Reinsurance News
Coronavirus not an issue for Swiss Re, industry: CFO John Dacey
20th February 2020
Senior executives at Swiss Re have said that the ongoing coronavirus outbreak is not expected to be a “material issue” for the company, or for the wider re/insurance industry. Speaking during a media call alongside the release of Swiss Re’s 2019 results, Group Chief Financial Officer John Dacey said that ... Read the full article
TransRe typhoon losses weigh heavily on Alleghany results
20th February 2020
Investment holding company Alleghany Corporation has posted an underwriting profit of just $33 million for 2019, weighed down by catastrophe losses incurred by its reinsurance arm, Transatlantic Reinsurance Company (TransRe). TransRe recorded an underwriting loss of $40.9 million for the year after being hit by $301 million of catastrophe losses, mostly ... Read the full article
Storms Ciara & Dennis could push UK insurers to underwriting loss: Fitch
20th February 2020
Analysts at Fitch Ratings believe that costs from storms Ciara and Dennis will increase pressure on UK household insurers’ profitability in 2020, potentially pushing them to an underwriting loss. The storms brought strong winds, torrential rain and widespread flooding to the UK before moving across to other parts of Europe, with ... Read the full article
Korean Re to open Colombia office, reports
20th February 2020
Seoul-based reinsurer Korean Re has announced plans to open a new office in Bogota, Colombia, as the firm eyes growth opportunities in South America. According to reports from the Korea Times, the reinsurer recieved approval from local authorities on February 18 to move ahead with the opening. The company said Colombia is ... Read the full article
AEGIS London names Nicola Major as head of delegated authority
20th February 2020
Lloyd’s managing agency AEGIS London has announced the appointment of Nicola Major as head of delegated authorities, effective immediately. In this newly created role, she will be responsible for managing the company’s delegated authority team, as well as onboarding new coverholders, auditing lead coverholders, and ensuring regulatory compliance. Major has been at ... Read the full article
CNA chief actuary Haefner to retire, Chubb veteran Hopper to succeed
20th February 2020
Larry Haefner, the executive vice president and chief actuary at US commercial property and casualty insurer CNA, is set to retire at the end of 2020, with Robert Hopper to succeed him in the role. Haefner's decision to retire brings to a close a notable 40-year insurance career. "I want to thank ... Read the full article
Munich Re to partner with American Cancer Society on grants, research
20th February 2020
The US Life division of reinsurance giant Munich Re is partnering with the American Cancer Society on cancer-related research initiatives, as well as helping partially fund two ACS Research Scholar Grants. ACS supports research and training grants in a range of cancer-related disciplines at 57 institutions across the US and since ... Read the full article
Dr. Bernard Bailey & Fred Donner nominated to Argo’s Board
20th February 2020
Bermuda domiciled Argo Group International Holdings, Ltd. has nominated Dr. Bernard C. Bailey and Fred R. Donner to stand for election to the firm's Board of Directors at Argo's annual shareholder meeting on April 16th, 2020. Both Argo and Voce Capital Management jointly agreed upon the nominations as part of the ... Read the full article
Swiss Re’s Isherwood named CEO Reinsurance Americas, Regional President
20th February 2020
Swiss Re has revealed that Jonathan Isherwood is to succeed Eric Smith as Chief Executive Officer (CEO) Reinsurance Americas, Regional President and member of the Group Executive Committee. Currently, Isherwood serves as Head of Globals Reinsurance and member of the Reinsurance Executive Committee. He is set to take over as CEO Reinsurance ... Read the full article
AXA posts 75% net income jump for 2019, XL’s revenue hits €18.7bn
20th February 2020
French insurance and investment giant AXA saw its net income in 2019 jump 75% to €3.9 billion, with growth seen across all lines of business and geographies. This considerable jump in net income was mainly driven by a goodwill impairment of €3 billion related to Equitable Holdings in 2018. Underlying earnings increased ... Read the full article
Gallagher adds six to global aerospace team
20th February 2020
Global re/insurance broker Gallagher has announced six senior appointments within its global aerospace team. All new arrivals will be split between the firm’s London and New York offices. In New York, Matt Donohue and Thomas Klaus, who will be starting on 24 February, join as senior vice presidents. Donohue brings over 15 years’ ... Read the full article
FedNat bolsters reserves as adverse developments mount
20th February 2020
Florida-based primary insurer FedNat Holding Company has reported that it bolstered its reserves in the fourth quarter of 2019 to reflect adverse prior year developments, as well continued claims costs stemming from assignment of benefits (AOB). For Q4, FedNat expects to report $12.0 million (pre-tax) of adverse prior year reserve development, ... Read the full article
MMC elects Jane Holl Lute to Board of Directors
20th February 2020
Marsh & McLennan Companies has announced that its Board of Directors has elected Jane Holl Lute as a Director, effective March 1st, 2020. Lute brings extensive experience and knowledge to the company, having had a distinguished career across the public and private sectors. For more than a decade she served in the ... Read the full article
Ageas achieves record 2019 results, despite weak Q4
20th February 2020
Brussels-headquartered multinational insurer Ageas has reported a 21% increase in its net result for 2019, marking its best ever full-year results. The 2019 result stood at €979 million versus €809 million in 2018 thanks to good non-life performance in Belgium and Continental Europe, as well as its Asian life business. This was ... Read the full article
Swiss Re’s net income up but P&C combined ratio weakens on losses
20th February 2020
Global reinsurer Swiss Re has reported a 73% rise in net income for 2019 as its Life & Health Reinsurance (L&H Re) result and investment performance offset management actions within its commercial insurance arm, and a Property & Casualty Reinsurance (P&C Re) underwriting loss. For the full year 2019, Swiss Re's ... Read the full article