Reinsurance News
Amynta hires Mattioli to lead Canadian Surety Operations
3rd August 2023
Amynta, a global distributor of insurance products and services, has appointed John Mattioli as the new leader of Canada for Amynta Surety Solutions. In his new role, Mattioli will lead the build out of surety operations in the Canadian market, based in Toronto, Ontario. Overall, Mattioli brings more than 35 years of ... Read the full article
Argenta names Philip Hancock to lead engineering & construction business
3rd August 2023
Argenta Syndicate Management Limited (ASML), a subsidiary of Argenta Holdings Limited, has announced the appointment of Philip Hancock as the new head of engineering and construction, effective immediately. Based in London, Hancock will report to Barney Smythe, Deputy Active Underwriter and Head of Specialty. In his new role, Hancock will take ... Read the full article
US MGAs see strong growth in 2022 amid shifting landscape and increased scrutiny: Conning
3rd August 2023
In a recent study conducted by Conning, it has been revealed that Managing General Agents (MGAs) in the U.S. property-casualty (P&C) insurance sector experienced remarkable growth in 2022, outpacing the broader P&C market. The study indicates that premiums sourced by MGAs surged by an impressive 24%, a growth rate significantly higher ... Read the full article
SiriusPoint & Applied Surety Underwriters announce partnership for major expansion
3rd August 2023
Global risk services firm, Applied Surety Underwriters, and SiriusPoint Ltd. have entered into an exclusive partnership aimed to maximize their joint impact in major markets across the world. Both firm's will start with North America to deliver a unique formula of underwriting expertise, capital resources and concerted marketing within the ... Read the full article
Ardonagh Group completes acquisition of Classicus
3rd August 2023
The Ardonagh Group has completed its acquisition of broker Classicus, marking a continued effort to build on its specialist capabilities and platform for growth in the Netherlands and across Europe. Headquartered in Amsterdam, Classicus provides a range of specialist high-net-worth products for classic and luxury cars, yachts, and art collections together ... Read the full article
AXIS maintains XOL attachment point at mid-year, renews quota shares at consistent levels
3rd August 2023
When renewing its outwards reinsurance for its property portfolio at the mid-year renewals, Bermuda-based AXIS Capital avoided raising the attachment point on its excess of loss occurrence cover. For its insurance property book of business, AXIS renewed coverage at an attachment point in line with the previous year at $100 million, ... Read the full article
Palomar Holdings sees GWP and net income growth in Q2
3rd August 2023
Specialty insurer Palomar Holdings has published its second quarter 2023 results reporting a net income of $17.6 million, a 25.4% increase in gross written premiums and a combined ratio of 79.0%. This first quarter the company’s net income was up 20% compared to Q1 2022, when Palomar reported a net income ... Read the full article
InsurTech sector sees shift in investment focus as (re)insurers lead Q2 funding: Gallagher Re
3rd August 2023
The global InsurTech sector witnessed a substantial decline in new funding during the second quarter of 2023, amounting to $916.71 million, marking a 34.0% drop from the impressive $1.39 billion recorded in the preceding quarter, according to the latest findings unveiled by reinsurer Gallagher Re. This dip has pushed the quarterly ... Read the full article
Ryan Specialty appoints Francesca Cornelli to Board of Directors
3rd August 2023
International specialty insurance firm, Ryan Specialty Holdings, Inc., has announced the appointment of Francesca Cornelli, Dean of Northwestern University's Kellogg School of Management, to its Board of Directors, where she will also serve as a member of its Audit Committee, effective July 31st, 2023. Patrick G. Ryan, Chairman of the Board ... Read the full article
American Financial Group posts nearly 20% rise in Q2’23 net income
3rd August 2023
American Financial Group, Inc. (AFG) has reported a net income of $200 million for the second-quarter of 2023, compared to $167 million in Q2 2022. In Q2, AFG’s net earnings included after-tax non-core net realized losses on securities of $1 million and a $1 million loss on retirement of debt. By comparison, ... Read the full article
Vesttoo Board confirms it is considering removal of CEO Bertele and co-founder Lifshitz
3rd August 2023
The Board of insurtech Vesttoo has revealed that Yaniv Bertele, Chief Executive Officer (CEO) and Alon Lifshitz, Chief Financial Engineer will be on paid leave as it considers removing the pair as the investigation into fraudulent activity continues. Both Bertele and Lifshitz are two of the company's co-founders. The statement from the ... Read the full article
PERILS updates industry loss estimate for New Zealand floods to NZ $1.995bn
3rd August 2023
Zurich-based catastrophe insurance data provider PERILS AG has released its third industry loss estimate for the late January floods across the North Island of New Zealand, pegging the total at NZ $1.995 billion. According to PERILS, the updated industry loss figure is based on detailed loss data by postcode and property ... Read the full article
AXA to acquire Corebridge Financial’s Laya Healthcare for €650m
3rd August 2023
Corebridge Financial, one of the largest providers of retirement solutions and insurance products in the US, has entered into a definitive agreement to sell its subsidiary, Laya Healthcare Limited (Laya Healthcare), to AXA for a total consideration of €650 million in cash. According to the announcement, the sale is expected to ... Read the full article
The Hanover posts $69.2m net loss for Q2, despite solid performance from Specialty segment
3rd August 2023
The Hanover Insurance Group has recorded a net loss of $69.2 million in the second quarter of 2023, compared to net income of $22.7 million in the prior-year quarter. Operating loss for the quarter was $68.3 million, compared to operating income of $83.9 million in the previous year's quarter. At the same time, The ... Read the full article
Enstar sees Q2 net earnings of $21m compared to net loss a year ago
3rd August 2023
Enstar Group Limited has disclosed Q2 net earnings of $21 million, up substantially compared to a net loss of $434 million in the same period last year. Combined with Q1, net earnings for the first half a year now stand at $445 million, much improved compared to a net loss of ... Read the full article
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