Reinsurance News
Aegon hires Will Fuller as President and CEO, Transamerica
11th March 2021
Aegon, a provider of life insurance, pensions and asset management, has appointed Will Fuller as President and Chief Executive Officer (CEO) of Transamerica and as a member of the Management Board. Fuller, formerly Executive Vice President of Lincoln Group, has just under 30 years experience in insurance, annuities, retirement plans and ... Read the full article
Transverse names Fitzgerald as CFO, Zerafa as COO
11th March 2021
P&C program carrier Transverse Insurance Group has announced the appointments of John Fitzgerald as Chief Financial Officer (CFO) and Robert Zerafa as Chief Operating Officer (COO). Fitzgerald most recently served as VP, Finance & Controller at ProSight Specialty Insurance, with earlier tenures at QBE and Ernst & Young. “We are delighted to ... Read the full article
Lloyd’s announces first version of its Core Data Record under Blueprint Two
11th March 2021
Lloyd’s has announced the first version of its Core Data Record (CDR), in an effort to standardise data flow through the market. The move is aimed at significantly improving operations, reducing the cost and effort of doing business, and delivering a better service to customers. This represents a new milestone for the ... Read the full article
Hiscox promotes Isha Patel to Head of Direct Commercial, UK
11th March 2021
Specialist global insurer and reinsurer Hiscox has appointed Isha Patel as Head of Direct Commercial within Hiscox UK. Patel joined Hiscox in 2013 and has since overseen operations, finance and sales with roles in both the Hiscox Retail business units (Hiscox UK and DirectAsia) and Hiscox London Market. She was appointed regional ... Read the full article
Generali’s 2020 profit slides 34% to €1.7bn
11th March 2021
Italian insurer Generali has posted a net profit of €1.7 billion for 2020, down 34% from the €2.6 billion achieved in 2019. The company’s profitability was impacted by a €332 million liability management transaction, a contribution of the Extraordinary International Fund for Covid-19 and €287 million of impairments on investments mainly ... Read the full article
Pension risk transfer activity bolsters L&G profits for 2020
11th March 2021
Life insurer Legal & General group saw its Legal & General Retirement Institutional arm write £7.6 billion of premiums across 44 transactions in 2020, compared to the £10.3 billion it achieved in 28 deals during 2019. Meanwhile, US Pension Risk Transfer new business premiums increased 42% to a record $1.6 billion, ... Read the full article
Willis Re launches cat risk model for hail events in South Africa
11th March 2021
Willis Re, the reinsurance broking arm of Willis Towers Watson, has launched a new Hail Catastrophe Risk Model which quantifies the risk from damaging hail events across South Africa. The model has been developed in collaboration with Willis Research Network partners at NASA’s Langley Research Centre and the Karlsruhe Institute of ... Read the full article
Greenlight Re’s underwriting performance improves as Q4 income hits $42m
11th March 2021
Hedge fund-backed reinsurer Greenlight Re has reported net income of $42 million for the fourth-quarter of 2020 and income of $3.9 million for the year, as the company's underwriting performance improved year-on-year. Q4 2020 income of $42 million is a significant improvement on the $30.3 million net loss reported by the ... Read the full article
QOMPLX to develop multi-peril modeling platform
11th March 2021
Risk analytics provider QOMPLX has revealed that it plans to develop a dynamic multi-peril modeling platform following its acquisition of insurance modelling and actuarial platform Tyche. The acquisition of Tyche was announced recently alongside news that QOMPLX has elected to go public via a merger with special purpose acquisition company, ... Read the full article
Hannover Re’s income robust but large losses (COVID) dent underwriting result
11th March 2021
Global reinsurer Hannover Re has outperformed its Group profit guidance of more than €800 million for 2020 despite the significant impacts of the COVID-19 pandemic, which, alongside other large losses pushed the firm's property and casualty (P&C) combined ratio into unprofitable territory. Group net income declined from the €1.3 billion posted ... Read the full article
General insurance in Taiwan to hit $8.3bn by 2024: GlobalData
11th March 2021
Data and analytics firm GlobalData is expecting Taiwan’s general insurance industry to grow from $6.1 billion in 2019 to $8.3 billion in 2024, in terms of gross written premium. GlobalData has revised Taiwan’s general insurance forecast following the COVID-19 outbreak and is expected to grow at a compound annual growth rate ... Read the full article
Assurant to sell Global Preneed to CUNA Mutual Group for $1.3bn
10th March 2021
US specialty insurance group Assurant has agreed to sell its prearranged funeral insurance and final expense business, Global Preneed, to CUNA Mutual Group, a broad financial services provider, for approximately $1.3 billion in cash. The Global Preneed sale is expected to generate $1.2 billion of net proceeds at closing, which is ... Read the full article
AXIS earnings to benefit from reserve development: KBW
10th March 2021
Analysts at KBW have suggested that the earnings of Bermudian re/insurer AXIS Capital could benefit from positive reserve development in 2021. The firm estimates that AXIS’s year-end 2020 loss and LAE reserves were overstated by about $236 million, implying that reserve releases should add modestly to its 2021/22 earnings. AXIS reported ... Read the full article
W. R. Berkley names president of agriculture business
10th March 2021
W. R. Berkley Corporation has appointed Bradley T. London as president of Berkley Agribusiness, succeeding Michael Ekiss who will continue to engage on special projects and initiatives throughout W. R. Berkley Corporation. London has nearly 30 years of experience in the insurance industry with a particular focus on underwriting for agricultural businesses. Most ... Read the full article
Lockton partners with Four Twenty Seven to provide climate data
10th March 2021
Lockton Global Real Estate & Construction has entered into a partnership with Four Twenty Seven, an affiliate of Moody’s, in order to help clients integrate climate science into business decisions. Four Twenty Seven uses data-driven risk analysis to score assets’ exposure to the physical risks associated with climate change and other ... Read the full article