Everest profit jumps on reinsurance strength, investment gains
Everest Group on Wednesday reported an 8% rise in second-quarter profit, as it benefited from improved investment returns and strong growth in its reinsurance business.
PartnerRe’s net income falls nearly 55%
Bermuda-based reinsurer PartnerRe Ltd.’s net income declined by nearly 55% year-on-year to $358 million in the first half of this year, while gross premiums written dipped to $5.3 billion, Reinsurance News reported. The insurer’s non-life business was able to produce an underwriting result of $58 million despite headwinds such as increased frequency of mid-sized natural […]
Intact Financial profit triples in Q2
Canadian property and casualty insurer Intact Financial Corp. posted a net income of $758 million Canadian ($548.2 million) for the second quarter of this year, up from $260 million reported in the year-ago comparative period, Yahoo Finance reported citing the Canadian Press. The increase in earnings was driven by premium growth and the insurer’s investment […]
Japan firm sets aside $500 million for reputational damage
Japanese electric utility firm Tokyo Electric Power Co. Holdings, Incorporated. has allocated 75.3 billion Japanese yen ($500 million) so far to compensate businesses hurt by boycotts prompted by its discharge of treated radioactive water from the Fukushima nuclear power plant, Reuters reported. The firm started releasing treated radioactive water from the wrecked Fukushima Daiichi Nuclear […]
Insurers in Nigeria face 650% rise in minimum capital requirements
Insurers in Nigeria face an estimated 650% increase in new minimum capital requirements if the proposed Nigeria Insurance Industry Reform Bill 2024 bill passes the senate and is signed into law, Daily Post Nigeria reported. The bill seeks to increase the minimum capital requirement of general insurance companies from 3 billion Nigerian naira ($1.8 million) […]
Axis Capital’s net income up nearly 43%
Bermuda-based insurer and reinsurer Axis Capital Holdings Ltd.’s net income increased by nearly 43% year-on-year to $204 million in the second quarter of this year, The Royal Gazette reported. The insurer’s gross premiums written grew by 7% year-on-year to $2.4 billion with an increase of 8% in the insurance segment and a growth of 4% […]
Korean insurers unable to seal M&A deals due to market conditions
According to market watchers, half a dozen non-life and life insurers in South Korea are unable to seal mergers and acquisitions deals due to an industry-wide slowdown as well as a lack of buyout market enthusiasm from capital-abundant financial groups, The Korea Times reported. Several prospective buyers have backed out at the eleventh-hour, overwhelmed by […]
Taiwanese insurers’ pre-tax profit soars 313%
Data from Taiwan’s Financial Supervisory Commission showed that local insurers total pre-tax profit surged by 313% year-on-year to $229.7 billion Taiwanese ($7 billion) in the first half of this year, Asia Insurance Review reported. Non-life insurers’ pre-tax profit grew by over 322% year-on-year to TWD15.2 billion.
Conduit Re’s premiums up 36%
Bermuda-based reinsurer Conduit Re's gross premiums written grew by 36% year-on-year to $737.8 million in the first half of this year, driven by strong growth in both property and specialty, Reinsurance News reported. The firm said that group-wide reinsurance revenue increased by 37% year-on-year to $382 million in the reported period.
Study shows rising cancer rates among younger adults, lifestyle factors blamed
A new study by the American Cancer Society reveals a significant rise in cancer incidence among younger adults, with those in their 30s, 40s, and 50s showing higher rates of 17 distinct types of cancers, including breast, liver, and pancreatic cancers, Axios reports. The research, which analyzed data from 23.7 million patients, suggests that lifestyle […]
Survey: Extreme weather impacts retirement anxiety
A survey by Allianz Life reveals that 56% of Americans are anxious about the financial impacts of extreme weather on their retirement, with 25% ranking it among the top three risks to their retirement income, 401K Specialist reports. The increasing frequency and intensity of such events, attributed to climate change, are raising daily living and […]
Experts criticize complex health insurance claim denial appeals process
The ERISA Advisory Council recently held a hearing highlighting significant issues with the health insurance claim denial appeals process, which experts described as overly complex and opaque, Plansponsor reports. Witnesses, including legal professionals and advocacy groups, criticized insurers for routinely overriding urgent care determinations and making the appeals process difficult to navigate. Recommendations included clarifying […]
Ryan Specialty announces $1 billion deal, reports results
Ryan Specialty Holdings Inc. said Thursday it has agreed to buy builders risk specialist US Assure Insurance Services of Florida Inc., which does business as InsuranceLink, for up to $1.48 billion.
IMA merges with Florida brokerage
IMA Financial Group Inc. said Thursday it is entering the Florida market through a merger with Wallace Welch & Willingham Inc.
Symphony Risk hires former WTW senior VP
Symphony Risk Solutions hired Matt Burns, who was previously a senior vice president of Willis Towers Watson PLC, as president of Symphony Build, its real estate and construction insurance business.
Global insurtech funding up sharply in Q2: Gallagher Re
Global insurtech funding rose 39% year-over-year in the second quarter to $1.27 billion, according to a report Thursday from Gallagher Re, the reinsurance business of Arthur J Gallagher & Co.
In Olympics, shooting sports are less risky than BMX racing
It shouldn’t come as a surprise that flying around a BMX bike track is risky, but to those who study Olympic sports, that activity tops the list of most dangerous sports, according to a statistical analysis conducted by the online casino website Casinority.
Humana reports $679 million profit driven by Medicare Advantage growth
Humana reported a $679 million profit for the second quarter, driven by significant growth in its Medicare Advantage business, which saw membership rise to 5.6 million, Forbes reports. Revenue for the quarter reached $29.5 billion, up from $26.7 billion the previous year, attributed to higher-than-anticipated membership growth and favorable claims development.
Mark Cuban warns employers of looming pharmacy rebate lawsuits
Mark Cuban, founder of online pharmacy, Cost Plus Drug Co., warns self-insured employers to brace for inevitable lawsuits over pharmacy rebates in employee health plans, predicting these suits will surpass the scale of tobacco settlements, Becker's Payer Issues reports. His comments follow rising legal actions against large employers, accused of mismanaging health benefits and violating […]
Alabama faces 93% insurance cost hike without ACA subsidy extension
If Congress fails to extend the enhanced health insurance subsidies under the 2022 Inflation Reduction Act, 371,000 Alabamians could face a 93% increase in insurance costs by 2025, Alabama Reflector reports. These subsidies, initially boosted by the 2021 American Rescue Plan Act, have significantly reduced premiums for Affordable Care Act marketplace enrollees. The potential expiration […]