Your weekly re/insurance round-up, ending November 10th 2023

In this week's news,?SCOR posted a 90.2% P&C combined ratio in Q3 as nat cat losses exceeded budget, while?Munich Re reported strong results as its Q3 P&C combined ratio strengthened to 82%.

Berkshire Hathaway disclosed a strong underwriting performance across insurance & reinsurance, while?Beazley said it took advantage of an “exceptional” property market in the first 9M of the year.

Elsewhere,?Hiscox Re & ILS?also observed that it continued to benefit from the hard market in Q3, while?Zurich's P&C insurance revenue grew 9% YoY to $31.4bn.

Hannover Re posted a stronger P&C combined ratio as net income rose 25%, while?Allianz's?Q3 operating profit dropped 14.6% driven by the impact of nat cats.

In other developments, Gallagher Re noted that the $100bn insured loss threshold from natural catastrophes in 2023 has now been breached, marking the sixth year since 2017 that this has occurred.

Meanwhile,?Verisk estimated industry insured losses from Storm Ciarán between €800mm-€1.3bn.

It was also reported that?James River is set to exit reinsurance with the sale of JRG Re to Fleming.

As for the key people moves,?PartnerRe made two new appointments to its Board of Directors, and?Applied Underwriters unveiled United Risk, naming Dan Malloy as CEO.

Guy Carpenter hired Michael Shemi as North America Structured Credit Leader, and?Aspen Insurancepromoted Edward Hart to International Head of Cyber.

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!