Swiss Re

Planet Reports Financial Results for Fourth Quarter and Full Fiscal Year 2024

Retrieved on: 
Giovedì, Marzo 28, 2024
Satellite, Technology, Aerospace, Manufacturing, Other Technology, Agritech, Hardware, Carbon, Sentinel, Cloud, Soil, Tanager, Capital expenditure, Google Cloud, EOP, Forecasting, Growth, Temperature, Benchmarking, NIWC, Partnership, Risk, Webcast, Classification, Food security, AI, Table, Swiss Re, INRA, Professional services, Investment, CO2, Carbon dioxide, Pacific Ocean, GAAP, Water, Depreciation, Data, Orbit, ACV

Fourth quarter gross margin was 55%, compared to 55% in the fourth quarter of fiscal year 2023.

Key Points: 
  • Fourth quarter gross margin was 55%, compared to 55% in the fourth quarter of fiscal year 2023.
  • Fourth quarter Non-GAAP Gross Margin(1) was 58%, compared to 58% in the fourth quarter of fiscal year 2023.
  • (1) Please see “Planet’s Use of Non-GAAP Financial Measures” below for a discussion on how Planet calculates the non-GAAP financial measures presented herein.
  • The actual amount of these expenses during the first quarter of fiscal year 2025 will have a significant impact on Planet’s future GAAP financial results.

SageSure and SURE Close $250 Million Catastrophe Bond at a 67% Upsize

Retrieved on: 
Mercoledì, Marzo 27, 2024
Professional Services, Residential Building & Real Estate, Insurance, Commercial Building & Real Estate, Finance, Construction & Property, Growth, Bookrunner, Partnership, Class, ILS, Gateway, Swiss Re, AA

SageSure , one of the largest managing general underwriters focused on catastrophe-exposed markets, and SureChoice Underwriters Reciprocal Exchange (“SURE”) , a policyholder-owned reciprocal exchange, today announced the close of the Gateway Re 2024-1 catastrophe bond at $250 million, a 67 percent upsize from the midpoint of its initial $100-$200 million target range.

Key Points: 
  • SageSure , one of the largest managing general underwriters focused on catastrophe-exposed markets, and SureChoice Underwriters Reciprocal Exchange (“SURE”) , a policyholder-owned reciprocal exchange, today announced the close of the Gateway Re 2024-1 catastrophe bond at $250 million, a 67 percent upsize from the midpoint of its initial $100-$200 million target range.
  • “Since 2022, capital markets have played a key role in SURE’s reinsurance program,” said Ed Konar, President of SURE.
  • “SageSure is proud to support our underwriting partners in securing diversified, multi-year reinsurance capacity,” said Terrence McLean, CEO of SageSure.
  • “This transaction brings total catastrophe bond issuances across our underwriting partners to more than $1 billion in only 24 months.

Brightway Insurance Announces the Appointment of Nick Clements as Chief Executive Officer, Rebrand, and $1.2 Billion of Gross Written Premiums in 2023

Retrieved on: 
Mercoledì, Febbraio 21, 2024
Record, Growth, AI, Organization, Credit card, Swiss Re, LendingTree, Pharmaceutical industry

JACKSONVILLE, Fla., Feb. 21, 2024 (GLOBE NEWSWIRE) -- Brightway Insurance today announced the appointment of Nick Clements as its new Chief Executive Officer.

Key Points: 
  • JACKSONVILLE, Fla., Feb. 21, 2024 (GLOBE NEWSWIRE) -- Brightway Insurance today announced the appointment of Nick Clements as its new Chief Executive Officer.
  • His appointment is effective March 1st and follows the launch of a refreshed brand in February and the milestone of more than $1.2 billion of premiums written in 2023.
  • Nick has more than 20 years of experience building and scaling fintech businesses, both as a founder and an operator within leading financial services organizations.
  • “Nick is a seasoned growth leader, with a strong track record of leveraging technology and data to drive transformational growth.

