Reinsurance

Staffing 360 Solutions Reports Third Quarter and Nine-Month 2023 Financial Results

Retrieved on: 
Wednesday, January 10, 2024
GAAP, Bank statement, Table, Acquisition, Operating cost, Reinsurance

NEW YORK, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Staffing 360 Solutions, Inc. ( Nasdaq: STAF ) (“Staffing 360 Solutions” or the “Company”), a company executing an international buy-integrate-build strategy through the acquisition of staffing organizations in the United States and the United Kingdom, today reported financial results for the 2023 third quarter and nine-month period ended September 30, 2023.

Key Points: 
  • NEW YORK, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Staffing 360 Solutions, Inc. ( Nasdaq: STAF ) (“Staffing 360 Solutions” or the “Company”), a company executing an international buy-integrate-build strategy through the acquisition of staffing organizations in the United States and the United Kingdom, today reported financial results for the 2023 third quarter and nine-month period ended September 30, 2023.
  • Operating loss was $2.3 million, compared with an operating profit of $496,000 for the prior-year period.
  • Net loss totaled $4.3 million, compared with a net profit of $1.0 million for the prior-year period.
  • Non-GAAP financial measures are meant to supplement, and be viewed in conjunction with, GAAP financial results.

AM Best Affirms Credit Ratings of Etiqa General Insurance Berhad

Retrieved on: 
Friday, January 12, 2024
Insurance, Professional Services, Credit, ALL, Communication, ERM, Risk management, News, AM Best, Reinsurance

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Etiqa General Insurance Berhad (EGIB) (Malaysia).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Etiqa General Insurance Berhad (EGIB) (Malaysia).
  • 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 .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry.

AM Best Revises Outlooks to Positive for East Caribbean Reinsurance Company Limited

Retrieved on: 
Wednesday, January 10, 2024
Insurance, Professional Services, TDC Holding A/S, Credit, ALL, Hurricane Maria, Risk, Investment, Movement, Risk management, ECRC, News, AM Best, Growth, Reinsurance

The positive outlooks reflect ECRC’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR).

Key Points: 
  • The positive outlooks reflect ECRC’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR).
  • The organization was materially impacted by Hurricane Maria in fiscal year 2018, which prompted it to significantly lower its retention level.
  • Since then, ECRC has grown capital and surplus annually through favorable net earnings, despite occasional dividend payments to its parent entity, TDC Group Limited (TDC Group).
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

Manisha Dias Joins Somerset Reinsurance as Head of New Business Development

Retrieved on: 
Wednesday, January 10, 2024
Insurance, Professional Services, Head, Policy, Multimedia, New business development, Reinsurance, Growth

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
Specie, Jewellery, Insurance, Forecasting, AXA, Fine art, Reinsurance

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
Insurance, Division, Construction, Head, Risk management, Liberty Mutual, AXA, Private equity, Growth, Reinsurance

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
Online, Development, Reuters, Capacity, SVP, Chubb, Reinsurance

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
Pink, Reinsurance

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
VIE, BlueHat, Person, ARIC, COVID-19, Consultant, Reinsurance

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
P&C, Policy, Software as a service, Insurance, USM, GAAP, Reinsurance

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.