Reinsurance News
Berkshire Hathaway P&C reinsurance profit soars in Q1 2022
30th April 2022
Berkshire Hathaway, the Warren Buffett-run holding company and conglomerate, had a particularly good first-quarter of 2022 in its property and casualty reinsurance business, with earnings up significantly year-on-year. In fact, the profits reported for Q1 2022 more than offset some of the loss-making other areas of Berkshire Hathaway's insurance and reinsurance ... Read the full article
Re/insurance markets challenging for buyers despite moderation: MMC
29th April 2022
John Doyle, Group President and Chief Operating Officer at broking firm Marsh McLennan (MMC), has said that the insurance and reinsurance markets remain broadly “challenging” for its clients despite some recent deceleration in pricing. Speaking during an MMC Q1 earnings call, Doyle said that, while rate increases had moderated recently, buyers ... Read the full article
Berskhire (BHSI) names Kathy Reid Head of Casualty, North America
29th April 2022
Berkshire Hathaway Specialty Insurance (BHSI), the insurance arm of Warren Buffett's global insurance and reinsurance company, has announced the promotion of Kathy Reid to Head of Casualty, North America. Within her new role, Reid brings more than 25 years of insurance industry experience. She has served as Senior Vice President at BHSI ... Read the full article
AXA XL hires Snyder as VP, Senior Underwriter, Excess Casualty, Bermuda
29th April 2022
AXA XL has appointed Christine Snyder to its Bermuda Insurance Excess Casualty team as Vice President, Senior Underwriter. Within this role Snyder’s responsibilities will include delivering profitable underwriting service to clients, which will involve her developing and managing underwriting strategies for renewed and new business within AXA XL’s Excess Casualty portfolio, ... Read the full article
SCOR collaborates with machine learning powered financial security platform
29th April 2022
Global reinsurer SCOR has announced that it is collaborating with Onuu – an all-in-one banking and insurance solution across the US. Founded by serial entrepreneurs, Felix Ortiz and Ryan Wuerch, Onuu is designed with Americans of modest means in mind, offering a personalised membership with access to life insurance, credit and ... Read the full article
Allianz reinforces commitment to net zero
29th April 2022
Allianz Group has shifted its goal to reach net zero from 2050 to 2030 and committed to no longer investing or underwriting in oil and certain gas risks. The firm also said that it will require a robust ‘net zero by 2050’ commitment from the largest hydrocarbon producers before granting coverage ... Read the full article
QBE Europe makes Beatriz Valenti Director of Insurance
29th April 2022
QBE Europe, part of QBE Insurance Group – a global insurer and reinsurer, has named Beatriz Valenti as Director of Insurance. Based in Barcelona, Valenti will join QBE Europe on June 15, and will report to Managing Director, Insurance, Cécile Fresneau. Valenti will be taking over the role from Andrea Brock, who ... Read the full article
Munich Re’s exposure to Russia-Ukraine conflict is “negligible”: Wenning
29th April 2022
Joachim Wenning, Chair of the Board of Management at Munich Re, has assured shareholders that the reinsurer’s exposure to the conflict between Russia and Ukraine is “negligible.” In an address delivered alongside Munich Re’s annual general meeting (AGM), Wenning said that the company will be able to “easily absorb” any direct ... Read the full article
Universal reports annualised return on equity of nearly 17%
29th April 2022
Universal is reporting an annualised return on equity of nearly 17%, according to its latest company reports. The firm said that its direct written premiums in Q1 2022 were up 8.5% from the same point in the previous year, having reached $396.5m. However, direct premiums earned were only up 10.4% from ... Read the full article
Liberty Mutual Insurance expands leadership team
29th April 2022
Liberty Mutual Insurance’s Global Risk Solutions (GRS) President, Neeti Bhalla Johnson recently announced the appointments of two newly created global executive leadership positions. Matthew Moore has been appointed President of Underwriting, and Susanne Figueredo Cook has been appointed as Chief Operating Officer. Phil Hobbs was also appointed as President of Liberty Specialty ... Read the full article
Insurers to pay out nearly £500m on Storms Dudley, Eunice & Franklin: ABI
29th April 2022
Recent figures released from the Association of British Insurers (ABI) show that the damage caused by Storms Dudley, Eunice and Frankin, that hit much of the UK during February 2022, is expected to lead to insurers paying out nearly £500m in dealing with 177,000 insurance claims. The figures show that there ... Read the full article
Beazley, Cytora partner to streamline insurance for brokers & clients
29th April 2022
Leading global specialist insurer, Beazley, has partnered with London insurtech firm, Cytora to automate risk processing and accelerate profitable growth. By using the Cytora Platform, this will allow Beazley to streamline its global risk intake, as well reduce manual processes and uplift straight-through processing, which will help lead to a better ... Read the full article
Aon reports strong Q1 as Reinsurance Solutions delivers 7% organic growth
29th April 2022
Aon's Reinsurance Solutions unit witnessed a 6% rise in revenue in the first-quarter of 2022 to $976 million, as the broker reports organic revenue growth of 8% across the business in the period. At $3.7 billion, insurance and reinsurance broker Aon's total revenue increased by 4% in Q1 2022 when compared ... Read the full article
Cincinnati falls to Q1 loss on accounting shift
29th April 2022
Cincinnati Financial Corporation has reported a net loss of $273 million for the first quarter of 2022, down from a net income of $620 million for the same period last year. The loss was mainly due to the recognition of a $540 million after-tax reduction in the fair value of equity ... Read the full article
The Hartford reverses underwriting loss in Q1
29th April 2022
US property and casualty insurer, The Hartford, has reported an 80% increase in net income for the first quarter of 2022, ending the period at $440 million. The result was mainly due to a reversal in its underwriting performance, which moved by $435 million from an underwriting loss of $216 million ... Read the full article
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