Reinsurance News
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
Canopius Re hires DeCouto & Morgan as CUO & CFO in Bermuda
1st May 2024
Global specialty lines re/insurer Canopius has bolstered its senior leadership team in Bermuda by hiring Jesse DeCouto as Chief Underwriting Officer (CUO) and Tonia Morgan as Chief Financial Officer (CFO) of Canopius Reinsurance Limited (Canopius Re). According to the announcement, Morgan takes up her new role on July 1, succeeding Teresa ... Read the full article
SiriusPoint reports net income of $90.8m for Q1’24
1st May 2024
Bermuda-domiciled SiriusPoint Ltd., a global specialty re/insurer, has reported Q1 2024 net income of $90.8 million, with core income of $62.4 million, which includes underwriting income of $44.3 million and a combined ratio of 91.4%. The core combined ratio deteriorated from 80.5% in Q1 2023, as did the firm's reported combined ... Read the full article
Verisk reports Q1 consolidated revenues of $704m
1st May 2024
Verisk has revealed that consolidated revenues in Q1 of 2024 were $704 million, up from $652 million in the previous year. Elsewhere, Verisk's underwriting revenues increased 8.2% in the quarter and 7.8% on an organic constant currency (OCC) basis. The firm explained that this was primarily due to its forms, rules ... Read the full article
BRP becomes The Baldwin Group to demonstrate cohesive structure
1st May 2024
BRP Group has rebranded to the Baldwin Group to reportedly reflect its transformation, growth and integration. The change is effective today, with the firm’s retail brokerage operations, which include the Insurance Advisory Solutions and Mainstreet Insurance Solutions operating segments, also anticipated to transition to The Baldwin Group brand in the coming ... Read the full article
Ardonagh Netherlands welcomes new executive team
1st May 2024
Ardonagh Netherlands, the Dutch arm of independent broking groups, has announced the appointment of its in-country management team to lead the growth of local broking bands Léons Group, Klap Verzekeringsmakelaar and Classicus Private Insurance. The team includes the current CEO of Leons Group, Sunny Léons, who has been appointed Chief Executive ... Read the full article
AXA XL launches program to mitigate risks of assailant events
1st May 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has introduced its Active Assailant Ecosystem Preferred Partners Network to address the increasing threat of mass shootings in the United States and Canada. Recognising the urgent need for comprehensive solutions to mitigate these risks, AXA XL ... Read the full article
Ryan Specialty completes Castel Underwriting acquisition
1st May 2024
International specialty insurance firm, Ryan Specialty has completed the acquisition of Castel Underwriting Agencies Limited, a Managing General Underwriting (MGU) platform, from Arch Financial Holdings (UK) Limited and minority shareholders. Headquartered in London and founded in 2014, Castel consists of thirteen MGUs, each having expertise in a specific product niche. The ... Read the full article
Florida market anticipated to be healthy at upcoming June renewals: Arch CEO
1st May 2024
Commenting on the upcoming June reinsurance renewal in Florida, Marc Grandisson, President, and CEO of Arch Capital Group, expects the state's market to be "well priced" and "very good" on a risk-adjusted basis. As covered by our sister publication Artemis back in April, according to an array of data, Florida ... Read the full article
Consumer Watchdog opposes proposal for black-box models in wildfire risk prediction
1st May 2024
Consumer Watchdog opposes Californian Insurance Commissioner Ricardo Lara's proposal to allow insurance companies to use black-box catastrophe models and artificial intelligence (AI) for predicting catastrophic wildfire risks, citing concerns that this approach will increase home insurance rates without transparency or accountability. These concerns were voiced during Consumer Watchdog's testimony at the ... Read the full article
Erin Osborne named Head of U.S. Excess Casualty, Ascot
1st May 2024
Ascot Group, the global specialty insurance firm, has appointed Erin Osborne to the role of Head of U.S. Excess Casualty, where she will assume full management and leadership responsibility for the business unit. The role will also see her lead the strategic planning for future growth across the market segment. In the ... Read the full article
Rob Wendin to lead BMS’ newly launched global healthcare division
1st May 2024
Independent specialist re/insurance broker BMS has launched its new global healthcare division, set to be led by industry veteran Rob Wendin serving as managing director. According to the announcement, the new division will provide solutions and guidance to healthcare providers and their insurers, as well as access to BMS’ range of ... Read the full article
LMA unveils updated UK Consumer Wordings Guidance
1st May 2024
The Lloyd's Market Association (LMA) has launched its latest iteration of the UK Consumer Wordings Guidance. According to the announcement, this latest iteration is a comprehensive resource designed to aid LMA members in "effectively and clearly communicating insurance concepts to consumers." From what we understand, the updated guidance reflects recent regulatory changes, ... Read the full article
Insurance experts Myers and Conti join RYZE Claim Solutions Board
1st May 2024
RYZE Claim Solutions, a provider of claims services to insurance carriers and managing general agents, has announced the appointment of Stuart Myers and Christopher Conti, to its Board of Directors. Together, both executives - who are highly regarded experts in the insurance and investment industries - bring decades of leadership experience, ... Read the full article
Agile Syndicate 2427 gets permission to underwrite from Lloyd’s
1st May 2024
Agile Underwriting Services has received ‘Permission to Underwrite’ from Lloyd’s for its Agile Underwriting Services Syndicate 2427 (AUS 2427), the final regulatory approval required to commence its underwriting business. The new syndicate will reportedly commence underwriting in May, supporting Agile’s broker and MGA partners through traditional underwriting and with its digital ... Read the full article
Lemonade sees top line growth as loss ratio drops to 79%
1st May 2024
Lemonade, a digital insurance firm powered by AI, has reported a net loss in Q1 2024 of $47.3 million, marking an improvement of 28% on last year's figure, while its in-force premium (IFP) grew 22% year on year (YoY) to $794 million and gross loss ratio refined 8 points to ... Read the full article