Reinsurance News
Third Point launches life & annuity reinsurer Malibu Life Re
2nd May 2024
New York based alternative asset manager Third Point LLC has announced the launch of Malibu Life Reinsurance SPC (Malibu Life Re), a newly licensed life and annuity reinsurer based in the Cayman Islands. Malibu Life Re is an independent, Class B(iii) Cayman Islands-based reinsurer wholly owned by Third Point LLC and ... Read the full article
AIG reports Q1 net income of $1.2bn, GI CoR improves to 89.8%
2nd May 2024
In its Q1 2024 results, AIG has reported net income attributable to its common shareholders of $1.2 billion, marking a massive improvement compared to the $23 million recorded in the prior year quarter. According to AIG, the increase in net income was primarily driven by net realized gains on Fortitude Re ... Read the full article
Florida market in a much better place ahead of renewals but RenRe remains cautious: CEO O’Donnell
1st May 2024
Bermuda-based reinsurer RenaissanceRe (RenRe) is seeing additional demand for reinsurance in Florida, but while the company also anticipates good discipline from the market at the June 1 renewals and feels the Florida market is in a better place, it remains cautious. Speaking recently during RenRe's Q1 2024 earnings call, executives ... Read the full article
Mosaic’s move to Manhattan marks advancement in US market growth
3rd May 2024
Mosaic Insurance, a global specialty insurer, has relocated its New York City office to Manhattan to accommodate its expanding business and future ambitions in the US market. The new office is situated on the 42nd floor of One Grand Central Place at 60 East 42nd Street. This move signifies a significant milestone ... Read the full article
Munich Re launches generative AI REALYTIX ZERO Co-Pilot
3rd May 2024
Munich Re's REALYTIX team has launched a generative AI co-pilot facilitating insurance solution development of clients. With REALYTIX ZERO, Munich Re has been providing a cloud-based underwriting platform with based on its underwriting expertise since 2018, helping primary insurers, MGAs and brokers to digitalise and automate the underwriting of their products. Built ... Read the full article
TWIA reinsurance renewal proceeds at pace. $750m placed, plus $1.4bn cat bond
3rd May 2024
With the Texas Windstorm Insurance Association (TWIA) requiring its largest reinsurance purchase on-record given its significant exposure growth, the residual market insurer is making rapid progress, with $750 million of its traditional reinsurance needs already secured in April. That is on top of a $1.4 billion Alamo Re 2024-1 catastrophe ... Read the full article
Trisura reports significant net income surge in Q1’24 results
3rd May 2024
Specialty insurance provider Trisura Group has reported a remarkable net income of $36.4 million for the first quarter of 2024, representing a significant 160.7% increase compared to $14 million in the same period last year. The company attributes this impressive surge to several factors, including business growth, enhanced profitability in US ... Read the full article
AXA XL names new Chief Client & Distribution Officer, Americas
3rd May 2024
AXA XL has announced the appointment of Matthew V. O'Malley to the newly created role of Chief Client & Distribution Officer for the Americas. In his new role, O'Malley will lead AXA XL's US zonal teams, Canada and Bermuda country distribution, client engagement, broker engagement, and marketing activities in the Americas. He ... Read the full article
Brookfield Reinsurance completes AEL acquisition
3rd May 2024
Brookfield Reinsurance, a capital solutions business that provides insurance and reinsurance services to individuals and institutions, has completed the acquisition of American Equity Investment Life Holding Company (AEL). The deal, announced in July 2023, was completed in a cash and stock transaction valued at $56.50 per AEL share. Last year, Brookfield ... Read the full article
Corebridge Financial sees net income increase to $878m in Q1 2024
3rd May 2024
American multinational financial services company, Corebridge Financial has announced its first quarter of 2024 financial results, reporting a net income of $878 million compared to a net loss of $459 million in the prior year quarter. According to the announcement, the change was mainly driven by realised losses in the first ... Read the full article
AXA & Athora to terminate sale agreement of closed life and pensions portfolio
3rd May 2024
Global insurer AXA and Athora have mutually agreed to terminate the sale agreement related to the purchase of a closed life and pensions portfolio from AXA Germany, which was initially announced on July 14, 2022. According to the announcement, AXA will retain this portfolio, which is well-capitalised and duration-matched, ... Read the full article
American Financial reports $242m net income in Q1’24 results
3rd May 2024
American Financial Group, Inc. (AFG) has reported a net income of $242 million for the first quarter of 2024, reflecting an increase from $212 million reported in Q1’23. In Q1, AFG's net earnings included after-tax non-core net realised gains on securities totaling $11 million. In contrast, the first quarter of 2023 ... Read the full article
Enstar posts $119m net income in Q1, ROE sits at 2.4%
3rd May 2024
Enstar Group has posted net earnings of $119 million in the first quarter of 2024, compared to net earnings of $424 million in Q1 2023. Return on equity (ROE) was 2.4% for the quarter, compared to 9.5% from the previous year, while adjusted ROE was 2.6% for the quarter compared to ... Read the full article
Delos partners with Lloyd’s to expand wildfire coverage for California homeowners
3rd May 2024
Delos Insurance Solutions, has partnered with underwriters from Lloyd’s of London to expand wildfire insurance coverage to a broader range of California policyholders with vacant properties. Delos employs cutting-edge technology to provide insurance protection to homeowners in communities abandoned by other insurers due to wildfire risk. Utilising satellite imagery and artificial ... Read the full article
US SCS and tornado activity may drive billions in losses, says Aon
3rd May 2024
Severe convective storms, tornadoes, strong winds, hail and flooding struck central United States throughout the last week, which could potentially result in a loss that runs into the billions of dollars, on both an economic and insured basis, Aon has said. In the broker's weekly cat report, it reveals that the ... Read the full article
Lancashire announces two senior appointments to its Board
3rd May 2024
Bermuda-based re/insurer Lancashire Holdings Limited has announced two senior appointments: Paul Gregory as an Executive Director on its Board and Philip Broadley as the Chair of the Board of Directors. Gregory previously held the position of Chief Underwriting Officer at Lancashire Insurance Company. With a tenure spanning 17 years at Lancashire, ... Read the full article
Ryan Specialty sees $552m revenue growth in Q1 2024
3rd May 2024
International specialty insurance firm, Ryan Specialty Holdings, Inc., has reported Q1 2024 revenue growth of 20.6% year-over-year as well as an increase in net income of 11.6% year-over-year when compared to the same period last year. The firm’s revenue went to $552.0 million in the first quarter of 2024, from the ... Read the full article
Fairfax Financial’s Q1 net earnings hit $776.5m driven by strong P&C operations
3rd May 2024
Fairfax Financial Holdings has revealed that its property and casualty insurance and reinsurance operations produced an adjusted operating income of $977.1 million in Q1 of 2024, up from $843 million in the opening quarter of 2023. As per Fairfax, this operating income increase largely contributed to its Q1 2024 net earnings ... Read the full article