Market News

The four major European reinsurers experienced stronger than expected improvements in their profits during this year's first quarter, according to Fitch Ratings. During the first quarter, the reinsurers experienced an average return on equity of 21 percent, up from 9 percent a year earlier, according to Fitch. Read More

CAPTIVE PAC, the North Carolina Captive Insurance Association's (NCCIA) recently formed political action committee (PAC), raised more than $9,000 during a fundraiser held during the NCCIA's annual conference in May. The initial goal for the new PAC is to raise approximately $15,000 to $20,000 over the next 2 years. Read More

Cyber insurance is the fastest-growing segment of the US property-casualty insurance segment, with direct written premiums increasing 51 percent year on year in 2022 to more than $7.2 billion, according to Fitch Ratings. Fitch said, however, that cyber-insurance premium rate increases should continue to moderate. Read More

Risk retention groups' (RRGs) premium volume increased significantly in 2022, according to the "Risk Retention Reporter." RRGs' gross premiums rose to nearly $4.9 billion, an increase of 12.9 percent from 2021, when RRGs generated just over $4.34 billion in gross premiums. Read More

Inflation and catastrophe losses combined to contribute to a 2022 underwriting loss for the property-casualty insurance industry, according to a report from the Insurance Information Institute (Triple-I) and Milliman. The quarterly report said that property-casualty insurers posted a 102.4 percent combined ratio in 2022. Read More