Reinsurance News
Assurant reports improved results across all segments in the first-quarter
7th May 2019
Assurant, Inc. recorded improved net income of $161 million in the first-quarter of 2019, with higher earnings reported across its business segments. Net operating income of $140.6 million improved 31% in Q1 2019 when compared with the same period in 2018, and excluding reportable catastrophes improved by 30%, to $148.8 million. The ... Read the full article
RLI promotes Bryant to replace retiring Brown
7th May 2019
The Senior Vice President (SVP) & Chief Financial Officer (CFO) of RLI Corp., Thomas L. Brown, is leaving the company on July 1st, 2019 after eight years with the firm. He joined in 2011 as Vice President (VP) and CFO, and subsequently led the company's financial strategy, planning, and management operations. He was ... Read the full article
Investment income offsets underwriting loss for Greenlight Re in Q1
7th May 2019
Hedge fund style reinsurer Greenlight Re has reported investment income of $32.3 million for the first-quarter of 2019, which more than offset a quarterly underwriting loss as the firm announces Q1 net income of $5.9 million. Net income of $5.9 million compares with a net loss of $142.8 million for the ... Read the full article
Ryan Specialty Group, Nationwide launch Bermuda reinsurer, Geneva Re
7th May 2019
Ryan Specialty Group (RSG) has entered into a strategic partnership with US based Nationwide, which includes the establishment of a new Bermuda-based reinsurance company, called Geneva Re Ltd. Nationwide is set to own 50% of the new reinsurer, with RSG and RSG-related investors owning the remaining 50%. Michael D. O’Halleran has been ... Read the full article
Everest Re’s combined ratio strengthens to 88.7% in Q1 2019
7th May 2019
Bermuda-based reinsurer Everest Re Group, Ltd. saw its net income increase from $210.3 million to $348.9 million in the first-quarter of 2019, with growth occurring in both insurance and reinsurance. Overall, gross written premiums jumped 10% in Q1 2019 when compared with the prior year quarter, totalling $2.1 billion. Globally, reinsurance ... Read the full article
Marco Serra named CUO of ArgoGlobal Assicurazioni
7th May 2019
ArgoGlobal Assicurazioni S.p.A., a division of insurer and reinsurer Argo Group International Holdings, Ltd., has announced the appointment of Marco Serra as Chief Underwriting Officer (CUO), Italy. Effective immediately, Serra will be based in Rome and will report to ArgoGlobal Assicurazioni Chief Executive Officer (CEO), Giovanni Tucci. He brings more than two decades of ... Read the full article
AIG improves general insurance underwriting performance in Q1
7th May 2019
Global insurer AIG saw its first-quarter 2019 net income decline to $654 million year-on-year, despite an improved performance in its general insurance unit driven by enhanced underwriting fundamentals, expense discipline, and reinsurance actions. Net income fell to $654 million from $938 million a year earlier, while AIG's return on common equity ... Read the full article
Xceedance launches new software, services offering MGA Agility Suite
7th May 2019
Re/insurance service provider Xceedance has announced the launch of its new software and services offering, MGA Agility Suite. Xceedance’s MGA Agilty Suite combines policy-administration capabilities, an underwriting platform, plus distribution & communication tools and is designed to enable both established and startup program administrators, MGAs and MGUs worldwide to deploy a ... Read the full article
P&C, L&H reinsurance drive premium and earnings growth for Hannover Re in Q1
7th May 2019
Reinsurance giant Hannover Re has announced first-quarter 2019 profit of €293.7 million, underpinned by strong performance in its property and casualty (P&C) and life and health (L&H) reinsurance segments. Quarterly profit increased by roughly €20 million year-on-year, while gross premiums expanded by more than 16% to €6.4 billion. The reinsurer was able ... Read the full article
EU General Court confirms legality of French Natural Disaster scheme
7th May 2019
The General Court of the European Union (EU) has backed the natural disaster reinsurance scheme operated by the state-backed re/insurer Caisse Centrale de Réassurance (CCR), as well as the guarantee granted to CCR by the state in this capacity. French reinsurance giant SCOR had in 2016 disputed that the state aid ... Read the full article
Industry reserves continue to weaken in 2018: Morgan Stanley
6th May 2019
Industry reserves continued to weaken in 2018, according to actuarial analysis by Morgan Stanley, which indicated a $9.8 billion deficiency for the P&C industry, representing a year-on-year deterioration of over $5 billion. Morgan Stanley estimates an actuarially reasonable range of reserves between $625.2 billion and $657.7 billion. Industry carried reserves of $631.7 ... Read the full article
Kingstone pegs Q1 cat losses at $5mn, strengthens claims reserves
6th May 2019
Kingstone Companies, Inc. (KICO), the multi-line regional property and casualty insurance holding company, has estimated its Q1 catastrophe losses at $5 million, pre-tax, and announced a number of reforms to help its ailing Claims Department, which include strengthening its claims case and IBNR reserves. Catastrophe losses were attributed to multiple winter ... Read the full article
Chubb renews global prop cat & terrorism reinsurance at April 1st
6th May 2019
Global insurer Chubb has disclosed the terms of its reinsurance buying at the April 1, 2019 renewals, which saw it renew both its global property catastrophe and terrorism coverages. The company explained that the global property cat program, which applies to its North American and International operations, was renewed with modest ... Read the full article
R&Q completes takeover of GLOBAL U.S Holdings from AXA LM
6th May 2019
Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings Ltd. (R&Q) has announced the completion of its acquisition of GLOBAL U.S. Holdings Inc (Global US). Global U.S is an investment vehicle managed by AXA Liabilities Managers SAS (AXA LM), the AXA unit that specialises in the management of legacy insurance ... Read the full article
Ata Khatib appointed CEO of Lockton MENA
6th May 2019
Re/insurance broker Lockton has announced the appointment of Ata Khatib as Chief Executive Officer of Lockton MENA Limited, its business for the Middle East and North Africa regions. Based in the Dubai International Financial Centre (DIFC), Khatib will be tasked with overseeing Lockton’s broking subsidiaries in the area. Khatib helped to set ... Read the full article