Here’s your daily Reinsurance News for Friday 29th July 2016:
Swiss Re’s P&C Re segment hit by cat losses, reports Q2 underwriting loss
Reinsurance giant Swiss Re has reported its Q2 2016 results, posting a group net income of $637 million. The firm’s P&C Re segment was hit by catastrophe losses amounting to $350 million, and reported a combined ratio of 101% in Q2.
New Chief Reinsurance Officer at Chubb as O’Farrell leaves
Chubb has announced that Michael Kessler has been promoted to Chief Reinsurance Officer, replacing William O’Farrell who leaves the role in search of other opportunities.
PartnerRe reports Q2 and H1 operating losses
Bermuda’s PartnerRe has reported an operating loss of $65.6 million in Q2, compared with a gain of $112.5 million a year earlier. The reinsurer also reported an operating loss for the first-half of the year of $21.4 million, as a high level of cat losses impacted results.
Watford Re sees best quarter, as investments counter underwriting loss
Arch Capital and Highbridge Principal Strategies’ total return reinsurance vehicle, Watford Re, performed well in the second-quarter, as investment income offset a small underwriting loss.
Marsh reports Guy Carpenter revenue increase in Q2
Marsh & McLennan Companies has reported that its reinsurance brokerage arm, Guy Carpenter, increased its revenue to $285 million in the second-quarter, helping the firm grow its Q2 revenue to $3.4 billion from a year earlier.
Axis Insurance names Tatum EVP & Head of U.S. Programs
Axis Capital Holdings has announced that its insurance segment, Axis Insurance, has appointed John Tatum as EVP, Head of U.S. Programs, based in the firm’s Chicago office.
RGA reports increased operating income in Q2
Reinsurance Group of America’s (RGA) Q2 results reveal an operating income of $181.2 million, up from the $130.3 million reported a year earlier. The reinsurer’s GWP increased to $2.3 billion in Q2.
Investor interest strong, but opportunities to deploy limited: RenRe
The CEO of reinsurer RenRe, Kevin O’Donnell, has said that investor appetite for its alternative reinsurance capital ventures remains strong, but opportunities to deploy were limited in Q2.
Chaucer falls to underwriting loss in Q2
The Hanover group has reported that its Chaucer division recorded an underwriting loss in the second-quarter as catastrophe losses impacted results, posting a combined ratio of 103.2%. The Hanover Group reported a net income of $2 million.
Terror Risk Transfer: The Evolution of the Attacks and Why the Market Needs to Grow
In a recent article Artemis has explored the terror risk transfer market, following a recent spike in terror attacks in parts of Europe and elsewhere across the globe.
Continental Re grows profit in H1 to $9.5 million
Continental Reinsurance saw its profit increase in the first-half of this year to roughly $9.5 million, compared with approximately $4.4 million a year earlier.
Reinsurance rate reductions impact Brit in Q2, but profits up
Insurer Brit has reported its Q2 2016 financials, posting a profit after tax of $197.6 million, up from the $6.4 million reported a year earlier. The firm said that rate reductions from reinsurance greatly impacted overall, group rate reductions in Q2.
Fairfax sees re/insurance segment operating income fall in Q2
Fairfax Financial Holdings has reported its Q2 2016 results, revealing that its insurance and reinsurance operations recorded an operating profit of $209.3 million. The firm’s re/insurance business reported a combined ratio of 95.7%.
Optex index can enable trading on Lloyd’s market performance
A provider of risk transfer to the re/insurance and capital markets, Optex, has underlined the potential for market players to utilise its Lloyd’s Lite platform, a variant on the anticipated Lloyd’s index.
A.J. Gallagher sees increased profit in brokerage segment
Brokerage Arthur J. Gallagher has reported its Q2 results, revealing that its brokerage unit recorded net earnings of $114.9 million, up from the $100.3 million reported a year earlier.
Sapiens names Chairman of Board of Directors of Sapiens DECISION
A provider of software solutions to the insurance and reinsurance marketplace, Sapiens, has announced the appointment of Andre M. Boisvert as chairman of the board of directors of Sapiens DECISION.
Elimination of quota share reinsurance helps Universal grow earned premiums in Q2
Universal Insurance Holdings’ grew its Q2 net income to $33.6 million and its net earned premiums to $156.5 million. The firm attributes earned premium growth, in part, to the termination of certain quota share reinsurance arrangements.
U.S. & UK talks on bilateral re/insurance arrangement ongoing
According to reports, discussions between the U.S. and the UK regarding bilateral agreements on insurance and reinsurance operations are ongoing.
Market conditions hit The Hartford’s Q2 results
Lower P&C underwriting results and a decline in net investment income saw The Hartford report a net income of $216 million in Q2, down $197 million on the same period last year.
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