Reinsurance News
Korean Re partners with Moody’s RMS to provide risk analysis across Europe and Asia
26th July 2023
Moody’s RMS risk models will now be available across Europe and Asia as Korean Re and the catastrophe risk modelling and solutions company have announced a new agreement to licence the products in these regions. These models include: Europe Inland Flood HD Models and Europe Severe Convective Storm (SCS) HD Models ... Read the full article
WTW launches Climate Vista to “bridge climate skills gap in the boardroom”
26th July 2023
Global advisory and broking company WTW has announced the launch of Climate Vista, a new engagement tool designed to help company boards and senior management better understand their exposure to ESG and climate-related risks and opportunities. According to a recent survey conducted by WTW and the Nasdaq Center for Board Excellence, ... Read the full article
Betterview to integrate EagleView’s aerial imagery into property intelligence platform
26th July 2023
Insurtech Betterview has announced that EagleView's high-resolution aerial imagery will be integrated into its property intelligence platform to help insurers "better understand a customer’s total property risk by providing broader, data-driven intelligence for both underwriters and claims professionals." Piers Dormeyer, CEO of EagleView, commented, “EagleView chose to join forces with Betterview ... Read the full article
Conduit Re reports 83.1% combined ratio for H1, gross premiums written grows by 52.9%
26th July 2023
CHL, the parent company of Conduit Re, a pure-play Bermuda-based reinsurance business, reported an 83.1% combined ratio for the six months ended 30 June 2023, a 22.7-point improvement from a year-ago period, as it expanded gross premiums written by 52.9% into the current insurance hard market. Gross premiums written for H1 ... Read the full article
RenRe reports combined ratio of 80.3% amid return to profit in Q2 2023
26th July 2023
Bermuda-based reinsurer RenaissanceRe Holdings Ltd. (RenRe) has announced a combined ratio (CR) of 80.3% for Q2 2023, with underwriting income of $352 million, a slight improvement on the $316 million reported a year earlier. Compared year-over-year, the CR increased slightly from 78.3% in Q2 2022, as an improvement in the casualty ... Read the full article
Positive growth expected for European non-life insurers despite persisting inflation: S&P
26th July 2023
Despite seeing a drop, inflation is expected to impact European non-life insurers, yet S&P Global Ratings believe they will continue to perform robustly. European insurers are facing numerous challenges linked to economic growth, inflation, interest rates, and investment. However, their capital strength, liquidity, and rising re-investment rates counterbalance these obstacles, according ... Read the full article
Insurity’s 2023 Hurricane Guide equips insurers with proactive strategies amid rising billion-dollar events
26th July 2023
Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, has released its highly anticipated 2023 Hurricane Guide, offering comprehensive best practices to help insurance organisations shift from a "react and respond" approach to a proactive "prepare and serve" strategy due to the worrisome trend of increasing ... Read the full article
Chubb reports “record” Q2 as net income jumps 50.7% to $1.79bn
26th July 2023
Chubb has reported that Q2 net income jumped 50.7% to $1.79 billion compared to the same quarter last year, while P&C underwriting income was $1.43 billion with a combined ratio of 85.4%, in what Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb described as, "another simply outstanding quarter." Chubb's ... Read the full article
AM Best places Clear Blue’s rating under review with negative implications amid Vesttoo issues
26th July 2023
Global ratings agency AM Best has placed the credit ratings of fronting and program specialist, Clear Blue Insurance Group, under review with negative implications, citing uncertainty around the firm's ability to rely on certain letters of credit (LOC) posted to back reinsurance, as the investigation at Vesttoo continues. Despite the ... Read the full article
Volatility in severity changes and state trends challenge auto insurers’ loss interpretation: ISO
26th July 2023
In a recent analysis of ISO's 1Q23 FastTrack private passenger auto loss data, industry experts have identified significant volatility in year-on-year severity changes and above-average trends in certain states as the primary drivers behind insurers' struggles to interpret the current loss environment accurately. However, amidst these challenges, there are positive indications ... Read the full article
Obsidian Insurance appoints new President and CFO
26th July 2023
Obsidian Insurance Group has announced the promotions of Craig Rappaport to President, and Nick Dagenais to Chief Financial Officer (CFO). Previously, Dagenais was the VP, Finance of Obsidian since the company's formation, he now assumes the role of CFO and will continue to report to Rappaport, who now serves as President ... Read the full article
Selective Insurance reports preliminary Q2 combined ratio of 100.2%
26th July 2023
Selective Insurance Group, Inc. expects a preliminary Q2 2023 combined ratio of 100.2%, which includes catastrophe losses of 10.6 points and net prior year favourable casualty reserve development of 0.4 points. The firm predicts pre-tax net catastrophe losses totalling approximately $100 million. Every underwriting segment was impacted this quarter. Net cat ... Read the full article
Ivans Index shows increase in premium renewal rates in Q2
25th July 2023
Ivans, a division of Applied Systems, has reported renewal rate change for all major commercial lines of business except Workers’ Compensation and Umbrella are up year over year, the second quarter of 2023. According to Ivans, Q223 experienced an increase in average premium renewal rate change across Commercial Auto, BOP, Commercial ... Read the full article
AXIS names Andy Shaw as Specialty Team Leader for NA Programs
25th July 2023
Insurer and reinsurer AXIS Capital has announced the appointment of Andy Shaw as the new Specialty Team Leader for North American Programs, a newly created role. Shaw will be based out of the company's Phoenix office and report to Gabe Galanski, the Head of North American Programs. Shaw brings with him extensive ... Read the full article
AM Best to investigate collateral arrangements amid Vesttoo allegations
25th July 2023
AM Best will review the collateral arrangements of all fronting companies that it provides ratings for, the rating agency stated in light of the claims that collateral involved in transactions facilitated by insurtech Vesttoo could be fraudulent. “Although the details and scope of this issue remain unclear, AM Best is monitoring ... Read the full article
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