 Everest Announces Leadership Promotions in Reinsurance Division

Retrieved on: 
Giovedì, Febbraio 22, 2024
Professional Services, Insurance, Finance, Division, Growth, Swiss Re, Business, Head, Reinsurance

Everest Group, Ltd. (NYSE: EG), a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions has announced the promotion of two key leaders in the Reinsurance Division, both effective immediately.

Key Points: 
  • Everest Group, Ltd. (NYSE: EG), a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions has announced the promotion of two key leaders in the Reinsurance Division, both effective immediately.
  • Jill Beggs has been promoted to Reinsurance EVP and Chief Operating Officer of the Division.
  • She will continue to report to Jim Williamson, Everest Group COO and Head of Reinsurance.
  • Mr. Voralia joined Everest in 2022 as Reinsurance Head of Treaty Casualty & Surety, bringing more than two decades of diverse reinsurance experience to his role.

Multi-cancer early detection tests: a simple blood test has the potential to revolutionise cancer screening

Retrieved on: 
Lunedì, Febbraio 5, 2024
Cancer Research UK, Liquid biopsy, Life, Multi, Biomarker, Patient, Swiss Re, Blood, National Health, Risk, Cancer, Vaccine

Swiss Re Institute's new report "Multi-Cancer Early Detection: cancer screening beyond today's boundaries", explores the future risks and opportunities for patients and insurers.

Key Points: 
  • Swiss Re Institute's new report "Multi-Cancer Early Detection: cancer screening beyond today's boundaries", explores the future risks and opportunities for patients and insurers.
  • However, given this early stage of their development, we need to carefully examine their potential, their risks, and the implications for insurers."
  • MCED blood tests are a type of liquid biopsy which can detect cancer biomarkers in a single sample of blood.
  • How to order this study:
    You can download "Multi-Cancer Early Detection: cancer screening beyond today's boundaries" here .

Due to Change in Swiss Law Affecting Senior Unsecured Notes, AM Best Downgrades Long-Term Issue Credit Ratings of Swiss Reinsurance Company Ltd.

Retrieved on: 
Lunedì, Gennaio 8, 2024
Banking, Professional Services, Insurance, Finance, Swiss Re, Credit, AM Best, News, ALL, Long-Term Capital Management, Notching, Superior

Although AM Best has indicative Credit Ratings (ratings) on the debt issuance programme, the debt issued from the programme is not rated by AM Best.

Key Points: 
  • Although AM Best has indicative Credit Ratings (ratings) on the debt issuance programme, the debt issued from the programme is not rated by AM Best.
  • The rating actions for these Long-Term IRs are unrelated to the rating fundamentals of Swiss Reinsurance Company Ltd.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .
  • For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .

Crum & Forster Accident & Health Promotes Tanya Arrowsmith to Senior Vice President of the Division's Medical Business Unit

Retrieved on: 
Mercoledì, Gennaio 3, 2024
Division, MBU, Medigap, ESL, Swiss Re, University, Stop loss, SVP, Senior, Insurance

EATONTOWN, N.J., Jan. 3, 2024 /PRNewswire/ -- Crum & Forster's (C&F) Accident & Health (A&H) Division announces the promotion of Tanya Arrowsmith to Senior Vice President.

Key Points: 
  • EATONTOWN, N.J., Jan. 3, 2024 /PRNewswire/ -- Crum & Forster's (C&F) Accident & Health (A&H) Division announces the promotion of Tanya Arrowsmith to Senior Vice President.
  • In this role, she will lead the Division's successful Medical Business Unit (MBU) and its suite of products, including Employer Stop Loss, HMO Reinsurance and Provider Excess of Loss, Medicare Supplement, and Ancillary & Employee Benefits.
  • Ms. Arrowsmith joined C&F in 2019 and served as Vice President of A&H, working on all aspects of medical underwriting and account management, with a primary focus on Managing General Underwriter programs.
  • "I'm excited to have Tanya at the helm of our Medical Business Unit," said Gary McGeddy, President of Crum & Forster Accident & Health.

