Reinsurance News
AXA XL reports Q1 revenue growth to €6.2bn as nat cat reduction continues
6th May 2022
AXA XL, the property and casualty (P&C) and specialty risk division of AXA, has reported revenue growth of 4% to €6.2 billion in the first-quarter of 2022, despite a steep reduction in natural catastrophe exposure within reinsurance. French insurer and reinsurer AXA has now released its Q1 2022 results, which show ... Read the full article
Beazley reports better-than-expected results for Q1 2022
6th May 2022
Beazley is reporting a 27% increase in gross written premiums between Q1 2021 and Q1 2022. The firm said that these had been $971m last year, but recently went up to $1,229m. At the same time, renewal rates reached 17%, up one percentage point from the year before. However, it did ... Read the full article
P&C statutory loss reserves ‘adequate’ at the end of 2021 – Fitch Ratings
6th May 2022
Fitch Ratings has said in a new report that the property and casualty (P&C) industry’s statutory loss reserves remained adequate at YE21, with a 16-year track record of favourable prior-period development supporting balance sheet strength. The agency said that the positive pricing environment and potential for further redundancies from declining claims frequency ... Read the full article
SCOR reports €80m loss in Q1, but premiums up with strong growth in P&C
6th May 2022
Global reinsurer SCOR has reported a net loss of €80 million for the first-quarter of 2022, as the firm's natural catastrophe ratio exceeded budget, COVID-19 continued to impact life and health (L&H), and it reserved for losses related to the war in Ukraine. The net loss compares with income of €45 ... Read the full article
Coverys launches international business in Dublin
6th May 2022
Leading medical professional liability insurance provider, Coverys, has announced the launch of Coverys International Insurance Company (Coverys International), based in Dublin, Ireland. The company will write a portfolio of European speciality liability business primarily distributed through the group’s pan-European network of MGA companies, that includes Bridge Insurance Brokers in Italy, AEC ... Read the full article
Newfront appoints PJ Jacquelin to growing P&C Marine team
6th May 2022
San Francisco-headquartered Tech-enabled broker, Newfront has announced the appointment of PJ Jacquelin as a property and casualty (P&C) Producer and Vice President of the Marine team. Within this new role, Jacquelin brings nearly 20 years of Ocean Marine experience, through time spent as a commercial mariner, USCG marine inspector, and marine ... Read the full article
Shanghai lockdown a $28bn global trade hit: Russell
6th May 2022
The current Shanghai Covid lockdown has created severe delays at the port, delivering a $28 billion hit to global trade, with clothing and textiles industries having the most exposure, according to analysis by Russell Group, a data and analytics company. Recent COVID flare-ups across China have caused huge disruption both to ... Read the full article
Pro MGA Global Solutions providing incubator for Pet Proactive
6th May 2022
Global re/insurance provider, Pro Global Holdings has announced that its Managing General Agent incubator subsidiary, Pro MGA Global Solutions, is set to provide a incubator platform for Pet Proactive Limited (Pet Proactive). Pet Proactive is an MGA that provides underwriting services for pet insurance on behalf of capacity provider – HDI ... Read the full article
Everest Re still ‘very much a leader’ in property catastrophe: COO Williamson
5th May 2022
Bermuda-based Everest Re has been expanding its casualty book of business as it further diversifies in reinsurance, but despite the evolving business mix, the carrier remains a leader in the property catastrophe market, according to Chief Operating Officer (COO), Jim Williamson. The composition of Everest Re's P&C portfolio ended the first ... Read the full article
Zurich NA adds Christopher Lewis to lead E&S unit
5th May 2022
Zurich North America has announced that Christopher M. Lewis will join the organization, effective May 16, 2022, as Executive Vice President and Head of a new, standalone business unit dedicated to the Excess & Surplus (E&S) Lines market. Lewis most recently served as President and CEO of the International Financial Group ... Read the full article
Talanx reports double-digit percentage rise in premium income
5th May 2022
Talanx is reporting what it calls ‘a clear double-digit percentage rise’ in premium income in Q1 2022. The firm said that gross written premiums increased by 16.5% compared to the prior-year quarter to €15.9bn; the rise after adjustment for exchange rate effects was 13.4%. All divisions contributed to this growth. Operating profit ... Read the full article
HCI Group sees rise in premiums in strong Q1
5th May 2022
Florida-based insurtech HCI Group has announced consolidated gross written premium (GWP) growth to $177.3 million for the first quarter of 2022, a 40.9% increase from $125.8 million from the same period last year. The company also saw a 36.6% increase in consolidated gross premium as they earned $178.9 million, compared to ... Read the full article
Liberty Mutual Insurance sees net income plunge $358m in Q1 2022
5th May 2022
Liberty Mutual Insurance has reported net income of $498m for Q1 2022, down from $856m in the same period in 2021. David H. Long, chairman and CEO of the firm, acknowledged the fall directly in a statement, blaming market uncertainties brought by macroeconomic and geopolitical headwinds. He said that the firm ... Read the full article
Swiss Re’s Ukraine war reserves include aviation as there’s “real loss there” – CFO Dacey
5th May 2022
A portion of the $283 million Swiss Re reserved in the first-quarter of 2022 for the ongoing war in Ukraine is for aviation, as the reinsurer believes "there is real loss there," according to its Chief Financial Officer (CFO), John Dacey. This morning, Swiss Re announced reserves of $154 million within ... Read the full article
Allstate raises catastrophe reinsurance coverage by $850m
5th May 2022
US primary insurer Allstate has expanded its per-occurrence Nationwide Excess Catastrophe Reinsurance programme for 2022-2023 to provide coverage up to $6.614 billion of losses, less a $500 million retention. In Q1 2022, Allstate completed the renewal of some of its catastrophe reinsurance placements for 2022-2023, specifically its Nationwide Excess Catastrophe Reinsurance ... Read the full article
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