Reinsurance News
Irma loss creep continues to dent exposed insurers
1st November 2019
With third-quarter 2019 results season well underway, some Florida focused property and casualty (P&C) insurers have revealed impacts from additional loss creep from 2017's Hurricane Irma. After more than a decade without a major hurricane making landfall along the U.S. coastline, hurricane Irma was the second of three major landfalling storms ... Read the full article
A.M. Best maintains stable outlook for Japan’s non-life sector despite headwinds
1st November 2019
Japanese non-life insurers continue to produce underwriting profits despite the impacts of significant catastrophe events, and while A.M. Best maintains a stable outlook on the sector, major headwinds are on the horizon. Highlighted most recently by the devastating impacts of typhoons Faxai and Hagibis this year and typhoons Jebi and Trami ... Read the full article
More rate improvements ahead after market pain in 2019: AXIS CEO Benchimol
1st November 2019
AXIS Capital is anticipating ongoing insurance and reinsurance pricing increases into the 2019 renewals and beyond, according to its Chief Executive Officer (CEO), Albert Benchimol. Speaking during the firm’s third quarter earnings call, Benchimol explained that rates remain inadequate in many lines, and should be spurred on by the further “pain” ... Read the full article
AIG posts Q3 income boost off lower cat losses
1st November 2019
Insurance giant AIG has posted a Q3 net income of $648 million, up significantly from the $1.3 billion loss reported in the prior year quarter. This improvement is partly driven by a $929 million pre-tax net realised gain compared to a $511 million loss in the prior-year quarter, as well as ... Read the full article
David Capdevila named CEO of Atradius, as Unda departs
1st November 2019
Trade credit insurer Atradius N.V. has announced that David Capdevila has been appointed as its new Chief Executive Officer (CEO), effective from January 1, 2020. He will succeed Isidoro Unda, who is set to depart the company after 12 years as Atradius CEO. The appointment was approved yesterday at a meeting of ... Read the full article
Investment losses hit Fairfax in Q3 but underwriting profit up
1st November 2019
Fairfax Financial Holdings Limited has reported a dip in net earnings to $68.6 million for the third-quarter of 2019, primarily as a result of a $96.7 million loss on investments, compared with a gain of $41.2 million in the prior year quarter. The Canada-based firm's net earnings fell by almost 55% ... Read the full article
Argo announces new US reporting structure
1st November 2019
Specialty re/insurer Argo has announced a new reporting structure for the Americas aimed at maintaining operational excellence and providing additional senior leadership to the region. The new structure will be led by three newly appointed executive vice presidents, all of whom will report to Kevin Rehnberg, president, group Chief Administrative Officer ... Read the full article
RMS estimates Typhoon Hagibis industry loss at up to $11bn
1st November 2019
Global risk modelling and analytics firm RMS has estimated that insured losses stemming from Typhoon Hagibis in Japan will be between US $7 billion and $11 billion. The estimate includes property damage and business interruption caused by wind and flood to residential, commercial, industrial, marine, and automobile lines, and accounts for ... Read the full article
Ironshore appoints Leahy president of IronPro
1st November 2019
Bermuda-domiciled holding company Ironshore has announced the appointment of Thomas F. Leahy, Jr as president of IronPro, its professional and management liability division. Effective November 1, Leahy will be responsible for overseeing all aspects of marketing, underwriting and distribution of IronPro professional and management liability lines to retail and wholesale markets. He ... Read the full article
Brown & Brown recruits Arrowhead exec from Zurich
1st November 2019
Insurance brokerage Brown & Brown has announced the appointment of David Putz as Executive Vice President of Arrowhead General Insurance Agency. Putz will also take up a leadership position within Brown & Brown’s National Programs Division. He joins the company from Zurich Insurance North America, where he most recently served as head ... Read the full article
Longer-term, growing in Japan is the right call, says AXIS CEO
1st November 2019
Despite 2019 being a highly active year for Japanese typhoons, AXIS Capital's decision to take advantage of improved market conditions and expand in the region remains the right call, according to the Bermudian re/insurer's Chief Executive Officer (CEO), Albert Benchimol. The insurer and reinsurer revealed in its second-quarter 2019 earnings call ... Read the full article
Insurtech firm Quantemplate redomiciles to US
1st November 2019
Quantemplate, a provider of cloud-based automated data solutions for the re/insurance industry, has announced plans to redomicile from the UK to the US. Going forward, the company will maintain its offices in London but will be headquartered in New York City. With approximately 60% of its customers based in the US, Quantemplate ... Read the full article
PERILS extends coverage to New Zealand
1st November 2019
Catastrophe loss data aggregator PERILS has announced that it plans to extend its market coverage to include New Zealand. Going forward, PERILS will offer insured property exposure data related to earthquake, flood, and extratropical cyclones in New Zealand via its database. Additionally, PERILS will provide event loss data for any events above ... Read the full article
London insurance M&A activity to persist, but focus on smaller end of market: Skeels, Mazars
31st October 2019
With fewer incumbents left to purchase at the top end of the London insurance space, M&A activity is expected to be dominated by the smaller end of the marketplace, according to Stephen Skeels, Partner and National Head of Valuations at Mazars, the global audit, accounting and consulting group. Mazars has a ... Read the full article
Suncorp chief Dransfield appointed ICA president
31st October 2019
Gary Dransfield, the Chief Executive Officer of primary insurer Suncorp, has been appointed president of the Insurance Council of Australia and chairman of the board. The decision to appoint Dransfield to the role was made during a board meeting held in Sydney. He succeeds Richard Enthoven in the position. ICA CEO Rob ... Read the full article