Reinsurance News
Greenlight Re reports $13.5mn net income for Q3 2023
9th November 2023
Greenlight Re has reported a net income of $13.5mn for the third quarter of 2023, compared to the $18.5mn net loss seen in the same quarter last year; gross premiums written (GPW) increased to $183.1mn, and combined ratio improved to 91.2% from 115.4%. The 18% GPW increase in Q3 2023 relates ... Read the full article
Strong Q3 results indicate positive outlook for reinsurers in 2024: Morgan Stanley
9th November 2023
In a recent report, Morgan Stanley has highlighted the impressive third-quarter results for reinsurers, signaling a promising outlook for the industry in 2024. Despite a recent pullback, the underlying fundamentals remain robust, and leading players such as Arch, Everest, and RenRe have underscored the solid secular positioning of reinsurers. One key factor ... Read the full article
SiriusPoint’s combined ratio hits 88% in Q3, generates $43m underwriting profit
9th November 2023
Specialty insurer and reinsurer, SiriusPoint Ltd. has posted a combined ratio of 88% for the third quarter of 2023, compared to last year's 107.7%, while also reporting a net income of $58 million for the same period. In Q3, the company's core income totaled $50 million, which includes an underwriting income ... Read the full article
Root partners with Admiral’s Connect to offer embedded insurance solutions
9th November 2023
Root, an end-to-end digital insurance platform, has announced its first strategic partnership in the UK with Connect, a subsidiary of the leading insurer Admiral Group, to develop an embedded insurance platform. Connect is an API-first embedded insurance platform, developed to make it easy for businesses to incorporate insurance solutions into their ... Read the full article
Lancashire sees GWP grow 23.2% as insurance revenue breaches $1bn
9th November 2023
In its nine month results, Lancashire Holdings Limited has reported that gross premiums written increased by 23.2% year-on-year to $1.6 billion, while IFRS 17 insurance revenue increased by 22.1% to $1.1 billion. Of the total gross premiums written, the reinsurance segment accounted for $837.7 million, while the insurance segment accounted for ... Read the full article
Zurich P&C insurance revenue up 9% YoY to $31.4bn
9th November 2023
In its first nine month results, Zurich Insurance Group has reported that property & casualty insurance revenue grew 9% year-on-year to $31.4 billion, driven by strong growth in commercial and retail insurance. Of this total revenue, Zurich disclosed that the EMEA region accounted for $12.7 billion, while the North American region ... Read the full article
Hannover Re posts stronger P&C combined ratio as net income rises 25%
9th November 2023
Global reinsurer Hannover Re has reported a 25% lift in net income to €1.4 billion for the first nine months of the year, as the reinsurance service result improved 47% to €1.6 billion and the combined ratio strengthened year-on-year. Across the Group, reinsurance revenue rose 1% to €18.5 billion in 9M ... Read the full article
AM Best upgrades Oceanview’s credit rating
9th November 2023
Global credit rating agency AM Best has upgraded Oceanview Holdings' Financial Strength Rating to “A”(Excellent) and its Long-Term ICR to “a” (Excellent) from "a-", and revised the outlook of these ratings from stable to positive. AM Best assesses the balance sheet of the Bermuda company as "very strong." Oceanview is the ultimate ... Read the full article
Shanghai’s reinsurance trading platform signs first inwards deal
9th November 2023
The Shanghai Insurance Exchange’s international reinsurance trading platform, which was launched last month, recently signed its first inward business agreement at the sixth China International Import Expo. AXA Hong Kong Property & Casualty Insurance was the original insurer, while AXA Tianping Property & Casualty Insurance served as the reinsurer. The trade ... Read the full article
Crawford & Company adds Fred Donner to Board
9th November 2023
Crawford & Company has elected Fred R. Donner as an Independent Director, further strengthening the company’s commitment to leveraging deep and eminent expertise. Rohit Verma, Chief Executive Officer of Crawford & Company, commented: "We are thrilled to welcome Fred to our Board of Directors. He is an industry veteran and will ... Read the full article
Captive insurer numbers to increase in Europe as jurisdictions look to lure firms: AM Best
9th November 2023
There has been a considerable rise in the number of captives domiciled in Europe, as existing domiciles remain popular and other jurisdictions are put in place to attract fresher companies. However, while European jurisdictions do not report captive numbers in a consistent manner, a recent analysis from AM Best suggests that ... Read the full article
Insure Our Future urges insurance industry to act on 1.5°C climate target
9th November 2023
Insure Our Future has said that after 50 years of failure, the insurance industry must act to support the climate target, highlighting the fact insurers withdrew cover for climate risks while backing greater fossil fuel production. The organisation states that most insurers have continued to support projects to increase oil and ... Read the full article
Juniper Re payback period to be relatively short: BRP Group CEO
8th November 2023
After launching Juniper Re, its reinsurance broking platform in mid-October, BRP Group believes the payback from the investment will be fairly short, with a view to having the business EPS accretive and cash flow positive in 2025, according to Chief Executive Officer (CEO), Trevor Baldwin. Independent insurance distribution company, BRP Group, ... Read the full article
It’s a question of capital deployment not availability: AM Best’s Carter
8th November 2023
In a recent address at the Europe Insurance Market Briefing in London, Greg Carter, Managing Director of Analytics at rating agency AM Best, shared insights into the state of the reinsurance market. His remarks shed light on the industry's dynamics and the factors influencing its current trajectory. "If you look historically, at ... Read the full article
NFP appoints Tyler James NA construction property broking leader
8th November 2023
P&C broker, benefits consultant, wealth manager and retirement plan advisor, NFP, has appointed Tyler James as North American construction property broking leader. James holds over a decade of commercial and construction underwriting experience, having most recently served as Midwest construction property manager for Zurich North America, where he implemented underwriting strategies, ... Read the full article
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