Reinsurance News
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
QBE Re re-organises structure, changes senior execs
5th May 2022
QBE Re, the reinsurance arm of global insurer QBE Insurance Group, has announced significant changes to its organisational structure as part of a strategy to further align and unify the business under Managing Director, Steve Postlewhite. QBE Re will now coordinate the underwriting of all of its products, Property, Casualty, Accident ... Read the full article
Hiscox reports ‘strong growth’ in premiums in Q1 2022
5th May 2022
Hiscox is reporting ‘strong growth’ in its group gross written premiums for Q1 2022, saying that they rose by 10.3% to reach $1,386.3m. Citing its latest release, the firm said that it had seen ‘excellent growth’ in its reinsurance and ILS business, with gross premiums written up 45.8% to $421m. However, ... Read the full article
Markel’s Co-CEO Richard Whitt to retire by March next year
5th May 2022
After 31 years with re/insurer Markel and six years as Co-Chief Executive Officer (CEO), Richard R. Whitt III plans to retire by the end of March next year. Whitt first joined Markel in 1991 and has held numerous senior leadership roles, including as President and Chief Operating Officer (COO) from ... Read the full article
SiriusPoint results down on investments & Russia losses
5th May 2022
Global specialty insurer and reinsurer SiriusPoint has reported a decline in results for the first quarter of 2022, mainly due to a large loss on investments, as well as an underwriting hit due to exposures to the war between Russia and Ukraine. The company reported a net loss of $217.0 million ... Read the full article
UK Solvency II reforms won’t affect insurer ratings, says Fitch
5th May 2022
Analysts at Fitch Ratings have assured that recent proposals made by the UK Government concerning Solvency II rules are unlikely to affect the ratings of insurers. Set out in a consultation paper last month, the proposals on Solvency II include an intention to cut the risk margin for carriers, a ... Read the full article
Aon and Paypal partner on digital insurance program
5th May 2022
Aon and PayPal Holdings have partnered on a digital initiative to help PayPal's small business customers in the US obtain insurance in the same ecosystem used to manage their payments. The digital insurance program will enable PayPal's small business customers in the US to shop for, purchase and manage insurance coverage ... Read the full article
WTW grows Relations team with three senior appointments
5th May 2022
Leading advisory and broking solutions company, WTW has announced three major appointments for its broker relations team in North America. Joseph LaRocco has been appointed Head of Industry – Broking, North America, to lead the recently established industry broking segment, Krista Cinotti has been appointed Head of Middle Market Broking, North ... Read the full article
Swiss Re falls to net loss in Q1 as high COVID and nat cat claims continue
5th May 2022
Reinsurance giant Swiss Re has reported a net loss of $248 million for the first-quarter of 2022, as losses related to the pandemic continued, as well as impacts from the war in Ukraine and natural catastrophes. The net loss compares with net income of $333 million in Q1 2021, as the ... Read the full article
Marsh launches renewable energy facility for solar & BESS risks
5th May 2022
Re/insurance broker Marsh has announced the launch of a new renewable energy facility that provides dedicated insurance capacity for mid-scale solar and battery energy storage system (BESS) risks in the US and Canada. Marsh notes that renewable energy companies have been challenged to find enough capacity for smaller standalone solar and ... Read the full article
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