Assured Guaranty has announced its financial results for the first quarter of 2024, reporting an increased net income of $109 million compared to the $81 million reported in the same period the year prior. Adjusted operating income was also up, to $113 million for Q1 2024, compared to $68 million Q1 2023. Dominic Frederico, President and CEO, said: “Assured Guaranty produced excellent first quarter 2024 results. First quarter net income increased 35% year over year, and adjusted operating income increased 66%. “Shareholders’ equity per share, adjusted operating shareholders’ equity per share ..read more

Fusion Specialty, a managing general agent (MGA) platform within Pop Group Holdings (POP), is expanding its UK underwriting capabilities with the appointments of Alexander Mackay and Tom Hopkins to its Mergers and Acquisitions (M&A) London team. Mackay is joining Fusion UK as a Partner following five years working in M&A insurance with a number of leading insurance companies in the London market. During his time with these companies, he was also responsible for developing key broker relationships within the London market and across international markets, on which he will capitalise in ..read more

Insurtech, Cover Whale Insurance Solutions, Inc., has bolstered its senior leadership team with two new hires, as Barninder Khurana joins the firm as Chief Product Officer and Bill Hart assumes the role of Chief Architect. Khurana takes on the role with a deep degree of experience in product management, program delivery, and strategic leadership. In his most recent role, he served as Chief Information Officer at GeoVera where he led multiple teams in successfully delivering complex projects and building innovative digital products. In his new role, he is expected to oversee developments in Cov ..read more

F&G Annuities & Life, Inc., the provider of insurance solutions serving retail annuity and life customers and institutional clients, has reached over $5 billion in cumulative sales of pension risk transfer (PRT) transactions, since the channel was launched in June 2021. Since its inception, the firm’s PRT channel, one of F&G’s institutional markets, now includes more than 100,000 total participants, which includes beneficiaries, who will receive their pension payments from F&G. This milestone clearly demonstrates how the company has become a considerable figure within ..read more

Australian insurer QBE continued to report growth in gross written premium in Q1 2024, up 2% on the prior corresponding period on both a reported and constant currency basis. The firm has also disclosed that group-wide, there were renewal rate increases of 7.3% in Q1 2024, in line with expectations and reflecting reduced rate increases across certain property and reinsurance lines compared to Q1 2023. Excluding rate increases, QBE revealed that premiums declined by 2% in constant currency due to lower Crop premium alongside property portfolio exits in North America and Australia. Excluding Cro ..read more

American Coastal Insurance Corporation has secured more than 90% of the total reinsurance limit it’s seeking for its June 1st renewal, as the firm looks to increase the total open market limit by around $265 million for the 2024 hurricane season, $200 million of which comes from its new, multi-year Armor Re II Ltd. (Series 2024-1) catastrophe bond. As part of its Q1 2024 results announcement, American Coastal has provided an update on its mid-year reinsurance renewal, which was discussed by executives during the carrier’s earnings call. “We have increased our multi-year reinsurance commitments ..read more

Mosaic Insurance is now offering customised professional liability protection for specialist engineers, offering $15 million in targeted primary coverage for unique risks. According to the announcement, the new form offers a dedicated product, with core coverage of professional liability, plus enhancements such as pollution, public-relations costs, and mitigation. The suite caters to specialist engineers serving a range of industries, including process, chemical, oil and gas, petrochemical, mining, nuclear, renewable energy, testing, defense, transportation, and environmental. It includes cove ..read more

Mercury Insurance is leading an initiative to ensure insurance access and coverage continuity for numerous California consumers. Through close collaboration, Tokio Marine (TMA) and Mercury have devised a strategy to seamlessly transfer TMA and its subsidiary, Trans Pacific Insurance Company (TPIC), customers to Mercury. This transition is facilitated by a coalition of California independent insurance agents and with guidance from the California Department of Insurance. TMA, primarily focused on personal lines insurance within California, holds a modest share of the state’s personal lines mark ..read more

AM Best has revised the outlooks to positive for Fairfax Financial Holdings, its subsidiaries, and Allied World, reflecting the improved earnings profile of the consolidated group. The rating agency noted that Fairfax deployed significant cash into highly rated fixed income instruments as interest rates increased in 2022, which resulted in dividend and interest income run rate more than tripling by year-end 2023. “This improved investment cash flow, coupled with continued stabilisation of underwriting earnings at various operating subsidiaries, has resulted in improved operating performance me ..read more

Oxbridge Re, the Cayman Islands-based reinsurance company, has disclosed a Q1 2024 net loss of $905,000 compared to a net income of $142,000 in Q1 2023. According to the firm, the decrease is primarily due to the negative change in the fair value of equity securities and investments during the opening quarter compared to the prior period. Oxbridge Re also revealed that net premiums earned for Q1 2024 increased to $549,000 from $0 in Q1 2023. “The increase is due to the contracts in force in the quarter ended March 31, 2024, as opposed to the prior period in which premiums were accelerated prio ..read more