Reinsurance News
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
Risk Strategies appoints Giannone to lead Chicago office, oversee central U.S.
7th August 2019
U.S. domiciled insurance brokerage, Risk Strategies, has appointed Steve Giannone to run its Chicago office and oversee operations in its central U.S. region. Industry veteran Giannone joins Risk Strategies from USI Insurance Services’ Insurance Brokerage and Consulting practice in Chicago, where he most recently served as Senior Vice President (SVP) and ... Read the full article
MS Amlin’s Q1 result hit by more frequent non-cat large losses
7th August 2019
MS Amlin, the insurance and reinsurance subsidiary of Japanese insurance group MS&AD Insurance Group Holdings Inc., has reported an underwriting loss of £51 million for the first-quarter of 2019, compared with an underwriting gain of £2 million in the first-quarter of 2018. In the first-quarter of 2019, MS Amlin was hit ... Read the full article
Assurant net income growth bolstered by TWG acquisition
7th August 2019
US specialty insurance group Assurant has recorded a Q2 net income of $139.5 million, representing a $77.3 million year-over-year increase. The increase was primarily down to growth within Global Lifestyle, including contributions from the recently-acquired The Warranty Group (TWG), as well as higher net realised gains on investments and lower net ... Read the full article
PCS designates and monitors Capital One data breach
7th August 2019
Following the Capital One hacking and data breach, which is among the largest ever in the banking and financial world, Property Claim Services (PCS) is monitoring the event for cyber catastrophe implications. This is according to PCS Co-Head, Tom Johansmeyer, who told Reinsurance News that this sort of development can take ... Read the full article
Swiss Re exploring use of AI-driven automation tool
7th August 2019
Global reinsurer Swiss Re is working with computer software firm Expert System as it looks to harness Artificial Intelligence in the automation of tasks such as assessing risk reports or claims evaluation. Expert System says its AI-driven tool ‘Cogito’ applies human-like comprehension to make information access easier as well as faster ... Read the full article
“Severe and unusual” cat events drive FedNat Q2 underwriting loss
7th August 2019
Florida-based FedNat Holding Company has posted a combined ratio of 101.5% for the second quarter of 2019, up from 99% in Q2 2018, as hail and wind related storms from twelve catastrophe events hit the states it writes property business. Overall, losses and loss adjustment expenses in Q2 increased $17.7 million, ... Read the full article