Reinsurance News
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
AXA XL names Scott Gunter as new CEO as Hendrick departs
20th February 2020
AXA XL, the commercial insurance and reinsurance arm of the AXA Group, has announced that its Chief Executive Officer Greg Hendrick is set to depart and has hired Scott Gunter, formerly the Senior Vice President of Chubb Group and President of Chubb’s North America Commercial Insurance division, as its new ... Read the full article
Hippo expands reinsurance panel, establishes captive
19th February 2020
California-headquartered, homeowners focused InsurTech firm, Hippo, has announced the expansion of its reinsurance panel and the establishment of its own captive as it eyes continued growth. Founded in 2015, Hippo looks to transform home insurance and ownership by providing a more efficient and affordable service to U.S. homeowners. The InsurTech company first ... Read the full article
Everest Insurance expands E&S Casualty Excess group
19th February 2020
Everest Insurance, a division of Bermuda-based reinsurer Everest Re Group, has expanded its Excess & Surplus (E&S) Casualty Excess group with four new additions. Kelly Doyle joins Everest as a Senior Underwriter based in the company’s Chicago office. She most recently served at Allianz Global and Corporate Specialty as a Corporate ... Read the full article
New California bill will enforce wildfire-hardening, insurer participation
19th February 2020
New legislation has been introduced in California that would require insurers to provide cover to homes in communities that meet new statewide standards for fire-hardening. The bill would also authorise the insurance commissioner to require insurers to offer financial incentives for homeowners who undertake work towards making their homes more fire-safe. Renew ... Read the full article
Cayman Islands blacklist status will be temporary: Conyers
19th February 2020
International law firm Conyers has said that it is expecting the status of the Cayman Islands on the European Union’s tax blacklist to be temporary, with the jurisdiction already looking to begin the removal process. The EU confirmed today that the Cayman Islands had been added to its list of ... Read the full article
Palomar’s net income rises but combined ratio weakens in Q4
19th February 2020
U.S. insurer Palomar Holdings, Inc. recorded an increase in net income for the fourth-quarter of 2019 when compared with the same period in 2018, while premiums grew by a huge 68.4% in the quarter. Net income of $10.9 million in the fourth-quarter represents growth of almost 164% when compared with the ... Read the full article
Syndicates forecast deteriorating Lloyd’s results for 2017/2018
19th February 2020
A number of Lloyd's of London syndicates have been reporting updated forecasts for their results on the 2017 and 2018 years of account in recent days and there are signs of some deterioration. The performance of Lloyd's syndicates has been a focus over the last year, of course, as the market ... Read the full article
Singapore government extends tax incentives for re/insurance
19th February 2020
In its 2020 budget announcement yesterday, the Singapore government revealed the extension of numerous tax benefits, two of which apply to insurance and reinsurance operations. Both the Insurance Business Development (IBD) umbrella scheme and the IBD-Captive Insurance scheme were set to expire on March 31st, 2020 and have now been extended ... Read the full article