Reinsurance News
Brad French steps down as head of Chaucer’s SLE
4th November 2021
Specialty re/insurance group Chaucer has announced that Brad French will step down from his role as Chief Executive Officer (CEO) of SLE Holdings, known in the market as SLE Worldwide Australia. French will leave the business at the end of this year, after 25 years of service. Chaucer assured that a replacement ... Read the full article
Watford Re relaunched as Somers Re, Liz Cunningham to lead as CEO
4th November 2021
Watford Holdings and Watford Re have been renamed Somers Group and Somers Re, respectively, according to a statement from Arch Capital Group and its two investment partners Warburg Pincus and Kelso. Headquartered in Bermuda, the name is a nod to the island’s founder Sir George Somers and part of a wider ... Read the full article
Liberty Mutual Q3 income up 81.6% to $721m
4th November 2021
Liberty Mutual Holding Company has reported net income of $721 million for the third quarter of 2021, a figure that is 81.6% higher than was recorded in the same period last year. Looking at the first nine months of the year, net income totaled $2.35 billion, versus just $596 million for ... Read the full article
$196mn Q3 net loss for Enstar despite robust 9M
4th November 2021
Enstar Group has reported a consolidated net loss totalling $196 million for 2021’s third quarter, driven by a $285.2 million hit attributable to InRe Fund, a consolidated variable interest entity impacted by “significant” volatility in Chinese and other global equity markets Performance across the first nine months of 2021 is more ... Read the full article
Generali seals takeover of rival Italian broker Cattolica
4th November 2021
Italian broker Generali has completed its acquisition of rival firm Cattolica in a previously-announced deal that’s intended to enable an eventual merging of the two organisations. Generali, already a significant shareholder, required a controlling stake in the firm in order to lay the regulatory groundwork for its merger plans. The consideration ... Read the full article
Suncorp announces AU$250mn cost of late October hail, wind event
4th November 2021
Australian insurer Suncorp has provided an update to the recent hail and wind event which swept South Australia, Victoria and Tasmania in late October. The number of home and motor claims from the event, as of November 3, totals 12,000. While the full extent of this event’s damage is still being realised, ... Read the full article
Global broker Howden launches in New Zealand
4th November 2021
After entering Australia earlier this year, international insurance broker Howden has now launched its New Zealand operations with Howden Broking and Howden Care, supporting the firm's ambitious growth plans for the Pacific region. The new division will be led by René Hattingh as Chief Executive Officer (CEO) of Howden Broking New ... Read the full article
Compre hires Chief Risk Officer Brid Reynolds from QBE
4th November 2021
Compre, the international specialist legacy group, has announced the appointment of Brid Reynolds as Group Chief Risk Officer, based in Hamilton, Bermuda. Reynolds joins Compre from QBE where she was most recently Vice President and Head of Capital, Management and Regulatory reporting. Prior to QBE, she served as Principal, Insurance Supervision at ... Read the full article
Palomar’s underwriting loss narrows in Q3 as GWP swells 48%
4th November 2021
Specialty property insurer Palomar Holdings has returned to profit in the third quarter of 2021 with net income of $0.2 million compared with a loss of $15.7 million a year earlier, as the firm's underwriting loss narrowed in the quarter. During the period, Palomar has announced gross written premium (GWP) growth ... Read the full article
Greenlight Re falls to nat cat-driven $14mn Q3 net loss
4th November 2021
Hedge fund-backed reinsurer Greenlight Re has announced a net loss for the third quarter of 2021 of $13.9 million, compared to a $2.2 million income in the prior year quarter. An underwriting loss of $12.6 million was driven by costs of $25.9 million associated with Hurricane Ida, the European floods and ... Read the full article
Hannover Re’s 9M net income hits €856m despite above-budget major losses
4th November 2021
Global reinsurer Hannover Re has reported a 28% rise in net income for the first nine months of 2021 to €856 million, despite catastrophe losses in the third quarter pushing the firm's major loss expenditure above budget. Across the business, gross written premium (GWP) increased by 12% in the first nine ... Read the full article
Lancashire P&C reinsurance premiums up 85%
4th November 2021
Lancashire Holdings Limited has reported gross written premiums (GWP) of $503.4 million within its property and casualty (P&C) reinsurance segment for the first nine months of 2021. This is $231.7 million, or 85.3%, higher than the $271.7 million that the segment recorded for the 9M period last year. This huge level of ... Read the full article
LMA adds Guy Dormer to lead underwriting strategy
4th November 2021
The Lloyd’s Market Association (LMA) has appointed Guy Dormer as head of underwriting strategy, a newly-created role. Dormer’s appointment is effective immediately and is considered an opportunity for the company to leverage considerable strategic and corporate development experience in the global P&C insurance market. Joining from Starstone Insurance Group, Dormer most recently ... Read the full article
SiriusPoint’s Q3 combined ratio deteriorates on higher cat losses
4th November 2021
Specialty insurer and reinsurer, SiriusPoint Ltd., has announced a combined ratio of 152% and a net underwriting loss of $266 million for the third quarter of 2021, driven largely by the impacts of Hurricane Ida and the European floods in July. Year-on-year, SiriusPoint's underwriting result has deteriorated further from the $29.7 ... Read the full article
Brookfield adds Michael McRaith to Insurance Solutions unit as Vice Chair
4th November 2021
Reinsurer Brookfield has announced the appointment of Michael McRaith as Vice Chair of its Insurance Solutions business; a newly created role that involves participation in all aspects of Brookfield’s global insurance operations. McRaith served for nearly six years as the first Director of the Federal Insurance Office in the US Department ... Read the full article
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