Reinsurance News
There may be no future for small generalist brokers, says Gallagher CEO
8th August 2019
Small, generalist insurance and reinsurance brokers could find survival increasingly challenging as the need to be a specialist in order to remain relevant increases, according to the Chief Executive Officer (CEO) of brokerage Arthur J Gallagher, Patrick Gallagher. In a recent interview with the Financial Times (FT), Gallagher suggested that the ... Read the full article
Jebi loss creep drives Q2 underwriting loss for Sirius
8th August 2019
Further loss creep from typhoon Jebi has hit the performance of Sirius International Insurance Group, Ltd. in the second-quarter of 2019, driving the firm's net income down from $98 million in Q2 2018 to $7 million in Q2 2019. The impact of loss creep from Jebi also hit the firm's H1 ... Read the full article
Third Point Re names Malloy CEO, adds Sid Sankaran to Board
8th August 2019
The Board of Directors of Third Point Re has affirmed the appointment of Dan Malloy as Chief Executive Officer (CEO) following the resignation of Robert Bredahl earlier this year. Malloy was appointed interim CEO at the time of Bredahl's departure and after the Board's review, he has now been affirmed ... Read the full article
$82m Jebi loss creep drags down Liberty Mutual Q2 performance
8th August 2019
Liberty Mutual Holding Company and its subsidiaries has reported a Q2 net income of $399 million, a 59.3% drop from the $582 million reported in the prior year quarter. The company is being hit by what has been described by Chairman and Chief Executive Officer, David H. Long, as “unusual volatility ... Read the full article
R&Q in legacy reinsurance deal for Bermuda captive
8th August 2019
Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings is to provide legacy reinsurance for a captive domiciled on the island. The loss portfolio transfer reinsurance covers workers’ compensation, product, auto, and general liability risks. The reinsurance was part of a larger transaction involving the sale of one of the parent ... Read the full article
Zurich benefits from a strong P&C result in H1 2019
8th August 2019
Global insurer Zurich has reported an increase in property and casualty (P&C) operating profit of 46% and its lowest P&C combined ratio of the past decade, of 95.1%, in the first-half of 2019. Overall, Zurich has reported business operating profit of $2.8 billion for the first-half of the year, an increase ... Read the full article
AIG posts strong Q2 off reinsurance actions, improved discipline
8th August 2019
Global insurer AIG has posted a Q2 net income of $1.1 billion, up from $937 million in the prior year quarter, driven by "expense discipline, and reinsurance actions" within its general insurance segment, according to President and Chief Executive Officer, Brian Duperreault. With a combined ratio (CR) of 97.8%, general insurance ... Read the full article
Third Point Re’s underwriting result improves on property cat business
8th August 2019
Hedge fund-backed reinsurer Third Point Re has reported an improved, albeit still negative underwriting result for the second-quarter and first-half of 2019, while the firm's net income improved for both periods when compared with 2018. Third Point Re has reported net income of $53.1 million for Q2 and $186 million for ... Read the full article
Swiss Re expects global life premiums to grow by 3% in next two years
8th August 2019
Swiss Re is anticipating that global life insurance premiums will grow by around 3% annually over the next two years, with most of the improvement coming from emerging markets. China in particular is likely to drive premium growth due to a recovery for demand in savings products. Growth in advanced markets, on ... Read the full article
Hannover Re’s net income up by 19% in 2019, P&C grows substantially
8th August 2019
Global reinsurance giant Hannover Re has reported a 19.3% rise in net income for the first-half of the year, supported by an improved result in life and health (L&H) and significant expansion in property and casualty (P&C) reinsurance. The reinsurer's net income reached €662.5 million, while its operating profit for the ... Read the full article
Labuan IBFC expects captive growth as Asian market expands
8th August 2019
Daniel Mah, the Director General of The Labuan International Business and Financial Centre (Labuan IBFC), has praised the rise of captive insurance in the region, stating that Asia in particular shows “tremendous potential” for growth in this area over the coming years. “Risk management in the form of self-insurance or captives ... Read the full article
Underwriting discipline to prevail, but earnings volatility could be on rise: S&P
7th August 2019
As the majority of large, global reinsurance companies opted to increase their natural catastrophe exposure in light of the improved rate environment, analysts at S&P have warned that while discipline is expected to persist, earnings and capital volatility could be on the rise for some. After a prolonged soft market cycle, ... Read the full article
HCI Group’s 2019 profit dented by losses, reserve strengthening
7th August 2019
Florida-headquartered re/insurance focused holding company, HCI Group, Inc., saw its net income increase by $1.2 million in the second-quarter of 2019 to $7.6 million, while the firm's combined ratio deteriorated from 89.3% in Q2 2018 to 92.9% in Q2 2019. Despite the increase in Q2 net income year-on-year, HCI Group's H1 ... Read the full article
Enstar’s Q2 net earnings rise significantly year-on-year
7th August 2019
Bermuda-based insurance, reinsurance, run-off and legacy specialist, Enstar Group Limited (Enstar), has reported higher consolidated net earnings of $231.8 million and $590.6 million for the second-quarter and first-half of 2019, respectively. For Q2, Enstar's net earnings increased significantly from the $8.2 million recorded in Q2 2018, while the firm's H1 2019 ... Read the full article
The Boeing Company’s Michael Tarling rejoins Marsh
7th August 2019
International re/insurance brokerage Marsh has appointed Michael Tarling as Senior Adviser within the Aviation Practice of Marsh JLT Specialty. Tarling previously worked for Marsh between 2005 and 2011, and rejoins the broker in what's a newly-created position that will see him deliver senior client engagement and risk advisory services to Marsh ... Read the full article