Reinsurance News
W. R. Berkley Corporation sees net income double to $356.3m in Q2
21st July 2023
W. R. Berkley Corporation has released its Q2 results, reporting that net income doubled to $356.3 million compared to the same quarter last year, with a return on equity and operating return on equity of 21.1% and 18.4%, respectively. The firm has also boasted "record" gross and net premiums written, which ... Read the full article
Climate change makes it challenging to predict storm dynamics: Lockton Re
21st July 2023
Underlying climate related changes are making it challenging to predict storm dynamics; as some of those changes are becoming more evident, the likelihood of loss causing storms has also increased, according to new research by Lockton Re. Lockton's reinsurance business has recently launched a new research series focused on the hurricane ... Read the full article
Aon reports global insured cat losses of $53bn in H1 2023
21st July 2023
Insurance and reinsurance broker Aon has reported that global insured losses from natural disasters in H1 2023 totalled $53 billion, which is 46% above the 21st-century average. According to Aon's latest catastrophe report, economic losses for the period amount to an estimated $194 billion, and already constitute ... Read the full article
Canopius hires Lewis Gayle as Underwriter – Cyber and Technology
21st July 2023
Canopius, a leading global specialty re/insurer, has appointed Lewis Gayle as Underwriter – Cyber and Technology, where he will report to Michael Shen, Head of Cyber and Technology, London. He joins the firm with immediate effect, bringing Canopius’ rapidly expanding cyber division to 36 employees, including 10 new hires since the ... Read the full article
The Hanover expects Q2 loss amid catastrophe losses of $262 million
21st July 2023
The Hanover Insurance Group, Inc. has announced a preliminary estimate for Q2 catastrophe losses of approximately $262 million, before taxes, with the firm expecting to report a Q2 2023 combined ratio of 111.3%. These losses were driven primarily by the 19 convective storms across multiple states, with hail damage representing the ... Read the full article
Arbol reports “strong performance” in H123
21st July 2023
Arbol, a leading global climate risk-coverage platform has announced its "strong performance" for the first half of 2023, reporting a significant increases in gross written premium (GWP), surpassing its performance in the first half of 2022. The company confirmed that it has now transacted more than $1 billion in notional risk to ... Read the full article
WTW appoints Claire Sales to the Large Client GB team
21st July 2023
WTW, a global advisory, broking, and solutions company, has announced the appointment of Claire Sales to the Large Client GB team. Sales brings to her new role over 25 years of insurance and legal experience across Financial Lines business. Based in London, she will report to David Cross, Head of Large ... Read the full article
Egyptian insurance market showing resilience despite “challenging economic conditions”: AM Best
21st July 2023
With interest rates and inflation continuing to rise, the Egyptian insurance market is facing difficulties in sustaining growth rates in real terms, however the country is still proving resilient in the face of challenging economic conditions they are facing throughout 2023. Across the previous five years, the sector has grown by ... Read the full article
KCC US Hurricane Model Version 4.0 certified in Florida
21st July 2023
The Karen Clark & Company (KCC) US Hurricane Reference Model Version 4.0 has been certified by the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM). The FCHLPM reviews and audits methodologies for projecting hurricane losses. According to the announcement, KCC's US Hurricane Version 4.0 has become the first certified model to explicitly ... Read the full article
Howden Driving Data appoints Tommy Ahearne as Chief Data Officer
21st July 2023
Global insurance group, Howden, has announced the expansion of its Driving Data technology and data teams with the appointment of Tommy Ahearne as Chief Data Officer. This announcement takes place following the recent launch of Howden Drive, its telematics service that helps to lower motor insurance premiums for customers in the ... Read the full article
UK M&A volume hit a ten-year high in H1 2023 despite overall deal value falling year-on-year
21st July 2023
The UK financial services industry has reported a 10-year M&A volume high of 160 deals in H1 2023, up from 138 in the same period in 2022 accounting for a 16% rise, according to EY’s latest financial services M&A analysis. However, the total disclosed deal value for the period fell from ... Read the full article
For Travelers, the AI opportunity is profound: CEO Alan Schnitzer
20th July 2023
Alan Schnitzer, Chairman and Chief Executive Officer (CEO) of U.S. insurer Travelers, has said that the company intends to spend more than $1.5 billion on technology this year as it looks to take advantage of the "profound" opportunity from artificial intelligence (AI). Speaking earlier today during the carrier's Q2 2023 ... Read the full article
Fronting firm MS Transverse notes “immaterial” exposure to Vesttoo collateral issue
20th July 2023
Fronting company MS Transverse has released a statement in light of the alleged issues with letters of credit (LOC) used as collateral for transactions facilitated by insurtech Vesttoo, explaining that the latter only participates on one program with MS Transverse, and that it believes any impairments "should be immaterial" to ... Read the full article
Swiss Re structures Blackstone’s first indemnity cat bond
20th July 2023
Swiss Re Capital Markets has successfully structured and placed the issuance of USD 250 million of insurance-linked securities issued with respect to certain real estate funds managed or controlled by affiliates of Blackstone Inc. under Wrigley Re Ltd. This Wrigley Re Ltd. (Series 2023-1) transaction is Blackstone's first indemnity cat ... Read the full article
Workers’ compensation remains profit engine for US P&C Industry: AM Best
20th July 2023
Workers’ compensation insurers’ underwriting results continued to outpace the rest of the U.S. P&C commercial sector in 2022, as they benefited from the "long-term decline in workplace accidents and a reduction in fraudulent claims," according to AM Best. These comments stem from the Best's Market Segment Report, in which the firm ... Read the full article
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