Reinsurance News
Berkshire Hathaway’s reinsurance unit hit by Uri & COVID mortality claims
3rd May 2021
Berkshire Hathaway's global reinsurance business continued to feel the effects of the COVID-19 coronavirus pandemic during the first-quarter of the year, with mortality claims driving the life reinsurance business to a loss. At the same time, Berkshire Hathaway’s property and casualty reinsurance division delivered a profitable quarter's underwriting, despite a $310 ... Read the full article
Despite a muted Q1 COVID impact, P&C isn’t in the clear yet: Swiss Re CFO
30th April 2021
For Swiss Re, COVID-19-related losses in its P&C Reinsurance segment were muted for the first-quarter of 2021, but that doesn't mean the business is "all clear for the rest of the year," according to Group Chief Financial Officer (CFO), John Dacey. Early this morning, Swiss Re announced COVID-19 losses of ... Read the full article
AXA to target environmentally positive & inclusive insurance
30th April 2021
Global insurer AXA has launched a progress index to measure its implementation of several new climate and inclusivity targets. On the insurance side, these include strengthening the share of insurance products with a positive impact on the environment, through the guarantees or services offered, as well as the promotion of inclusive ... Read the full article
RAA announces key incoming board members
30th April 2021
The Reinsurance Association of America has announced two key additions to its board of directors, including Markel Global Re president and Chief Underwriting Officer Jed Rhoads as chair. Meanwhile, Odyssey Group president and CEO Brian Young has joined as vice chair, with John Doucette, President and CEO of Reinsurance at Everest ... Read the full article
CFC gains Lloyd’s ‘in principle’ approval for new Syndicate
30th April 2021
Specialist insurer CFC has announced that Lloyd’s has provided 'in principle' approval for the creation of CFC Syndicate 1988. The new syndicate will be managed by Asta Managing Agency (Asta) which will work with CFC to secure final approvals to commence underwriting business incepting July this year. The syndicate will write a ... Read the full article
Kemper Corp reports net income of $123.2mn
30th April 2021
US insurer Kemper Corporation has reported net income of $123.2 million for its Q1 results compared to $64.0 million, for the year prior. In the first quarter of 2021, net income included a $41.2 million after-tax gain, or $0.62 per diluted share, attributable to the change in fair value of equity ... Read the full article
Liberty Mutual Re promotes underwriters within Financial Risk team
30th April 2021
Liberty Mutual Re, the reinsurance arm of Liberty Mutual, has announced the promotions of Tom Spurgeon and Harry Groves within its Financial Risk Reinsurance team. Spurgeon has been appointed as a Senior Underwriter, having worked at Liberty since August 2017. Groves, meanwhile, has been promoted to Underwriter following nearly two years in ... Read the full article
Zurich’s financial position remained strong in 2020 despite pandemic challenges
30th April 2021
Global insurer Zurich Insurance Group maintained a strong financial position in 2020 in spite of the financial market volatility, elevated claims and voluntary measures to support both customers and employees linked to the outbreak of the COVID-19 pandemic. Zurich has today released its Financial Condition Report 2020, which shows a decline ... Read the full article
Canada’s Apollo Insurance Solutions secures Lloyd’s coverholder status
30th April 2021
Canadian online insurance provider, Apollo Insurance Solutions Ltd., has secured coverholder status with the specialist Lloyd's of London insurance and reinsurance marketplace, providing it with access to an expanded product portfolio. Additionally, by obtaining coverholder status at Lloyd's, Apollo also gains the ability to develop unique products to respond even more ... Read the full article
Aon’s organic reinsurance revenue growth slows to 6%
30th April 2021
Re/insurance broker Aon has reported overall revenue growth of 10% to $3.5 billion for the first quarter of 2021, including organic revenue growth of 6%. Its performance was aided by organic revenue growth in its Reinsurance Solutions business, which at 6% was still strong but well below the impressive rates that ... Read the full article
Fairfax reports improved combined ratio of 96%
30th April 2021
Canadian property and casualty re/insurer, Fairfax Financial Holdings has reported a combined ratio for Q1, showing a result of 96.0%, compared to 96.8% for the year prior, producing an increased underwriting profit. Read the full article
The Hanover posts strong Q1 result despite unprecedented cat activity
30th April 2021
The Hanover Insurance Group, Inc. has announced net income of $92.7 million for Q1 2021 against a net loss of $40 million for the prior year quarter, despite its catastrophe ratio increasing from 3.3% to 11.5% for the period. Despite the net income turnaround in the quarter, The Hanover's operating income ... Read the full article
Arthur J. Gallagher earnings up on organic growth
30th April 2021
Re/insurance broker Arthur J. Gallagher & Co. has reported a 7% increase in net earnings during the first quarter of 2021, which stood at $393.7 million, versus $355.4 million for the same period last year. The result was lifted by 7% organic growth across the brokerage business, with total organic commissions, ... Read the full article
Selective sees income grow as premiums up 23%
30th April 2021
Selective Insurance has reported has reported income of $106.8 million for the first quarter of 2021, helped by strong growth in both net written premiums (NPW) and investment income. For Q1, overall NPW increased 23% from a year ago, reflecting solid retention and strong overall renewal price increases of 5.4%, as ... Read the full article
Chubb partners with Marsh to provide coverage for COVAX program
30th April 2021
Chubb and Marsh have collaborated with the World Health Organization (WHO) and Gavi, the Vaccine Alliance (Gavi), to provide coverage for The COVAX No-fault Compensation. The program offers lower-income countries and economies a process to receive compensation for events associated with vaccines distributed through COVAX up to the end of June ... Read the full article