Reinsurance News
James River returns to profitability in Q3, but revenues sink
29th October 2020
James River Group Holdings, the Bermuda-based insurance holdings company, has posted a net income $26.3 million for the third quarter of 2020, compared with a net loss of $25.2 million for the same period last year. Adjusted net operating income similarly improved to $17.4 million, compared to a loss of $22.2 ... Read the full article
WTW reports higher revenue in Q3; favourable reinsurance renewal factors
29th October 2020
Global insurance and reinsurance brokerage, Willis Towers Watson (WTW), has announced a 1% rise in revenue to $2.01 billion for the third-quarter of 2020. For the quarter, income from operations declined by 180 basis points compared to the same period in 2019, reaching $73 million. While net income of $121 million ... Read the full article
AFG’s earnings up in Q3 as firm reports highest P&C renewal pricing in 15 years
29th October 2020
American Financial Group, Inc. (AFG) has reported net earnings of $164 million for the third-quarter of 2020 and core net operating earnings of $217 million, compared with earnings of $147 million and $205 million, respectively, in the third-quarter of 2019. AFG notes that the year-on-year increase in core net operating earnings ... Read the full article
Investment caution has paid off for global reinsurers: S&P Ratings
29th October 2020
Rating agency, S&P global ratings has released a report that explores how investment caution has paid off for reinsurers on a global scale. The rating agency explained that because reinsurers exist to take on insurance risks, it is not surprising that they are more exposed to underwriting, reserving, and catastrophe risks ... Read the full article
AXIS reports Q3 net loss as combined ratio hits 114.5%
29th October 2020
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, has announced a net loss of $73 million and a combined ratio of 114.5% for the third-quarter of 2020, as pre-tax catastrophe and weather-related losses reached $240 million in the period. A net loss of $73 million compares with net income of $28 ... Read the full article
AGCS appoints Luke Baker regional head of liability for London, Nordics
29th October 2020
Allianz Global Corporate & Specialty, Allianz’s specialist carrier for corporate insurance business, has added Luke Baker as its new regional head of liability for regional unit London and Nordics. Baker will join AGCS in the new year to lead its liability business across the UK, Ireland, Nordics and the Middle East ... Read the full article
SCOR Specialty Insurance adds to Marine team
29th October 2020
SCOR Specialty Insurance, a division of global reinsurer SCOR, has announced the appointment of Richard Morris to complete its Marine Specialty product set. Operating alongside the existing Fine Art and Cargo books, Morris’ account will focus on Jewellers Block & Cash in Transit. He will be based in London and reports to ... Read the full article
Covid sees Ping An’s 9M profit sink 20%
29th October 2020
Chinese insurer Ping An saw its net profit in the first nine months of 2020 decrease by 20.5% year on year to $15.3 billion. The company noted that, while traditional offline operations slowly recovered following a more intense period of covid disruption, it remained difficult to hold large-scale offline campaigns. Offline customer meetings ... Read the full article
Just paying for a claim is not enough: AXA CEO, Thomas Buberl
28th October 2020
The events of 2020, notably the ongoing COVID-19 pandemic, are set to fundamentally alter the way insurance will be viewed and as sentiment shifts, just paying claims is not enough, according to Thomas Buberl, Chief Executive Officer (CEO) of global insurer AXA. Aon's latest fireside chat with industry leaders saw the ... Read the full article
R&Q Re registered under Segregated Accounts Companies Act 2000
28th October 2020
Randall & Quilter Investment Holdings (R&Q), has announced that its wholly owned subsidiary, R&Q Re (Bermuda) Ltd. (R&Q Re) has been registered under the Segregated Accounts Companies Act 2000. R&Q Re, a Class 3A reinsurer, is R&Q's primary legacy vehicle in Bermuda and had statuary capital of $100m at 30 September ... Read the full article
BGC records 9% growth in insurance brokerage revenue
28th October 2020
BGC Partners has recorded a 9% growth in the revenue of its insurance brokerage business during the third quarter of 2020. Insurance brokerage revenue totaled $43.3 million in Q3 2020, versus $39.7 million last year. This contributed to total brokerage revenues of $417.2 million for the quarter, which was down 14% from ... Read the full article
CoreLogic in acquisition talks after $80 per share offers
28th October 2020
Property information and analytics provider CoreLogic has confirmed that it is in talks with third parties after reports suggested it had received multiple acquisition offers valuing the company at or above $80 per share. This development may put an end to the ongoing saga between CoreLogic and investors Senator and Cannae, ... Read the full article
RMS adds Patrick McCarthy as Exec VP of Sales, Client Development
28th October 2020
Catastrophe risk modelling company RMS has appointed Patrick McCarthy as Executive Vice President of Sales and Client Development. McCarthy joins from SAP, where most recently he served as Senior Vice President and General Manager of SAP’s Ariba and Fieldglass businesses. Prior to SAP, he spent seven years at Oracle in various leadership ... Read the full article
Hastings gets approvals for acquisition deal
28th October 2020
UK-based property and casualty (P&C) insurer, Hastings Group Holdings plc, has received approval from shareholders and regulators to proceed with its acquisition by Sampo Oyj and Rand Merchant Investment Holdings Limited (RMI). Back in August, Finnish insurer Sampo Oyj and South Africa’s RMI agreed to acquire all of Hastings’ issued ... Read the full article
COVID pushes QIC to $36mn loss
28th October 2020
Qatar Insurance Company (QIC), the Middle East and North Africa (MENA) focused insurer, has reported an overall group underwriting loss of QAR 131 million (USD 36 million) for the first nine months of 2020. Results were impacted by a net group underwriting loss of QAR 83 million (USD 22.8 million). The company ... Read the full article