Reinsurance News
Markel reports premium growth, but heavy investment loss dents 2022 performance
3rd August 2022
Markel Corporation earned premiums grew 17% in the second quarter of 2022, yet high investment losses have hurt the company’s performance. The re/insurer earned premiums grew to $1.83bn compared to the $1.56bn reported in Q2 2021; according to the re/insurer, this improvement reflects continued growth in gross premium volume from new ... Read the full article
Fleming hires Samir Khare to lead casualty ILS platform
3rd August 2022
Fleming Insurance Holding has hired Samir Khare to head up its nascent casualty ILS platform buildout as a part of a $150 million capital infusion by Altamont Capital and Fleming Corp. The buildout will include pooling and structuring capabilities to transform casualty insurance risk to the capital markets. Khare most recently worked ... Read the full article
Inflationary pressures push Mercury General to large Q2 loss
3rd August 2022
Mercury General has posted a loss of $210.7 million for the second quarter of 2022, compared with a positive result of $109.2 million for the same period last year. The loss comes as a result of inflationary pressures and $241.9 million of net realised investment losses that weighed on revenues, versus ... Read the full article
The Hanover sees earnings slip amid personal lines headwinds
3rd August 2022
Property and casualty insurance company, The Hanover Insurance Group, has reported net income of just $22.6 million for the second quarter of 2022, compared with $128.5 million for the same period last year. At the same time, operating income decreased from $104.0 million to $83.9 million, with the company attributed the ... Read the full article
Cowbell launches its product on Amwins’ Professional Lines portal
3rd August 2022
Cowbell Cyber, a cyber insurance provider for small and medium enterprises (SMEs) has been selected by Amwins, an independent wholesale distributor of specialty insurance and services, as trusted digital partner for cyber insurance. According to the announcement, the partnership delivers on the promise of leveraging technology to automate cyber insurance applications ... Read the full article
Greenlight Re reports strong rise in net income in Q2 results
3rd August 2022
Hedge fund-backed reinsurer Greenlight Re has reported a net income of $14.8 million for the first quarter of 2022, a huge increase compared to net income of $0.6 million from the second quarter of 2021. Gross premiums written (GPW) in the quarter were $134.8 million, a 4.8% decrease compared to $141.6 million ... Read the full article
Hiscox reports solid underwriting performance, but investments drive H1 net loss
3rd August 2022
Global re/insurer Hiscox has fallen to a loss of $107.4 million in the first half of 2022, as a negative investment result more than offset an improved underwriting performance in the period. The loss for H1 2022 compares with profit of $133.4 million a year earlier, with Hiscox highlighting a strong ... Read the full article
Everest Re expects further market improvements at 1/1
3rd August 2022
Juan Andrade, President, CEO and Director of Bermuda-based reinsurer Everest Re, has said that he expects further improvements in the reinsurance market going into the January 2023 renewal period. Speaking on an earnings call alongside the release of Everest Re’s Q2 results, Andrade addressed the issue of market conditions through the ... Read the full article
Lloyd’s announces new and improved London Bridge PCC vehicle
3rd August 2022
The specialist Lloyd's insurance and reinsurance marketplace has received approval to establish a second protected cell company (PCC), building on the success of its London Bridge Risk PCC vehicle. The second London Bridge PCC has received regulatory approval from both the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA) ... Read the full article
Travelers Syndicate 5000 gets ratings downgrade
3rd August 2022
Syndicate Research Limited (SRL) has downgraded the B^ (Average), negative outlook, Continuity Opinion of Lloyd's syndicate 5000 (Travelers Syndicate Management Limited) to B-^ (Below Average). SRL explained that the downgrade was made in light of the syndicate’s underperformance relative to its B (Average) peer group in recent years, and assigned a ... Read the full article
AXA XL Re’s revenue down by 21% on nat cat reduction
3rd August 2022
Global insurer AXA has today reported 1% growth in gross revenues to €55 billion for the first half of 2022, although within AXA XL Reinsurance revenues fell by 21% on the back of a strong reduction in natural catastrophe exposure. Alongside the growth in gross revenues, French insurer AXA has reported ... Read the full article
IGI to acquire Norwegian MGA Energy Insurance Oslo
3rd August 2022
International General Insurance Holdings Ltd. (IGI) has signed a non-binding letter of intent to acquire Energy Insurance Oslo AS (EIO), a managing general agency based in Norway. The proposed transaction includes the acquisition of 100% of EIO’s shares and is expected to close in Q3, subject to regulatory approval. Upon completion of ... Read the full article
Risk Innovations rebrands to Jencap Insurance Services
3rd August 2022
Risk Innovations, a national wholesaler that specializes in Workers’ Compensation, has been rebranded as Jencap Insurance Services Inc. (JCIS), a principal division of Jencap. The rebrand follows Risk Innovations’ acquisition by Jencap Group in 2018. Jencap is a New York headquartered wholesale program management and binding authority business, whose divisions and affiliate ... Read the full article
Société Centrale de Réassurance’s expansion cited as rating affirmed
3rd August 2022
Fitch Ratings has affirmed Morocco-based Société Centrale de Réassurance (SCR) National Insurance Financial Strength (IFS) Rating at ‘AAA(mar)’, the outlook is stable. SCR has gradually increased its international diversification, as reflected in the share of the gross premiums written outside Morocco of 25% in 2021, up from 22% in 2018. Fitch has ... Read the full article
NWLIC and Aspida enter into $250mn Funds Withheld Coinsurance Agreement
3rd August 2022
National Western Life Insurance Company (NWLIC), part of National Western Life Group, Inc., has entered into a Funds Withheld Coinsurance Agreement with Bermuda domiciled reinsurer, Aspida Life Re Ltd. NWLIC agreed to cede, on a coinsurance with funds withheld basis, a specified quota share of certain liabilities pertaining to an in-force ... Read the full article
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