Reinsurance News
Allianz reinforces commitment to net zero
29th April 2022
Allianz Group has shifted its goal to reach net zero from 2050 to 2030 and committed to no longer investing or underwriting in oil and certain gas risks. The firm also said that it will require a robust ‘net zero by 2050’ commitment from the largest hydrocarbon producers before granting coverage ... Read the full article
QBE Europe makes Beatriz Valenti Director of Insurance
29th April 2022
QBE Europe, part of QBE Insurance Group – a global insurer and reinsurer, has named Beatriz Valenti as Director of Insurance. Based in Barcelona, Valenti will join QBE Europe on June 15, and will report to Managing Director, Insurance, Cécile Fresneau. Valenti will be taking over the role from Andrea Brock, who ... Read the full article
Munich Re’s exposure to Russia-Ukraine conflict is “negligible”: Wenning
29th April 2022
Joachim Wenning, Chair of the Board of Management at Munich Re, has assured shareholders that the reinsurer’s exposure to the conflict between Russia and Ukraine is “negligible.” In an address delivered alongside Munich Re’s annual general meeting (AGM), Wenning said that the company will be able to “easily absorb” any direct ... Read the full article
Universal reports annualised return on equity of nearly 17%
29th April 2022
Universal is reporting an annualised return on equity of nearly 17%, according to its latest company reports. The firm said that its direct written premiums in Q1 2022 were up 8.5% from the same point in the previous year, having reached $396.5m. However, direct premiums earned were only up 10.4% from ... Read the full article
Liberty Mutual Insurance expands leadership team
29th April 2022
Liberty Mutual Insurance’s Global Risk Solutions (GRS) President, Neeti Bhalla Johnson recently announced the appointments of two newly created global executive leadership positions. Matthew Moore has been appointed President of Underwriting, and Susanne Figueredo Cook has been appointed as Chief Operating Officer. Phil Hobbs was also appointed as President of Liberty Specialty ... Read the full article
Insurers to pay out nearly £500m on Storms Dudley, Eunice & Franklin: ABI
29th April 2022
Recent figures released from the Association of British Insurers (ABI) show that the damage caused by Storms Dudley, Eunice and Frankin, that hit much of the UK during February 2022, is expected to lead to insurers paying out nearly £500m in dealing with 177,000 insurance claims. The figures show that there ... Read the full article
Beazley, Cytora partner to streamline insurance for brokers & clients
29th April 2022
Leading global specialist insurer, Beazley, has partnered with London insurtech firm, Cytora to automate risk processing and accelerate profitable growth. By using the Cytora Platform, this will allow Beazley to streamline its global risk intake, as well reduce manual processes and uplift straight-through processing, which will help lead to a better ... Read the full article
Aon reports strong Q1 as Reinsurance Solutions delivers 7% organic growth
29th April 2022
Aon's Reinsurance Solutions unit witnessed a 6% rise in revenue in the first-quarter of 2022 to $976 million, as the broker reports organic revenue growth of 8% across the business in the period. At $3.7 billion, insurance and reinsurance broker Aon's total revenue increased by 4% in Q1 2022 when compared ... Read the full article
Cincinnati falls to Q1 loss on accounting shift
29th April 2022
Cincinnati Financial Corporation has reported a net loss of $273 million for the first quarter of 2022, down from a net income of $620 million for the same period last year. The loss was mainly due to the recognition of a $540 million after-tax reduction in the fair value of equity ... Read the full article
The Hartford reverses underwriting loss in Q1
29th April 2022
US property and casualty insurer, The Hartford, has reported an 80% increase in net income for the first quarter of 2022, ending the period at $440 million. The result was mainly due to a reversal in its underwriting performance, which moved by $435 million from an underwriting loss of $216 million ... Read the full article
Philippe Donnet to remain as Generali CEO
29th April 2022
Shareholders of Italian insurance giant Generali voted today in favour of keeping current Chief Executive Officer (CEO), Philippe Donnet, in his role with a margin of ~56% of voting capital in favour. At the insurer's AGM today, held remotely owing to COVID-19 concerns, Donnet's term was renewed despite a challenge from ... Read the full article
China Re sees rise in profits and premiums for 2021
29th April 2022
China's largest reinsurance company, China Re, has reported an 8% year-on-year rise in net profit to RMB 6,390 million (USD 970mn) for the full-year 2021, as gross written premiums (GWP) jumped by almost 1%. For 2021, net profit attributable to equity shareholders of the company totalled RMB 6,363 million (USD 966mn), ... Read the full article
AXA reconfigures its board of directors
29th April 2022
AXA has appointed Antoine Gosset-Grainville and Thomas Buberl as the respective chairman and CEO of the insurer’s board of directors. The firm announced, in a statement, that the appointments follow the approval of the board of directors’ resolutions at its Annual General Meeting. Gosset-Grainville will replace Denis Duverne as chairman of ... Read the full article
Market modernisation and third-party capital positive for London, says AM Best
29th April 2022
A failure to modernise and follow the Future at Lloyd’s prospectus could result in a weakening of the London market, says AM Best in a new note. The agency said that the London market is known for being expensive for doing business due to the level of underwriting expertise, a reliance ... Read the full article
Fairfax grows top line but earnings shrink on investment losses
29th April 2022
Property and casualty re/insurance holding company Fairfax Financial has reported net earnings of just $125.5 million for the first quarter of 2022, compared with $806.0 for the same period last year. The dip in performance comes after Fairfax reported record earnings of $3.4 billion in 2021. Earnings in Q1 were affected ... Read the full article
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