Although higher interest rates and more favourable mortality trends have led to improved conditions for life/annuity (L/A) reinsurance companies, they have also created more competition, with some backed by alternative investment managers or large private equity firms, according to a new AM Best report.
Global reinsurer Swiss Re has reported a profit of $996m in the second quarter of 2024, resulting in a net income of $2.1bn and a return on equity (ROE) of 20.1% for the first half of the year.
Prudential has expanded its alliance with Google Cloud to develop artificial intelligence (AI)-powered products and solutions.
Hannover Re, one of the world's biggest reinsurers, increased its Group net income by 21% to EUR1.2bn ($1.3bn) in the first half-year and confirmed its full-year guidance for 2024.
Hannover Re's supervisory board has appointed Ms Brona Magee as a member of the executive board, effective 1 January 2025. She succeeds Dr Klaus Miller. In her new role, she will assume responsibility for the life and health reinsurance business group with Mr Claude Chèvre.
Aon has appointed Mr Ollie Barcock as leader of aviation reinsurance for Global ReSpecialty. In his new role, he will support the delivery of capital, customised data and analytics and consultancy services to the firm's aviation reinsurance clients.
The "dynamic nature of maritime trade makes speed and service particularly important", according to Markel senior underwriter - marine Wanshi Lin.
A high frequency of small to medium events resulted in global insured losses from natural catastrophes of $60bn in the first half of 2024, according to Swiss Re Institute's preliminary estimates.
Howden Re has appointed Ms Harriet Gruen as head of cyber threat intelligence. She brings eight years of cyber industry experience.
The continual growth of the aviation sector will see premiums hit a 20-year high in 2024 of more than $8bn, according to Mr Tom Fadden, global head of Aviation at Allianz Commercial.