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AM Best has assigned credit ratings to Bermuda-based Prismic Life Reinsurance, Ltd. (Prismic Life Re) and Prismic Life Reinsurance International, Ltd. (PL Re International) with a stable outlook. Rating agencies have assigned Prismic Life Re a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent). PL…

Bermuda’s international property and casualty (P&C) reinsurance industry’s net income increased 22.5% to $30.9 billion in 2024, up from $25.2 billion in 2023, according to the Bermuda Monetary Authority (BMA). Although the industry’s combined ratio maintained improvement compared to the 2020-2022 period, the combined ratio increased by 3.5 percentage points year-on-year, from 76.1% to 79.6%….

Bermuda-based insurer and reinsurer Everest Group has announced two senior leadership appointments within its global wholesale and specialty (GWS) insurance division. Paul Trueman has been named head of international, global wholesale and specialty products. In this role, he will oversee Everest’s underwriting, distribution and portfolio strategy in international markets and lead key businesses in the…

Tokio Marine HCC – Cyber ​​& Professional Lines Group (CPLG), a member of the Tokio Marine HCC Group of Companies headquartered in Houston, Texas, has entered into a strategic partnership with Cytora to improve the efficiency of its underwriting workflow through artificial intelligence. By integrating Cytora’s AI platform, TMHCC aims to streamline the processing of…

Specialty insurer and reinsurer Inigo Limited has returned to the catastrophe bond market for the fifth consecutive year, issuing the largest series of catastrophe bonds totaling $255 million through Montoya Re Ltd., including multiple tranches, and introducing Australian earthquake risk protection for the first time. Lloyd’s Inigo Syndicate 1301 will remain the beneficiary of the…

AM Best, a credit rating agency specializing in the insurance industry, has released new findings on the rapid expansion of affiliated investments by U.S. life insurance/annuity (L/A) companies. Growth in affiliated investments by U.S. L/A insurance companies has accelerated significantly since 2018, with AM Best reporting year-over-year growth of more than 17% in 2024 alone,…

International Medical Group (IMG), a wholly-owned subsidiary of global specialty insurer and reinsurer SiriusPoint and a global leader in insurance benefits and assistance services, is to acquire Assist America. SiriusPoint said the acquisition will significantly boost IMG’s third-party medical and travel assistance revenue, expand its scale in the United States and expand its coverage into…

Bermuda’s international property and casualty (P&C) reinsurance industry’s net income increased 22.5% to $30.9 billion in 2024, up from $25.2 billion in 2023, according to the Bermuda Monetary Authority (BMA). Although the industry’s combined ratio maintained improvement compared to the 2020-2022 period, the combined ratio increased by 3.5 percentage points year-on-year, from 76.1% to 79.6%….

CRC Group, a wholesale distributor of specialty insurance in North America, has expanded its specialty insurance division with the addition of four new professionals. Matthew Duff has joined CRC Specialty in Little Rock as underwriting team leader. He has more than a decade of industry experience in homeowners, personal lines, and excess and surplus underwriting….

Chris Jones, chief executive of the International Underwriting Association (IUA), said geopolitical uncertainty and testing market conditions will create a challenging environment for insurers in 2025, and it is vital that members come together to share expertise, noting that strong relationships, open communication and a shared sense of purpose are vital. His comments came as…