March 26, 2024
Global insured losses from natural catastrophes in 2023 exceeded US$100 billion for the fourth consecutive year – an indication of the new norm for nat cat losses, according to Swiss Re. Other record-breaking numbers for 2023 included the total of …
March 11, 2024
James River Group Holdings Ltd. announced it has filed a lawsuit against Fleming Intermediate Holdings for its failure to complete the $277 million acquisition of its casualty reinsurance subsidiary, JRG Reinsurance Co. – a deal that was first announced on …
March 11, 2024
Lloyd’s strong 2023 results reaffirm the primacy of underwriting, “but it’s one year and therefore not a reason for complacency,” said Patrick Tiernan, chief of markets, in a market message to discuss preliminary results. Burkhard Keese, Lloyd’s chief financial officer, …
March 4, 2024
Reinsurers in general maintained adequate capacity for casualty programs, despite concerns about social inflation and some recent reserve strengthening actions, according to a report from AM Best. For reinsurers, a relatively stable economic environment in 2023, a long run of …
February 21, 2024
Protection and Indemnity (P&I) clubs sought further price improvements at the February 2024 renewals in order to keep up with claims inflation, despite a relatively benign year for P&I claims in 2023, according to a report from AM Best. The …
February 15, 2024
Reinsurers in general maintained adequate capacity for casualty programs, despite concerns about social inflation and some recent reserve strengthening actions, according to a report from AM Best. For reinsurers, a relatively stable economic environment in 2023, a long run of …
February 9, 2024
Five of the largest publicly traded insurance brokers — Marsh & McLennan Cos., Aon, Arthur J. Gallagher, WTW and Brown & Brown – reported generally strong revenues in 2023, with annual increases ranging from 7% (Aon) to 18% (Arthur J. …
February 5, 2024
Reinsurers had varied appetites for casualty reinsurance during the January 2024 renewals; while capacity was sufficient, they still maintained underwriting discipline, according to reinsurance brokers’ renewal reports. “Some reinsurers adopted a tougher stance ahead of the January 2024 casualty treaty …
January 25, 2024
Amazon has pulled the plug on its UK home insurance venture – a comparison website – after launching in October 2022. “Over the last year, we have been evaluating various businesses and programs, and as a part of that we’ve …
January 25, 2024
Reinsurers’ underwriting margins are expected to peak in 2024 on the significant price rises and tighter terms and conditions achieved during 2023 and in the January 2024 renewals, which will likely lead to softer market conditions in 2025, according to …