Reinsurance News
Ageas in preliminary stages of considering possible offer for Direct Line
28th February 2024
Brussels headquartered insurer Ageas has confirmed that it is in the initial stages of considering a possible offer to acquire the entire issued and to be issued share capital of UK insurer Direct Line Insurance Group Plc. According to Ageas, the combination of its UK business with Direct Line's will be ... Read the full article
LOOP renews reinsurance program led by same reinsurers as prior
28th February 2024
LOOP, a Public-Benefit Corporation and Artificial Intelligence-powered auto insurer, has successfully renewed its reinsurance program and will go into effect for an extended 15-month term. The renewed program is led by the same tier-one reinsurers and carrier as the expiring and was oversubscribed on all dimensions, LOOP stated. It features the same ... Read the full article
Ambac’s Everspan produces second consecutive quarterly pre-tax profit
28th February 2024
Financial services holding company Ambac has posted a net loss of $16 million and an adjusted net income of $10 million for the fourth quarter of 2023. Included in the company's Q423 results is Everspan, the organisation's specialty program insurer, which produced its second consecutive quarterly pre-tax profit and wrote gross ... Read the full article
Lemonade reports top line growth as net loss narrows in Q4’23
28th February 2024
Lemonade, a digital insurance firm powered by AI, has reported a 20% year-on-year rise in in-force premium to $747 million for the fourth quarter of 2023, while its gross loss ratio fell 12% to 77% in the quarter. Lemonade’s customer count increased 12% to over 2 million in Q4'23, and premium ... Read the full article
Addressing climate change health risks: GA and Wellcome
28th February 2024
The Geneva Association (GA) and Wellcome have recently published a joint report providing a clear framework for understanding how climate change impacts people's health. This report also offers recommendations for health and life insurance companies on addressing these risks. While insurance firms are familiar with handling claims related to property damage ... Read the full article
Ageas Re posts improved 84.1% CoR for FY23 on lower claims
28th February 2024
International insurance group Ageas has reported an improved reinsurance segment combined ratio of 84.1% for 2023, which is considerably stronger than the 103.3% seen in 2022, attributed to significantly lower claims. Year-on-year, Ageas Re's protection inflows increased due to new non-proportional external premiums related to the third-party reinsurance business via the ... Read the full article
PoloWorks and PwC UK enter strategic relationship to create PoloPartners
28th February 2024
PoloWorks, a member of the Marco Capital Group, has launched PoloPartners, a joint venture combining the expertise, capability and experience of PoloWorks and PwC UK. PoloPartners has been created to provide the insurance market with a bespoke, tech enabled, differentiated offering; a unique end-to-end service, as PoloWorks states. According to the firm, ... Read the full article
Social inflation driving billions of dollars of excess losses in commercial auto: Morgan Stanley
28th February 2024
In a recent report by Morgan Stanley's analyst team, it's estimated that social inflation caused $13.3-24.5 billion of excess losses for commercial auto liability from 2013-2022, accounting for 7-13% of total losses in the period. On an annual basis, excess social inflation exceeded expected loss assumptions by 3-15%, under Morgan Stanley's ... Read the full article
Fusion appoints Steven Harwood as Managing Partner M&A in APAC
28th February 2024
Fusion Specialty (Fusion), a global specialist in M&A insurance and a subsidiary of POP Group Holdings, has appointed Steven Harwood as Managing Partner for M&A in the Asia Pacific (APAC) region. In this new role, Harwood will lead Fusion's M&A team in APAC, overseeing operations from New Zealand to India. With ... Read the full article
Howden’s Bragoli takes over from Swift as chair of broker body LIIBA
28th February 2024
LIIBA, the representative body for London market insurance brokers, has named Andy Bragoli, Global Head of Placement at Howden, as its new chair. At a meeting of LIIBA’s board in February, Bragoli took over the role from Alastair Swift of WTW, who has served as chair since March 2022. Bragoli has been ... Read the full article
Climate change set to increase economic losses, US and Philippines most exposed: Swiss Re
28th February 2024
The Swiss Re Institute has predicted that climate change will have a larger impact on economic losses in the future, with the US and Philippines anticipated to be the hardest hit. As per the firm's report, four key weather perils, namely floods, tropical cyclones, winter storms in Europe, and severe thunderstorms, ... Read the full article
Coface reports flat net income, higher insurance revenue in FY23 results
28th February 2024
Credit insurer Coface has reported its full-year 2023 results, with flat net income at €240.5 million and underwriting income growth of more than 13% to €395.4 million and a combined ratio, net of reinsurance, of 64.3%. Alongside flat net income, insurance revenue increased 2.9% year-on-year to €1.6 billion, as services revenue ... Read the full article
Ryan Specialty FY 2023 revenue climbs 20.4% to $2.08bn
28th February 2024
Ryan Specialty has reported full year 2023 revenue of around $2.08 billion, up 20.4%, compared to the $1.73 billion reported in 2022. The firm's adjusted net income also increased in 2023, growing 20.4% to $375.6 million, compared to $312 million in the prior year. Meanwhile, Ryan Specialty's adjusted EBITDAC climbed 20.7% to ... Read the full article
Barbuss acquires marine surveyor KVDS
28th February 2024
Barbuss a provider of specialised financial, claims services and specialised coverage for the risk industry, has announced that it has acquired 100% of the shares of KVDS, an independent marine surveyor based in Antwerp, Belgium. From what we understand, the acquisition welcomes a number of talented professionals from KVDS, who will ... Read the full article
Number of L/H insurers outsourcing investments to asset managers continues to rise: AM Best
28th February 2024
According to credit ratings agency AM Best, a staggering number of insurers are relying on outside asset managers to handle a portion of their investment portfolios. In a recent report released by the firm, it highlights that the percentage of life/health insurers using investment managers for more than 10% of their ... Read the full article
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