Reinsurance News
Severe convective storms account for 70% of all insured nat cat losses in H1: Swiss Re
9th August 2023
A series of severe convective storms struck the US and accounted for 68% of global insured natural catastrophe losses in the first half of 2023, highlighting the increasing loss impacts of secondary perils. Severe convective storms caused USD $35 billion, nearly 70%, in insured losses worldwide during H123. According to analysts from ... Read the full article
Hiscox Re & ILS segment continues to benefit from hard market in H1 results
9th August 2023
Hiscox Re & ILS net insurance contract written premium grew 17.9% in H1 2023 to $345.1 million, which the firm said was underpinned by strong double-digit growth in the North American natural catastrophe, retrocession and marine books. Hiscox highlighted that its Re & ILS segment continued to benefit from the hard ... Read the full article
Heritage posts 95.1% net combined ratio in Q2, while GPW rises to $396.6m
9th August 2023
Heritage Insurance Holdings, a super-regional property and casualty insurance holding company has released its results for the second quarter of 2023, which includes a net combined ratio of 95.1%, an improvement of 4.3 points from 99.4% in the prior year quarter. According to Heritage, the combined ratio figure was driven by ... Read the full article
Vesttoo announces liquidation of its collateralized insurer in Bermuda
9th August 2023
Vesttoo Alpha P&C Ltd., launched as a collateralized insurer class of company in Bermuda in July of 2022 by Vesttoo, is being liquidated as the insurtech opts to "focus its activities on a limited number of high-quality and large markets" as the investigation into allegations of fraudulent LOCs continues. It's understood ... Read the full article
Nayms launches the world’s first crypto-denominated industry loss warranty
9th August 2023
The crypto-native insurance marketplace, Nayms SAC Ltd., has announced issuing the world's first crypto-denominated industry loss warranty (ILW) through the second segregated account within its marketplace. This type of instrument is index-based and used for providing retrocession reinsurance protection to property reinsurers. Through this program Nayms provides coverage for US named ... Read the full article
Hannover Re’s H1 reinsurance revenue climbs 3.9% to €12.3bn
9th August 2023
Global reinsurer Hannover Re has reported that H1 reinsurance revenue increased by 3.9% to €12.3 billion, as large losses within the P&C reinsurance segment fell within the budgeted expectations. Hannover Re's H1 2023 reinsurance service result, which reflects the profitability of underwriting activity less business ceded, surged by 56% to €1.1 ... Read the full article
Acrisure forms New York Region, Bradley & Colby to serve as Managing Partners
9th August 2023
Fintech leader Acrisure has announced the formation of the company's New York Region under the Acrisure brand, which is set to be led by Managing Partners Kathleen Bradley and Brian Colby. Across the last decade, Acrisure has grown from $38 million to over $4 billion in revenue and acquired more than ... Read the full article
GCC Islamic insurers face challenges with IFRS 17 adoption: S&P
9th August 2023
Islamic insurers operating in the Gulf Cooperation Council (GCC) region are poised for continued growth in 2023, but the adoption of the International Financial Reporting Standard 17 (IFRS 17) is presenting significant challenges, according to S&P Global Ratings. While the implementation is expected to usher in enhanced transparency and comparability, smaller ... Read the full article
RSA Insurance hires James Godfrey as Transformation Director
9th August 2023
RSA Insurance, a multinational insurance firm, has appointed James Godfrey as Transformation Director, effective as immediately. In his new role, Godfrey will contribute to the delivery of RSA’s strategic outperformance objectives by driving the UK&I strategic transformation roadmap and investment profile. He will also lead a team that will be responsible for ... Read the full article
IVANS Index shows average premium renewal rates up in July
8th August 2023
IVANS, a division of Applied Systems, has reported an increase in the average premium renewal rate change across all major commercial lines of business year over year in July. According to IVANS Index, July experienced an increase in average premium renewal rate change across Commercial Auto, BOP, Commercial Property, and Workers’ ... Read the full article
TSR raises forecast for 2023 North Atlantic hurricane season amid favourable conditions
8th August 2023
In a recent update, Tropical Storm Risk (TSR) has raised its forecast for the North Atlantic hurricane activity in 2023, anticipating a season that could be around 10% above the 1991-2020 climate norm. This adjustment comes as meteorologists closely monitor various climate indicators and atmospheric conditions. The updated forecast predicts an Accumulated ... Read the full article
Dorothée Prunier named Head of Product Engagement and Services, Chubb Climate+
8th August 2023
Property and casualty insurer Chubb has announced the appointment of Dorothée Prunier as Head of Product Engagement and Services for the international operations of Chubb Climate+, effective immediately. Prunier will remain based in Paris and will continue to report to Mark Homan, Division President, International Property and Casualty for Overseas General ... Read the full article
Arthur J. Gallagher acquires Wigmore Insurance Agency
8th August 2023
Global insurance brokerage firm, Arthur J. Gallagher has acquired Costa Mesa, California-based Wigmore Insurance Agency, Inc. The terms of the transaction were not disclosed. Wigmore is retail insurance broker that provides a broad selection of commercial and personal insurance services to clients throughout Southern California. The company is headed by ... Read the full article
Hippo reports 56% YoY growth in total generated premium in Q2’23
8th August 2023
Home insurer Hippo has announced total generated premium (TGP) growth of 56% YoY to $318 million in the second-quarter of 2023, compared to $204 million a year ago. At the same time, net earned premium for the quarter was $13.8 million, a shift from $9 million from the prior year’s quarter. In ... Read the full article
Over 10% of S&P’s re/insurance ratings to be placed “under criteria observation”: Litmus Analysis
8th August 2023
More than 10% of S&P’s insurance ratings to be placed “under criteria observation” (UCO) as a result of the adoption of the rating agency’s new capital model criteria, according to a new report by Litmus Analysis. As S&P’s Request for Comment (RfC) period for the proposed changes has ended, the agency ... Read the full article
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