Reinsurance News
P&C insurance
Earnix and Exavalu to bring rating flexibility and modernise pricing with partnership
20th May 2024
Earnix, a provider of AI-based SaaS solutions, has partnered with Exavalu, an insurance digital advisory and system integration consulting firm, to help property and casualty (P&C) insurance carriers modernise pricing and rating flexibility. In a turbulent insurance market, where traditional pricing models are inflexible and antiquated, this partnership aims to combine ... Read the full article
Windward Risk Managers brings additional capacity to Florida market with new P&C insurer
5th April 2024
Windward Risk Managers, the management company behind Florida Peninsula and Edison Insurance, is bringing additional capital and capacity to the Florida market with the launch of Ovation Home Insurance Exchange. Scheduled to begin writing policies in June of 2024, Ovation will be a Florida domiciled reciprocal insurer that will be an ... Read the full article
Rising reinsurance costs pose challenge for German P&C insurers: S&P
23rd February 2024
German property and casualty (P&C) insurers are grappling with mounting pressure due to surging reinsurance expenses, impacting both profitability and operational strategies, as highlighted by S&P Global Ratings, signaling potential adjustments within the sector. Reinsurance, a vital mechanism for insurers to mitigate risks by transferring a portion of their liabilities to ... Read the full article
AM Best upgrades AIG and its P/C insurance subsidiaries’ ratings to “Excellent”
29th January 2024
In a recent development, AM Best has upgraded the Long-Term Issuer Credit Ratings (Long-Term ICRs) of American International Group, Inc. (AIG) and its property/casualty (P/C) insurance subsidiaries to "a+" (Excellent) from "a" (Excellent). The Financial Strength Rating (FSR) of A (Excellent) for AIG PC has also been affirmed. Additionally, the Long-Term ... Read the full article
Claim Assist Solutions unveils unified approach to transform claims management in insurance
22nd January 2024
In a strategic move to revolutionise the property and casualty insurance sector, renowned firms, including Allcat Claims Service, Colonial Claims, Lighthouse Claims Service, Parker Loss Consultants, Prestige Claims Service, and QA Claims, have joined forces under the umbrella brand Claim Assist Solutions. This collaboration aims to offer a more cost-effective claims-adjusting ... Read the full article
Swiss Re forecasts strong growth and improved profitability for US P&C insurance in 2024
11th January 2024
The US Property and Casualty (P&C) insurance industry is poised for a robust year in 2024, as indicated by a recent report from the Swiss Re Institute. The industry enters the new year with strong momentum, following a period where profitability lagged behind insurers' cost of capital. However, 2023 saw a turnaround, ... Read the full article
Positive growth and resilience in Q3’23 domestic P&C insurance industry: KBW
10th January 2024
In the third quarter of 2023, the domestic Property and Casualty (P&C) insurance industry demonstrated robust growth, with direct written premiums expanding by 9.8%, according to a KBW report. This growth surpassed the pace of the previous quarter (9.2%) and the first quarter (8.4%), reflecting persistent rate increases in personal and ... Read the full article
Woodruff Sawyer predicts single-digit rate increase in 2024 for P&C rates
14th December 2023
Single-digit rate increases are expected in 2024, similar to the ones seen in 2023, according to Woodruff Sawyer’s recently published P&C Looking Ahead Guide. Despite economic and social inflation continuing to contribute to premium increases in the P&C insurance market, and rising reinsurance costs due to severe weather events that have ... Read the full article
U.S. P/C industry saw $32bn underwriting loss in 9M 2023: AM Best
8th December 2023
The U.S. property/casualty (P/C) insurance sector grappled with a challenging nine-month period in 2023, posting a staggering $32.2 billion net underwriting loss, according to a report by AM Best. This represents a $7.6 billion deterioration compared to the same period in the prior year. AM Best's data, compiled from companies whose interim ... Read the full article
Global P&C insurers face mounting challenges in cat risk management: Moody’s
8th December 2023
According to a recent report by Moody's, the Property & Casualty (P&C) insurance sector is witnessing a shift as primary insurers retain more risk following the raising of attachment points by reinsurers looking to reduce frequency losses to offset years of poor returns. Historically, primary perils like hurricanes and earthquakes have ... Read the full article
Moody’s stays negative on global P&C insurance sector
8th December 2023
Moody's has announced its outlook remains negative for the global property & casualty (P&C) insurance sector, based on "continued weak underwriting results in personal lines, particularly in the US and Europe." Writing in a report on the matter, the rating agency noted that primary insurers are retaining a higher proportion of ... Read the full article
Lightyear joins BHMS as co-lead investor to support Inszone’s next phase of growth
27th November 2023
US broker Inszone Insurance Services, LLC has announced strategic investment from Lightyear Capital LLC, joining the company’s current investor, BHMS Investments, for its next phase of growth. Martin Sullivan, Operating Partner at Lightyear and former Chief Executive Officer of AIG, will join the Inszone Board of Managers upon closing of the ... Read the full article
US P/C insurers experience more downgrades than upgrades in H1’23: AM Best
18th October 2023
In the first half of 2023, US property/casualty (P/C) insurers faced a challenging environment marked by increased downgrades, primarily affecting the personal lines segment. Downgrades surged from 5.2% of rating actions in H1 2022 to 9.1% through June 30, 2023, as insurers grappled with weather-related catastrophes, escalating loss and reinsurance costs, ... Read the full article
Moody’s maintains negative outlook for UK P&C insurance sector amidst rising claims
26th September 2023
Moody's, the global credit rating agency, has reaffirmed its negative outlook for the United Kingdom's property and casualty (P&C) insurance sector, citing ongoing challenges stemming from escalating claims and reinsurance costs. The negative outlook reflects the sector's struggles with higher reinsurance expenses and mounting pressure on personal lines' profit margins. Moody's analysis ... Read the full article
US P&C insurance industry set for profitability boost in 2024: Swiss Re
22nd September 2023
The US Property & Casualty (P&C) insurance industry is anticipated to transition from a challenging 2022 to a more favourable 2024, with improved profitability driven by higher premiums and increasing interest rates, as indicated by the Swiss Re Institute's report. However, the industry has yet to reach the tipping point where ... Read the full article
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