Workers’ compensation rates in Washington will rise by 3.8% in 2025
Workers’ compensation rates in Washington will rise by 3.8% in 2025, as reported by the Washington State Department of Labor and Industries
News
Allianz Australia purchases RAA’s general insurance business and securing
Allianz Australia has partnered with the Royal Automobile Association of South Australia (RAA) in a deal valued at AUD$642.2 mn
Abacus Life completes $2 bn acquisition of Carlisle Management Company
Abacus Life, a global alternative asset manager specializing in longevity data and actuarial technology, has completed its acquisition of Carlisle Management Company S.C.A. Carlisle
Florida insurers have paid $5.2 bn in the wake of hurricanes Helene and Milton
Florida insurers have paid approximately $5.2 bn following hurricanes Helene and Milton, according to data from the Florida Office of Insurance Regulation
Bermuda Monetary Authority issued licenses to 10 captive insurers
The Bermuda Monetary Authority (BMA) issued licenses to 10 captive insurers in 2024, further solidifying Bermuda’s position as a leading domicile for these structures
New York passes law standardizing hurricane windstorm definitions and deductibles
New York has enacted a law to standardize definitions for hurricane windstorms, aiming to create consistency in deductibles and how triggering events are determined
Swiss Re reported $2.2 bn in net income and a 13.4% ROE for 9M 2024
Swiss Re reported $2.2 bn in net income and a 13.4% return on equity (ROE) for the first nine months of 2024. Resilient underwriting and investment contributions across
UnitedHealthcare Insurance Company CEO Brian Thompson fatally shot in New York City
In New York City, on Manhattan, the CEO of UnitedHealthcare, a leading American health insurance company, was fatally shot. Brian Thompson sustained a fatal gunshot
Drayden Insurance acquired Norwest Insurance Agencies in Alberta
Drayden Insurance, a subsidiary of McDougall Insurance Brokers, has acquired Norwest Insurance Agencies, continuing its expansion in Alberta
Navacord’s Jones DesLauriers partners with Vita Assure to expand in Quebec
Jones DesLauriers Consulting, the benefits consulting division of Jones DesLauriers Insurance and a Navacord broker, has partnered with Vita Assure, a Quebec-based firm
Insurtech startup Amenli secured $2.3 mn in funding
Cairo-based insurtech startup Amenli has secured $2.3 mn in funding to support its expansion and enhance its offerings. The round was led by the European Bank for Reconstruction
Aon acquires the insurance agency of Mitsubishi Chemical Group in Japan
Aon announced a definitive agreement to acquire the in-house insurance agency of Mitsubishi Chemical Group (MCG). The move expands Aon’s risk and health offerings in Japan
FEMA projects flood insurance claim losses from Hurricane Helene to range $3.5-7 bn
The National Flood Insurance Program (NFIP), managed by FEMA, has paid over $1.4 bn to policyholders for flood losses caused by Hurricane Helene
Near Space Labs launched stratospheric robots across the U.S.
