Here’s your daily Reinsurance News for Wednesday 3rd August 2016:
Parametric insurance launched for farmers in China, backed by Swiss Re
The first ever parametric disaster insurance programme for farmers in China has been launched. Backed by reinsurer Swiss Re the solution covers participants against flood, excessive rain, drought and low temperatures in 28 counties across Heilongjiang province.
Endurance reports improved net income despite cat losses in Q2
Endurance Specialty Holdings has reported its second-quarter 2016 results, posting a net income of $76.6 million, compared with $76 million a year earlier. The firm’s combined ratio increased in the quarter to 92.6%, compared with 85.5% in Q2 2015.
Reinsurance, ART, ILS, insurtech to help mutual insurers: Swiss Re
A new report from reinsurance giant Swiss Re says that tailored reinsurance agreements, alternative risk transfer and ILS solutions, coupled with insurance technology advances are solid ways for mutual insurers to boost growth.
United Insurance increases GWP and net income in Q2 2016
United Insurance Holdings has reported its Q2 2016 results, posting a net income of $9.8 million, up from the $5.3 million reported a year earlier. The firm attributes the growth to an increase in GWP in the quarter, to $210.8 million.
Scott Fields joins JLT Re as SVP, Atlanta
JLT Re has announced the appointment of Scott Fields as SVP, Atlanta, with a focus on expanding and developing the firm’s Casualty Reinsurance practice. Fields joins the firm from Willis Re.
Argo Group increases Q2 operating income by $9 million
Argo Group today reported its second-quarter 2016 financials, posting an operating income of $37 million, an increase of $9 million on the previous year. The firm’s combined ratio remained flat, at 95.6%.
Talbot Underwriting launches $115 million Political Risk Insurance binder
Validus Holdings subsidiary, Talbot Underwriting Services, has launched a $115 million Political Risk Insurance binder in New York, which is underwritten by a number of Lloyd’s underwriters.
AIG’s operating income falls in Q2, but ROE up to 8.6%
AIG’s second-quarter 2016 results reveal that its operating income fell to $1.1 billion, compared with $1.9 billion a year earlier. The firm’s ROE improved in the quarter when compared to last year, to 8.6%.
SCOR redeems €350mn & CHF650mn undated subordinated note lines
Insurer and reinsurer SCOR has announced that it has redeemed the entire balance of its €350 million and CHF 650 million undated subordinated note lines.
AmTrust increases GWP and operating income in the second-quarter
AmTrust Financial Services has reported an operating income of $140.3 million in Q2, up from the $130.5 million reported a year earlier. The firm also grew its GWP in the quarter by 23.5%, to $2.07 billion.
Cincinnati Insurance bolsters reinsurance department
The Cincinnati Insurance Company has announced the addition of R. Philip Sandercox, Erin A. Skala and Wendy A. Hayes to its reinsurance unit, Cincinnati Re.
Cat losses in Q2 sees Alleghany Corp’s net earnings fall by more than 50%
Alleghany Corp’s second-quarter 2016 results reveal net earnings of $77.1 million, a steep decline on the $182.5 million posted a year earlier. Catastrophe losses of $124.8 million impacted the firm’s results and combined ratio, which came in at 97%.
Inflow of alt capital into reinsurance no longer exponential: JLT Re
Reinsurance broker JLT Re has said that the inflow of alternative reinsurance capital into the global reinsurance marketplace is no longer exponential.
Novae Group reports record H1 performance despite market challenges
Novae Group has reported a combined ratio of 96.1% for the first six months of the year, compared with 89.8% for the same period last year. The firm reported profit before tax and foreign exchange of £37.9 million, its most profitable H1 to date.
March storm in New Zealand to cost insurers $21.5 million
The Insurance Council of New Zealand has said that a storm that impacted the West Coast of the country in March, is set to cost insurers $21.5 million.
Markel improves income and combined ratio in the second-quarter
Markel has reported its Q2 2016 results, posting a comprehensive income of $209.9 million, compared with $132.9 million a year earlier. The firm’s combined ratio improved to 93% in the quarter.
Diverse portfolio helps Blue Capital Re profit despite catastrophes in Q2
Despite the impact of catastrophe losses in the second-quarter of 2016, Blue Capital Reinsurance Holdings remained profitable in the period, owing to a diverse portfolio of property catastrophe risks.
Liberty Specialty names Kadidja Sinz Head of Europe
Liberty Specialty Markets has announced the appointment of Kadidja Sinz to the new role of Head of Europe. Sinz will report to the firm’s Group CUO, Matthew Moore.
National General Holdings reports solid second-quarter earnings
National General Holdings has reported its Q2 2016 results, posting a net income of $44.3 million, up from the $33.8 million posted a year earlier. The firm also increased its GWP in the quarter by more than 55%, to $774 million.
ANV Global Services increases capacity for M&A insurance
ANV Global Services Ltd has announced that it’s increased its Lloyd’s underwriting limit for mergers & acquisitions (M&A) insurance, and that it will now offer lines of €40 million, $40 million and £30 million per risk.
AXA’s H1 underlying earnings up to £138 million
AXA Group today reported its first-half 2016 results, posting underlying earnings of £138 million, an increase of 8% on the same period last year. The firm also said that its underwriting profitability improved for the fourth consecutive year.
Mutual Reinsurance Bureau selects StoneRiver’s Universal Reinsurance System
According to reports the Mutual Reinsurance Bureau has selected StoneRiver’s Universal Reinsurance System to add efficiency and improve accuracy in the reinsurance business of its partners.
Federated National’s Q2 net income falls to $1 million
Federated National’s Q2 financial results reveal that the firm increased its GWP by 29.7% to $171.2 million. However, the firm reported a net income of just $1 million, compared with $11.7 million a year earlier.
NMI Holdings reports Q2 income gain, enters into reinsurance treaty for growth
NMI Holdings has announced that it entered into a quota share reinsurance agreement with third-party reinsurance capital providers to support future growth plans. The news comes as the firm reported Q2 net income of $2 million, compared with a $3.9 million loss a year earlier.
HCI Group’s net income down to $7 million in Q2 2016
HCI Group has reported its Q2 2016 results, posting a net income of $7 million, compared with $22 million a year earlier. The firm notes that the higher cost of the 2015/2016 reinsurance programme, contributed to an increase in premiums ceded.
American Financial sees Q2 earnings fall to $54 million
American Financial Group has reported second-quarter net earnings of $54 million, down from the $141 million reported a year earlier. This includes a charge of $65 million in the quarter relating to exiting certain business lines within its Lloyd’s platform, Neon.
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