Reinsurance News
Inflation & cat losses to drive 2023 underwriting loss for P&C industry
4th August 2023
The overall P&C industry is expected to finish the year with a net combined ratio of 102.2, almost identical to the 2022 result, with poor personal lines underwriting performance as the key driver in both years, according to the latest underwriting projections by actuaries at the Insurance Information Institute (Triple-I) ... Read the full article
Ryan Specialty sees 19.5% increase in net income in Q2
4th August 2023
Ryan Specialty Holdings Inc., a leading international specialty insurance firm has recorded a $83.8 million net income for the second quarter of 2023, a 19.5% increase from last year's $70.1 million. According to the firm, the increase was mostly driven by strong year-over-year revenue growth, lower IPO related charges, which were ... Read the full article
Jeff Walker named Head of treaty reinsurance, broker & MGA distribution at HSB Canada
4th August 2023
HSB Canada, part of Munich Re, has announced the appointment of Jeff Walker as the Head of Treaty Reinsurance for its Broker and MGA distribution divisions. Walker, who currently serves as the Senior Vice President and Chief Distribution Officer, will report to John Mulvihill, the President and Chief Executive Officer of ... Read the full article
BMS appoints Chris Brook as group Chief Operating Officer
4th August 2023
Independent specialist insurance and reinsurance broker, BMS Group, has announced the appointment of Chris Brook as Chief Operating Officer (COO). Brook has been slated to join in 2024, following the completion of his contractual obligations. He will report to Nick Cook, Chief Executive Officer of BMS Group. Brook is a market veteran ... Read the full article
Eric Michel to lead Distinguished’s Inland Marine program
4th August 2023
Insurance program manager, Distinguished Programs, has announced the addition of an Inland Marine program, to be led by Eric Michel. The program, part of the company’s expansion plans, will provide coverage for various Inland Marine exposures, including Motor Truck Cargo, Contractor's Equipment, Builder's Risk, and more. Jason Rotman, president of Distinguished Programs, ... Read the full article
Swiss Re’s P&C combined ratio strengthens as net income rises to $1.4bn
4th August 2023
Global reinsurance giant Swiss Re has reported a significant rise in net income to $1.4 billion for the first half of 2023, driven by contained natural catastrophe losses, and a solid performance in all business segments during the period. Group-wide, net income rose substantially from the $157 million recorded in H1 ... Read the full article
AXA XL names Underwriting Manager, Design Professional Insurance in Canada
4th August 2023
AXA XL, the property & casualty and specialty risk division of AXA, has announced the appointment of Kirsten Andersen as Underwriting Manager for its Design Professional insurance business in Canada. Andersen joined AXA XL in 2018 after building a successful practice as a lawyer at a prestigious insurance defence litigation law ... Read the full article
Major cyber incidents resulted in 9% decrease in shareholder value: Aon
4th August 2023
Major cyber incidents resulted in a 9% decrease in shareholder value, over and above the market - in the year following the event, according to data from Aon's 2023 Cyber Resilience Report. At the same time, ransomware events decreased by 16% from Q322 to Q422, however, data from the cyber and ... Read the full article
Tokio Marine HCC names Jürgen Bertling Senior Underwriter for Financial Lines
4th August 2023
Tokio Marine HCC, a member of the Tokio Marine Group, appointed Jürgen Bertling as the new Senior Underwriter for Financial Lines. Bertling will be based in Munich, Germany. He has previous experience as a Referral Underwriter - Financial Lines for D&O and PI, the company said. "We wish him success in his new ... Read the full article
Aon launches Marine Client Advisory Board, Fogarty to lead global marine reinsurance
3rd August 2023
Aon has announced the appointment of James Fogarty as global head of marine for its Reinsurance Solutions business, as it launches advisory board. In this new role, based in New York, Fogarty will be responsible for the re/insurer’s global network of marine reinsurance colleagues and clients. He will further integrate Aon’s ... Read the full article
Selective Insurance sees 17% rise in NPW in Q2 results
3rd August 2023
Selective Insurance Group has posted $1,084 billion in net premiums written for the second quarter of 2023, representing a 17% increase from $930.7 million from the previous year's quarter. The firm also recorded a 100.2% combined ratio for the quarter, compared to 95.5% a year ago. In their preliminary results for ... Read the full article
Markel returns to profit in 2023 as earned premiums grow 11%
3rd August 2023
Markel Group Inc. has reported a return to profit for the second quarter and half year periods of 2023, while its combined ratio of 93% for the quarter deteriorated somewhat from the 91% seen a year earlier, which the firm attributes to a higher attritional loss ratio. Alongside the still solid ... Read the full article
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
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