Your weekly re/insurance round-up, ending January 26th 2024

In this week's most prominent news, Arthur J. Gallagher reported revenues of $9.9bn in its full year 2023 results as key segments improved.

Guy Carpenter also disclosed that its revenues increased 9%to $252m in Q4, while W. R. Berkley announced record Q4 and full year 2023 underwriting income.

Meanwhile, AXIS Capital strengthened its prior year reservesin the quarter by $425m.

In other developments, Bermuda-based reinsurer Conduit Re grew its portfolio 38% at the ‘very strong’ Jan 1 reinsurance renewals.

Hippo also completed the placement of its 2024 reinsurance program with improved terms for the second year in a row.

Elsewhere, Aon and Porch entered a $30m strategic agreement including the release of Vesttoo fraud claims, and the ICA estimated insured loss from TC Jasper and the holiday storms to exceed $743m.

It was also reported that a host of re/insurers are seeking reimbursement after paying out $1bn for Lahaina wildfires in Hawaii.

Looking back at some of our interviews from this week, WRMS's Co-Founder & CEO, Anuj Kumbhat, explained why parametric insurance is a valuable addition to the climate risk management landscape, while DeNexus Founder and CEO, Jose Seara and George Mawdsley, Head of Risk Solutions, discussed the continued evolution of the company as it tackles the expanding yet challenging world of cyber risk.

Turning to appointments, ABIR named Aspen CEO Mark Cloutier as Deputy Chair, and Lloyd’s appointed Chris Mackinnon as its future Regional Director, APMEA.

Hannover Re also placed Olaf Brock as MD of Hannover ReTakaful and its Bahrain Branch, and Catalina Holdings appointed Philipp Waldstein as CEO.

We’ll continue to update you with more coverage on the major developments from this week, while also keeping up with the regular news coming out of the re/insurance industry.

We hope all our readers stay safe and well this weekend!