Reinsurance News
property and casualty
Property and casualty insurance and reinsurance news, covering the P&C sector of the global marketplace.
Skyward Specialty expands media liability team
11th June 2024
Skyward Specialty Insurance Group, Inc., an insurance company in the property and casualty (P&C) sector, recently announced the recruitment of three accomplished media liability experts. This move signifies the ongoing expansion of the company's Media Liability team, bolstering its position in the market following its successful entry as a primary carrier ... Read the full article
Insurance premiums and policies rise in China in Q1 2024
10th June 2024
The China National Financial Regulatory Administration (CNFRA), responsible for overseeing the stability and compliance of China's financial sector, has released its supervisory statistics for the first quarter of 2024, highlighting significant increases in insurance premiums and the number of new policies. By the end of the first quarter of 2024, insurance ... Read the full article
Catastrophe losses may raise rates, reduce homeowner protection: S&P
10th June 2024
As insured catastrophe losses surge, potentially leading to higher rates and diminished homeowner protection, S&P Global Ratings, a provider of credit ratings and research, examines the challenges facing property/casualty insurers. In their recent report, S&P highlight how recent data shows that insured catastrophe losses in the US have soared to over ... Read the full article
Tremblay to lead WTW’s ICT Canada P&C practice
10th June 2024
WTW, a global advisory, broking, and solutions company, has named Jean-Francois Tremblay as the head of the Property & Casualty (P&C) practice within Canada for the Insurance Consulting and Technology (ICT) division. Tremblay has extensive experience in various technical, operational, and strategic capacities, including pricing, product management, underwriting, and risk ... Read the full article
David Kirk appointed Division President of Chubb Global Markets
7th June 2024
Chubb, a global property and casualty insurance company, has announced the appointment of David Kirk as Division President of Chubb Global Markets, which encompasses the company's London Market wholesale and specialty business, including its Lloyd's operations. Kirk currently serves as Head of Marine & Deputy Chief Underwriting Officer for the division. ... Read the full article
NexPhase’s investment in Insurance Systems Inc. to support growth and expansion
7th June 2024
Private equity firm NexPhase has invested in Insurance Systems Inc. (ISI), a Canada-based provider of enterprise software solutions to the P&C insurance industry, to support the company’s continued growth in its existing markets. The investment, which terms were not disclosed, will also help position ISI for expansion into adjacent markets and ... Read the full article
U.S. P&C industry sees $9.3bn underwriting gain in Q1, CR improves to 94.2%
7th June 2024
The U.S. property & casualty (P&C) industry recorded a $9.3 billion net underwriting gain in the first quarter of 2024, marking a substantial improvement from the $8.5 billion loss recorded in the prior year period, according to global ratings agency AM Best. The turnaround in the personal lines segment was a ... Read the full article
Continuity latest funding round to boost development and enhance innovation capabilities
7th June 2024
Continuity, a “pioneer” in leveraging artificial intelligence and external data for professional and commercial P&C insurers, has raised €10 million Series A funding round to boost enterprise insurance with artificial intelligence-driven risk detection. Established in 2019, Continuity offers innovative SaaS solutions that utilise external data and AI to improve risk selection ... Read the full article
Paul Jones takes charge of Lockton UK’s specialised Parametrics Practice
7th June 2024
Insurance brokerage Lockton has appointed Paul Jones as the leader of Parametric Solutions for the UK & Europe in its Property & Casualty (P&C) Specialties division. Jones commented: “I am thrilled to be joining Lockton to develop its Parametric proposition to clients. It is a really exciting time to come on ... Read the full article
Record investment income for US P&C insurers in 2023: AM Best
4th June 2024
In 2023, net investment income for the US property/casualty insurance sector reached a record $73.9 billion, boosted by higher interest rates, according to a new report by AM Best, a credit rating agency for the insurance industry. The Best's Special Report, “US P/C Insurers Achieve Record Investment Income in 2023,” reveals ... Read the full article
CoreLogic reports 32.7 million homes at risk ahead of active hurricane season
31st May 2024
Ahead of the 2024 Atlantic Hurricane Season, CoreLogic, a provider of property information and analytics, has released its 2024 Hurricane Risk Report to help insurers and risk managers prepare for the upcoming season. The report reveals that over 32.7 million homes from Texas to Maine are at risk of moderate to ... Read the full article
Knowing where you are in the cycle is key to long-term success: Conduit Re CEO
30th May 2024
After a positive outcome at the January 1 reinsurance renewals and a very solid performance in the first quarter of 2024, we spoke with Conduit Re CEO, Trevor Carvey, about the evolution of the Bermuda-based reinsurer, market dynamics, and the importance of managing the cycle. Conduit Re took advantage of ... Read the full article
Attractive pricing levels, positive sentiment for property cat reinsurance into 2025: Jefferies
29th May 2024
There is a positive sentiment for property-catastrophe reinsurance heading into 2025, with pricing at very attractive levels, a factor that should continue to benefit UK specialty re/insurers, analysts at Jefferies concluded following recent meetings with global insurers, reinsurers and ILS managers in Bermuda. “Property-catastrophe market remains attractive. Our overarching takeaway from ... Read the full article
P&C sector reports improved conditions in early 2024: McGriff
28th May 2024
The Property & Casualty (P&C) industry began 2024 in a stronger position compared to 2023, driven by 25 consecutive quarters of premium increases, improved investment returns for insurers, and a relatively mild hurricane season, highlights broker McGriff in a recent report. The broker highlights Fitch Ratings' prediction for modest underwriting improvements ... Read the full article
Arch UK Regional Division welcomes new Claims Relationship Manager
22nd May 2024
Adam Waterstreet, equipped with vast insurance claims expertise, takes on the role of Claims Relationship Manager, effective immediately, as announced by Arch Insurance UK Regional Division. In his new position, Waterstreet assumes responsibility for supervising account management efforts for brokers throughout the UK regions, fortifying client connections, and identifying avenues to ... Read the full article
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