Reinsurance News
Piiq opens Paris office following regulatory nod
28th October 2020
Aerospace re/insurance broker Piiq Risk Partners has opened its new French office in Paris, having received approval to operate in the country earlier this year. The re/insurance broker’s French operation, Piiq Risk Partners SAS, will serve as a base for expanding its services across the French and European markets. The company notes ... Read the full article
Swiss Re partners with Württembergische Versicherung for IPA platform
28th October 2020
Re/insurer Swiss Re has announced the signing of a Memorandum of Understanding with Württembergische Versicherung to configure its IPA platform for its first insurer in Germany. After providing solutions to the broker network Brokerslink and insurer Local Tapiola earlier this year, Swiss Re is making its international programme solutions available to ... Read the full article
Biggest COVID impact for reinsurers is the investment environment: Transatlantic CEO
27th October 2020
As the ongoing COVID-19 pandemic exacerbates the lower for longer interest rate environment, reinsurance companies have once again placed an emphasis on underwriting profitability. In recent times, the underwriting performance of the global reinsurance industry has been challenged as rate changes and terms and condition improvements have lagged the primary marketplace. The ... Read the full article
Marsh promotes Klint to lead risk management in Continental Europe
27th October 2020
Insurance broker Marsh has announced the appointment of Carolina Klint as Risk Management Leader for Continental Europe. Based in Stockholm, Klint will report to Siegmund Fahrig, Chief Executive Officer of Marsh Continental Europe. She brings over 18 years of international and leadership experience to the role, having joined Marsh from AIG in ... Read the full article
Insurtech Ladder expands reinsurance relationships with PartnerRe alliance
27th October 2020
Bermuda-based reinsurance company, PartnerRe, has entered into a new partnership with life insurance focused insurtech, Ladder. Ladder was established in 2015 and offers technology-driven insurance solutions designed to meet the demands of today’s consumers. By focusing on speed, ease, and affordability, the company looks to reinvent life insurance to be both ... Read the full article
Willis Re completes $100mn ILS deal for Minnesota Life
27th October 2020
In collaboration with Willis Re, Willis Re Securities says it has structured and placed $100 million of insurance-linked securities (ILS) for Minnesota Life, a life insurance subsidiary of Securian Financial Group. With this deal, Minnesota Life will be the first US direct writer of life insurance to utilise an extreme mortality ... Read the full article
Tokio Marine reveals participation in Lemonade’s reinsurance program
27th October 2020
Tokio Marine Holdings has announced its participation in the reinsurance program of insurtech firm Lemonade, in what it views as the first step towards a larger strategic partnership. The company has been a participant in the reinsurance program since July 1st 2020, which was around the same time that Lemonade ... Read the full article
Principal’s Q3 results show drop in net income
27th October 2020
Principal Financial Group (PFG) has announced its Q3 results which show that net income has dropped to $236 million, compared to $277.1mn in the same period last year. PFG’s non-GAAP operating earnings for the third-quarter of 2020 fell to $234.5 million, compared to $345.3 million for the third-quarter of 2019. PFG notes ... Read the full article
Hiscox adds Yana O’Sullivan as head of investor relations
27th October 2020
Specialist re/insurer Hiscox has announced the appointment of Yana O’Sullivan as Head of Investor Relations. O’Sullivan is a senior investor relations and strategy leader, with over 15 years’ experience. She started her IR career at Standard Chartered Bank before leaving for the investor relations team at Friends Life Group, now part of ... Read the full article
Investment gains help boost Cincinnati’s Q3 net income to $484mn
27th October 2020
Primary insurer Cincinnati Financial has reported a third quarter net income of $484 million, up from $248 million in the prior year period. This increase was primarily due to the after-tax net effect of a $352 million increase in net investment gains and partially offset by a $106 million decrease in ... Read the full article
London market survey finds just 14% want to return to office
27th October 2020
A London market survey conducted by the Professional Liability Underwriting Society (PLUS) has found that just 14% of staff want to return to the office full time. The London chapter of PLUS polled 160 of its members during a webinar last week on the evolution of the re/insurance market. Results showed that ... Read the full article
Aegon reportedly looking at sale of Eastern European business
27th October 2020
Aegon, a provider of life insurance, pensions and asset management, is considering a sale of its Eastern European business, according to reports from Reuters. Sources say the company is working with JP Morgan on the process and has already entered talks with potential buyers. The reasoning behind a sale would be to ... Read the full article
Brown & Brown’s organic revenue up 4.3% in Q3
27th October 2020
Insurance brokerage Brown & Brown, Inc. has reported total revenues of $674 million for the third-quarter of 2020, as commissions and fees increased by 8.7% to $671.4 million. At the same time, the company has announced that organic revenue spiked by 4.3% in Q3 2020 to $621.3 million, compared with $595.9 ... Read the full article
Gov schemes benefit Coface in Q3 but 9M net income falls 55%
27th October 2020
Credit insurer Coface has reported net income of €28.5 million (USD 33.7mn) for the third-quarter of 2020 and an improved combined ratio of 77.4%, driven by the temporary positive impact of government schemes. The state-guaranteed COVID-19 reinsurance scheme, designed to support French SMEs by covering credit insurance risks, benefited the company's ... Read the full article
Review of the Solvency II rules could benefit UK insurers: Fitch
27th October 2020
Fitch Ratings has released a report that shows how the UK Treasury's proposed review of the Solvency II (S2) rules could benefit UK insurers by reforming some of its more burdensome aspects and facilitating investment in a wider range of assets. The review seeks to address some of the effects ... Read the full article