Reinsurance News
Kinsale Capital reports GWP growth of 33.8% in Q4’23
19th February 2024
Kinsale Capital Group has reported a net income of $103.4 million for the fourth quarter of 2023, compared to a net income of $67.2 million from the fourth quarter of 2022. The company also reported net income of $308.1 million for the year ended December 31, 2023, compared to $159.1 million ... Read the full article
Fitch expects Saudi insurer profitability to remain strong
19th February 2024
Fitch Ratings predicts that the Saudi Arabian insurance market will strengthen in 2024 and 2025 due to new regulations aligned with the '2030 Saudi Vision'. These regulations mandate higher minimum capital requirements, prompting insurance companies to raise funds or merge with other companies, which has been happening since 2021. In November ... Read the full article
Swiss Re CEO emphasises need for global collaboration towards net zero goals
16th February 2024
In a recent media call following the release of Swiss Re's 2023 earnings report, Christian Mumenthaler, the CEO of the renowned reinsurance company, highlighted the inevitable transition towards achieving net-zero emissions globally. Mumenthaler underscored the momentum behind this shift, noting the overwhelming consensus among industry leaders and participants at events like ... Read the full article
Cat losses erode $250m of IAG’s aggregate reinsurance deductible
16th February 2024
Australian insurer IAG has revealed loss activity in H1 of the fiscal year (FY) 2024 eroded the retention layer beneath its aggregate reinsurance treaty by $250 million. According to the firm, natural peril and catastrophe losses cost the company $521 million in H1 of the FY, with the biggest contributor being ... Read the full article
Assurant places $1.38bn cat reinsurance program with higher retention
16th February 2024
US specialty insurance group Assurant has completed its April 2024 reinsurance renewal early, purchasing $1.38 billion of catastrophe protection in excess of a $150 million retention, which is $25 million higher than last year. Assurant has shifted its June 1 renewal to April 1, consolidating its reinsurance buying into a single ... Read the full article
Burns & Wilcox appoints MD for Boston office amid northeast expansion
16th February 2024
Wholesale insurance brokerage and underwriter, Burns & Wilcox, has opened its new Boston office, subsequently appointing Peter Kestenbaum as the Managing Director. Kestenbaum will report to Doug Legters, Regional Vice President, Northeast. Legters joined the company in 2023 as part of a targeted effort to drive regional growth. Danny Kaufman, Burns & Wilcox ... Read the full article
Fairfax Financial sees net earnings increase in 2023 to $4.4bn
16th February 2024
Fairfax Financial Holdings Limited has announced its financial results for the fiscal year 2023 net earnings of $4,381.8 million, compared with fiscal year 2022 net earnings of $3,374.2 million. In Q4, the net earnings were $1,328.5 million, compared to $2,318.1 million in Q4'22. The consolidated combined ratio of the property and casualty ... Read the full article
Chinese property insurance industry set to exceed $67 billion by 2028: GlobalData
16th February 2024
According to GlobalData, a prominent data and analytics company, the Chinese property insurance sector is anticipated to soar at a compound annual growth rate (CAGR) of 12.1% over the period of 2024 to 2028. This growth trajectory is expected to elevate the industry from CNY271 billion ($40.5 billion) in 2024 to ... Read the full article
LMA releases updated oil price cap clauses for hull and cargo
16th February 2024
The Lloyd’s Market Association (LMA) has released revised clauses in response to the Oil Price Cap Coalition’s announcement of additional measures to reduce the possibility of circumvention of the oil price cap. From what we understand, the release of updated hull and cargo endorsement and attestation clauses, LMA5610A and LMA5611A, are ... Read the full article
Lockton launches NA Construction Casualty business, names Ross SVP
16th February 2024
Independent insurance broker, Lockton, has announced the appointment of Oliver Ross as Senior Vice President within the Global Construction team, effective immediately. Based in London, Ross will be responsible for establishing and growing Lockton’s North American Construction Casualty offering to clients. “The establishment of the North American Construction Casualty business is a ... Read the full article
QBE shrinks main cat XoL reinsurance tower, adjusts aggregate protection at renewal
16th February 2024
Australian insurer QBE opted to shrink the size of its main catastrophe excess of loss (XoL) reinsurance tower by $400 million at the renewals to $2.7 billion with an unchanged retention of $400 million, while the retention on its aggregate protection came down to $500 million. Announcing its full year ... Read the full article
Verisk and BGF invest in KYND to advance cyber risk management
16th February 2024
UK-based KYND, a provider of cyber risk management solutions, has secured an undisclosed amount in funding from data and technology provider Verisk, and BGF, an existing backer and experienced growth capital investors in the UK. Andy Thomas and Melanie Hayes founded KYND in 2018. Since then, it has developed a cyber ... Read the full article
ICA declares Valentine’s Day storms in Victoria as a “significant event”
16th February 2024
The Insurance Council of Australia (ICA) has declared the Valentine’s Day storms that struck the Australian state of Victoria as a ‘Significant Event’, escalating insurers response for impacted customers. In a recent statement released by the company, it reveals that insurers have received 9,947 claims related to the storm, which saw ... Read the full article
Achmea reportedly mulling sale of its Pension & Life Insurance arm
16th February 2024
Dutch insurer Achmea is reportedly mulling a potential sale of its Pension & Life Insurance arm, as per a new report from Reuters. Citing people familiar with the matter, Reuters explained that Achmea is working with bankers at JP Morgan to gauge possible interest in its life insurance business, which could ... Read the full article
Kin records $344m GWP in FY23 results, total revenue hits $104m
16th February 2024
Kin, the direct-to-consumer home insurance company, has posted $344.1 million in gross written premium (GWP) in their full year 2023 results, representing 51% year-over-year (YoY) growth. Total revenue for FY23 sat at $104.5 million, which represented 53% YoY growth compared to 2022's $68.2 million. The company also posted an operating income of ... Read the full article
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