Reinsurance

Manisha Dias Joins Somerset Reinsurance as Head of New Business Development

Retrieved on: 
Wednesday, January 10, 2024

Somerset Reinsurance Ltd. ("Somerset"), a leading provider of reinsurance solutions to the U.S. life insurance and annuity market, is delighted to announce the appointment of Manisha Dias as Head of New Business Development with immediate effect.

Key Points: 
  • Somerset Reinsurance Ltd. ("Somerset"), a leading provider of reinsurance solutions to the U.S. life insurance and annuity market, is delighted to announce the appointment of Manisha Dias as Head of New Business Development with immediate effect.
  • View the full release here: https://www.businesswire.com/news/home/20240110127371/en/
    Manisha Dias joins Somerset Reinsurance as Head of New Business Development.
  • (Photo: Business Wire)
    Ms. Dias will be responsible for leading all commercial activity for the business globally and overseeing policy for underwriting and pricing.
  • She joins Somerset from SCOR Global Life Reinsurance in Charlotte, North Carolina, where she was Head of Partnerships.

AXA XL Canada Strengthens Fine Art and Specie Team with Two Key Appointments

Retrieved on: 
Thursday, January 11, 2024

TORONTO, Jan. 11, 2024 /PRNewswire/ -- AXA XL Canada has appointed two seasoned professionals to its Fine Art and Specie team, further enhancing its market-leading capabilities in Canada.

Key Points: 
  • TORONTO, Jan. 11, 2024 /PRNewswire/ -- AXA XL Canada has appointed two seasoned professionals to its Fine Art and Specie team, further enhancing its market-leading capabilities in Canada.
  • Based in Toronto, Caitlin McCullough and Sarah Mitchell take on the roles of Senior Underwriter and Underwriter, Fine Art & Specie, Canada.
  • She began her career in the fine art sector before transitioning into the insurance field, working for a fine art insurer in both Canada and New York.
  • Ms. Mitchell who joins AXA XL Canada from the broker side, brings 14 years of experience at Willis in the UK where she managed the fine art and specie claims portfolio, gaining invaluable expertise in the Fine Art and Specie domain.

AXA XL extends U.S. Mid-Market insurance offering to mid-size contractors with addition of John Schwirtz

Retrieved on: 
Tuesday, January 9, 2024

BOSTON, Jan. 9, 2024 /PRNewswire/ -- AXA XL continues the build out of its U.S. Mid-Market insurance business, now extending its multi-line insurance offering to mid-size construction businesses with the addition of John Schwirtz as Head of Construction, US Mid-Market.

Key Points: 
  • BOSTON, Jan. 9, 2024 /PRNewswire/ -- AXA XL continues the build out of its U.S. Mid-Market insurance business, now extending its multi-line insurance offering to mid-size construction businesses with the addition of John Schwirtz as Head of Construction, US Mid-Market.
  • Based in Boston, Mr. Schwirtz reports to Matt Waters, Head of AXA XL's U.S. Mid-Market Business.
  • Mr. Schwirtz joins AXA XL from Liberty Mutual where he most recently served as Division Vice President, Middle Market Northeast.
  • The addition of John only furthers that commitment and positions us for long-term growth and success."

Catastrophe-Proofing Insurance: Leveraging Data & Analytics for Sustainable Growth

Retrieved on: 
Thursday, November 23, 2023

Without a crystal ball, it's crucial for insurers to harness the power of data & analytics to better inform decisions, mitigate risks, and proactively tackle the challenges posed by natural catastrophes.

Key Points: 
  • Without a crystal ball, it's crucial for insurers to harness the power of data & analytics to better inform decisions, mitigate risks, and proactively tackle the challenges posed by natural catastrophes.
  • Discover how leading insurers are doing this in the next Reuters Events Webinar: Catastrophe-Proofing Insurance: Leveraging Data & Analytics for Sustainable Growth.
  • Date & Time: Tuesday, December 5th, 11am - 12pm ET or catch up on-demand.
  • Still register to receive the recording, so you can catch up in your own time.

Results of Operations for the Three Months Ended September 30, 2023 - American Overseas Group Limited Announces Net Income Of $4.3 Million For the Three Months September 30, 2023

Retrieved on: 
Thursday, December 28, 2023

This compares to consolidated net loss available to common shareholders of $0.4 million, or $9.42 per diluted share, for the three months ended September 30, 2022.

Key Points: 
  • This compares to consolidated net loss available to common shareholders of $0.4 million, or $9.42 per diluted share, for the three months ended September 30, 2022.
  • For the three months ended September 30, 2023, net earned property and casualty premiums increased $3.2 million from $4.8 million a year ago to $8.0 million.
  • Quarter to Date fee income increased $1.5 million moving from $2.7 million to $4.2 million and gross written premiums increased $62.7 million, moving from $110.2 million to $172.9 million.
  • For the three months ended September 30, 2023, operating expenses remained constant at $2.8 million.

Blue Hat Announces Financial Results for the First Half of 2023, Highlighted by 5,657.93% Increase in Revenues to $46.30 million

Retrieved on: 
Friday, December 22, 2023

First Half of 2023 total revenues of US$46.30 million, compared to US$0.80 million in the prior-year period, due to that increased commodity trading.

