Reinsurance News
property and casualty
Property and casualty insurance and reinsurance news, covering the P&C sector of the global marketplace.
NFP acquires Scott Litman Insurance Agency, expanding P&C expertise in Southern California
5th September 2024
NFP, a company under Aon and a broker in property and casualty (P&C) insurance, benefits consulting, wealth management, and retirement plan advising, has announced its acquisition of Scott Litman Insurance Agency (SLIA). SLIA, based in Calabasas, California, is a P&C broker with expertise in habitational risk. Scott Litman, President of SLIA, will ... Read the full article
IAT Insurance Group to boost claims process with CLARA’s generative AI solution
2nd September 2024
IAT Insurance Group, a specialty property and casualty insurance carrier, has selected CLARA Analytics Claims Document Intelligence Pro (Claims DocIntel Pro) as its newest AI platform to boost its auto and general liability claims process. According to the announcement, Claims DocIntel Pro has been chosen to review legal demands and medical ... Read the full article
Morningstar DBRS’ outlook for P&C reinsurance market remains positive, despite high nat cat losses
29th August 2024
Global property & casualty (P&C) reinsurers posted strong earnings with solid top-line growth in the first half of 2024, which was primarily driven by the favourable pricing environment, notably across property and specialty business, reports Morningstar DBRS. Looking ahead, the agency's outlook for the global P&C reinsurance market remains positive, despite ... Read the full article
P&C reinsurance market is reaching a new level of equilibrium, says Swiss Re CFO
23rd August 2024
The primary insurance market now understands that price increases in property and casualty (P&C) reinsurance are needed going forwards, with the market now "reaching a new level of equilibrium", according to Swiss Re's Chief Financial Officer (CFO), John Dacey. In a recent interview with CNBC International News following the release of ... Read the full article
CIAB observes softening commercial P&C market in Q2’24
20th August 2024
In the second quarter of 2024, the commercial property and casualty (P&C) insurance market showed further signs of softening, according to The Council of Insurance Agents & Brokers’ (CIAB) latest quarterly survey. Premiums across all account sizes increased by an average of 5.2% in Q2 2024, a noticeable drop from the ... Read the full article
Global reinsurers show resilience through de-risking & diversification, says AM Best
16th August 2024
On the back of de-risking and diversifying actions, global reinsurers are showing more resilience than in previous cycles, in part thanks to positive underwriting margins, higher reinvestment rates, and diversification, according to a recent AM Best report. AM Best notes that the exceptional results seen in 2023 are unlikely to ... Read the full article
Insurity Survey reveals 56% of consumers facing higher premiums due to severe weather
13th August 2024
Insurity, a provider of cloud software for insurance carriers, brokers, and MGAs, has released insights from its 2024 Severe Weather P&C Consumer Pulse survey. This survey highlights consumers' concerns about their property and casualty (P&C) insurance coverage in light of increasing severe weather incidents. It reveals a rising anxiety among consumers about ... Read the full article
Heritage Insurance reports improved CoR in Q2’24 as GWP rise 7.1%
7th August 2024
Super-regional P&C insurance holding company, Heritage Insurance Holdings, Inc., has reported a year-on-year improvement in its second second quarter 2024 combined ratio to 92.5% from 95.1%, as net income more than doubled in the period. The firm's strong Q2'24 results includes gross premiums written (GPW) of $424.5 million, an increase of ... Read the full article
Chubb appoints Leander Metzger as Regional Executive Officer, Eastern Region, EMEA
2nd August 2024
Global property and casualty (P&C) insurer Chubb has appointed Leander Metzger as Regional Executive Officer, Eastern Region, for Continental Europe, Middle East & North Africa (EMEA), effective January 1st, 2025. Metzger will be based in Frankfurt and report to Peter Kelaher, Division President of Chubb Continental Europe, Middle East, and Africa. ... Read the full article
Skyward Specialty makes senior appointments to Healthcare, Transactional Property E&S teams
2nd August 2024
Property and Casualty insurer Skyward Specialty Insurance Group Inc. has bolstered its Healthcare Solutions portfolio and expanded its Transactional Property E&S underwriting units with senior appointments. Julie Miglin has been named Vice President and will spearhead the expansion of the Healthcare Solutions unit and introduce the new Life Sciences solutions. Simultaneously, Steven ... Read the full article
Property reinsurance rate rises moderating, casualty seeing large increases: Gallagher
26th July 2024
While property reinsurance renewals experienced modest price declines at the mid-year renewals, casualty classes saw the greatest renewal premium increases, which could keep advancing, broker Gallagher has observed. Talking about the reinsurance market and mid-year renewals following the release of its second quarter of 2024 financial results, J. Patrick Gallagher Jr, ... Read the full article
GuideOne Insurance promotes Troy Spoonemore to Chief Underwriting & Risk Officer
25th July 2024
GuideOne Insurance Company, a provider of property and casualty insurance and risk management solutions, has promoted Troy Spoonemore to the position of Chief Underwriting & Risk Officer. In his new role, Spoonemore will direct GuideOne’s underwriting efforts, ensure strategic alignment with the company’s vision and goals, and oversee the risk management ... Read the full article
Optio Group expands into Europe with major acquisition
24th July 2024
Optio Group, a specialty Managing General Agent (MGA), has announced the acquisition of Den Hartigh Beheer & Exploitatie B.V., a Netherlands and Brussels-based MGA specialising in B2B insurance solutions. Established in 1916, Den Hartigh offers a variety of property and casualty insurance products. This includes coverage for land-based equipment, marine assets, and ... Read the full article
State Farm cements position as top US P&C insurer
18th July 2024
Ranked by 2023 total net premiums written (NPW), State Farm retains the top position in AM Best’s rankings of the top US Property and Casualty (P&C) underwriters, with its total NPW rising by a significant 19.1% to reach $92.6 billion in the year. Our directory of the ... Read the full article
ACORD’s Global Insurance Stock Index shows robust reinsurance performance in Q2
12th July 2024
ACORD, the standards-setting body for the global insurance industry, has announced that its Global Insurance Stock Index outperformed the broader market for the second consecutive quarter in a row, delivering a return of 28.9% compared to the worldwide average of 17.3%. From what we understand, the growth was attributed towards a ... Read the full article
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