Reinsurance News
B3i fails to raise new capital, enters insolvency
28th July 2022
The Blockchain Insurance Industry Initiative (B3i) has announced that it has filed for insolvency after failing to raise new capital in recent funding rounds. Formed in late 2016, B3i represented a collaboration between various insurers and reinsurers to explore the potential of using Distributed Ledger Technologies (DLT) within the industry. The Initiative ... Read the full article
Universal income shrinks amid challenging Florida claims market
28th July 2022
Florida headquartered insurer Universal Insurance Holdings has reported a 66% decrease in net income over the second quarter of 2022, from $21.9 million last year to just $7.4 million. The company primarily attributed the decline to a higher net loss ratio, partly offset by a lower net expense ratio and higher ... Read the full article
Cincinnati Financial reports Q2 $808mn net loss
28th July 2022
Cincinnati Financial Corporation has reported a net loss of $808mn for the second quarter of 2022, down from a net income of $703mn for the same period last year. The loss was mainly due to the recognition of a $928mn after-tax reduction in the fair value of equity securities still held, ... Read the full article
MAPFRE posts premium growth but misses CR target
28th July 2022
Spanish reinsurer Mapfre has released its H1 2021 results, showing its combined ratio rose by 3.2 points to 98.3 %, compared to 95.1% from the year prior. Speaking in a results webcast today, Fernando Mata, MAPFRE’s CFO, said: "The objective of the combined ratio in a range of 94-95% ... Read the full article
WTW posts 3% organic growth, maintains full-year targets
28th July 2022
Re/insurance broker WTW has posted 3% organic revenue growth for the second quarter of 2022, despite total revenues declining by 3% to $2.03 billion. After posting 2% organic growth in Q1, the broker seems to remain slightly below its target of “mid-single digit” organic revenue growth for the full year, ... Read the full article
Intermediary consolidation fuelling European M&As
28th July 2022
The volume of insurance M&A deals across Europe rose by 26% from 85 to 110 in the second quarter of 2022 compared to Q2 2021, according to the European Insurance M&A Barometer by FTI Consulting. Despite spiralling inflation and rising interest rates across Europe, the data points to the continuation of ... Read the full article
Arch reports net income of $394.2m in Q2 2022
28th July 2022
Arch is reporting in its Q2 2022 results that it saw net income available to Arch common shareholders of $394.2m, alongside after-tax operating income of $506.5m. In addition, the firm said it had seen gross written premiums of $3,869m in Q2 2022, up 17.8% from the same point in 2021. However, ... Read the full article
Insured losses from natural disasters hit $34bn in H1 2022, says Munich Re
28th July 2022
Once again, the U.S. led the way in the first half of 2022 with the highest level of weather-related losses, which, globally, reached $65 billion in the period, of which slightly more than 50% were covered by re/insurance, according to Munich Re. The reinsurer's H1 2022 natural disaster review examines a ... Read the full article
SCOR announces key changes to its Board of Directors
28th July 2022
Global insurer and reinsurer SCOR has announced several key changes to its Board of Directors. With effect from July 28, 2022, Bruno Pfister, independent director and currently Chairman of the Risk Committee, will take up the chairmanship of the Audit Committee. Pfister succeeds Kory Sorenson, who, after many years spent as a ... Read the full article
Swiss Re GBS India and T-Hub partner to boost insurtech innovations
28th July 2022
Swiss Re Global Business Solutions (GBS) India, an analytics and innovation hub of Swiss Re, and T-Hub an innovation hub and ecosystem enabler, have announced a partnership aimed to improve innovation in the insurtech sector. Based in Hyderabad, T-Hub is the world’s largest innovation campus, according to the business incubator; it ... Read the full article
Everest Re reports £386m net operating income in Q2 2022
28th July 2022
Everest Re is reporting $386m in net operating income for Q2 2022, alongside 15.3% annualised operating ROE, and net income of $123m. The firm also revealed in a statement that it had over $3.4bn in gross written premiums over the same period, with year-on-year growth of 8.1% for the Group (10.3% ... Read the full article
Impacts from Russia’s war against Ukraine keenly felt, says Lloyd’s and Aon report
28th July 2022
A new report from Lloyd’s and Aon says that the sector most affected by Russia’s invasion of Ukraine will be the energy sector. The report, Ukraine: A Conflict that Changed the World, lays out five plausible scenarios to the industries and geographies most affected by the conflict. Each scenario explores ... Read the full article
Corvus opens new office in Germany
28th July 2022
Corvus Insurance, a provider of smart commercial insurance products, has opened a new continental European office in Frankfurt, Germany. The new office will look to underwrite cyber insurance business for both small- and medium-sized businesses (SMBs) and larger corporations. According to Corvus, the office location will help the company create a presence ... Read the full article
SCOR posts H1 2022 net loss as nat cats, war in Ukraine & COVID-19 hit profitability
28th July 2022
French reinsurer SCOR has reported a net loss of €239 million for the first half of 2022, driven by claims related to the drought in Brazil, flooding in Australia and other weather events, the war in Ukraine, and further losses related to the COVID-19 pandemic. The net loss announced by SCOR ... Read the full article
Fitch revises ARC Limited’s outlook to Positive
28th July 2022
Fitch has revised African Risk Capacity (ARC) Limited’s outlook to Positive from Stable and has also affirmed its IFS rating at BBB+. The credit rating agency says that this outlook revision reflects ARC Limited’s “strong progress in meeting its development objectives, which if sustained, could support a stronger ... Read the full article
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