Reinsurer SCOR reported a 13.6% increase in premium income for P&C business
Global reinsurer SCOR reported a 13.6% increase in estimated gross premium income for its Property & Casualty (P&C) business
Reinsurance News
Chris Mackinnon becomes Lloyd’s regional director for Asia Pacific Middle East & Africa
Chris Mackinnon, with over three decades of experience in the insurance industry, is poised to become Lloyd’s Regional Director for Asia Pacific, Middle East, and Africa
Bermuda reinsurers’ underwriting profitability peak up levels
Bermuda reinsurers’ underwriting profitability is likely peaking at current levels, as price increases moderate and loss-cost inflation persists
Global reinsurance market experienced a significant recovery in capital
Total reinsurance capital is projected to return to $561 bn in 2024, which is just less than 2% below the record high of $570 bn set in 2021
Potential for increased reinsurance prices in april renewals after Japan Earthquake
The earthquake on the west coast of Japan on January 1st has significant implications for the reinsurance market, particularly concerning the upcoming April 1 reinsurance renewals
VIG Re raises EUR 150 mn additional equity for digital transformation
VIG Re, the reinsurance company of Vienna Insurance Group, announced the increase of its registered capital by the amount of EUR 100 mn in 2023
Lloyd’s of London will stay in its City Tower until at least 2035
Lloyd’s of London has extended its lease at the iconic One Lime Street headquarters until at least 2035, with an option to extend to 2040
S&P raised financial strength ratings for Lloyd’s
S&P Global Ratings raised its financial strength ratings on the Society of Lloyd’s and its core operating entities to ‘AA-‘ from ‘A+’
Swiss Re acquired Fathom, a water risk intelligence and flood models UK provider
Swiss Re has acquired Fathom, a UK-based company specializing in water risk intelligence and flood modeling
Re/insurtech Ki offers digital follow capacity from multiple Lloyd’s syndicates
Ki, digital and algorithmically driven Lloyd’s syndicate, is pleased to announce that Travelers and Aspen will offer additional follow capacity
Jonathan May becomes Lloyd’s Europe CEO
Lloyd’s of London confirmed that Jonathan May, currently CFO and COO for Lloyd’s Europe will become Lloyd’s Europe CEO
Lloyd’s launched consultation on roadmap for insuring the transition
Lloyd’s of London has launched a consultation on its roadmap for insuring the transition approach for the next three years across all areas of sustainability for the market
Global reinsurers providing less NatCat cover for European insurers
Global reinsurers have tightened their terms and conditions to limit their aggregate covers and the lower layers of their natural catastrophe protection
Munich Re provided warranty reinsurance for battery manufacturer Hithium
Global reinsurer Munich Re has agreed to provide warranty reinsurance for battery manufacturer, Hithium, energy storage systems (ESS)
Lloyd’s announced a strong HY 2023 results: £29.3bn GWP, £3.9bn profit
Lloyd’s of London announced a strong set of results for the six months of 2023, with an underwriting profit of £2.5bn (HY 2022: £1.2bn), an investment return of £1.8bn
Lloyd’s announced changes to its Council membership
Lloyd’s announced changes to its Council membership following elections held to fulfil four vacancies
Munich Re 9M 2023 result increases to €3.6bn
Munich Re generated a net result of €1,169m (1,102m) in Q3 2023, and €3,593m (4,168m) in the first three quarters
Guidewire joined forces with Swiss Re Reinsurance Solutions
Guidewire has joined forces with Swiss Re Reinsurance Solutions to transform the insurance landscape by leveraging cutting-edge technology
Swiss Re reported a net income of $2.5 bn in 9M2023
Swiss Re reported a net income of USD 2.5 billion in the 9 months of 2023, with a profit of USD 1 billion in the third quarter.
