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Second Quarter 2024 Earnings Release

July 31, 2024 Reinsurance No comments.

Net income of $365 million, or $0.59 per share Adjusted after-tax operating income 1 of $692 million and operating EPS 1 of $1.13 per share Premiums and deposits 1 of $11.7 billion Aggregate core sources of income 2 increased 5% over the prior year quarter with growth across base spread income, 2 fee income 2 and underwriting margin 2,3 Holding company…

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Q2 2024 Press Release

July 31, 2024

General Insurance net premiums written of $6.9 billion, a decrease of 8% on a reported basis, and an increase of 7% on a comparable basis*† led by North America Commercial with 10%† growth Produced record Commercial Lines new business of $1.3 billion, an increase of 18% year- over-year coupled with continued strong retention globally General Insurance combined…

Corebridge Financial Announces Second Quarter 2024 Results

July 31, 2024

Corebridge Financial, Inc. today reported financial results for the second quarter ended June 30, 2024. Our four market-leading businesses produced $11.7 billion of premiums and deposits, the highest in over a decade, reflecting strong customer demand and the benefits of our broad product suite and extensive distribution platform. "For the quarter, we…

AIG Reports Exceptional Second Quarter 2024 Results

July 31, 2024

American International Group, Inc. today reported financial results for the second quarter ended June 30, 2024. Second quarter adjusted after-tax income per diluted share was $1.16, a 9% increase year-over-year, or 38% on a comparable basis†. The second quarter accident year combined ratio, as adjusted, of 87.6% improved 40 basis points year-over-year, or 170…

MetLife CFO John McCallion Provides Second Quarter 2024 Financial Update Video

July 31, 2024

MetLife, Inc. today announced that John McCallion, executive vice president and chief financial officer, MetLife, Inc., and head of MetLife Investment Management, has provided a second quarter 2024 financial update video. MetLife, Inc., through its subsidiaries and affiliates, is one of the world’ s leading financial services companies, providing insurance,…

Genworth Financial Announces Second Quarter 2024 Results

July 31, 2024

Genworth Financial, Inc. today reported results for the quarter ended June 30, 2024. The investment losses in the current quarter were driven primarily by mark-to-market adjustments on limited partnerships and net trading losses as a result of portfolio repositioning Changes in the fair value of market risk benefits and associated hedges, net of taxes,…

Tiptree Announces Second Quarter 2024 Results

July 31, 2024

Tiptree Inc., today announced its financial results for the three and six months ended June 30, 2024. Excluding investment gains and losses, revenues increased 33.9%. Net income of $12.9 million compared to a net income of $6.0 million in Q2’23, driven by growth in our insurance business. Adjusted net income of $24.4 million increased by 38.5% from $17.6 million…

Health insurance rates are expected to go up in 2025 – but the state says reinsurance program is keeping prices from going up faster

July 31, 2024

Health insurance rates on the individual market may rise 5.5% next year. Jared Polis thinks they are. "Colorado is leading the nation in saving people money on health care," he said in a news release.

The Hidden Cost of Insurance: Reinsurance Is Elevating Coverage Rates for Americans Everywhere | Insurify

July 31, 2024

A hidden insurance market is costing American homeowners and drivers dearly. It's called reinsurance, and insurance companies buy this coverage to help them cover losses following catastrophic events. "Reinsurance capacity has become constrained, and the cost of reinsurance has increased," said Betsy Stella, vice president of carrier management and…

Hurricane Beryl to cost Americans nationwide nearly $32 billion

July 31, 2024

The losses to Texas, which was hardest hit, are estimated to be several billion. It then made its way northeast, fueling tornadoes in eastern Texas and western Louisiana, up into Arkansas and Missouri. To put Beryl into context, AccuWeather said, Hurricane Idalia, which first hit Florida last year, caused $18 billion to $20 billion in total damages and economic loss.

