Reinsurance News
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
Allstate estimates total catastrophe losses for Q2 at $2.7bn
20th July 2023
The Allstate Corporation has estimated catastrophe losses for the month of June at $1.01 billion or $799 million, after-tax, bringing total catastrophe losses for Q2 to $2.7 billion, pre-tax. According to Allstate, the June month catastrophe losses included 18 events estimated at $1.13 billion, with approximately 60% of the losses related ... Read the full article
Embroker names Ben Jennings Chief Executive Officer
20th July 2023
Embroker, the digital platform making it 'radically simple' to get business insurance, has announced the appointment of Ben Jennings as Chief Executive Officer, effective immediately. Jennings has spent the past four years serving as Chief Revenue Officer for Embroker. Following the departure of the founding CEO last year, the firm's board ... Read the full article
Travelers secures additional hurricane reinsurance at renewal, upsizes Northeast property cat treaty
20th July 2023
US primary insurer Travelers has again increased the size of its Northeast property catastrophe excess-of-loss (XoL) reinsurance treaty by $100 million at the mid-year renewals, during which the firm also entered into a new personal insurance hurricane catastrophe XoL treaty. Renewed at the July 1st, 2023, reinsurance renewals, Travelers' Northeast property ... Read the full article
Guy Carpenter revenue up 11% to $576 million in Q2
20th July 2023
Guy Carpenter, a leading global risk and reinsurance specialist and a business of Marsh McLennan, has reported total revenue in Q2 of 2023 was $576 million, marking an increase of 11% on an underlying basis. Marsh McLennan's wider Risk & Insurance Services revenue was $3.7 billion in Q2 of 2023, an ... Read the full article
Travelers reports $14m net loss in Q2, driven by $640m underwriting loss
20th July 2023
Primary insurance group The Travelers Companies, Inc., has reported a net loss of $14 million for the second quarter of 2023, compared to a net income of $551 million in the prior year quarter. The net loss was heavily driven by a $640 million underwriting loss, which was driven by the ... Read the full article
Tokio Marine HCC Intl. adds Green Upgrade Endorsement to property wordings
20th July 2023
The Japanese Business Division of Tokio Marine HCC International (TMHCCI) has unveiled a new Green Upgrade Endorsement that will be added as a standard endorsement, at no additional cost, to the firm's combined commercial property policies from August 1, 2023 as they renew. According to the announcement, the endorsement will provide ... Read the full article
Record £25bn of bulk annuity transactions anticipated in H1 2023: Hymans Robertson
20th July 2023
“Busyness in the Risk Transfer market is at an all-time high, with around £25bn of bulk annuity transactions expected to be secured in the first half of 2023. To deal with this level of activity and to enable them to secure a successful transaction, the way in which pension schemes ... Read the full article
Cytora utilizes LLMs for next generation risk and underwriting intelligence
20th July 2023
AI-powered digital risk platform, Cytora has unveiled its latest enhancement, leveraging Large Language Models (LLMs) to bring a new level of "accuracy and efficiency" to risk assessment and underwriting processes. According to Cytora, the availability of LLMs alongside the risk platform's proprietary AI transforms digitisation performance across end-to-end underwriting workflows. At the ... Read the full article
Loadsure launches new digital ocean cargo & stock throughput insurance
20th July 2023
Insurtech MGA Loadsure has launched two “next generation” digital ocean cargo & stock throughput insurance products. “DanubeTM - Dynamic Ocean Cargo Insurance” and “HuronTM” are powerful tools for brokers, who will be able to quote cost-effective annual cover to their clients with unprecedented speed, utilising historical and real-time data to accurately ... Read the full article
Arch promotes Blois to Underwriting Manager & appoints three PI underwriters
20th July 2023
Arch Insurance’s UK Regional Division has announced the promotion of Kirsty Blois to Underwriting Manager, Miscellaneous and Emerging Professional Indemnity (PI). In the new role, Blois is responsible for managing Arch’s miscellaneous PI book of business and developing its broker relationships. She will report to Martin Joyce, Head of Financial Lines, ... Read the full article
QBE lifts FY catastrophe budget amid $700m in losses for H1 2023
20th July 2023
Primary insurer QBE has raised its FY 2023 catastrophe budget to around $1.33 billion as the firm reports an elevated net cost of catastrophes of roughly $700 million for H1 2023. In a recent H1 2023 results updated, the insurer highlights additional pressure on catastrophe costs following the series of North ... Read the full article
Centauri Insurance announces partnership with Betterview
20th July 2023
Centauri Insurance, a provider of property and casualty insurance products, has partnered with insurtech company Betterview, for proactive storm risk management. According to the announcement, this collaboration will increase efficiency and oversight in new business underwriting and renewal workflows, while empowering a proactive approach to storm risk management. Centauri provides its P&C ... Read the full article
Specialty & Commercial insurers struggle with outdated pricing technology, poll reveals
20th July 2023
A recent survey conducted by independent research firm Coleman Parkes for pricing decision intelligence leader, hyperexponential, has shed light on the challenges faced by Specialty and Commercial insurers in optimising profitability and making effective pricing decisions. The poll of 350 underwriters and actuaries exposed significant shortcomings in the industry's pricing models ... Read the full article
Swiss Re names Marc Ross Head Property & Specialty Canada
20th July 2023
Swiss Re Corporate Solutions has announced the appointment of Marc Ross as Head Property & Specialty Canada, effective September 1, 2023. He will also join the Canadian Management Team for Swiss Re Corporate Solutions. Based in Toronto, Ross will report to James Gasco, (incoming) Head Canada, Swiss Re Corporate Solutions. He will be ... Read the full article
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