Berkshire Hathaway reported a 9M2023 underwriting performance
Berkshire Hathaway posted its highest ever quarterly operating profit, while gains from stock holdings helped the conglomerate led by billionaire Warren Buffett swing
Munich Re sees a $5bn rise in reinsurance demand from European cedants
Munich Re believes that rising demand from cedants in key lines, such as nat cat and cyber, along with a need to better manage more complex risks
Insurance Europe iterates the importance of open reinsurance markets to competition
Insurance Europe has expressed “serious concerns’’ about the EIOPA’s draft Supervisory Statement (Statement) on the supervision of reinsurance
Digital MGA platform Boost Insurance partnered with Canopius US
Boost Insurance has announced a strategic partnership with Canopius US Insurance Holdings, a subsidiary of the Canopius Group
Global reinsurance rates in 2024. Fitch, Moody’s & Goldman Sachs outlooks
Global reinsurance rates are likely to continue to rise in 2024, though at a slower pace than in 2023, and prices will start to fall in 2025
Latin American reinsurance influenced by global market pricing
The Latin American (LatAm) reinsurance sector is highly influenced by global reinsurance pricing conditions, given its smaller size relative to the global marke
Swiss Re reported a net income of $1.4 bn and ROE of 22.8% in 1H2023
Global reinsurer Swiss Re reported a net income of USD 1.4 billion and a return on equity (ROE) of 22.8% for the first half of the year
Reinsurance prices will continue to rise in 2024 – Moody’s report
Moody’s has indicated that reinsurance prices are poised to experience further upward momentum across all sectors in the year 2024
Munich Re Group net result targets of €2.4bn in 1H2023
Munich Re generated a profit of €1,154m (1,585m) in the second quarter of 2023, and €2,425m (3,066m) in the first six months of the year
Swiss Re expects growth for non-life reinsurance market
As risk awareness and demand for re/insurance is increasing, Swiss Re highlights the importance of improved underwriting data, enhanced modelling
Lloyd’s results for 1H 2023: £29.3bn premium, £2.5bn underwriting profit
Lloyd’s announced the results for the 1H 2023, with an underwriting profit of £2.5bn (2022: £1.2bn), an investment return of £1.8bn (2022: £3.1bn loss)
Results for North American insurers: premium growth at 11%
GAAP results for North American (re)insurers reveals strong written premium growth at 11%, much of which came from reinsurers
Hannover Re increased its Group net income in the 1H 2023 by 18%
Hannover Re increased its Group net income in the first half of 2023 by 18% and confirms its full-year earnings target
European Reinsurers Results in 1H: Recovery in profitability
There was a strong yoy recovery in profitability in 1H23 for the four main European reinsurers, Fitch Ratings says
Swiss Re reports a net income of $1.4 bn for H1 2023
Swiss Re reported a profit of USD 804 million in the second quarter of 2023, resulting in a net income of USD 1.4 billion and a return on equity (ROE) of 22.8%
Aon Reinsurance Solutions showed organic growth in Q2 2023
Aon Reinsurance Solutions showed consistent 9% organic growth, both for Q2 and also for H1 2023, respectively
Reinsurer PartnerRe released a 6M2023 results: GWP grew to $5.34 bn
PartnerRe has released a results statement for 6M2023, revealing a return to profit amid the hard market for reinsurance, with operating income of $636 mn
Lloyd’s Europe closes branches in Austria, Finland, Poland
Lloyd’s Europe will be closing its branches in Austria, Finland, and Poland following the withdrawal of the freedom of establishment authorisation
Lockton Re expands partnership with cyber insurtech CyberCube
Reinsurer Lockton Re is expanding its partnership with cyber risk analytics insurtech CyberCube by licensing CyberCube’s Industry Exposure Databases
Reinsurer SCOR recorded €3.9 bn revenue, €192 mn net income in Q2 2023
French reinsurer SCOR recorded a P&C combined ratio of 88.5% in the Q2 2023, with group net income of €192m
Rebekah Clement takes as Lloyd’s Corporate Affairs Director
Lloyd’s has appointed Rebekah Clement as its corporate affairs director, effective immediately
AM Best revised the Lloyd’s Ratings outlooks to positive from stable
Credit Ratings (ratings) reflect Lloyd’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating
$10 bn reinsurance capital will dent re/insurance sector recovery
New reinsurance capital raised under $10bn will unlikely dent the recovery the re/insurance sector has seen in pricing and improvements
