Reinsurance

AM Best Removes From Under Review With Developing Implications and Affirms Credit Ratings of Validus Reinsurance, Ltd. and Validus Reinsurance (Switzerland) Ltd.

Retrieved on: 
Thursday, February 29, 2024
Professional Services, Insurance, Finance, Acquisition, VRS, ALL, Risk management, News, AIG, AM Best, Fatal Five, Risk, American International Group, Credit, Reinsurance

The outlook assigned to these Credit Ratings (ratings) is stable.

Key Points: 
  • The outlook assigned to these Credit Ratings (ratings) is stable.
  • The ratings further reflect the implicit and explicit support provided from ultimate parent, RenRe Holdings.
  • 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 .

LOOP Announces Successful Renewal of Reinsurance Program

Retrieved on: 
Wednesday, February 28, 2024
Technology, Insurance, Automotive, Finance, General Automotive, Fintech, Professional Services, Other Automotive, Software, Artificial Intelligence, Risk, Reinsurance

LOOP, the B-Corp and AI-powered auto insurer, announced today that its reinsurance program has been successfully renewed.

Key Points: 
  • LOOP, the B-Corp and AI-powered auto insurer, announced today that its reinsurance program has been successfully renewed.
  • The LOOP program is led by the same tier-one reinsurers and carrier as the expiring and was oversubscribed on all dimensions.
  • The program features the same level of quota share protection as the expiring coverage, and the variable ceding commissions are projected to be roughly equivalent to those enjoyed under the outgoing agreements.
  • “Some of the world’s largest and most respected reinsurers choose to stake their capital on the belief in our mission and the performance of our business,” said Carey Anne Nadeau, LOOP co-CEO and cofounder.

PAR Technology Corporation Announces Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Tuesday, February 27, 2024
Software, Technology, Retail, Restaurant, Bar, Poonch, PAR, POS, LexisNexis, Table, Adjustment, Commerce, Hooters, ARR, GAAP, Burger King, Webcast, MENU, Reinsurance

PAR Technology Corporation (NYSE: PAR) (“PAR Technology” or the “Company”) today announced its financial results for its fourth quarter and for the year ended December 31, 2023.

Key Points: 
  • PAR Technology Corporation (NYSE: PAR) (“PAR Technology” or the “Company”) today announced its financial results for its fourth quarter and for the year ended December 31, 2023.
  • Revenues were reported at $107.7 million for the fourth quarter of 2023, a 10.3% or $10.1 million increase compared to $97.7 million for the same period in 2022.
  • EBITDA(1) for the fourth quarter of 2023 was a loss of $8.8 million compared to a loss of $4.6 million for the same period in 2022.
  • Adjusted EBITDA(1) for the fourth quarter of 2023 was a loss of $4.5 million compared to Adjusted EBITDA loss of $2.8 million for the same period in 2022.

 Everest Announces Leadership Promotions in Reinsurance Division

Retrieved on: 
Thursday, February 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.

Granite Reports Fourth Quarter and FY 2023 Results

Retrieved on: 
Thursday, February 22, 2024
Residential Building & Real Estate, Commercial Building & Real Estate, Urban Planning, Construction & Property, GVA, I-64, Acquisition, Material, Table, Risk, Granite, Tax, Central Group, Tappan Zee, CAP, Depreciation, Reinsurance

Granite Construction Incorporated (NYSE: GVA) today announced results for the quarter and year ended December 31, 2023.

Key Points: 
  • Granite Construction Incorporated (NYSE: GVA) today announced results for the quarter and year ended December 31, 2023.
  • Gross profit decreased $3 million to $94 million compared to $97 million for the same period in the prior year.
  • “Across the Company, our teams had an outstanding fourth quarter,” said Kyle Larkin, Granite President and Chief Executive Officer.
  • Looking back on 2023, it was a transformative year for Granite as we delivered on our strategic plan.

Synexis® LLC. Introduces Sentry XL, Expanding Indoor Environmental Quality Solutions

Retrieved on: 
Wednesday, March 6, 2024
Hydrogen, Oxygen, XL, Atmosphere, Temperature, Sentry, Volatile organic compound, Aluminium, DHP, Bacteria, Virus, Humidity, LED, Reinsurance

LENEXA, Kan., March 6, 2024 /PRNewswire/ -- Synexis is excited to introduce the Sentry XL, our latest product designed to offer exceptional performance and expanded coverage, transforming the way we experience living and working in larger occupied spaces.

