Reinsurance News
Aon and NFP acquisition agreement clears antitrust waiting period
21st February 2024
Aon's previously announced $13.4 billion acquisition agreement with middle-market P&C broker NFP continues to gain traction, with the waiting period having now expired under the Hart-Scott-Rodino (HRS) Antitrust Improvements Act of 1976. For those unaware, the HSR Act requires firms involved in mergers and acquisitions above a certain value to ... Read the full article
Mark Batten joins Assured Guaranty’s Board as non-exec director
21st February 2024
Bermuda-based holding company, Assured Guaranty has named Mark C. Batten non-executive director to its Board of Directors, appointed to serve on the Board’s Audit, Risk Oversight and Finance Committees, effective February 19, 2024. The executive’s addition brings the total number of Assured Guaranty’s Board members to 12. In addition to his ... Read the full article
UAE insurance industry shows signs of growth and improvement: Fitch
21st February 2024
In the latest report by Fitch Ratings, the insurance industry in the United Arab Emirates (UAE) is depicted as steadily advancing, with notable improvements in various sectors. Despite facing challenges in 2022, particularly in the motor insurance segment, the industry is poised for growth and enhanced profitability in the coming years. Motor ... Read the full article
Fixle emerges as an independent entity from American Family Insurance
21st February 2024
Fixle, Inc. has officially launched from American Family Insurance, where it was originally incubated. According to Fixle, the firm is transforming home ownership and management with its "cutting-edge" approach to home maintenance, repairs, and management. "The Fixle platform simplifies the homeowner and service provider experience, offering instant access to essential information about ... Read the full article
Marsh McLennan Agency to acquire Querbes & Nelson and Louisiana Companies
21st February 2024
Marsh McLennan Agency (MMA), a subsidiary of Marsh, has signed agreements to acquire two Louisiana-based middle-market agencies, Querbes & Nelson (Q&N) and Louisiana Companies. According to the firm, upon closing of the transactions, Louisiana Companies and Q&N’s employees, including George Nelson, Managing Director and Co-owner of Louisiana Companies and Q&N; Mike ... Read the full article
Skyward Specialty posts $29.3m net income in Q4’23, combined ratio sits at 90.7%
21st February 2024
Skyward Specialty Insurance Group, Inc. has posted a net income of $29.3 million for the fourth quarter of 2023, compared to $20.4 million for the same period last year. Net income for the year ended 2023 was $86.0 million, compared to $39.4 million for the same 2022 period. Adjusted operating income for ... Read the full article
SiriusPoint returns to core underwriting profitability in 2023 with CoR of 89.1%
21st February 2024
Bermuda-based specialty insurer and reinsurer, SiriusPoint, has reported a core combined ratio of 89.1% in its full year 2023 results, marking a return to core underwriting profit after a combined ratio of 101.6% in 2022. For the year, core underwriting income rose considerably, from a loss of $34.8 million in 2022 ... Read the full article
CatX partners with Moody’s RMS to bolster analytics capabilities
21st February 2024
CatX, the regulated digital marketplace connecting insurers, reinsurers and brokers with alternative capital, has strategically partnered with risk modeller Moody’s RMS to support brokers and cedents in accessing a broader capacity base and model and price risk more effectively. Under this partnership, CatX is enhancing its capabilities with the addition of ... Read the full article
Miller named EVP and CSO of Topsail Re and President of Capital Partners unit
21st February 2024
Topsail Re has announced that Christopher Miller has joined as Executive Vice President and Chief Strategy Officer of Topsail Re, as well as President of Topsail Capital Partners. Miller holds almost 25 years of experience in the industry, with extensive expertise working with specialty (re)insurance carriers, MGAs, and insurtech firms. "Miller brings ... Read the full article
Beazley creates integrated cyber risk management company, Beazley Security
21st February 2024
Specialty insurer Beazley has announced the merger of its in-house Cyber Services team with its wholly owned cyber security company Lodestone, creating an integrated cyber risk management company, Beazley Security. Beazley explained that the new company integrates the risk management services provided as part of a cyber insurance policy with Lodestone’s ... Read the full article
Aon appoints Smaje Global CBO for transportation & logistics, Commercial Risk
21st February 2024
Aon plc, the global professional services firm, has appointed Phil Smaje as Global Chief Broking Officer, transportation and logistics for Commercial Risk. He will be based in Aon’s London office and report to Lee Meyrick, Global Industry Specialty leader, transportation and logistics and Chief Executive Officer, global marine for Commercial Risk ... Read the full article
Conduit Re posts strong 2023 results with 72.1% CoR and reinsurance revenue growth
21st February 2024
Bermuda-based reinsurer Conduit Re recorded a rise in gross premiums written (GPW) in 2023 to $931.4 million, as reinsurance revenue increased 61% year-on-year to $633 million and the company's combined ratio strengthened considerably to 72.1%. Conduit Re has today reported a strong set of results for the year, with CEO Trevor ... Read the full article
Concirrus reports 204.6% revenue growth amidst challenging insurtech climate
21st February 2024
AI insurtech Concirrus has revealed a 204.6% surge in revenue for the fiscal year ending in December 2023, marking a pivotal shift towards profitability in the latter half of the year. This comes amidst a tumultuous period for the global insurtech sector, which grappled with a sustained decline in funding, plunging ... Read the full article
Gallagher Re expects more cyber cat bonds in 2024
21st February 2024
Gallagher Re, a reinsurance broker, anticipates a surge in investments in cyber catastrophe bonds in 2024, following the successful launch of PoleStar Re Ltd. (Series 2024-1) in December 2023. PoleStar Re was the first full 144A cyber catastrophe bond for specialty re/insurer Beazley. Gallagher Securities’ served as the sole structuring ... Read the full article
SCOR backs AIMCOR’s next-gen digital term life insurance product
21st February 2024
French reinsurer SCOR has joined forces with AIMCOR Group to usher in a new era of efficiency and accessibility in the term life insurance landscape. The new product, AIMCOR QuickLife, is powered by Techficient's Dynamic Platform, and is underwritten by Ameritas and reinsured by SCOR. By harnessing predictive data modeling and cutting-edge ... Read the full article
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