Aon, Lloyd’s and VIG team will support Ukraine’s recovery & reconstruction
Aon, Lloyd’s, and Vienna Insurance Group committed to providing enhanced reinsurance capacity to support Ukraine’s country’s recovery and reconstruction efforts
Marsh McLennan helps Ukrainian Government to facilitate access to Global Insurance Market
Marsh McLennan has revealed its collaboration with the Ukrainian government to assist in unlocking access to the global insurance market
MS Amlin launches new AI-powered claims triage process
MS Amlin, the Lloyd’s global (re)insurer, launches of a new claims triage capability, the first in a series of developments originating
Hannover Re Group net income rises to EUR 484 mn in Q1 2023
Reinsurer Hannover Re generated an increased profit in the first quarter of 2023 and confirms its Group net income guidance for the full financial year
Shanghai launches of the international board for reinsurance trading
Shanghai saw the official launch of the international board for reinsurance trading, with detailed implementation rules also released to accelerate the city’s development
Reinsurance Underwriting Report: U.S. P&C Reinsurers’ Q1 2023 results
The RAA presents Reinsurance Underwriting Report with cumulative quarterly underwriting and operating results of 17 major U.S. property casualty reinsurers
Lloyd’s announced its resignation from the Net Zero Insurance Alliance
Lloyd’s of London has announced its resignation from the Net Zero Insurance Alliance (NZIA), becoming the tenth major player to do so. The decision, effective… Read More »Lloyd’s announced its resignation from the Net Zero Insurance Alliance
Spinnaker Insurance sponsored of Mountain Re $110 mn catastrophe bond
Spinnaker Insurance Company, a wholly owned subsidiary of Hippo Holdings , announced the successful sponsorship of Mountain Re Series 2023-1 catastrophe bond
Rachel Turk appointed the new role of Lloyd’s Chief Underwriting Officer
Lloyd’s of London announced the appointment of Rachel Turk in the new role of Chief Underwriting Officer
AIG is planning to sell Validus Re to RenaissanceRe
AIG is planning to sell Validus Re, including AlphaCat and the Talbot Treaty reinsurance business, to RenaissanceRe for $2.985 bn, consisting of $2.735 bn in cash
Property catastrophe reinsurance market conditions reach peak
Property catastrophe reinsurance market conditions reach peak, presenting advantageous prospects for reinsurers
Swiss Re leaves the Net-Zero Insurance Alliance
Global reinsurer Swiss Re has announced it will leave the Net-Zero Insurance Alliance. “Our commitment to our sustainability strategy remains unchanged”
Florida insurers will have a challenging reinsurance renewal
Florida insurers will have a challenging June reinsurance renewal, even with the implementation of the legislative reforms
Lloyd’s released the 2024 business plan & capital approval for syndicates
Lloyd’s of London has released a market bulletin detailing the 2024 business plan and capital approval process and timeline for syndicates
Swiss Re reported a net income of $643 mn for the Q1
Swiss Re reported a net income of USD 643 million for the first quarter of 2023 as improved profitability in all main businesses
Swiss Re forms partnership with insurtech Benekiva to create an digital claims
Swiss Re and insurtech Benekiva, known for their configurable rules-driven claims and servicing platform solution have formed a strategic partnership
Berkshire Hathaway reported a strong growth for P&C reinsurance
Berkshire Hathaway’s P&C reinsurance losses and loss adjustment expenses for the quarter increased by $1.1 bn over the prior year
S&P changes methodology for measuring the capital adequacy of re/insurers
S&P Global Ratings has published a new methodology for measuring the risk-based capital adequacy of re/insurers
Discover how a secondary reinsurance market could improve capital efficiency, lower WACC, boost underwriting flexibility and support more efficient pricing
Global reinsurance pricing fell more than expected at Jan. 1, 2026 renewals, with abundant capital, weak catastrophe support, and easing terms
Reinsurance rates in several lines softened quicker than anyone expected this year, especially in casualty and cyber, yet trading conditions across the Lloyd’s market still look reasonably favorable
Re/insurance industry is showing strong momentum. Fund and Insure domain as the big opportunity—potentially generating $17 tn in gross value by 2035