Key Points: 
  • The Sentry XL joins the Synexis portfolio of Indoor Environmental Quality (IEQ) devices using a patented and advanced technology to continuously combat harmful pathogens in the air and on surfaces.
  • "We are excited to introduce the Sentry XL as the latest addition to our expanding product portfolio.
  • Key Features of the Sentry XL:
    Maximum Coverage: Effectively safeguards indoor areas of up to 3,000 square feet.
  • Robust Design: Crafted from high-quality materials, the Sentry XL is housed in a stainless-steel and aluminum frame, ensuring durability and reliability in challenging indoor conditions.

AXA XL's U.S. Mid-Market insurance business rolls out XL Plus, a GL broadening endorsement for mid-size businesses

Retrieved on: 
Monday, February 26, 2024
Injury, Equipment, Insurance, AXA, Reinsurance

BOSTON , Feb. 26, 2024 /PRNewswire/ -- AXA XL's U.S. Mid-Market insurance business is extending its general liability coverage for mid-size businesses with its new XL Plus broadening endorsement offering more than two dozen expanded protections.

Key Points: 
  • BOSTON , Feb. 26, 2024 /PRNewswire/ -- AXA XL's U.S. Mid-Market insurance business is extending its general liability coverage for mid-size businesses with its new XL Plus broadening endorsement offering more than two dozen expanded protections.
  • According to Chris Fallon, Head of U.S. Mid-Market Product & Analytics, "Unexpected events –an on-site injury, a contract dispute, a costly lawsuit - impact businesses of all sizes.
  • That's why we are continuously reviewing our coverage to ensure it adequately addresses the constantly evolving risks our mid-size clients are facing.
  • The team currently underwrites private equity and general industry insurance business and is building a dedicated underwriting team to address mid-size construction businesses' insurance needs.

Ultra Clean Reports Fourth Quarter and Full Year 2023 Financial Results

Retrieved on: 
Wednesday, February 21, 2024
CFO, Acquisition, UCT, Webcast, Growth, Total, GAAP, Reinsurance

HAYWARD, Calif., Feb. 21, 2024 /PRNewswire/ -- Ultra Clean Holdings, Inc. (Nasdaq: UCTT), today reported its financial results for the fourth quarter and full year ended December 29, 2023.

Key Points: 
  • HAYWARD, Calif., Feb. 21, 2024 /PRNewswire/ -- Ultra Clean Holdings, Inc. (Nasdaq: UCTT), today reported its financial results for the fourth quarter and full year ended December 29, 2023.
  • "UCT executed well in the fourth quarter with results coming in as expected despite a dynamic business environment," said Jim Scholhamer, CEO.
  • "We are pleased with the execution of our plan to optimize our capital deployment strategy throughout 2023," said Sheri Savage, CFO.
  • Total gross margin was 16.0%, operating margin was 1.0%, and net loss was $(3.8) million or $(0.08) per diluted share.

HUGOTON ROYALTY TRUST DECLARES NO FEBRUARY CASH DISTRIBUTION

Retrieved on: 
Friday, February 16, 2024
Hearing, Annual report, Natural gas, Exercise, Trustee, Lawyer, Conveyance, Panel, Reinsurance

However, after the partial recovery, there were no remaining proceeds from the properties underlying the Oklahoma net profits interests to be included in the current month's distribution.

Key Points: 
  • However, after the partial recovery, there were no remaining proceeds from the properties underlying the Oklahoma net profits interests to be included in the current month's distribution.
  • XTO Energy has estimated the amount to be approximately $14.6 million (net to the Trust).
  • As of the date hereof, $9.1 million underlying ($7.3 million net to the Trust) in development costs have been charged to the Trust for the three non-operated wells.
  • For more information on the Trust, including the annual tax information, distribution amounts, and historical press releases, please visit our website at www.hgt-hugoton.com .

Employers Holdings, Inc. Reports Fourth Quarter 2023 and Full-Year Financial Results; Declares Quarterly Cash Dividend of $0.28 per Share

Retrieved on: 
Thursday, February 15, 2024
Regulation, Federal Home Loan Banks, LPT, PIN, Investment, Share repurchase, Growth, EIG, GAAP, Sarbanes, Webcast, Interest, Cloud computing, Finance, Appetite, Reinsurance

Chief Executive Officer Katherine Antonello commented: “We are thrilled with our fourth quarter and full-year 2023 results.

Key Points: 
  • Chief Executive Officer Katherine Antonello commented: “We are thrilled with our fourth quarter and full-year 2023 results.
  • Our fourth quarter full reserve study led to the recognition of $24.6 million of net favorable prior year loss reserve development from our voluntary business.
  • Beyond our financial results, we completed a full integration of Cerity’s operations into those of Employers during the fourth quarter.
  • During the fourth quarter of 2023, the Company repurchased 400,334 shares of its common stock at an average price of $38.40 per share.