Reinsurance News
United (UPC) narrows loss in final quarter of ‘transition year’
24th February 2022
Property and casualty insurance holding company United (UPC Insurance) has reported a net loss of $2.3 million for the fourth quarter of 2021, which has been termed a “transition year” for the company as it attempts to reshape its operations. The Q4 loss compares with a much larger loss figure of ... Read the full article
FEMA taps capital markets for $450m of flood reinsurance for NFIP
24th February 2022
The U.S. Federal Emergency Management Agency (FEMA) has again turned to the capital markets to secure an additional $450 million of reinsurance for the National Flood Insurance Program (NFIP), via its fifth FloodSmart Re Ltd. catastrophe bond transaction. The issuance of FloodSmart Re Ltd. (Series 2022-1), FEMA's special purpose insurer, ... Read the full article
GIBA names Aon’s Paul Sykes as Deputy Chair
24th February 2022
The Guernsey International Business Association (GIBA) has appointed Paul Sykes, Managing Director at Aon, as its new Deputy Chair. Sykes has worked with Aon for over 25 years and has helped develop businesses for Aon and the White Rock Group in Guernsey, Gibraltar and Malta. He is the former Chairman of the ... Read the full article
Cowbell Cyber and Smart Choice to team up
24th February 2022
Cowbell Cyber and Smart Choice are to partner up to help distribute cyber coverage and risk monitoring services. Under the arrangement, Smart Choice's network of 9,000 agency partners across 45 states will have access to Cowbell Prime 100, Cowbell's flagship standalone and admitted cyber insurance product. Smart Choice said in a statement ... Read the full article
RiverStone and MS Amlin enter $266m split RITC
24th February 2022
Legacy reinsurance and run-off specialist, RiverStone International, has agreed with MS Amlin Underwriting to undertake a split reinsurance-to-close (RITC) transaction of the UK property and casualty portfolio of the 2019 and prior years of account of MS Amlin’s Syndicate 2001 at Lloyd's. RiverStone International will undertake the split RITC through its ... Read the full article
AXA to transform holding company into Group’s internal reinsurer
24th February 2022
AXA S.A., the holding company of French insurer AXA Group, is to be transformed into the company's internal reinsurer via a merger with the Group's current captive internal reinsurer. Under the plans, AXA S.A. will become a licensed reinsurance entity once it has absorbed AXA Global Re, the existing captive. The idea ... Read the full article
Life insurers likely to maintain capital, despite post-Brexit Solvency II reforms
24th February 2022
UK life insurers are likely to maintain strong capital commensurate with ratings despite the reduction in capital requirements born by Solvency II, says a new note from Fitch. According to the agency, the UK government announced plans in February to help free up £10bn of capital, with encouragement for it to ... Read the full article
Fitch predicts €5bn insured losses from recent Europe storms
24th February 2022
Analysts at Fitch Ratings are estimating that a series of recent storms that battered much of northern Europe will together cause gross insured losses of as much as €5 billion. Storms Dudley, Eunice and Franklin caused widespread wind and flood damage last week with particularly severe impacts in the Germany, the ... Read the full article
Strong P&C performance sees AXA report 61% rise in underlying earnings for 2021
24th February 2022
Global insurer AXA has reported a 61% rise in underlying earnings for 2021 to €6.8 billion, driven by a strong performance in its property and casualty (P&C) operation and a strong underwriting result, notably at AXA XL. Across the Group, gross revenues were up by 6%, year-on-year, to more than €99.9 ... Read the full article
TransRe profits recover in 2021, boost Alleghany result
24th February 2022
Investment holding company Alleghany Corporation saw earnings shoot up from $157.6 million in 2020 to $1,412.7 last year, helped in part by a recovery in the performance of its reinsurance operating subsidiary, TransRe. TransRe reported underwriting profit of $28.8 million for the year and $131.6 million for Q4, after incurring losses ... Read the full article
Nat cats drive Conduit to $42m loss in first year of operations
24th February 2022
Class of 2021 reinsurance start-up, Conduit Re, has reported a comprehensive loss of $42 million for its first year of operations, after incurring heavy catastrophe losses. The company’s natural catastrophe bill for the year was $53.8 million, which resulted in an overall underwriting loss of $7.0 million. Catastrophes also contributed 27.7% to ... Read the full article
SCOR announces 95% rise in net income despite impact of cats & COVID
24th February 2022
French reinsurer SCOR has reported an almost 95% rise in net income for 2021 to €456 million, despite above budget natural catastrophe losses pushing the property and casualty (P&C) combined ratio to 100.6%. Alongside a rise in income, SCOR has announced that across the Group, gross written premium (GWP) rose by ... Read the full article
AM Best revises MS Amlin’s rating outlook to negative on ‘weakening underwriting’
24th February 2022
In light of a "weakening underwriting performance" in recent years, ratings agency AM Best has revised the outlook for the Long-Term Issuer Credit Rating of MS Amlin AG (Switzerland) to negative from stable. At the same time, AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and Long-Term ... Read the full article
US business cycle could soon turn: Swiss Re
23rd February 2022
As part of a new report, analysts at Swiss Re have asserted that insurers should be prepared for the possibility that the US business cycle could turn soon, with market indicators currently sending mixed signals about the stage of the economy. The reinsurer notes that a tight job market, inflation and ... Read the full article
FedNat takes $8m catastrophe hit in Q4
23rd February 2022
Florida based primary insurer FedNat has estimated that catastrophe weather losses incurred during the fourth quarter of 2021 will reduce its net income for the period by approximately $8 million. This figure is net of reinsurance recoveries and other offsets including affiliated fees, on both a pre-tax and after-tax basis. Catastrophe weather ... Read the full article
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