Reinsurance News

COVID & Beirut explosion weigh on CCR Re’s results

12th April 2021

French state-owned reinsurer CCR Re has reported a 49% decrease in net income over 2020, as the impact of the COVID-19 pandemic and the Beirut explosion weighed heavily on its results for the year. The company reported net income of €18 million for 2020, down from €35 million in the previous ... Read the full article

Aon / Willis Towers Watson: EC restarts clock as concessions offered

12th April 2021

The European Commission (EC) has restarted the clock on its investigation into the proposed combination of Aon and Willis Towers Watson (WTW), after concessions were submitted on April 9th, but the deadline for completion has now been pushed into the second-half of the year. The regulators have been looking into the ... Read the full article

Jef Van In appointed AXA Next CEO and Group Chief Innovation Officer

12th April 2021

Global insurer AXA has announced the appointment of Jef Van In as Chief Executive Officer (CEO) of AXA Next Group and Group Chief Innovation Officer (CIO), effective July 1st, 2021. In his new role, Van In will report to Antimo Perretta, CEO of AXA Europe and a Member of the company's ... Read the full article

P&C underwriters continue to push rates across the board: MarketScout

12th April 2021

Data from MarketScout shows that US property and casualty (P&C) rates continued to increase over the first quarter of 2021, as underwriters successfully pushed for rates across the board. Umbrella, professional liability and D&O led the way with double digit rate increases, and larger accounts were generally priced more modestly than ... Read the full article

Global reinsurance capital up 7% to $658bn in 2020: Willis Re

12th April 2021

Strong investment market appreciation helped global reinsurance industry capital grow 7% to $658 billion at year-end 2020, according a new report from Willis Re. While new capital raised by both incumbents and new entrants added to the final total, Willis Re says capital returns to shareholders exceeded those new investments. Willis Re's ... Read the full article

MS Exchange attacks could drive thousands of claims: CyberCube

12th April 2021

Cyber analytics provider CyberCube has warned re/insurers of the potential for a large volume of claims resulting from recent cyber attacks by criminals on the servers running Microsoft’s email services. Tens of thousands of Microsoft Exchange servers in businesses and organisations around the world could have been infected during a series ... Read the full article

Data needs to be imbued with meaning if re/insurers are to benefit: Verisk’s Payne

9th April 2021

It is universally accepted that data is integral to the future-proofing of the insurance industry, however its value diminishes when insurers lose sight of what they set out to achieve, according to Tom Payne, Managing Director UK & Europe at Verisk Underwriting, speaking in a recent interview with Reinsurance News. With ... Read the full article

Louisiana Citizens’ residential property rates to rise by 2.3% in 2021

9th April 2021

Residential property insurance rates for Louisiana Citizens Property Insurance will rise by 2.3% this year, the state's Insurance Commissioner Jim Donelon has confirmed. The increase is in line with current inflation rates and is seen as a reflection of stability and appropriate rates in Louisiana’s residential insurance market. By law, rates at ... Read the full article

Burns & Wilcox adds two to Canadian teams

9th April 2021

Wholesale specialty insurance company and managing general agent Burns & Wilcox has appointed two associates to its Vancouver and Calgary teams. Cheryl Fortier joins as Western Canada Manager and Murray Houck joins as Senior Underwriter. Fortier will be based in Vancouver and focus on expanding the company’s capacity and product offerings throughout ... Read the full article

Singapore’s competition watchdog seeks consultation on Aon / WTW merger

9th April 2021

The Competition and Consumer Commission of Singapore (CCCS) is currently assessing whether the proposed combination of re/insurance brokers Aon and Willis Towers Watson (WTW) violates competition rules in the country. Competition related concerns continue to be raised, and the announcement from the CCCS follows reports that the European Commission is ... Read the full article

Willis Re views industry capital levels as resilient

9th April 2021

A new report from Willis Re has examined the capitalization of re/insurers in the US and European markets, concluding that both have proved resilient to the challenges of the pandemic. In the US, Willis Re found that P&C companies continued to show very strong risk-adjusted capitalization scores despite the increase in ... Read the full article

Winter storms drive $80m loss for State Auto Financial

9th April 2021

Ohio-based property and casualty (P&C) insurer State Auto Financial Corporation has estimated that it incurred catastrophe losses of between $80 million and $82 million during the first quarter of 2021. The estimate includes $66 million of net catastrophe losses from winter storms Uri and Viola, a significant portion of which related ... Read the full article

Munich Re America hires Alleyne as CLO

9th April 2021

The U.S branch of global reinsurer Munich Re has appointed Richard Alleyne to the position of Chief Legal Officer, Munich Re US P&C Companies. He will be based in Hartford and report to Adrienne Mageras, Chief Operating Officer for Munich Re America Services. Alleyne brings over 20 years of industry experience across ... Read the full article

Carbon adds Giovanni Schiattarella to underwriting team

9th April 2021

Carbon Underwriting Limited (Carbon), the specialist, independent managing general underwriter (MGU), has announced the addition of Giovanni Schiattarella to its underwriting team. Schiattarella will focus on expanding Carbon’s existing General Liability and Property books of business as well as new business development across Europe. Prior to joining Carbon, he was a broker ... Read the full article

Robert Dietrich named CEO of Hiscox Europe

9th April 2021

Specialist global insurer Hiscox has announced the appointment of Robert Dietrich as the new Chief Executive Officer (CEO) of its European arm, Hiscox Europe. Dietrich will take up the role immediately, succeeding Stephane Flaquet who was appointed to the new role of Chief Transformation Officer earlier this year. Dietrich has been with ... Read the full article