Reinsurance News
Enstar returns to Q3 profit on investment gains
7th November 2019
Bermuda-based re/insurance, run-off and legacy specialist, Enstar Group Limited, has reported consolidated net earnings of $117.7 million for the third quarter of 2019, helped by net realized and unrealized gains of $148.2 million. This represents an increase in net earnings of $133.7 million when compared with the net loss of $16.0 ... Read the full article
FEMA delays implementation of new NFIP rates by one year
7th November 2019
The Federal Emergency Management Agency (FEMA) in the U.S. has delayed the implementation of previously announced changes to the National Flood Insurance Program (NFIP) by one year, to October 1st, 2021. In March 2019, an initiative called Risk Rating 2.0 was announced by FEMA. Designed to link NFIP premiums to ... Read the full article
Liberty Mutual reports flat Q3, secures ADC with Berkshire’s NICO
7th November 2019
Liberty Mutual Holding Company Inc. and its subsidiaries produced net income from continuing operations of $274 million for the third-quarter of 2019, while the firm also announced a new adverse development cover (ADC) arrangement with Berkshire Hathaway's National Indemnity Company (NICO). For the first nine months of the year, Liberty Mutual's ... Read the full article
Generali profits up with improvements across segments
7th November 2019
Italian insurance giant Generali has posted 16.6% growth in net income over the first nine months of 2019, with improvements across all business segments. Net profit stood at €2.16 billion at September 30, although this figure was inflated by a one-off gain of €475 million from asset sales and a €188 ... Read the full article
Sirius International’s underwriting result suffers as cat losses climb 42%
7th November 2019
An increase in pre-tax catastrophe losses, net of reinsurance and reinstatement premiums, to $109 million adversely impacted Sirius International Insurance Group, Ltd.'s underwriting performance in the third-quarter of 2019, with the firm reporting a net loss of $3 million. Catastrophe losses increased by almost 42% for Sirius in Q3 when compared ... Read the full article
Lancashire takes advantage of greater market discipline in 2019
7th November 2019
Lancashire Holdings Limited has reported gross written premium growth of 13.8% to $578 million for the first nine months of the year, while its net loss estimate from hurricane Dorian and typhoon Faxai, at $33.2 million, fell within expectations. With the exception of energy, Lancashire experienced premium growth across all business ... Read the full article
AXA results lifted by AXA XL despite heavy Q3 cat losses
7th November 2019
Global re/insurer AXA increased its revenues by 5% to €79.7 billion during the first nine months of 2019, helped by its AXA XL division, which recorded a strong performance despite above-average catastrophe losses. AXA XL grew its revenues by 11% to €14.2 billion, mainly driven by its P&C Insurance and Specialty ... Read the full article
Risk Strategies appoints Powers to lead employee benefits practice
7th November 2019
Risk Strategies, a privately held US insurance broker and risk management firm, has appointed Chris Powers to lead its employee benefits practice for the eastern US. Powers, who joined Risk Strategies in 2014, holds 25 years’ experience in the insurance space and previously oversaw the New England region of the firm’s ... Read the full article
Aon’s John Turner named Chairman of Ed Bermuda
7th November 2019
Global reinsurance brokerage Ed has announced the appointment of John Turner as Chairman of Ed Bermuda, reporting to Chris Bonard, Chief Executive Officer (CEO) of Ed Bermuda. In this newly created position, Turner will provide hands-on support to realise the potential of the recently established operation. In June 2015, Ed received ... Read the full article
Zurich reports P&C premium growth, improved pricing
7th November 2019
Zurich Insurance Group has reported 2% growth in property & casualty (P&C) gross written premiums for the first nine months of 2019, with further rate acceleration in the third quarter. Adjusting for currency movements, acquisitions and disposals, this translated to 7% on a like-for-like basis, with growth coming from all regions. The ... Read the full article
Voce accuses Argo board of ‘being asleep at switch for decades’
7th November 2019
Argo Group shareholder Voce Capital Management has described the specialty re/insurer’s board as having been “asleep at the switch for decades” and urged for immediate and sweeping changes at the company following the Read the full article
Greenlight Re significantly improves underwriting & investment performance
7th November 2019
Investment-oriented reinsurer Greenlight Re has reported net income of $5.1 million for the third-quarter of 2019, as the firm produced underwriting income and an investment gain for the second quarter in a row. It would appear that the previously announced strategic review and ongoing efforts to diversify its portfolio are having ... Read the full article
Greg Solomon joins Peak Re as Head of Life & Health
7th November 2019
Hong Kong based global reinsurer Peak Reinsurance Company Limited (Peak Re) has announced that Greg Solomon has joined the company as Managing Director of Life & Health, effective November 1, 2019. Solomon arrives from Willis Towers Watson, where he was in charge of Life & Health Reinsurance Broking for all of ... Read the full article
Argo falls to Q3 loss on unfavourable prior year loss development
7th November 2019
Argo Group International Holdings, Ltd. has reported a net loss of $25.1 million for the third-quarter of 2019 versus net income of more than $40 million a year earlier, driven in part by an increase in current and prior accident year losses of $51.8 million. Argo's Q3 result was impacted by ... Read the full article
Johnston to succeed Whelan as CEO of Lancashire Insurance Company
7th November 2019
Lancashire Holdings Limited has announced that Hayley Johnston will become the Chief Executive Officer (CEO) of Lancashire Insurance Company Limited (LICL), the Group's Bermuda-based insurance and reinsurance carrier. Johnston previously held the role of Chief Underwriting Officer (CUO) at the Group's UK regulated insurer, Lancashire Insurance Company (UK) Limited (LUK), a ... Read the full article