Insurers around the world lost $84 billion in the first half of 2025, the highest global loss since 2011, according to a new report from the reinsurance firm Gallagher Re. U.S. natural catastrophes accounted for an astounding 92% of global insured losses for climate- or weather-related damage, skewed by the costly Palisades and Eaton wildfires in California.
Reinsurance
The Hartford today announced financial results for the second quarter ended June 30, 2025. The Hartford’s Chief Financial Officer Beth Costello said,“ Business Insurance had an excellent quarter with top-line growth of 8 percent and an underlying combined ratio of 88.0. Personal Insurance achieved 8.7 points of underlying combined ratio improvement.
BOSTON& DUBAI, United Arab Emirates—- Berkshire Hathaway Specialty Insurance today announced that it has promoted Aisling Malone to Deputy Senior Executive Officer and Head of Customer& Broker Engagement, and Joe Saab to Vice President, Head of Executive& Professional Lines, in the Middle East. She is based in Dubai and reached at…
AM Best has affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Rating of“ a-” of Dhipaya Insurance Public Company Limited. The outlook of these Credit Ratings is stable. The balance sheet strength assessment also factors in a neutral holding company impact arising from its ultimate ownership by Dhipaya Group.
AM Best has affirmed the Financial Strength Rating of A and the Long-Term Issuer Credit Rating of“ a” of Hanwha General Insurance Company Limited. The outlook of these Credit Ratings is stable. The ratings reflect HGI’ s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and…
AM Best has assigned a Financial Strength Rating of B+ and a Long-Term Issuer Credit Rating of“ bbb-” to PPS Mutual Limited. Despite the planned business expansion driving increased capital consumption during the company’ s start-up phase, AM Best expects PPS Mutual to have appropriate capital management, supported by capital injections from PPS Holdings, as…
Florida domestic property companies reported $944 million in net income as of year-end 2024, up from $292 million at year-end 2023 and reversing the $741 million net loss in 2022 from Category 5 Hurricane Ian that caused an estimated $112 billion in damage, the most for a single storm in Florida history. A June 27 news release from the Florida Office of…
AM Best has affirmed the Financial Strength Rating of A+ and the Long-Term Issuer Credit Rating of“ aa-” of United Overseas Insurance Limited. The outlook of these Credit Ratings is stable. In addition, UOI’ s ratings factor in rating enhancement from the company’ s ultimate majority ownership by, and importance to, United Overseas Bank Limited, a leading banking…
Arch Insurance’ s Accident& Health business unit, a leading provider of both business and consumer insurance products, is pleased to announce the launch of its new Individual Supplemental Health product suite. These products are designed to help individuals manage out-of-pocket expenses not typically covered by major medical plans, including deductibles,…
Universal Insurance Holdings reported second quarter 2025 results. “In the quarter, we delivered a very strong 29.4% adjusted return on common equity,” said Stephen J. Donaghy, Chief Executive Officer.“ We are encouraged by favorable underwriting trends, as the Florida market continues to improve and we are optimistic as we look ahead.”. The increase stems from…
A new study conducted by the Insurance Information Institute and Whisker Labs, with support provided by Octagram Analytics, has found IoT-based fire prevention technology reduced a broad category of non-catastrophic fire claims by an estimated 63% within three years after installation. The analysis, which represents the first comprehensive…
AM Best has assigned a Financial Strength Rating of B++, a Long-Term Issuer Credit Rating of“ bbb+” and the Vietnam National Scale Rating of aaa.VN to Bao Viet Insurance Corporation. The outlook assigned to these Credit Ratings is stable. The ratings also factor in rating enhancement from BVGI’ s parent, Bao Viet Holdings, a major finance and insurance group in Vietnam.
Selective Insurance Group, Inc. reported financial results for the second quarter ended June 30, 2025, with net income per diluted common share of $1.36 and non-GAAP operating income 1 per diluted common share of $1.31. Catastrophe losses were 6.7 points, and net unfavorable prior year casualty reserve development was 3.8 points, driven by $45 million of…
AM Best will participate and be a sponsor at the Vietnam Insurance Summit, to be held 1 August 2025 in Quy Nhon, Vietnam. Lau, who joined AM Best in 2020, is responsible for the credit ratings of insurance and reinsurance companies in the Asia Pacific region and is particularly knowledgeable with Vietnam’ s insurance market. Additionally, Rob Curtis, managing…
AM Best has assigned a Financial Strength Rating of A- and a Long-Term Issuer Credit Rating of“ a-” to OneNexus Oklahoma Captive Corp.. OneNexus is a property/casualty protected cell captive insurer domiciled in Oklahoma that was incorporated in 2021. OneNexus started writing business in 2023 as a special purpose insurer providing contractual liability…
CARIBPR WIRE, DURHAM, N.C., July 22, 2025: Aspida Life Re Ltd, a Bermuda- based life and annuity reinsurance company, announced the execution of its second reinsurance transaction in Japan, effective June 1, 2025. “This transaction is highly strategic for Aspida Re,” said David Florian, CEO of Aspida Re.“ It reflects our deep commitment to the Japanese market and our…
New NAIC task force urged to update RBC to avoid more insurer failures
An NAIC task force is tackling risk-based capital ratio in an effort to better identify “potentially weakly capitalized companies.”
W. R. Berkley Corporation today announced the appointment of Shadi Albert as president of Vela Insurance Services. W. Robert Berkley, Jr., president and chief executive officer of W. R. Berkley Corporation, commented on the appointments,“ We thank Art for his service and are grateful that he will assist in facilitating a smooth transition. Mr. Albert joined Berkley as…
AM Best has affirmed the Financial Strength Rating of A++ and the Long-Term Issuer Credit Ratings of“ aa+” of the members of MedPro Group. These Credit Ratings apply to The Medical Protective Company and its affiliates: Princeton Insurance Company; PLICO, Inc.; Wellfleet Insurance Company; and Wellfleet New York Insurance Company; as well as MedPro’ s two reinsured…