Key Points: 
  • First Half of 2023 total revenues of US$46.30 million, compared to US$0.80 million in the prior-year period, due to that increased commodity trading.
  • First Half of 2023 gross profit of US$0.08 million, a decreased of 70.87% from US$0.26 million in the prior-year period.
  • First Half of 2023 loss from operations of US$4.07 million, an increase of 69.79% from loss from continuing operations of US$2.40 million in the prior-year period.
  • Net loss from continued operation increased 77.52% to US$4.36 million for the First Half of 2023, from US$2.46 million in the prior-year period.

Duck Creek Technologies Adds Lloyd’s of London Integration to its Reinsurance Cloud Platform

Retrieved on: 
Tuesday, December 19, 2023

LONDON, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, announces support for and integration into Lloyd’s Outwards Reinsurance Scheme (LORS) for its ceding reinsurance customers using Duck Creek Reinsurance.

Key Points: 
  • LONDON, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, announces support for and integration into Lloyd’s Outwards Reinsurance Scheme (LORS) for its ceding reinsurance customers using Duck Creek Reinsurance.
  • With this latest functionality, Duck Creek Reinsurance continues to offer global carriers the necessary tools to integrate into the world’s leading reinsurance market.
  • The LORS capability within Duck Creek Reinsurance offers all the code sets used in LORS and USM messages, enabling Lloyd’s members and Duck Creek customers to directly connect to and interact with the Lloyd’s technology platform and processes.
  • Duck Creek Reinsurance is a flexible solution tailored to international organizations using multiple currencies and multiple GAAP requirements.

Athene Executes Block Reinsurance Transaction in Japan

Retrieved on: 
Monday, November 27, 2023

HAMILTON, Bermuda, Nov. 26, 2023 (GLOBE NEWSWIRE) -- Athene Holding Ltd. (“Athene”), a leading provider of retirement services products, has executed a block reinsurance transaction with FWD Life Insurance Co. Ltd., a Japanese domiciled insurer.

Key Points: 
  • HAMILTON, Bermuda, Nov. 26, 2023 (GLOBE NEWSWIRE) -- Athene Holding Ltd. (“Athene”), a leading provider of retirement services products, has executed a block reinsurance transaction with FWD Life Insurance Co. Ltd., a Japanese domiciled insurer.
  • In conjunction with the transaction, Athene has also entered into an agreement to retrocede the mortality risk associated with the block to Swiss Re, a leading mortality reinsurer.
  • Michael van Vuuren, FWD’s Group Chief Actuary, said, “We are pleased to partner with Athene on this transaction, which furthers our risk management objectives and delivers significant capital benefits to FWD.”
    This is Athene’s inaugural block reinsurance transaction in the region.
  • Since 2020, Athene has been active in the local new business reinsurance market, with four flow reinsurance agreements executed to date in Japan.

Central 1 reports 2023 third quarter financial results

Retrieved on: 
Thursday, November 23, 2023

VANCOUVER, British Columbia, Nov. 23, 2023 (GLOBE NEWSWIRE) -- Central 1 Credit Union (‘Central 1’ or ‘the organization’) today reported a net income of $3.9 million for its third quarter, ended September 30, 2023, up $2.6 million from the same quarter last year.

Key Points: 
  • These results reflect a stable and consistent quarter in most areas of Central 1’s business and a smaller fair value loss in its financial instruments.
  • While bond credit spreads continued to narrow into the third quarter of 2023, National Housing Act Mortgage-Backed Securities credit spreads widened, leading to a $2.0 million net fair value loss in Central 1’s financial instruments2 compared to a $13.3 million net fair value loss2 in the same quarter last year.
  • Provision for credit losses reflected a charge of $1.0 million in the third quarter, up $0.6 million from the same quarter last year.
  • Payments & DBPX reported a net loss of $4.9 million in the third quarter of 2023, compared to a $3.7 million net loss in the same quarter last year.

ZW Data Action Technologies Reports Third Quarter and First Nine Months 2023 Unaudited Financial Results

Retrieved on: 
Monday, November 20, 2023

BEIJING, Nov. 20, 2023 (GLOBE NEWSWIRE) -- ZW Data Action Technologies Inc. (Nasdaq: CNET) (the "Company"), an integrated online advertising, precision marketing, data analytics and other value-added services provider serving enterprise clients, today announced its unaudited financial results for the three and nine months ended September 30, 2023.

Key Points: 
  • BEIJING, Nov. 20, 2023 (GLOBE NEWSWIRE) -- ZW Data Action Technologies Inc. (Nasdaq: CNET) (the "Company"), an integrated online advertising, precision marketing, data analytics and other value-added services provider serving enterprise clients, today announced its unaudited financial results for the three and nine months ended September 30, 2023.
  • Gross loss was approximately $0.004 million for the third quarter of 2023, compared to $0.05 million for the same period last year.
  • Overall gross loss margin rate was 0.04% for the third quarter of 2023, compared to 0.7% for the same period last year.
  • Sales and marketing expenses were approximately $0.06 million for the third quarter of 2023, compared to $0.07 million for the same period last year.