Reinsurance News
L&G reports £942m operating profit in H1 2023
16th August 2023
Legal & General (L&G) has announced a “resilient financial performance” in the first half of 2023, with operating profit and after-tax profit hitting £941 million and £316 million respectively. These figures compare to H1 2022 operating profit and after-tax profit of £958 million and £575 million respectively. “We remain on track to ... Read the full article
The Fortegra Group appoints new CFO and EVP of Intl. Business Development
16th August 2023
Global specialty insurer and a subsidiary of Tiptree Inc., The Fortegra Group, Inc., has announced the appointment of Edward Peña as Chief Financial Officer (CFO) effective starting August 28th, 2023. Mike Grasher, Fortegra's current CFO, will transition to the role of Executive Vice President of International Business Development. Rick Kahlbaugh, Chief Executive ... Read the full article
IGI sees net income increase 84.1% to $40.5m in Q2
16th August 2023
International General Insurance Holdings Ltd. (IGI) has reported that net income in Q2 increased 84.1% to $40.5 million, with a combined ratio of 73.5%, as the firm continued to benefit from sustained hard market conditions in many of its reinsurance and short-tail lines, and a "more favourable investment environment." IGI explained ... Read the full article
Vesttoo’s bankruptcy filing stops legal action pursued by Aon’s White Rock
16th August 2023
Insurtech Vesttoo's move to commence Chapter 11 bankruptcy protection in the U.S. has, for now, stopped the legal action against it from Aon's White Rock Insurance (SAC) Ltd. from proceeding, while the temporary restraining order to freeze its assets has been vacated. In court yesterday, counsel for White Rock, which is ... Read the full article
Insured property losses from Lahaina Fire estimated at $3.2bn: KCC
16th August 2023
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that the insured property losses from the Lahaina Fire will be around $3.2 billion, with more than 2,200 structures damaged or destroyed. KCC estimates that in total more than 3,000 structures were impacted by the fire, with approximately 2,170 acres burned, making ... Read the full article
Despite improvements, affordability concerns accompany FEMA’s rate-setting methodology: GAO
16th August 2023
The Federal Emergency Management Agency’s (FEMA) new rate-setting methodology improves actuarial soundness, but at the same time, it highlights the need for broader program reform, the US Government Accountability Office (GAO) highlighted in a recent report. FEMA's National Flood Insurance Program (NFIP) is charged with keeping flood insurance affordable and staying ... Read the full article
HIVE Underwriters appoints David Langran as Class Underwriter
16th August 2023
HIVE Underwriters has announced the appointment of David Langran as Class Underwriter, based in London and reporting to Chief Underwriting Officer, Bruce Carman. This announcement comes at a time when the fast-growing MGA is increasing its strength in the Aviation War classes. Langran will join HIVE on completion of his contractual obligation ... Read the full article
Vesttoo requests court deny injunction, says freezing of assets would destroy its business
15th August 2023
Israeli insurtech Vesttoo has requested that the New York court deny Aon's White Rock Insurance (SAC) Ltd.'s request for a preliminary injunction to freeze its assets, stating that this would ultimately destroy its business by "ending its ability to operate." Last week, White Rock sought an injunction freezing the assets ... Read the full article
Lockton names Greg Spore as U.S. Financial Services Markets Leader
15th August 2023
Lockton, the world's largest privately held independent insurance brokerage firm, has announced the appointment of Greg Spore as the new U.S. Financial Services Markets Leader. This strategic addition reinforces Lockton's unwavering commitment to innovation, expansion, and unparalleled client service within critical financial sectors. "The addition of Greg, who has a proven track ... Read the full article
Crum & Forster promotes David Thomas to Senior VP
15th August 2023
Crum & Forster (C&F) has promoted David Thomas, Esq. to Senior Vice President of Surety Claims. Thomas has more than two decades of experience handling claims, and managing both commercial and contract surety claims teams. He has also held various roles managing general liability, property and environmental claims. Thomas joined C&F in ... Read the full article
RSA hires Gosling as Senior Specialist Underwriter within engineering, power & renewable energy
15th August 2023
RSA Insurance, a multinational insurance firm, has hired Matthew Gosling as Senior Specialist Underwriter, Engineering, Power & Renewable Energy within its UK Specialty Lines business. An experienced specialist within construction and engineering, Gosling will be take on responsibility with managing and profitably growing RSA's engineering portfolio. In his new role he will ... Read the full article
Demex raises $5m to bring retained climate risk reinsurance solution to the market
15th August 2023
The Demex Group, a technology-enabled managing general agent (MGA), has raised $5 million from a syndicate of existing and new investors led by Blue Bear Capital, to bring its breakthrough Retained Climate Risk Reinsurance (RCR Re) solution to the market. Blue Bear Capital is a venture and growth equity firm that ... Read the full article
US International DFC backs Gabon’s $500m Blue Bond for marine conservation
15th August 2023
The U.S. International Development Finance Corporation (DFC) has announced its support for a $500 million political risk insurance initiative, bolstering Gabon's efforts to protect its precious marine ecosystems. Collaborating with The Nature Conservancy (TNC), the Government of Gabon, and Bank of America, the DFC's political risk insurance has facilitated a groundbreaking ... Read the full article
Trisura Group announces C$50m bought deal financing
15th August 2023
Specialty insurance provider, Trisura Group, has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, under which the underwriters have agreed to buy on bought deal basis 1,520,000 common shares of Trisura, at a price of $32.90 per Common Share for gross proceeds of approximately ... Read the full article
Oxbridge Re posts Q2’23 net loss vs year-ago net income
15th August 2023
Oxbridge Re Holdings, a provider of reinsurance solutions primarily to property & casualty insurers, has reported a net loss of $85,000 in the second-quarter of 2023, compared to net income of $77,000 in the second quarter of 2022. The company stated that the loss in the quarter is primarily due to ... Read the full article
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