Reinsurance News
MIS partners with parametric hurricane insurance MGA Yokahu
29th October 2021
Geospatial imagery and re/insurance intelligence company, McKenzie Intelligence Services (MIS), has announced a strategic partnership with digital first Managing General Agent (MGA) McCosh Holdings Ltd, trading as Yokahu. Yokahu uses parametric underwriting and data visualisation to provide hurricane and tropical cyclone protection. The business is an approved Coverholder at Lloyd’s and is ... Read the full article
AXA extends oil & gas exclusions to support climate transition
29th October 2021
AXA has announced several new milestones in its approach to the energy sector by strengthening its existing Oil and Gas exclusions, with a specific focus on unconventional activities and new greenfield explorations. Firstly, AXA will stop investing in and underwriting new upstream oil greenfield exploration projects unless they are carried out ... Read the full article
MAPFRE highlights reinsurance growth as group hits €20bn in 9M revenues
29th October 2021
Spanish re/insurer MAPFRE has reported favourable growth of 14.5% within its reinsurance business, citing it as contributing factor in the overall group’s 6.4% increase in net earnings. MAPFRE RE contributed more than €95 million to earnings, compared to losses of €20 million for the same period in 2020, mainly related to ... Read the full article
S&P maintains negative outlook for global reinsurance sector
29th October 2021
According to a report from S&P Global Ratings, the global reinsurance sector has generated weak underwriting results in the past four years, from 2017-2020, with this current year shaping up to also be below-par, leading the ratings agency to stay negative on the industry. S&P noted that the industry continues to ... Read the full article
Carbon Underwriting announces two Data Analytics hires
29th October 2021
Carbon Underwriting has appointed Madu Gadzama as Data Analytics Engineer and Edward Saunders as Data Services Associate as the company continues to develop its data analytics capabilities. Saunders was previously an Assistant Accountant with Creaseys Group and prior to that, he was an IT project coordinator with AXA PPP Healthcare. These hires ... Read the full article
Claire O’Neill joins Hymans Robertson’s Risk Transfer team
29th October 2021
Hymans Robertson, the pensions and financial services consultancy, has appointed Claire O’Neill to further expand its Risk Transfer team. O’Neill joins from Mercer’s Risk Transfer team, where she focused on helping clients reduce the risk in their defined benefit pension schemes through a range of de-risking strategies, including both risk transfer ... Read the full article
Aon falls to $900mn Q3 loss after WTW merger collapse
29th October 2021
Re/insurance broker Aon has posted a net loss of $900 million and an operating loss of $801 million for the third quarter of 2021, after incurring $1.3 billion of charges related to the termination of its planned combination with Willis Towers Watson. But costs associated with the merger collapse disguised what ... Read the full article
Swiss Re CFO cautiously optimistic on 2022 rate improvements
29th October 2021
Swiss Re CFO John Dacey, speaking during a media call this morning, highlighted the reinsurer’s move away from certain lower-layers of risk to help protect earnings while expressing cautious optimism for industry-wide positive rate improvements in the run up to 1/1. Dacey noted how an increased frequency and severity of weather ... Read the full article
Daniel Smyrl named president of Admiral Insurance Group
29th October 2021
W. R. Berkley Corporation has appointed Daniel Smyrl as president of Admiral Insurance Group. He succeeds Curtis Fletcher, who has been named chairman of Admiral. Smyrl joined Admiral in 2002 and most recently served as executive vice president of underwriting. He has nearly 40 years of commercial property and casualty insurance experience in ... Read the full article
Arthur J. Gallagher earnings up 22%, Willis Re takeover on track
29th October 2021
Re/insurance broker Arthur J. Gallagher & Co. has reported 22% growth in net earnings across its brokerage and risk management operations during the third quarter of 2021, ending the period at $275.6 million. Revenues similarly increased by 17% over Q3, moving from $1.50 billion last year to $1.75 billion, with 10% ... Read the full article
Coface 9M net income rises 264% in 2021
29th October 2021
Credit insurer Coface has reported a net income of €190.9 million for the first nine months of 2021, a 264.2% increase from the $52.4 million achieved in the prior year period. A net loss ratio of 25.4% for 9M represents an improvement of 29.8 ppts. The combined ratio, net of reinsurance, stood ... Read the full article
IQUW completes takeover of Agora
29th October 2021
IQUW, the property, commercial and speciality insurer and reinsurer, has completed its previously announced acquisition of Agora Syndicate Holdings Ltd and its subsidiaries. We wrote on October 21st that IQUW intended to purchase Agora and its subsidiaries, the Group responsible for providing underwriting services to Agora, Lloyd’s Syndicate 3268. The acquisition, ... Read the full article
UN partnership has potential for systemic climate change: ICMIF
29th October 2021
Hilde Vernaillen, the Chair of the International Cooperative and Mutual Insurance Federation (ICMIF), has suggested that the ICMIF’s partnership work with the United Nations Office for Disaster Risk Reduction (UNDRR) has the potential to bring about “real systemic change” in combating climate change. During a high-level UN panel discussion as part ... Read the full article
Swiss Re posts solid net income for 2021 on strong P&C reinsurance performance
29th October 2021
Global reinsurance giant Swiss Re has reported net income of USD 1.3 billion for the first nine months of 2021, driven by the strong performance of its property and casualty (P&C) segment which more than offset a COVID-driven loss within its life and health (L&H) business. Overall, Group net income increased ... Read the full article
Inaugural Insurance Stress Test highlights need for reinsurers
29th October 2021
The first General Insurance Industry Stress Test (GIIST) from the Reserve Bank of New Zealand has highlighted the industry’s reliance on offshore reinsurance providers. The GIIST involved the five largest New Zealand incorporated general insurers - representing around 70 percent of the sector. The test was not intended as a pass or ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
