Reinsurance News
Aon’s Reinsurance Solutions delivers 9% organic revenue growth in Q2’23
28th July 2023
Global broker Aon’s Reinsurance Solutions arm achieved organic revenue growth of 9% in the second quarter of 2023, as revenue across the group increased by 5%, year-on-year, to $3.2 billion, reflecting organic revenue growth of 6%. This growth in organic revenue in the reinsurance arm was driven by strong retention and ... Read the full article
Gallagher’s Q2’23 net earnings reach $235.8m
28th July 2023
Global insurance and reinsurance broker, Arthur J. Gallagher & Co., has reported net earnings of $235.8 million for the second quarter of 2023, compared with $285.1 million a year earlier. Gallagher's Company-wide, adjusted net earnings increased from $349.7 million in Q2 2022 to $417.0 million in Q2 2023. Within its brokerage business, ... Read the full article
MAPFRE RE sees premiums grow 11.5% in H1 2023
28th July 2023
MAPFRE RE, the reinsurance arm of Madrid-headquartered insurer MAPFRE, has reported that premiums, which include the reinsurance and large risks business, grew 11.5% in H1 of 2023 surpassing €4.1 billion. The reinsurer also reported €140 million in losses related to the earthquake in Turkey, which has been the main relevant Nat ... Read the full article
Corinthian says could take months to resolve Vesttoo collateral investigation
28th July 2023
Corinthian Group, the specialty non-catastrophe focused collateralized P&C reinsurance firm, has said that it could take quite some time to resolve any criminal investigation into the Vesttoo collateral issue, and that while the exact details surrounding allegedly fraudulent letters of credit (LOC) remains unclear, the firm is operating under the ... Read the full article
Cincinnati Financial posts $534m net income in Q2 results
28th July 2023
Cincinnati Financial Corporation has posted a net income of $534 million for the second quarter of 2023, a substantial rise compared with the $818 million net loss the company recorded in the second quarter of 2022. The rise comes in addition to the company recognizing a $363 million second ... Read the full article
The industry has an obligation to drive the development of ethical AI: Swiss Re’s Ladva
28th July 2023
Looking past the transformative potentials that artificial intelligence (AI) possesses for the re/insurance industry, one major factor still remains: peoples need for risk transfer and mitigation solutions. AI technology may be able to enable new solutions and business models, but it simply cannot alter the "core mission" of the industry, according ... Read the full article
Clear Blue releases forward-looking statement amid Vesttoo issues
28th July 2023
Fronting and program specialist Clear Blue Insurance Group has released a statement affirming that it remains "singularly focused on resolving all issues related to certain invalid letters of credit," and is working quickly to ensure the "smooth replacement of reinsurance capacity" on a small portion of its nearly $2 billion ... Read the full article
QBE North America and MGA Converge launch cyber insurance program
28th July 2023
QBE North America has announced the launch of a new cyber insurance program with Converge, a new managing general agent (MGA) that will act as program administrator. The program will be broken down into two separate distribution structures, ConvergeElements and ConvergeConnect. Each structure will have a distinct revenue focus and cyber ... Read the full article
RenRe’s Validus Re acquisition “on track”
28th July 2023
RenaissanceRe's (RenRe) acquisition of Validus Re and all its subsidiaries from global player AIG is on track, according to Bob Qutub, Chief Financial Officer (CFO) of the Bermuda headquartered re/insurer. With this move, RenRe aims to become a top-5 global property and casualty reinsurer with the acquisition of Validus and ... Read the full article
Atain names Barbara Habel VP and Head of Excess Casualty
28th July 2023
H.W. Kaufman-owned entity, Atain Insurance Companies has announced the appointment of Barbara Habel as Vice President and Head of Excess Casualty. Based in Phoenix, Arizona, Habel will report to Linc Trimble, Chief Underwriting Officer (CUO) at Atain. In her new role, she will be responsible for developing and refining Atain’s Excess Casualty ... Read the full article
Marsh names Charles Williamson as CEO of Victor, Brian Hanuschak becomes Chairman
28th July 2023
Marsh, the world's leading insurance broker and risk advisor, announced the appointment of Charles Williamson as the new Chief Executive Officer (CEO) of Victor, its prominent global managing general underwriting business. Effective August 1, Williamson will succeed Brian Hanuschak, who will take on the role of Chairman of Victor. As CEO, Williamson ... Read the full article
Tysers unveils global entertainment industry division
28th July 2023
Tysers, an independent Lloyd's broker, and member of the AUB Group, is launching a new global division dedicated to serving the needs of the global entertainment industry. The new initiative -Tysers Live, sees offerings in Music, Theatre, Live Events, Media & Film and Advertising & Commercials combine under one brand ... Read the full article
Aspen Insurance appoints Caryn Brough as Head of US Distribution
28th July 2023
Aspen Insurance Holdings Limited has announced the appointment of Caryn Brough as Head of US Distribution, in addition to her current role as Group Head of Marketing. Brough, who has been with Aspen since 2017, has been instrumental in driving significant positive changes in her previous positions. During her tenure, Brough successfully ... Read the full article
Long-term opportunity in property insurance: Beazley’s Adrian Cox
27th July 2023
With climate change and growing inflation as a backdrop, the opportunity in property insurance is expected to be a long-term one with pricing more adequate than in property reinsurance, said Beazley CEO Adrian Cox. Speaking earlier during the specialist insurer's H1 2023 earnings call, Cox said: "We do think that the ... Read the full article
Donegal Group posts $2 million net income in Q2’23
27th July 2023
US primary holding company Donegal Group posted a net income of $2.0 million, compared to a net loss of $8.2 million in the prior year quarter. Net premiums earned increased 5.9% to $216.3 million, compared to $204.1 million from Q2'22. At the same time, net premiums written were $226.5 million, a 3.7% ... Read the full article
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