Reinsurance News
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
Nexus Underwriting Management rebrands itself as Kentro
23rd February 2022
Nexus Underwriting Management has rechristened itself as Kentro Capital Limited. The London-based intermediary firm said that it and Xenia Broking will operate as ‘discinct, independent brands’ under the Kentro holding company. Colin Thompson will continue to lead Kentro as Chief Executive Officer. Tim Coles will remain Chief Executive Officer of Xenia ... Read the full article
Charles Taylor appoints new regional head
23rd February 2022
Charles Taylor has appointed Mark Thompson to be its new regional head of Australia and New Zealand operations. Alongside his new role, Thompson will also be deputy managing director of the property, casualty, technical, and special risks business. Andy Rice, global managing director, property, casualty, technical and special risks at Charles Taylor, ... Read the full article
Beazley head of specialty lines to retire
23rd February 2022
Beazley’s head of specialty lines James Eaton is to retire at the end of the year. A statement from the insurer said that Eaton will remain in charge for the remainder of the year, with a succession plan to be announced later. Adrian Cox, CEO of Beazley, said: “James has played a ... Read the full article
ICA calls for increased funding to buttress Australian homes against extreme weather
23rd February 2022
The Insurance Council of Australia (ICA) has said that homes could be made more resilient if federal funding was doubled to AUS $200m a year and matched by the states and territories. Released in its policy platform for the forthcoming federal elections, the ICA’s Building a More Resilient Australia advocates an ... Read the full article
Alta Signa backed by A-Rated capacity providers
23rd February 2022
Alta Signa, a European boutique Managing General Agent, has been backed by five leading capacity providers from Company Markets and Lloyd’s Europe to write business across the financial lines and cyber insurance markets in Europe. The lines of business provided includes Directors & Officers (D&O), with up to €25mn in capacity, ... Read the full article
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