SCOR reported a net loss of €177 mn for Q3 2024
SCOR Group reported a net loss of €177 mn for Q3 2024, adjusted by removing the mark-to-market impact of its share option.
Reinsurance News
Swiss Re reports $2.2 bn net income an ROE of 13.4% for 9M 2024
Swiss Re reports a net income of $2.2 bn and an ROE of 13.4% for 9M 2024. Resilient underwriting and investment contributions from all Business Units contributed to the results
Munich Re reported a net earnings €4.7 bn in 9M 2024
Munich Re reported a net result of €930 mn in Q3 2024, a decline due to higher-than-average natural catastrophe losses. For the three quarters, net earnings totaled €4.692 bn
Swiss Re strengthened Property & Casualty Reinsurance reserves
Swiss Re has strengthened its Property & Casualty Reinsurance reserves in Q3, following an in-depth review. The company allocated $2.4 bn to prior-year US liability reserves for P&C Re
Fannie Mae announced 7th Credit Insurance Risk Transfer transaction
Fannie Mae, a GSE, has announced its seventh Credit Insurance Risk Transfer (CIRT) transaction of 2024, CIRT 2024-L4, with support from 26 re/insurers
Lloyd’s announced the appointment of Nathan Adams as Chief People Officer
Lloyd’s, the world’s leading marketplace for insurance and reinsurance, has announced the appointment of Nathan Adams as its Chief People Officer
Reinsurance market is structured to manage significant events and hurricanes
The reinsurance market is structured to manage significant events, such as hurricanes Helene and Milton, says Eric Andersen, President of Aon, a global insurance and reinsurance brokerage
Lloyd’s of London introduces a Global Disaster Resilience Vehicle
Lloyd’s of London has partnered with the United Nations Capital Development Fund (UNCDF) to introduce a new disaster resilience vehicle
Munich Re Specialty expands into Spanish insurance market with 2025 launch
Munich Re Specialty has initiated steps to enter the Spanish commercial market for primary specialty insurance, aiming to start underwriting in 2025
Africa Specialty Risks expands Lloyd’s reinsurance market access for Africa
Africa Specialty Risks (ASR) announced that its United Kingdom-based unit, Africa Specialty Risks Ltd., now operates as a Lloyd’s service company
Tokio Marine Kiln and Marsh launch $50mn insurance facility for ports & terminals
Tokio Marine Kiln and broker Marsh introduced an insurance facility offering up to $50 mn in coverage for ports and terminals facing business interruption due to trade
New conditions for buyers in the US commercial insurance market
The Lockton Market report highlights favourable conditions for buyers in the US commercial insurance market across most lines of coverage. However, uncertainty surrounding both the economy
Munich Re North America Life introduced a longevity reinsurance for the US and Canada
Munich Re North America Life, a subsidiary of Munich Re, has introduced a longevity reinsurance solution for the US and Canada. This product helps clients transfer biometric risk while building assets
Lloyd’s appointed Charles Roxburgh as next Chair, replacing Bruce Carnegie-Brown
Lloyd’s has appointed Charles Roxburgh as its next chair, replacing Bruce Carnegie-Brown, pending regulatory approval from the Prudential Regulation Authority
Reinsurers to maintain strong profitability in property catastrophe reinsurance
Fitch Ratings has released the results of reinsurance market survey, which saw 81 re/insurance market participants provide their expectations for the January 2025 reinsurance renewals
Lloyd’s partnered with MIGA to increase guarantee issuance to $20 bn by 2030
Lloyd’s of London has partnered with the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA) to increase annual guarantee issuance to $20 bn by 2030
Blockchain RWA platform Re tokenized reinsurance fund with $15 mn
Real-world asset (RWA) platform Re offering tokenized reinsurance, has launched its first open-ended reinsurance fund on the Avalanche (AVAX) network
Lloyd’s modernizing framework for dealing with poor conduct in reinsurance market
Lloyd’s plans to update its framework for for dealing with poor conduct & behaviors, addressing both financial and nonfinancial issues in the market
Re/Insured losses from a Calgary Hailstorm IBC estimated $2.1 bn
Hailstones the size of chicken eggs led to an estimated $2.1 bn (C$2.8 bn) in insured losses from a severe storm in Calgary, Alberta, on August 5, according to the Insurance Bureau of Canada
25% rise in London company reinsurance treaty premiums, reaching £11 bn
Data from the International Underwriting Association (IUA) shows a 25% rise in London company reinsurance treaty premiums over the past year, reaching £11 bn
Coalition Re introduces Non-Proportional Cyber Reinsurance
Coalition has set up its reinsurance intermediary, Coalition Re, to offer capacity for non-proportional cyber reinsurance treaties along with a white-labelled cyber insurance
Connect Underwriting launched BRICS UW, a reinsurance MGA
Connect Underwriting Limited, a specialist reinsurance MGA, has launched BRICS UW, a reinsurance MGA focused on emerging markets, pending regulatory approval
Hannover Re anticipates reinsurance prices & conditions to remain on a stable level
Hannover Re anticipates prices and conditions to remain on a sustained stable level for the treaty renewals in property and casualty reinsurance as at 1 January 2025
Demex Group, reinsurance & analytics firm, raised $10.3 mn in Series A
The Demex Group, a firm specializing in stop-loss reinsurance protection and risk analytics, raised $10.25 mn through a Series A and previous SAFE funding round
Renewals in 2024 have seen reinsurance pricing gradually decrease
Aon launched its Ultimate Guide to the Reinsurance Renewal – September 2024 report, which contrasts the robust financial results of the reinsurance industry against a backdrop
In 2024, global natural perils resulted in total direct economic costs of $417 bn. Of this, $154 bn was covered by private insurers and public insurance entities
Venture capital funding in insurtech startups is stabilizing, driven by breakout-stage startups in Series B and C. Projections indicate it will reach $4.2 bn
Global cyber insurance and reinsurance industry supported by solid underwriting profitability in 2023 and 2024, with expectations for this trend to continue into 2025
North American life insurer credit losses will remain benign in 2025, despite modest increases due to ongoing pressure on commercial real estate (CRE) assets