Your weekly re/insurance round-up, ending May 3rd 2024

Insurer, reinsurer, and broking groups continued to report Q1 2024 results this week.

AIG saw a net income of $1.2bn as its General Insurance combined ratio improved to 89.8%, and?RenRe's?underwriting income rose?and premiums expanded.

Elsewhere,?Lancashire’s gross premiums written hit $631.7m in the opening quarter as its insurance revenue climbed 24.6%, and?Arch disclosed Q1 net income of $1.1bn with a?combined ratio of 78.8%.

Meanwhile,?Hiscox Re & ILS's?net insurance contract written premium increased 19% in Q1 as it continued to deploy capital, and?Beazley’s first quarter insurance written premiums hit $1.48bn.

It was also revealed that?AXA XL Re's premiums swelled by 9% to €1.3bn in Q1, while?Aspen realised a dip in its operating income for Q1 as its combined ratio increased.

In other developments,?U.S. primary insurer Allstate raised the top of its Nationwide excess catastrophe reinsurance tower for 2024 to just over $7.9bn, an increase of around $1bn compared to 2023.

Enstar and SiriusPoint also agreed to enter a $400m?loss portfolio transfer, and alternative asset manager?Third Point launched a life & annuity reinsurer called Malibu Life Re.

As for the major reports, Gallagher Re observed that the?sustainability of the InsurTech market is growing due to investors spreading capital more evenly, and Aon announced that Q! insured natural catastrophe losses were above average at $17bn.

As for the key people moves in the week, French reinsurer SCOR named HDI’s Claire McDonald as CEO of its Business Solutions unit, while?Canopius Re hired?Jesse DeCouto and Tonia Morgan as CUO & CFO in Bermuda.

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