Near Space Labs, a provider of aerial imagery for insurance and other applications, has launched stratospheric robots across the United States
Richard Offord appointed as Chief Executive of UK P&I Club’s Singapore Branch
UK P&I Club, a global provider of protection and indemnity insurance for the shipping industry, has appointed Richard Offord as Chief Executive of its Singapore
Commercial broker Konsileo raised £8 mn to accelerate its growth across the UK
Chartered commercial broker Konsileo has raised £8 mn to accelerate its growth across the UK. The company specializes in mid-market insurance solutions
Insurtech Bolttech sequred a $50 mn venture debt facility with HSBC
Global insurtech Bolttech has sequred a $50 mn venture debt facility with HSBC. Bolttech aims to use this funding to further its ambitious plans for innovation and growth in the insurtech sector
Alberta launched no-fault auto insurance system with savings for drivers
Alberta is launching a no-fault automobile insurance system designed to be privately delivered and care-focused. The province estimates the change will save the average driver C$400 annually
Oak Re announced that Lloyd’s Syndicate 2843 received approval
Oak Reinsurance announced that Lloyd’s Syndicate 2843 has received approval to begin writing business, launched in partnership with capital providers Bain Capital
AI-insurtech Federato raised $40 mn Series C funding led by StepStone Group
Insurtech Federato, AI-powered insurance underwriting platform, has raised a $40 mn Series C funding round, led by StepStone Group
Vienna Insurance Group reports robust 9M 2024 financial performance
Vienna Insurance Group (VIG) released its 9M 2024 results, showcasing continued growth across key metrics despite challenges from natural catastrophe (NatCat) events
Bishop Street Underwriters plans to acquire Landmark Underwriting, a London Market MGA
Bishop Street Underwriters, a portfolio company of RedBird Capital Partners, announced its plans to acquire Landmark Underwriting, a specialty MGA in the London Insurance
Insurtech Akur8 partners with American Association of Insurance Services
Akur8, a insurtech provider of advanced insurance pricing and reserving solutions using transparent ML technology, announced a strategic collaboration with the American Association of Insurance Services
API-first insurtech Root launched Certified Developer Community program
Insurtech Root, a low-code, introduced its Certified Developer Community program. This initiative is designed to upskill in-house developers
Canada Life Reinsurance achieved earnings of $210 mn in Q3 2024
Canada Life Reinsurance, specializing in life and health reinsurance, achieved earnings of $210 mn in earnings in Q3 2024, following 14% base earnings growth in H1 2024
RGA will reinsure $4 bn of John Hancock’s legacy blocks
Reinsurance Group of America (RGA) announced it will reinsure about $4 bn of John Hancock’s legacy blocks, a subsidiary of Manulife Financial Corp
P&C insurance in the UK: quarterly breakdown & rising costs
Property and casualty insurers in the UK paid £4.1 bn in insurance claims during the first nine months of 2024, marking a record for that period
Syndicate Helios Underwriting expects the capacity value of its fund to decrease
Lloyd’s Syndicate Helios Underwriting projects a decline in the capacity value of its fund by year-end 2024, despite an increase in tangible net asset value
North Carolina State Treasurer demands Blue Cross pay $2 mn for TPA lawsuit
Blue Cross Blue Shield of North Carolina owes the state’s residents more than $2.05 mn from the carriers failed lawsuit over the North Carolina State Health Plan
Insured losses surpassed C$110 mn following severe storms & flooding in Canada
Insured losses have surpassed C$110 mn following severe storms and flooding in southern British Columbia, as reported by Catastrophe Indices and Quantification
P&C insurance premiums lose momentum in Q3 2024, 28th straight quarter of growth
Premiums in the commercial property and casualty (P&C) insurance market rose 5.1% in Q3 2024, nearly matching the 5.2% increase in Q2, based on The Council of Insurance Agents
Massachusetts Division of Insurance approved Point32Health’s acquisition of Health New England
The Massachusetts Division of Insurance has approved Point32Health’s acquisition of Health New England and its subsidiaries, HNE Holding and HNE Insurance
Insurtech Foxquilt launched digital insurance products in New York
Insurtech Foxquilt, digital MGA specializing in embedded insurance technology for small businesses, has launched of its digital insurance products in New York
Sompo tests blockchain for automatic claims processing on MaaS train delay insurance
Sompo Japan Insurance announced it is testing blockchain technology for automating claims on its Mobility-as-a-Service (MaaS) train delay insurance
Mountain Fire in Ventura County (California): economic losses ~$100 mn
The Mountain Fire that broke out on November in Ventura County, Southern California, is projected to result in significant insured losses
New partnership: Argyle and Mitsui Sumitomo enhance SME insurance in Australia
Argyle Insurance has entered into a multi-year capacity agreement with Mitsui Sumitomo Insurance Co. (MSI), a member of MS&AD Insurance Group
Insurtech Duck Creek expands global support with Center of Excellence in Poland
Insurtech Duck Creek Technologies announced the opening of its second Center of Excellence (CoE) in Warsaw, Poland
$102 mn settlement reached in Francis Scott Key Bridge collision insurance case
Grace Ocean Private and Synergy Marine Private, the companies behind the ship that struck Baltimore’s Francis Scott Key Bridge, have agreed to a $102 mn settlement in the U.S. Justice Department’s civil suit
Insurtech Descartes expands climate & emerging risk parametric offerings in LatAm
Parametric insurtech Descartes Underwriting announced plans to broaden its climate and emerging risk parametric offerings across Mexico and Latin America
Fairfax faces margin decline in Q4 due to Hurricane Milton losses
Fairfax expected catastrophe losses from Hurricane Milton in the fourth quarter should fall within the company’s normal margin for such expenses
Hurricane Helene could result in National Flood Insurance Program losses $3.5-7 bn
The Federal Emergency Management Agency announced that Hurricane Helene could result in National Flood Insurance Program losses between $3.5 bn and $7 bn
New rules for insurer responsibilities under California Privacy Act
The California Privacy Protection Agency moved forward with new rules clarifying insurer obligations under the California Consumer Privacy Act
Lloyd’s considers outsourcing key IT and operational functions
Lloyd’s of London has confirmed it is considering outsourcing certain information technology services and operational functions
Annualized life insurance premium in the U.S. rose 8% to $3.9 bn in Q3 2024
Total new annualized life insurance premium in the U.S. insurance market rose 8% to $3.9 bn in Q3 2024, and policy count increased by 3%
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.
