Reinsurance News
DUAL North America adds three members to Transactional Risk team
28th October 2022
DUAL North America, one of the largest independent underwriting organisations in the US, has announced the expansion of its Transactional Risk team with the addition of three new hires. Daniel Bond, Yash Jafari have both joined the team in the role of Senior Vice President and will be part of CUAL’s ... Read the full article
AXA XL launches Innovation Office in the Americas, appoints Head
28th October 2022
AXA XL Insurance has launched an Underwriting Innovation Office in the Americas, appointing Rose Hall as Head. Under Hall's leadership, AXA XL state that the Americas Underwriting Innovation Office will liaise across business lines and support functions in the Americas, including Client Distribution, Underwriting, and Risk Engineering/Consulting, to support innovation initiatives ... Read the full article
“Tremendous” market opportunity heading into 2023, says Everest Re
28th October 2022
Everest Re President and CEO, Juan Andrade, and Jim Williamson, Group COO and Head of Reinsurance, see a host of significant opportunities for growth in 2023, noting that Everest is very well positioned to take full advantage of them. Andrade cited Everest's strong client and broker relationships that the firm has ... Read the full article
Ageas sees strong impact from European inflation, plus financial strife in China
28th October 2022
Ageas has released its Q3 2022 results, saying that it saw a ‘strong impact’ from UK and Turkish inflation, along with adverse financial markets in China. The firm had said, while commenting on the first half year 2022 performance in August, that it was confirming its guidance of €1bn for the ... Read the full article
Gary Harris re-joins Appleby’s Bermuda Office
28th October 2022
Appleby expands its corporate practice with the announcement that partner Gary Harris is re-joining its Bermuda office. Harris joins Appleby from Fortitude Re, where he has been Head of Legal and Compliance in Bermuda for close to three years. His first tenure at Appleby began in 2014, where he advised commercial insurers, ... Read the full article
Aon revenues stable, buoyed by Reinsurance Solutions growth
28th October 2022
Re/insurance broker Aon has posted flat revenue of $2,696 million for the third quarter of 2022, as growth in its Reinsurance Solutions segment offset a decline in revenues across all other segments. The Reinsurance Solutions segment grew its revenue by 12% to $396 million in Q3, including organic revenue growth of ... Read the full article
The Hartford reports “strong” profits despite Hurricane Ian losses
28th October 2022
US property and casualty insurer, The Hartford, has reported a net income of $333 million for the third quarter of 2022, down 20% compared to the $476 million reported last year. According to the company, this was primarily due to lower net investment income and a change from net realised gains ... Read the full article
Gallagher grows earnings through Q3
28th October 2022
Insurance and reinsurance broker, Arthur J. Gallagher & Co., has reported net earnings of $256.3 million for the third quarter of 2022, compared with $238.6 million a year earlier. The firm’s overall revenues were down slightly from $2,105.6 million to $2,012.0 million, but were up by 15% for the combined brokerage ... Read the full article
It’s clear reinsurers require better expected returns, says Swiss Re’s John Dacey
28th October 2022
John Dacey, Chief Financial Officer (CFO) of Swiss Re, has said it's clear that reinsurers require better expected returns on the business they write, suggesting it's going to be a challenging January 1st, 2023, reinsurance renewals amid a classic supply-demand imbalance. Early this morning, Swiss Re released its 9M 2022 ... Read the full article
Aon study finds prepared leaders make better decisions during volatile times
28th October 2022
Re/insurance broker Aon has released the results of its 2022 Executive Risk Survey, "Making Better Decisions in Uncertain Times" finding that leaders who are making better decisions about risks are better prepared to navigate through and succeed during highly volatile times and economic uncertainty. Aon's research involved conducting 800 interviews with ... Read the full article
Universal reports a $72m net loss in Q3
28th October 2022
Universal Insurance Holdings has reported a net loss of $72.3 million for the third quarter of 2022, down from a net income of $20.2 million in the prior year quarter. The company also reported an adjusted net loss of $69.4 million for the quarter, down from adjusted net income of $19.8 ... Read the full article
JP Morgan points to losses and pricing impacts on European reinsurance
28th October 2022
A new note from JP Morgan on the European reinsurance market says that large losses over the last six years alongside a half decade of price increases have impacted the industry. The financial giant said that five years of price increases have bode well for underlying underwriting results in recent years. ... Read the full article
L&G transacts first Assured Payment Policy with a smaller pension scheme
28th October 2022
Legal & General Assurance Society Limited has announced that it has agreed and Assured Payment Policy (APP) transaction of around £10 million with Flour Milling and Baking Research Association Pension and Assurance Scheme marking its sixth APP transaction. The sponsoring company, Campden BRI, is a specialist advisory and research firm for ... Read the full article
Swiss Re announces 9M 2022 net loss as P&C sees large nat cat claims
28th October 2022
Global reinsurance giant Swiss Re has reported a net loss of $285 million for the first nine months of 2022, driven by a loss in the third-quarter of $442 million on the back of lower investment results and large natural catastrophe claims. The net loss of $285 million and a return ... Read the full article
ARM launches Data and Modeling Institute
28th October 2022
Actuarial Risk Management Ltd. (ARM), a provider of advisory actuarial services, has announced the launching of its Data and Modeling Institute (DMI), aimed to transform insurers' actuarial functions and address the industry's supply-demand imbalance for actuarial talent through managed actuarial services. According to the firm, the DMI will provide a strategic ... Read the full article
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