Reinsurance News
Steadfast posts 22.4% surge in Q1 of FY24 EBITA year-on-year
2nd November 2023
Steadfast Group, a leading Australian insurance brokerage network, announced a 22.4% increase in unaudited underlying Earnings Before Interest, Taxes, and Amortization (EBITA) for the first quarter of FY24 compared to the same period last year. The company's Founder and CEO, Robert Kelly, shared the remarkable performance of the organization during the ... Read the full article
NAMIC urges lawmakers to focus on growing risks to ease rising insurance costs
2nd November 2023
While Congress continues to examine increasing challenges within the property insurance marketplace, the National Association of Mutual Insurance Companies (NAMIC), has warned lawmakers to look beyond obvious weather events and focus on the root problems that are said to be driving insurance cost increases across certain areas. "Insurance is a mechanism ... Read the full article
Lincoln gets regulatory approval for reinsurance transaction with Fortitude Re
2nd November 2023
Lincoln Financial Group, a subsidiary of Lincoln National Corporation and its affiliates, has received regulatory approval for its previously announced reinsurance transaction with global multi-line reinsurer, Fortitude Reinsurance Company Ltd. The transaction will be effective from October 1, 2023, and is expected to close later this month. According to the terms of ... Read the full article
Arch Capital’s CEO Marc Grandisson optimistic about continued growth in hard market
2nd November 2023
Arch Capital's CEO, Marc Grandisson, discussed the company's outlook during the Q3 2023 earnings call, predicting that the ongoing hard market in the insurance industry will continue to support profitable growth into 2024. "As we near the end of 2023 and look ahead to 2024, I believe that although the dynamics ... Read the full article
Palomar Holdings sees net income growth in Q3 2023
2nd November 2023
Specialty insurer Palomar Holdings has published its third quarter 2023 results reporting a net income of $18.4 million, a 24.0% increase in gross written premiums and an improved combined ratio of 75.8%. Q3 2023 net income compares to the $4.3 million reported in the third quarter of 2022. Adjusted net income ... Read the full article
ICMIF members report $1 trillion in sustainable investments, marking 32% increase
2nd November 2023
The International Cooperative and Mutual Insurance Federation (ICMIF) has unveiled its 2023 Members Sustainable Investment Report, indicating a remarkable 32% increase in sustainable investments, with members collectively managing $1 trillion in assets aligned with sustainable investment frameworks. The data disclosed in the report demonstrates the commitment of ICMIF members to sustainable ... Read the full article
CNA Hardy names Ariel Berman VP, Head of Specialty for UK & Continental Europe
2nd November 2023
CNA Hardy, a specialist commercial insurance provider within the Lloyd’s and company markets, announced the appointment of Ariel Berman to the position of Vice President, Head of Specialty (UK & Continental Europe). Based in London, Berman will report directly to Jalil Ur Rehman, the President and CEO of CNA Hardy, and ... Read the full article
Tiptree posts rise in Q3’23 revenue, intends IPO of specialty insurance business Fortegra
2nd November 2023
Holding company Tiptree has reported revenues of $416.5 million for Q3'23, an increase of 14.6% from Q3'22, driven by growth in Fortegra’s specialty insurance lines. Tiptree intends to take its specialty insurance subsidiary, Fortegra, public. Tiptree expects the Fortegra IPO to be a primary offering with the proceeds used to support ... Read the full article
Insurance losses from Storm Babet to range between £450m-£650m: PwC
2nd November 2023
PwC UK anticipates insurance losses from Storm Babet to range between £450 and £650 million. The recent early autumn storms have left the UK vulnerable to flooding, resulting in extensive damage, power outages, and some fatalities. Highlighting the extent of the subsequent damage to residential and commercial properties, Mohammad Khan, General Insurance ... Read the full article
The Hanover posts $8.6m net income for Q3
2nd November 2023
The Hanover Insurance Group has posted a net income of $8.6 million for the third quarter of 2023, compared to net income of $0.5 million in the prior-year quarter. Operating income sat $6.8 million in Q3, compared to operating income of $35.7 million from Q322. At the same time, The Hanover posted ... Read the full article
Allstate posts narrower Q3 net loss despite rise in catastrophe losses
2nd November 2023
U.S. primary insurer Allstate has fallen to a net loss for the third quarter and first nine months of 2023, although the underwriting performance did improve in parts of the business during the quarter despite higher catastrophe losses year-on-year. Allstate has reported a net loss of $41 million for Q3 2023 ... Read the full article
Core Specialty announces acquisition of American Surety
2nd November 2023
Property and casualty insurer Core Specialty will acquire American Surety in a stock and cash transaction, marking the firm's formation of a Bond, Credit & Guarantee subsegment, alongside other subsegments Property & Short-Tail, Specialty Casualty, and Fronted Programs. Once the deal completes, which is expected in Q1 2024, American Surety will ... Read the full article
AIG reports improved GI underwriting performance in Q3’23 despite $462m cat load
2nd November 2023
Global insurer AIG has reported a 6.8 points improvement in the General Insurance (GI) combined ratio to 90.5% for the third quarter of 2023, driven by a 7.9 point decrease in the loss ratio to 59.6%. In the third quarter of 2023, GI underwriting income increased $443 million from the prior ... Read the full article
Global InsurTech investment surpasses $1 billion in Q3: Gallagher Re
2nd November 2023
According to Gallagher Re's latest Global InsurTech Report, new funding for the global InsurTech sector hit $1.1 billion in Q3 of 2023. As per the reinsurance broker's report, this was mainly driven by a 25.5% quarter-on-quarter surge in P&C InsurTech investment. Gallagher noted that this rise occurred even as average deal size ... Read the full article
RenRe sees Q3 net income climb to $194m as combined ratio drops to 78%
2nd November 2023
RenaissanceRe has reported Q3 net income available to common shareholders of $194 million, driven by significant growth in its underwriting, fee and investment incomes, while its combined ratio dropped 60.7 points from the same period last year to 78%. This quarter's income figure compares to a net loss of $825.3 million ... Read the full article
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