Investigators with the North Carolina Department of Insurance last week charged a man with swindling almo
st $1 million and attempting to gain another $887,500 from travel insurance companies from 2020 to 2024.
Michael Gerard Renna, 50, of Clayton, near Raleigh, was charged with 26 counts of insurance fraud, 18 counts
f obtaining property by false pretenses and 10 counts of attempting to obtain property by false pretenses, Insurance Commissioner Mike Causey announced.
Renna allegedly forged medical documents and altered identification, credit card statements and flight information
n, then submit the documents along with claims for travel losses
. He was arrested Friday and was being held on $1 million bond in the Johnston County jail ahead of a Monday court appearance, according to the county sheriff’s office.
The North Carolina Department of Insurance did not name the travel insurance companies that were defrauded or explain how the scheme was uncovered.
GPW among the top five non-IFRS 17 companies grew 3.5%, from US$87.6 billion to US$90.7 billion, said AM Be
st, highlighting that growth of 8.9% among Lloyd’s, RGA, and Everest was offset by a decline of 2.9% for Berkshire Hathaway and Ren Re.
The underwriting performance of the top five non-IFRS 17 companies was also solid, said the report, with an average weighted non-life undiscounted combined ratio of 85.7.
AM Best explained that Everest’s rise by two places in the rankings was due to a 12.9% increase in GPW. “This growth was driven by the expansion of p
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roperty lines in the year and rate improvement on casualty lines,” said the report, noting that Everest’s move ahead
of RenRe comes one year after it had displaced Everest among the top 10 reinsurers (partly due to the impact of RenRe’s acquisition of Validus Re in November 2023).
The report attributed RenRe's drop in the rankings to the fact that its third-party premiums contract 4.9% year-over-year. “Though the premiums elig
ble for consideration under our methodology contracts year-over-year, RenRe’s group level gross premiums rose 32.4% over the same period,” AM Best said.