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
Bulgarian insurance market generated €1.2 bn premiums in 1H2024
Bulgarian insurance market generated €1.19 bn in gross premiums in the first half of 2024, a 3.3% rise compared to 1H2023. Market authority data shows that life insurance
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
Insurtech Hippo released Q3 2024 results: TGP reached $368 mn (+21%)
Home insurtech Hippo released its Q3 2024 financial results, showing a 65% YoY revenue increase, supported by stronger premium retention aligned with risk retention
Hannover Re’s net profit increased by 30.4% to €1.8 bn in 9M 2024
Hannover Re has raised its 2024 profit target after net income rose 30.4% to €1.8 bn for 9M 2024, driven by a 36% jump in the reinsurance service result to €2.1 bn
Changes to UK Solvency rules will have a positive impact on UK insurers
AM Best reports that upcoming changes to the UK’s solvency regulations, expected to be finalized in November, are likely to positively impact UK insurers
Washington Insurance Commissioner proposes rule to improve health care timelines
Washington Insurance Commissioner Mike Kreidler has released the proposed language for a prior authorization rule aimed at updating timelines for health care services
Louisiana Supreme Court bars insurers from forcing arbitration in state insurance disputes
The Louisiana Supreme Court ruled that insurance companies cannot compel insured parties in Louisiana into arbitration, even if policies contain arbitration provisions
Steadfast Group expands London insurance market, with acquisition of H.W. Wood & HWI France
Australasia’s largest general insurance broker network Steadfast Group is set to enhance its London Market footprint through the acquisition of H.W. Wood and HWI France
California imposes home insurance moratoriums for wildfire-affected areas
California Insurance Commissioner Ricardo Lara announced one-year nonrenewal and cancellation moratoriums for home insurance policyholders affected by the Shelly Fire
Ontario considers making most auto insurance accident benefits optional
Ontario lawmakers are exploring a proposal to make most automobile insurance accident benefits optional, aiming to cut costs and improve policyholder accessibility
Aon acquired Griffiths & Armour, a UK-based insurance broker
Aon, a global professional services firm, today announced the signing of a definitive agreement to acquire Griffiths & Armour, a UK-based insurance broker
Allianz reports 9.6% total business volume growth to €134 bn in 9M 2024
Allianz SE has announced strong financial results for the third quarter of 2024, with a 13.6% increase in operating profit, reaching €3.9 bn
Bishop Street Underwriters acquired the Transactional Liability unit of Ethos Specialty
Bishop Street Underwriters, part of the RedBird Capital Partners portfolio, has acquired the Transactional Liability unit of Ethos Specialty
Global insurance M&A stabilised, as insurers and brokers took a more strategic approach to acquisitions amid falling interest rates and a realignment of strategic priorities
Insurance brokers push debt-financed acquisitions amid slowing growth, Fitch warns credit risks rise but strong cash flow keeps leverage tolerable
Major deals have led global M&A activity in 2024, showing increasing confidence among dealmakers despite geopolitical and economic challenges
Deloitte presents new trends in insurance mergers and acquisitions for 2024-2025, focusing on how economic, regulatory, and strategic factors might shape the future.