The California Department of Insurance has officially completed review of Verisk Wildfire Model, marked the first time a catastrophe model has been approved for insurance rate-setting under the state’s new regulations.
AM Best has upgraded the financial strength ratings of Somerset Reinsurance to A (Excellent) from A- (Excellent).
The recent crash of an Air India aircraft shortly after takeoff is expected to result in insurance claims reaching up to $200 million, according to industry sources.
AM Best has raised the financial strength rating of Asian Reinsurance Corporation (Asian Re) from B+ (Good) to B++ (Good).
Swiss Re reported a net income of US$1.3 billion for the first quarter of 2025, up from US$1.1 billion in the same period last year. The group posted a return on equity (ROE) of 22.4%, compared with 20.7% in Q1 2024. The company attributed the result to consistent underwriting performance across its businesses, supported by investment income and a 14% tax rate.
The European Commission has authorized a temporary measure allowing France to extend state-backed reinsurance for wine and spirits exports to the United States.
SCOR has reported net income of €200 million for the first quarter of 2025 (€195 million adjusted), with results supported by performance across its property and casualty (P&C), life and health (L&H), and investment operations.
Greenlight Capital Re has released its financial results for the first quarter ending March 31, 2025, reporting year-over-year increases in gross premiums written and investment income, while also posting a net underwriting loss impacted by catastrophe exposure.
Peak Reinsurance Company has announced its financial results for the full year ending Dec. 31, 2024, recording a net profit after tax of US$187 million. The result marks the second-highest annual profit in the company's 12-year history.
Ryan Specialty Holdings has announced record financial results for the fourth quarter and full year ended Dec. 31. Its total revenue grew 24.5% while organic revenue increased 11.0%.