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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…
Amiga Specialty, an independent international general agent (MGA), has secured new capabilities from Lloyd’s to support its management responsibility proposition for SMEs and mid-market businesses in the UK, Europe and selected other markets around the world. The Management Liability Proposition enhances the firm’s ability to provide underwriting-led solutions for directors and senior managers and wider…
Standard Life, in partnership with its corporate sponsor Skanska UK plc and parent company Skanska AB, has completed a fully subscribed £525 million trusteeship of the Skanska Pension Fund (Fund), covering all approximately 5,500 members. The transaction includes the renewal of an existing longevity swap the fund has had with Zurich Assurance Ltd since 2017…
Prism, the managing general agent (MGA) recently backed by Convex and Efinity Insurance Solutions, has appointed Luca Ronsisvalle as head of ocean freight and Jan von Kamp as head of energy, power and renewables. Both will report directly to Prism CEO and Chief Underwriting Officer Bobby Heerasing, who commented: “I am delighted to welcome Luca…
In a recent interview with Reinsurance News, Jonathan Jackson, CEO of flood forecasting company Previsico, discussed the challenges and opportunities facing the flood insurance industry in 2026. Flood-related insured losses continue to rise in 2025, reinforcing the broader trend of rising climate-driven claims and putting increasing pressure on the industry’s risk pools. Globally, insured losses…
Bermuda-based InEvo Re, a specialist life reinsurer backed by Macquarie Asset Management, has announced the successful completion of its third reinsurance transaction since its launch earlier this year. The latest deal with a UK life insurance company marks a significant expansion of the company’s footprint in the highly competitive UK pension risk transfer (PRT) market….