Reinsurance News
Sirius reports $67mn Q3 loss, 115% CR
6th November 2020
Bermuda-domiciled re/insurer Sirius International has reported a $67 million loss for the third quarter of 2020, compared to $50 million loss in the prior year period last year. $39 million of losses was related to COVID-19, net of reinsurance and additional premiums due. Catastrophe losses were $53 million in the quarter and ... Read the full article
Coverys European Holdings acquires Lloyd’s Gava S.R.L
6th November 2020
Coverys European Holdings subsidiary, AEC Wholesale Group (CEH), has announced the acquisition of Gava S.R.L, a Lloyd’s coverholder. AEC Group will assume 100% ownership of Gava, bringing the Italian Lloyd’s coverholder into its existing network of specialist liability insurance intermediaries. Gava underwrites professional lines risks for both private and public bodies throughout ... Read the full article
Cat losses of $790mn push AIG’s GI unit to Q3 underwriting loss
6th November 2020
American International Group, Inc. (AIG) has announced that its General Insurance (GI) unit reported $790 million of catastrophe losses in the third-quarter of 2020, taking the segment's combined ratio to 107.2%. The $790 million of pre-tax cats, net of reinsurance, impacted the GI combined ratio by 13.5 percentage points in the ... Read the full article
Beazley reports 16% premium growth, strong rate increases
6th November 2020
Specialist insurer Beazley has reported a 16% increase in gross premiums written over the first nine months of 2020, supported by average rate increases of 14% on renewal business. Premiums came to £2,534 million at 9M 2020, up from £2,192 million for the same period last year, with growth across most ... Read the full article
RSA comments on £7.2bn takeover proposal from Intact & Tryg
6th November 2020
The Board of RSA Insurance Group has confirmed that the UK insurer has received a proposal from a consortium comprised of Intact Financial Corporation and Tryg A/S regarding a possible offer for the company. The proposal includes 685 in cash per RSA share, alongside payment by RSA of the announced interim ... Read the full article
SCOR Global P&C reports 100.7% CR on COVID and nat cats
6th November 2020
Global insurer and reinsurer SCOR has reported a dip in net income to €135 million for the first nine months of the year, as COVID-19 and a number of natural catastrophe events pushed SCOR Global P&C's combined ratio to 100.7%. Group net income fell by 66.3%, year-on-year, from the €401 million ... Read the full article
Lloyd’s broker MNK Re purchases majority stake in Prospect Brokers Africa
6th November 2020
Lloyd’s broker MNK Re Limited has announced that it has reached agreement to purchase a majority stake in independent South African reinsurance broker, Prospect Brokers Africa (Pty) Limited. The acquisition will see Neesha Parbhoo lead the newly established MNK Re South Africa as CEO, supported by former RFIB colleagues Paul Ray ... Read the full article
Registrations still open for next week’s Prospectus 2021 conference
5th November 2020
There’s still time for readers to register for Prospectus 2021, the new reinsurance and ILS focused conference set up Reinsurance News and our sister publication, Artemis. Prospectus 2021, which kicks off next Thursday, brings together our two publications to address issues relevant to both the traditional and alternative reinsurance ... Read the full article
New reinsurer Conduit Re announces intention to float on the LSE
5th November 2020
Conduit Holdings Limited, a new property and casualty (P&C) and specialty reinsurance underwriting business, led by founders Neil Eckert and Trevor Carvey, has announced its intentions to float on the London Stock Exchange (LSE). Conduit looks set to be the latest edition to the Class of 2021 reinsurers and has been ... Read the full article
Liberty Mutual’s Q3 income rises to $397mn despite almost $1bn of cat losses
5th November 2020
Liberty Mutual Holding Company Inc. (LMHC) and its subsidiaries today reported a 46% rise in net income for the third-quarter of 2020 to $397 million, despite a significant increase in quarterly catastrophe losses, year-on-year, to $980 million. For the quarter, net income jumped from the $125 million reported for the second-quarter ... Read the full article
RSA grows underwriting profit, reports 90% combined ratio
5th November 2020
Multinational insurance group RSA has announced that its underwriting profit is “strongly up” at the end of Q3, with a combined ratio of 90%. RSA reported competitive market conditions in Q3, but said that pricing and underwriting actions have been consistent with loss ratio gains and are improving further in many ... Read the full article
Hyperion changes name to Howden Group Holdings
5th November 2020
Global insurance group, Hyperion Insurance Group, has announced that it has changed its name to Howden Group Holdings. The change will take place effective immediately and will flow through the other parts of the Group with Hyperion in the name. This includes the Hyperion Foundation, the Group’s charitable arm, which will be ... Read the full article
Commercial insurance prices up 20% in Q3, reports Marsh
5th November 2020
Insurance and reinsurance brokerage, Marsh, has reported that global commercial insurance prices increased by 20% in Q3 2020, the largest increase since the Global Insurance Market Index was launched back in 2012. This average composite price rise of 20% follows year-on-year average increases of 19% in Q2 and 14% ... Read the full article
FedNat’s CR hits 154.3% in Q3, strategic review committee announced
5th November 2020
Florida based primary insurer FedNat has reported a net loss of $20.7 million for the third quarter, down from a net income of $4.7 million in the prior year quarter. The company also sank to an operating loss of $21.5 million after a $4.3 million profit in the prior year period. A ... Read the full article
AXA XL appoints Welton to key CUO role
5th November 2020
AXA XL has announced the appointment of Peter Welton as Chief Underwriting Officer, Marine, Energy & Aerospace, UK & Lloyd’s market. Welton will look to develop and execute the underwriting strategy for the UK marine, energy & aerospace books and optimising product offering and profitability. The new role will see him lead ... Read the full article