Your weekly re/insurance round-up, ending February 23rd 2024

This week,?AXA XL revealed that its combined ratio strengthened to 93.2% in 2023 , while Zurich posted a record operating profit of $7.4bn ?for the year.

Allianz also reported a record operating profit for 2023 of €14.7bn, while?Conduit Re's combined ratio improved to 72.1% amid substantial reinsurance revenue growth.

Elsewhere,?Enstar disclosed that its net income reached $1.1bn with a ROE of 24.2% for 2023, and?SiriusPoint returned to core underwriting profitability for the year with a combined ratio of 89.1%.

In other developments,?Aon and NFP's acquisition agreement cleared a key antitrust waiting period, and?Beazley launched an integrated cyber risk management company named Beazley Security.

Meanwhile, Truist agreed to sell its remaining stake in Truist Insurance Holdings to an investor group, while?Global Atlantic and Manulife closed their previously announced $10bn reinsurance transaction .

Speaking in an interview with Reinsurance News,?IQUW’s Dan Callow noted that SRCC as a product does work, but the way some insurers are underwriting it does not , mainly due to terms & conditions as well as a lack of discipline.

Aircraft leasing firm AerCap also noted that it collected over $600m of insurance settlements in Q4 of 2023 , bringing the yearly total to $1.3bn.

Turning to the key people moves,?Lloyd’s confirmed Claire Schrader’s position as General Counsel , and?Everest promoted Jill Beggs to COO of Reinsurance .

John Mason was also named the new CEO of Placing Platform Limted ?to lead its digital transformation.

We’ll continue to update you with more coverage on 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!