Reinsurance News
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
ReSource Pro appoints Ernie Feirer as new SVP of carrier practice
28th February 2024
ReSource Pro, a provider of business process solutions for the insurance industry, has appointed Ernie Feirer to the position of Senior Vice President (SVP), Carrier Practice. In this role, he will lead a team of expert insurance professionals dedicated to facilitating operations and technology transformation for the insurance carrier market. Feirer's ... Read the full article
FWD Group extends Microsoft partnership on AI and cloud
28th February 2024
FWD Group, a pan-Asian life insurance business, has announced it is extending its partnership with Microsoft to provide access to the latest generative artificial intelligence (AI) innovations, while continuing to support FWD's cloud-first technology strategy. Through the four-year agreement, FWD Group plans to drive its generative AI initiatives - a journey ... Read the full article
Praedicat promotes David Loughran to Chief Operating Officer
28th February 2024
David Loughran has been promoted to Chief Operating Officer (COO) of Praedicat, the liability emerging risk analytics company. Loughran, who previously served as Praedicat's Senior Vice President of Product & Chief Economist, has been with the company for more than 11 years. In fact, Loughran is one of the co-founder's of the ... Read the full article
AAMFI: Uniting Africa’s financial institutions for sustainable development
28th February 2024
Several multilateral financial organisations have collaborated to establish the Alliance of African Multilateral Financial Institutions (AAMFI), under the patronage of Nana Addo Dankwa Akufo-Addo, the President of Ghana. This significant initiative was launched during the 37th Ordinary Session of the African Union, marking a pivotal moment in Africa's financial landscape. AAMFI ... Read the full article
Munich Re CEO Wenning calls for government support amid rising cyber risks
27th February 2024
In a recent earnings call, Munich Re CEO Joachim Wenning highlighted the imperative need for governmental intervention in the face of escalating cybersecurity threats, shedding light on the limitations of private insurance in covering these risks. Wenning underscored the critical nature of cybersecurity, stating, "Cyber is not just important for us. ... Read the full article
Middle market companies achieve record growth amidst rising risks: Chubb
27th February 2024
Chubb, in collaboration with the National Center for the Middle Market (NCMM), has unveiled the latest insights from the 2023 Year-End Middle Market Indicator (MMI), shedding light on the resilience and growth of middle market companies amidst a backdrop of challenges. The data showcases a robust 12.4% average revenue growth among ... Read the full article
Stonybrook–Weild NA Insurance Composite maintains record setting performance
27th February 2024
The Stonybrook Capital and Weild & Co. North American Insurance Composite showed a notable increase of 1.5% during the week of February 16th-23rd, maintaining its record setting performance from the preceding week (Feb 9th-16th), which saw a rise of 2.1%. Throughout the week, the Composite nearly outperformed all major indices, coming ... Read the full article
Steadfast posts 21.4% surge in 1H24 EBITA year-on-year
27th February 2024
Steadfast Group, a leading Australian insurance brokerage network, announced a 21.4% increase in unaudited underlying Earnings Before Interest, Taxes, and Amortization (EBITA) for 1H24 compared to the same period last year. The underlying EBITA was $229 million in 1H24, driven by organic growth of 13.4% from the continued uplift in premiums ... Read the full article
RSA/NIG announces new leadership appointments to Commercial Lines team
27th February 2024
Global insurance provider RSA Insurance has announced a number of changes to its Commercial Lines leadership team, who will lead the combined business following the acquisition of NIG/FarmWeb. In September 2023 RSA agreed to acquire Direct Line’s brokered Commercial Lines operations - an acquisition that “significantly strengthened” the firm’s UK&I ... Read the full article
CIS insurers to face new risks as they expand reinsurance business internationally: Moody’s
27th February 2024
To compete against international reinsurers’ better prices, and increase profitability, insurers in countries part of the Commonwealth of Independent States (CIS), will likely grow their reinsurance business, but this would also bring new risks, according to Moody’s analysts. According to the agency’s report, CIS insurers, led by companies in Uzbekistan and ... Read the full article
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