ICEYE and Aon enhances real-time disaster data for reinsurers
ICEYE, a satellite-based disaster management provider, announced that Aon has expanded its data licensing agreement. Aon will now include ICEYE’s Flood Insights data
Reinsurance News
Fitch Ratings revised Global Reinsurance Sector Outlook to ‘Neutral’
Fitch Ratings has changed its outlook for the global reinsurance sector from “improving” to “neutral,” noting that the pricing cycle has likely peaked
Lloyd’s of London Results: £4.9bn profit, £30.6bn premium for H1 2024
Lloyd’s of London, a leading global insurance and reinsurance marketplace, reported solid results for the first half of 2024 with a profit before tax of £4.9bn
Swiss Re reported a net income of $2.1 bn, ROE of 20% for H1 2024
Swiss Re reported a profit of $996 mn in the second quarter of 2024, resulting in a net income of $2.1 bn and a return on equity (ROE) of 20% for the first half of the year
Reinsurance market reset by global reinsurers led to strong technical profits
A strategic reinsurance market reset by global reinsurers led to strong technical profits and altered industry dynamics, according to AM Best
Munich Re achieves profit of €3.8 bn in H1 2024
Munich Re generated a net result of €1,623 mn in the second quarter of 2024 and €3,763 mn in H1 2024. Insurance revenue from insurance contracts issued rose
AM Best upgraded Financial Strength Rating and Credit Ratings of Lloyd’s
AM Best has upgraded the Financial Strength Rating and the Long-Term Issuer Credit Ratings (Long-Term ICR) of Lloyd’s
IRDAI grants approval for InsuranceDekho to enter reinsurance broking
Indian insurtech platform InsuranceDekho has gained approval from the Insurance Regulatory and Development Authority of India (IRDAI) to enter the reinsurance broking
Guy Carpenter estimates $35-40bn in add property catastrophe reinsurance purchased
Guy Carpenter’s review from January to July 2024 estimates $35-40bn in additional property catastrophe reinsurance purchased globally due to favorable conditions
Bermuda reinsurer Martello Re raised $935 mn of equity funding
Martello Re, a Bermuda-based life and annuity reinsurer, closed a second round of equity funding, raising $935 mn from existing and new shareholders
Lloyd’s insurers expected to hit targets, says JP Morgan
JP Morgan has estimated changes for Lloyd’s insurers ahead of their first-half 2024 results, expecting them to meet their 2024 guidance
Lloyd’s Inclusive Futures Coalition funds & supports 3 key initiatives
Lloyd’s launched the Inclusive Futures Coalition, a group of market firms and delivery partners leading the Inclusive Futures program
Reinsurtech Supercede sequred $15 mn in a Series A
Digital reinsurance platform Supercede has sequred $15 mn in a Series A funding led by Alven, with participation from Mundi Ventures, Outward, Seedcamp
Reinsurers reducted rates for property catastrophe risk and coverage
Insurers achieved positive mid-year renewal results. These included reinsurance rate reductions for property catastrophe risk
A.M. Best revised outlook for global reinsurance industry to positive
Rating agency AM Best has upgraded its sector outlook for the global reinsurance industry from stable to positive
Insurtech Kin Insurance completed reinsurance program
Insurtech Kin Insurance has announced that the Kin Interinsurance Network and Kin Interinsurance Nexus Exchange have finalized their reinsurance programs
Velonetic and Lloyd’s launched a secure transition to Blueprint Two phase one
Lloyd’s and Velonetic have postponed the Blueprint Two phase one digital services launch, initially set for 2024. This decision aims to ensure safety and market preparedness
Lloyd’s introduced a new Canadian Core Fixed Income Solution
Lloyd’s, a global leader in insurance and reinsurance, introduces a new Canadian Core Fixed Income Solution on its Investment Platform
H1 2024 Reinsurance renewals indicated a changing market
The mid-year reinsurance renewals indicated a changing market driven by rising demand for protection. According to Guy Carpenter
Global reinsurer capital in Q1 2024 increased for $695 bn
Aon reports a 4% increase in global reinsurer capital during the first quarter of 2024, reaching a new high of $695 billion
Reinsurance capacity increased from traditional & ILS sources
Reinsurance demand saw a significant increase, particularly for higher catastrophe layers, as Florida property insurers sought additional protection
Lloyd’s will open a new office in Miami to enhance business in LatAm
Lloyd’s, a leading global insurance and reinsurance marketplace, will open a new office in Miami to enhance its business in Latin America and the Caribbean
Lloyd’s signed of a Memorandum with the Bermuda Monetary Authority
Lloyd’s has signed a Memorandum of Understanding (MoU) with the Bermuda Monetary Authority (BMA) to collaborate on supporting
UK Insurtech Bondaval sequred £15 mn led by Dawn Capital
Insurtech Bondaval has sequred a £15 mn funding round from investors led by the seasoned investor Dawn Capital, who was an early backer of iZettl
Munich Re Specialty integrated Kalepa’s Copilot underwriting platform
Munich Re Specialty – North America has integrated Kalepa’s Copilot underwriting platform to enhance risk analysis and streamline operations
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 by the end of 2024
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
Global reinsurers’ profitability will remain strong in 2025 despite lower risk-adjusted prices for most business lines when reinsurance contracts were renewed on 1 January