Despite competition, Montpelier Re achieved a combined ratio of 39 percent during the fourth quarter of 2013 thanks to a benign catastrophe year.
Bermuda-based re/insurer Endurance posted a 4.6 percent increase in group-wide gross written premiums, despite “significant non-renewals” and “reduced participation on contracts” in the reinsurance sector.
Tower Group International (TGI)’s chairman, president and CEO Michael Lee has resigned from the company to “follow personal interests” with immediate effect.
Global insurance pricing was down in all areas except the US at the end of 2013 according to Marsh.
XL Group posted improved profits for 2013 despite stable premium growth largely thanks to lower losses which were also reflected in an improved combined ratio.
Increased retentions by cedants and the growing inflow of capital into alternative risk transfer structures such as ILS combined to create a competitive and highly pressured renewals, according to Hannover Re.
Munich Re has invested in growing its US health reinsurance business. It has done so because of better opportunities arising from the new national health reform law known as the Affordable Care Act (ACA), also known as Obamacare, it said.
Former Royal Bank of Scotland (RBS) CEO, Stephen Hester has been appointed as group chief executive and director of RSA Insurance Group.
Bermuda-based insurer Ironshore looks to acquire Assetinsure Holdings, an Australian specialty insurer providing surety, aviation, credit and property coverage.
Platinum Underwriters Holdings posted solid results for 2013 but its chief executive warned that challenges await the company in 2014 on both the underwriting and investment sides of the business.