Your weekly re/insurance round-up, ending 15th November, 2024

It's Friday 15 November, 2024

Among this week's biggest news, global reinsurer Swiss Re delivered a net income of?$2.2bn ?for the first nine months of 2024,?driven by a strong P&C underwriting performance that outweighed reserve strengthening.

In contrast, SCOR posted a net loss in Q3 due to an L&H assumption review that overshadowed its positive P&C results. Meanwhile,?Hannover Re raised its profit target after achieving a net income of €1.8bn in the first nine months of the year .

At the same time,?Aspen ,?Generali ,?Fidelis , Allianz , and?Brazilian reinsurer IRB (Re) ?all demonstrated varying levels of progress.

In other developments, FEMA said that Hurricane Helene could drive NFIP claims of up to $7bn , and the TWIA projected that it might need almost $5.8bn in reinsurance limit for 2025 amid exposure growth.

It was also revealed that the UK government is consulting on introducing a new framework for UK-based captive insurance companies , and that?RGA’s Ruby Re has reached $480m of total funding .

Elsewhere,?Ascot received a minority investment from BellTower to facilitate further growth , and?Envelop Risk launched a new underwriting division , appointing Dom Peters as CEO.

Speaking in an interview,?MS Reinsurance’s Charlie Goldie also voiced?optimism heading into 1.1 , noting that the firm sees opportunities in almost every area.

Turning to the key people moves,?Atrium announced a series of senior leadership changes for 2025 , while?Andrew Tudor-Thomas and Chris Coulson took on key roles at SompoRe .

Lockton Re also added Edward Tyler to its Retro & Property Specialty team , and?SiriusPoint named Anthony Shapella as its new Group CUO .

We’ll continue to update you with more coverage of the major developments from this week, while also keeping up with the regular news coming out of the re/insurance industry.

We hope all our readers stay safe and well this weekend!