Duck Creek Technologies Appoints Barbara Bufkin and Diane Fanelli to Board of Directors

Retrieved on: 
Lunedì, Dicembre 11, 2023
SAP, P&C, GIS, IDEA, Ecosystem, Citrix Systems, Insurance, Argo Group, Veteran, CRN, Woman, Trustee, APIW, Swiss Re, Vista Equity Partners, Equity, Inclusion, ICIMS, Liability insurance, Fanelli, Assurant, Growth, Risk management, Channel, STEM, Management

BOSTON, Dec. 11, 2023 (GLOBE NEWSWIRE) -- Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, has announced the appointments of Barbara Bufkin and Diane Fanelli to the company’s board of directors.

Key Points: 
  • BOSTON, Dec. 11, 2023 (GLOBE NEWSWIRE) -- Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, has announced the appointments of Barbara Bufkin and Diane Fanelli to the company’s board of directors.
  • Bufkin joins Duck Creek’s board with an extensive background in global (re)insurance, distribution, underwriting, and technology, advising companies in originating and fostering strategic partnerships.
  • Fanelli is a global customer-centric operations leader known for her expertise in guiding global enterprise software teams and company growth.
  • “Barbara and Diane are each accomplished and recognized experts in their respective fields, and they will add incredible value to guide Duck Creek’s long-term mission and business strategy,” says Mike Jackowski, CEO of Duck Creek Technologies.

Global outlook: Insurance industry strengthens resilience in challenging environment, says Swiss Re Institute

Retrieved on: 
Giovedì, Dicembre 21, 2023
Growth, ROE, GDP, Swiss Re, Property, Disinflation, Insurance, Hamas, Environment, Risk, Sigma, Tourism

Major economies are diverging with the US continuing to grow, Europe stagnating and China grappling with structural domestic growth challenges.

Key Points: 
  • Major economies are diverging with the US continuing to grow, Europe stagnating and China grappling with structural domestic growth challenges.
  • According to the sigma "Risk on the rise as headwinds blow stronger" the global insurance industry's strengthening financial position offers welcome reinforcement against elevated macroeconomic and geopolitical risks.
  • Jérôme Jean Haegeli, Swiss Re's Group Chief Economist, says: "Fading economic tailwinds and geopolitical uncertainties reinforce the primary insurance industry's essential role in risk transfer.
  • The adjustment to the new normal of higher interest rates is supportive for the global life insurance industry.

Best’s Market Segment Report: Asbestos & Environmental Reserves Decline Along with Incurred Losses

Retrieved on: 
Lunedì, Dicembre 18, 2023
Insurance, Professional Services, Asbestos, A&E, The Travelers Companies, AM Best, News, ALL, Cryptocurrency, Swiss Re

A new Best’s Market Segment Report, titled, “Asbestos & Environmental Loss Reserves Declined Along with Incurred Losses,” notes that the industry has funded 95% of its aggregate asbestos & environmental (A&E) exposures, which translates into unfunded liabilities of approximately $6 billion for asbestos and $2 billion for environmental.

Key Points: 
  • A new Best’s Market Segment Report, titled, “Asbestos & Environmental Loss Reserves Declined Along with Incurred Losses,” notes that the industry has funded 95% of its aggregate asbestos & environmental (A&E) exposures, which translates into unfunded liabilities of approximately $6 billion for asbestos and $2 billion for environmental.
  • In 2022, asbestos reserves declined 4.9%, to $15.4 billion, while environmental reserves were unchanged from 2021, at $4.6 billion.
  • Of these, four posted asbestos losses exceeding $100 million each; one posted environmental losses exceeding $100 million as well.
  • Asbestos reserves made up 77% of total A&E reserves, reflecting the comparatively more aggressive funding of asbestos liabilities versus environmental.