Orion180 Launches Homeowners Insurance Offerings in Ohio

July 31, 2024

Orion180, a leading innovator in the insurance industry, is excited to announce its continued geographical expansion with its homeowner’s insurance services and coverage offerings into the state of Ohio. Through Orion Select Insurance Co., Orion180’ s admitted insurance carrier, Ohio homeowners can now choose from a variety of customizable coverage…

AM Best Affirms Credit Ratings of Life Insurance Company Kommesk-Omir JSC

July 31, 2024

AM Best has affirmed the Financial Strength Rating of B- and the Long-Term Issuer Credit Rating of“ bb-” of Life Insurance Company Kommesk-Omir JSC. A partially offsetting rating factor is the relatively low credit quality of Kommesk Life’ s investment portfolio, reflecting its concentration in its domestic market, which exposes the company to high levels of…

AM Best to Host Briefing on State of Captive Insurance Market

July 31, 2024

AM Best will host a market briefing on the state of the captive insurance industry on Wednesday, Aug. 7, 2024, at 2:00 p.m.. Joe Martin, senior vice president& captive executive, Captive Resources LLC; Jo Mather, insurance director, Phillips 66; Steve McElhiney, senior vice president& global director of reinsurance, Artex Risk Solutions; Dan Teclaw, director, AM Best..

Natural disaster figures for the first half of 2024

July 31, 2024

Home Company Media Relations Media Information and Corporate News Media Information 2024 Natural disaster figures for the first half of 2024 © Francis Lavigne-Theriault/ Getty Images Severe thunderstorms and flooding drive natural disaster losses in the first half of 2024 Share this page Close Share Close Linkedin Facebook Twitter Whatsapp E-Mail…

AM Best Upgrades Credit Ratings for Palomar Holdings, Inc. and Its Member Companies

July 30, 2024

AM Best has upgraded the Long-Term Issuer Credit Rating to“ bbb” from“ bbb-” of Palomar Holdings, Inc., the ultimate parent and insurance holding company of Palomar Specialty Insurance Company, Palomar Excess and Surplus Insurance Company and Palomar Specialty Reinsurance Company Bermuda Ltd.. Concurrently, AM Best upgraded the Financial Strength Rating to A…

The Hidden Cost of Insurance: Reinsurance Is Elevating Coverage Rates for Americans Everywhere | Insurify

July 30, 2024

A hidden insurance market is costing American homeowners and drivers dearly. It's called reinsurance, and insurance companies buy this coverage to help them cover losses following catastrophic events. "Reinsurance capacity has become constrained, and the cost of reinsurance has increased," said Betsy Stella, vice president of carrier management and…

AM Best Assigns Credit Ratings to CVS Caremark Indemnity Ltd.

July 30, 2024

AM Best has assigned a Financial Strength Rating of A and a Long-Term Issuer Credit Rating of“ a” to CVS Caremark Indemnity Ltd.. The outlook assigned to these Credit Ratings is stable. CVS Caremark Indemnity whose parent company is CVS Health Corporation, assumes Medicare Part D business from an affiliated insurance company, SilverScript Insurance Company…

July 30, 2024
Image shows the words "Reinsurance Guidelines."
Regulators continue to tackle offshore reinsurance issues.

Regulators push for draft reinsurance guideline by summer meeting

A state insurance panel plans to preview a draft actuarial guideline aimed at tightening oversight of offshore reinsurance assets at its August summer meeting in Chicago.

Aspen Appoints Christian Dunleavy as Group President and Mark Pickering as Group Chief Financial Officer & Treasurer

July 29, 2024

Aspen today announces changes to its leadership, effective August 1, 2024, to create stronger, more accountable executive roles that are more responsive to the current priorities of Aspen. Christian has over 25 years’ experience in insurance, and joined Aspen in 2015 as Global Head of Property Cat Reinsurance, before being promoted to Group Chief Underwriting…

Aspen appoints Christian Dunleavy as Group President and Mark Pickering as Group Chief Financial Officer & Treasurer Form 6 K

July 29, 2024

Aspen appoints Christian Dunleavy as Group President and Mark Pickering as Group Chief Financial Officer& Treasurer Hamilton, Bermuda, 29 July, 2024- Aspen today announces changes to its leadership, effective August 1, 2024, to create stronger, more accountable executive roles that are more responsive to the current priorities of Aspen. Under the new…

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