• Peak Re reported a record net profit of US$200m for 2023, rebounding from a US$261m loss in 2022.
• The company's GWP and reinsurance revenue were lower at US$1.7bn and US$1.556bn, respectively.
• However, profit turnaround was attributed to stringent risk selection, adequate pricing, management of claims and expenses, and new risk transfer solutions.
• Reinsurer realigned its property and casualty (P&C) portfolio to reduce volatility, with combined ratio improving to 87.3%.
• Life and health reinsurance GWP grew to US$438m.
• Markel announces launch of products into Australian professional indemnity segment.
• New insurance offerings are aimed at Australian businesses in six professional areas, with specialty (re)insurer aiming to fill a gap created by a recent decrease in available professional and financial risks capacity.
• Markel said it is committed to supporting industries that have struggled to secure adequate insurance, such as the renewable energy sector.
• Mitsui Sumitomo Insurance Company and Aioi Nissay Dowa Insurance issued a US$200m catastrophe bond, "Tomoni Re 2024," in Singapore.
• The issuance comprises two tranches of notes, provide indemnity reinsurance against natural catastrophes in Japan.
• Class A tranche secures Mitsui Sumitomo Insurance US$100m in coverage for typhoon and flood risks, with notes priced at a spread of 3.25%.
• Class B tranche provides Aioi Nissay Dowa Insurance US$100m in coverage, including typhoon, flood, and earthquake risks, with notes priced at a spread of 4%.
• Aon reports favourable conditions for cedents at 1.4 renewals, mirroring 1.1 renewals trends.
• There was a shift towards more property catastrophe reinsurance capacity due to attractive levels of risk-adjusted returns, Aon said.
• Mid-year renewals expected to continue positive trend with strong reinsurer appetite for catastrophe risk.
• Global reinsurance capital reaches US$670bn, with a resurgence driven by strong results, asset value recovery, and a historic year for the ILS market.
• OneDegree launches a new cyber insurance product, 'OneInfinity Cyber Insurance.'
• The product "sidesteps the traditionally cumbersome insurance underwriting process with its technology-first approach", insurtech said.
• Policy limits range from HKD 1,000,000 to HKD 4,000,000, with premiums starting at HKD 3,000 annually.
• Solution integrates Cymetrics' cybersecurity exposure scanning for real-time risk assessment and provides professional incident response services from Blackpanda.
• The MPA confirmed the container ship Dali had valid certificates before its collision with Francis Scott Key Bridge.
• The incident led to collapse of a section of bridge, and vehicles and people falling into the Patapsco River, with insurance claims potentially worth billions of US dollars.
• Dali had also passed foreign port state inspections in June and September 2023, with next surveys scheduled for June 2024.
• PasarPolis said on Friday it had increased its gross written premiums (GWP) by 250% in 2023 and doubled its revenue since its last funding round up to 2023.
• Founder Cleosent Randing said the insurtech is aiming for CAGR revenue growth of 50% and plans to fully underwrite all products over the next four years.
• The Indonesian insurtech has issued over 2 billion policies since its inception and has expanded operations into Vietnam and Thailand.
• Fitch affirms Allianz Jingdong General Insurance Company's IFS Rating at 'A-' with a stable outlook.
• Allianz SE increased its stake to 53.33% in Q2 2023, becoming the controlling shareholder.
• Fitch expects Allianz SE's support to aid Allianz Jingdong's business expansion from 2025.
• Insurer's combined ratio remained at 104% over the past three years, indicating a balance between underwriting efficiency gains and rising operational costs.
