Reinsurance News
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
CCR Re confident for 2022 after meeting targets
5th May 2022
Bertrand Labilloy, Chairman and Chief Executive Officer of CCR Re, says the company is looking ahead through 2022 with confidence after improving its net income last year and weathering a period of crisis. The French state-owned reinsurer reported that its net income more than doubled over the course of 2021 ... Read the full article
Zurich NA adds sustainability roles to its Construction & Energy teams
5th May 2022
Insurance and risk services provider, Zurich North America has announced that it has created three roles to support Zurich Construction and Energy customers in their evolving sustainability objectives. Alicia Pavelko has returned to Zurich to serve as Head of Construction Innovation and Sustainability, where she will report to Kelly Kinzer, Head ... Read the full article
Mercury General reports earned and written premiums increase
5th May 2022
Mercury General Corporation is reporting increases in its net premiums earned and written of 5.1% and 6.4% between the ends of Q1 2021 and Q1 2022. The firm said in its latest results that its net premiums earned at the end of Q2 2022 stood at $962.5m, up from $915.9m at ... Read the full article
Munich Re Specialty offering Contract & Commercial surety bonds
5th May 2022
Munich Re Specialty Insurance (MRSI), a division of German reinsurance giant, Munich Re, has announced that it is offering Contract and Commercial surety bonds. The bonds will be available in all 50 US states and Puerto Rico, and will be sold through MRSI’s retail broker partners. In addition, the bonds are backed ... Read the full article
Palomar reports strong Q1 as GWP increases by 65%
5th May 2022
Specialty property insurer Palomar Holdings has reported a net income of $14.5 million for Q122, a 12.6% decline when compared to the same period last year which saw the company report a net income of $16.6 million. Adjusted net income also decreased by 8.9%, as the company reported an adjusted net ... Read the full article
S&P gets competition warning from DOJ over insurer ratings
5th May 2022
The US Department of Justice (DOJ) has warned S&P Global Ratings that it should “carefully consider” how proposed changes to the way it assesses the creditworthiness of bonds owned by insurance companies could harm competition, according to reports from Bloomberg. In a recent letter, the DOJ’s antitrust division said that a ... Read the full article
AXIS launches portfolio underwriting arm, names leader
5th May 2022
Bermuda-based AXIS Capital Holdings (AXIS Capital), has announced that it has launched a portfolio underwriting unit that targets multi-class portfolio business that is placed in the London specialty insurance market. Christine Cook will be leading the unit, who joins AXIS in the newly created role of Head of Portfolio Underwriting in ... Read the full article
Allstate profits dip amid inflation re-alignment
5th May 2022
Allstate has seen a drop in income and a small 0.9% dip in its consolidated revenues for the first quarter of 2022, as the company attempts to meet the challenge of inflation by re-aligning its business practices. Tom Wilson, Chair, President and CEO of The Allstate Corporation, explained that his company ... Read the full article
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