340.6 million in H1 of its 2023 financial year, down $104.6 million from the same period last year due to "increased losses due to natural disasters." The firm's commercial P&C combined ratio also adversely rose by 3.1pt YoY to 92.1%, which was again ... Read the full article
Jessalynn Suda joins RT Binding Authority’s leadership team
17th November 2023
RT Specialty, the wholesale distribution division of Ryan Specialty, has appointed Jessalynn Suda to RT Binding Authority’s leadership team, where she will focus on product development, profitability studies, and quality assurance. RT Binding Authority is Ryan Specialty’s binding authority specialty that provides local knowledge and expertise with national authority and nationwide resources. Suda ... Read the full article
S&P publishes criteria for analysing the RBC adequacy of re/insurers
17th November 2023
S&P has published its "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions," which provides criteria for analysing the risk-based capital (RBC) adequacy of insurers and reinsurers. The rating agency explained that the new criteria will improve its ability to differentiate risk and enhance the global consistency of its methodology, while also improving the ... Read the full article
Oneglobal Broking names Joey Lim Head of P&C in Singapore
17th November 2023
Oneglobal Broking has appointed Joey Lim as the Head of Property and Casualty in Singapore, effective from the 17th of November. With knowledge amassed from more than two decades in the insurance sector, Oneglobal noted that Lim's appointment reinforces its continued drive to bring together experts to ensure solid expansion and ... Read the full article
Insurance Europe RAB advocates for open global reinsurance marketplace
17th November 2023
In a bid to fortify global financial resilience against mounting risks, the Insurance Europe Reinsurance Advisory Board (RAB) has unveiled a comprehensive report championing the significance of an open global reinsurance market. The report titled 'The Power of Reinsurance: Supporting the resilience of societies through an open and well-regulated reinsurance market,' ... Read the full article
Arthur J. Gallagher announces acquisition of Coverys Insurance Services
17th November 2023
Global insurance brokerage, Arthur J. Gallagher & Co. has acquired certain assets of the retail agency business of East Lansing, Michigan-based Coverys Insurance Services. Terms of the transaction were not disclosed. Full-service insurance broker, Coverys Insurance Services specialises in medical malpractice and professional liability for healthcare clients throughout Michigan. It has been ... Read the full article
LGRA reveals anticipated $10bn volume in Q3 for US Pension Risk Transfer market
17th November 2023
Legal & General Retirement America (LGRA) has unveiled insights into the US Pension Risk Transfer (PRT) market for the third quarter of 2023. Following a record-breaking first half with a deal volume of $22.5 billion, the Q3 edition of the US Pension Risk Transfer Monitor indicates an anticipated market volume of ... Read the full article
The healthcare market has become more difficult to navigate: Amwins
17th November 2023
With a blurring of lines between some risk retention groups (RRGs) and commercial lines carriers, as well as a trend to define standard coverage vs. E&S, the healthcare marketplace has become difficult to navigate, according to Amwins. In a recent report released by the firm that explores the state of the ... Read the full article
Sedgwick appoints Neil Gibson CEO UK
17th November 2023
Sedgwick, a global provider of technology-enabled risk, benefits and integrated business solutions, has named Neil Gibson its CEO in the UK. According to Sedgwick, Gibson holds more than 18 years of insurance industry leadership experience and decades of operational claims management and colleague development expertise. He most recently served as COO of ... Read the full article
The industry’s use of data & analytics positions it well for AI productivity gains: Moody’s
17th November 2023
The insurance industry's widened use of data and analytics positions it well for AI productivity gains, as many different insurers have been gradually leveraging AI technology for a number of years. In a recent report from Moody's Investors Service, analysts highlight how deeper integration could offer opportunities to boost operating efficiency, which ... Read the full article
Aegon reports strong operating capital growth of 16% in Q3’23
17th November 2023
Aegon, a Netherlands-headquartered multinational life insurance, pensions and asset management company, has released its trading update for the third quarter of 2023, stating operating capital generation, before holding funding and operating expenses, increased by 16% compared to the same period in 2023, reaching €354 million. This growth can be attributed to ... Read the full article
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