Reinsurance News
AerCap collects $1.3bn of insurance settlements linked to Ukraine war
23rd February 2024
Global aircraft leasing firm AerCap Holdings has collected over $600 million of insurance settlements over the fourth quarter of 2023, for a total of $1.3 billion collected during 2023. “During the fourth quarter of 2023, we recognized recoveries related to the Ukraine Conflict of $614 million, primarily consisting of cash insurance ... Read the full article
Marine insurance sector urged to collaborate with shipowners for maritime sustainability
23rd February 2024
In a joint effort to address the pressing issue of maritime sustainability, marine insurance experts are calling for closer collaboration with shipowners to develop decarbonisation strategies. A white paper, co-authored by underwriting firm Atrium and Bayes Business School (formerly Cass), City, University of London, emphasises the critical role insurers can play ... Read the full article
Insurtech veteran Jeffrey Taylor appointed Arturo’s Chief Strategy Officer
23rd February 2024
Arturo, a property specialist offering AI-based solutions to insurers, has announced the appointment of Jeffrey Taylor as Chief Strategy Officer, as the firm prepares to expand into adjacent markets. Taylor brings a great deal of experience to this role, having worked in the industry for three decades. From 1992 to 2007, he ... Read the full article
Venture Programs selects Vortex as parametric partner for private golf clubs
23rd February 2024
Venture Insurance Programs has chosen Vortex Weather Insurance, an insurtech specialising in weather risk management for outdoor venue hosts and golf clubs, to be their sole provider of parametric weather insurance policies. This agreement represents Vortex's first partnership as a managing general agency, with clubs now having access to its parametric ... Read the full article
Zurich APAC reports 11% GWP growth in 2023 results
23rd February 2024
Zurich Asia Pacific (APAC), part of the global insurance group, has recently announced its results for the full year of 2023. The report highlights significant growth in its Property & Casualty (P&C) sector. Throughout 2023, the P&C business experienced robust growth, reaching gross written premiums (GWP) of $3.6 billion. This marks ... Read the full article
Allianz reports record operating profit of €14.7bn for FY23
23rd February 2024
Insurance giant Allianz has reported a record operating profit of €14.7 billion for the full year 2023, an increase of 6.7% from €13.8 billion in the previous year, driven primarily by the Life/Health (L&H) business segment. Group-wide, total business volume grew 5.5% to €161.7 billion in 2023, which Allianz attributes to ... Read the full article
AM Best revises issuer credit rating outlook to positive for subsidiaries of Nassau Financial
23rd February 2024
Global credit ratings agency AM Best has confirmed that it has revised the outlook to positive from stable for the Long-Term Issuer Credit Ratings (Long-Term ICRs) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICRs of “bbb” (Good) of Nassau Life Insurance Company, Nassau Life ... Read the full article
Mosaic launches suite of specialised financial institution products
23rd February 2024
Mosaic Insurance has announced the launch of a suite of specialised financial institution products, offering $25 million in investment management insurance (IMI). The firm's new asset manager form reportedly combines professional indemnity, IMI, directors and officers (D&O), crime, and cyber coverages for managers and their funds. According to Mosaic, clients can choose ... Read the full article
Aon names Alicia Goosen to head of Professional Services GBC, London
23rd February 2024
Aon, a global professional services firm, recently announced the appointment of Alicia Goosen to the position of Head of Professional Services Group in the Global Broking Centre (GBC). In this role, she will collaborate with teams from around the world to support Aon’s growth within the professional services sector. Based in ... Read the full article
Fidelis sponsors new cat bond securing $150m of reinsurance protection
23rd February 2024
Fidelis Insurance Bermuda Limited (FIBL) has successfully closed a new catastrophe bond in the fifth series of notes issued by its Bermuda-based special purpose insurer Herbie Re Ltd., which will provide Fidelis Insurance Group with $150 million of collateralized reinsurance protection. The Series 2024-1 notes issued will reportedly be exposed to ... Read the full article
Universal Insurance reports Q4’23 CoR of 103.7% and net income of $20m
23rd February 2024
Florida-domiciled and expansive primary insurance company, Universal Insurance Holdings, has reported a Q4 2023 combined ratio of 103.7%, an increase of 2.3 points from the comparative quarter, reflecting a higher net loss ratio as the net expense ratio came down. The insurer’s loss ratio increased by 5.6 points in Q4 2023 ... Read the full article
Gallagher Re appoints Wei Hou as new Head of Life and Health, UK&I
23rd February 2024
Gallagher Re, a reinsurance broker, has recently announced the appointment of Wei Hou to the position of Head of Life and Health, UK and Ireland (UK&I). In this role, he will be responsible for developing Life & Health solutions for the UK and Irish markets. Prior to joining Gallagher Re, Hou served ... Read the full article
Goosehead sees net income improvement with 10% revenue growth in Q4
23rd February 2024
Independent personal lines insurance agency Goosehead has reported a net income of $5.4m for the fourth quarter of 2023, mainly due to revenue growth, a significant improvement compared to the $2.6m reported the prior year quarter. According to Goosehead, its revenues saw a 10% increase in Q4 2023, to $63.0m, compared ... Read the full article
Donegal Group sees $2m net loss and increased combined ratio in Q4 2023
23rd February 2024
US primary holding company Donegal Group has announced its financial results for the fourth quarter of 2023, reporting a net loss of $2.0 million, compared to net income of $3.5 million a year earlier. Donegal Group’s combined ratio for Q4 2023 was 106.8%, compared to 102.8% reported in the prior year ... Read the full article
Nick Clements named Brightway Insurance CEO
23rd February 2024
Brightway Insurance, an US personal lines insurance distribution platform, has announced the appointment of Nick Clements as Chief Executive Officer (CEO), effective March 1, 2024. Clements has more than two decades of experience building and scaling fintech businesses, both as a founder and an operator within leading financial services organisations. Prior to ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
