Reinsurance News
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
James River posts $427m GWP, while net income soars in Q2 results
8th August 2023
James River, a Bermuda-based insurance holding company has reported a gross written premium (GWP) of $427.7 million for the second quarter of 2023, a 7% rise from last year's $399.7 million. GWP for the firm's Specialty Admitted Insurance segment increased 9.6% from the prior year quarter, which included a 11.0% increase ... Read the full article
Chubb promotes Neo to Head of Accident & Health for Asia Pacific
8th August 2023
Chubb has announced the appointment of Serene Neo as Head of Accident & Health (A&H) for Asia Pacific. In this new role, she will report to Ben Howell, Head of Consumer, Asia Pacific, and be responsible for the management, financial performance and growth of Chubb’s accident, health and travel portfolios. Neo joined ... Read the full article
Kemper to exit preferred home/auto market, reports $16.9mn Q2 operating loss
8th August 2023
US insurer Kemper Corporation has announced it is exiting the preferred home and auto insurance market, while also reporting an improved net operating loss of $16.9m in the second quarter of 2023, compared to the $37.2m reported in the same period last year. Kemper’s exit of its preferred business will enable ... Read the full article
Tokio Marine’s international businesses produce 37.2% rise in profit in Q1’23
8th August 2023
Tokio Marine’s international business produced a profit of 91.7 billion yen for the first quarter of the 2023 fiscal year, representing year-on-year growth of 37.2%, driven by a 35.2% rise in profit to 93.2 billion yen within non-life operations. The rise in total profit comes as the firm’s international operations reports ... Read the full article
Optio Group appoints Mark Mugge as its Chief Financial Officer
8th August 2023
Specialty MGA, Optio Group, has announced the appointment of Mark Mugge as its Chief Financial Officer (CFO). The appointment is effective immediately. Mugge is an industry veteran with over two decades worth of experience in the US and London insurance markets. In this new role, he will report to the company’s Executive ... Read the full article
MS Amlin posts 94.9% combined ratio in Q1, as insurance profits rise
8th August 2023
MS Amlin, the Lloyd's global re/insurer, has published its results for the first quarter of 2023, which includes a combined ratio of 94.9%, compared to last year's 112.0%. The improved combined ratio resulted in a better underwriting result with an insurance profit of £53 million, which represented an increase of £132 ... Read the full article
Xceedance names Amit Tiwari president, EMEA & APAC
8th August 2023
Xceedance, a global provider of technology and digital solutions to the insurance industry, has announced the promotion of Amit Tiwari to the new role of president, EMEA & APAC. According to the announcement, this new position expands on Tiwari’s previous responsibilities as EVP, chief operating officer – India and ... Read the full article
Argo Group reports Q2 2023 underwriting loss on higher loss ratio
8th August 2023
Argo Group International Holdings, Ltd. has announced a deterioration in its combined ratio to 106.8% for Q2 2023 compared with 96.2% in Q2 2022, as the firm reports an underwriting loss of $22.4 million for the period on the back of a higher loss ratio. The Q2 2023 underwriting loss compares ... Read the full article
Shift in T&Cs more material to reinsurers margins than lifting premium income
8th August 2023
"While rising prices has understandably garnered a lot of investor attention, it's our view that improving terms and conditions, and attachment points in particular, are far more material to the reinsurance industry's risk profile," suggest analysts at investment bank Jefferies. Jefferies analysts state that from their perspective, the 1H 2023 results ... Read the full article
PERILS raises Turkey earthquakes insured loss estimate to $4.9bn
8th August 2023
Zurich-based catastrophe insurance data provider PERILS AG has updated its insured property market loss estimate for the Kahramanmaras Earthquake Sequence to TRY 92.8 billion, which is approximately $4.9bn at February 2023 exchange rates and $3.4bn at the current exchange rates. This new loss figure compares to the previous PERILS estimates of ... Read the full article
Roosevelt Road’s Tradesman MGA removes and replaces Vesttoo-linked reinsurance cover
8th August 2023
Roosevelt Road Capital Partners' (RRCP) specialist managing general agent (MGA), Tradesman Program Managers, has removed both Vesttoo and Corinthian from the panels reinsuring its programs fronted by Clear Blue, and has secured replacement reinsurance cover. In a statement sent to its brokers, the company noted that numerous reinsurers were eager to ... Read the full article
Sarah Ruberry joins Enstar as Group Chief Compliance Officer
8th August 2023
Sarah Ruberry has joined the Enstar Group, a Bermuda based re/insurance and run-off specialist, as Group Chief Compliance Officer. Ruberry brings over two decades of industry experience to her new role. Prior to Enstar, she served for almost three years as CEO of Catalina General, a wholly owned Bermuda-domiciled reinsurance company ... Read the full article
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