Reinsurance News
EXOR and Covéa sign MoU for $9bn sale of reinsurer PartnerRe
29th October 2021
EXOR, the Agnelli family owned investment and holding company and Covéa, a French mutual insurer, have entered into a Memorandum of Understanding (MoU) under which Covéa would acquire global reinsurer PartnerRe for $9 billion (€7.7 billion). We wrote last week that discussions between EXOR and Covéa had reportedly resumed over ... Read the full article
S&P highlights increasing reinsurer reliance on ILS
28th October 2021
A new report from S&P has highlighted reinsurers' increasing reliance on third-party capital to support their retrocession needs. In 2021, reinsurers are reported to have ceded roughly 50% of their exposures at a 1-in-250 return period through collateralised instruments, such as insurance-linked securities (ILS). S&P notes that around 15% of total reinsurance ... Read the full article
Ontario storms claims total $105mn: IBC
28th October 2021
Storms that hit southern Ontario in September have caused $105 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification. Both storms included heavy rain, wind and tornadoes that caused structural damage to many properties. Downed trees left 30,000 properties without power for hours. The storm which took place ... Read the full article
Catalina Holdings makes new senior appointments
28th October 2021
Catalina Holdings has made senior appointments as part of its business reorganisation over the past 2 years. Bruce Hemphill, who was appointed CEO of Catalina in February 2021 after serving as chair of the Catalina board, will carry on leading the company as it reviews its operations, capabilities and market position. Dean ... Read the full article
PRA exploring need for climate-related capital charges
28th October 2021
A new report by the UK’s Prudential Regulation Authority (PRA) has explored how to appropriately respond to the risks posed by climate change going forward. Among the potential options looked at within the report is the possibility for additional climate-related capital charges, in order to incentivize firms to incorporate climate considerations ... Read the full article
James River adds trio to expanded board
28th October 2021
James River Group Holdings, Ltd. has announced that Patricia H. Roberts and Thomas L. Brown have been elected to its Board of Directors, alongside the additional appointment of Kirstin M. Gould to the Board. With the appointment of Gould, the Board has increased in size from 10 to 11 directors. “We are ... Read the full article
Verisk agrees to acquire ACTINEO
28th October 2021
Global data analytics provider Verisk has agreed to acquire ACTINEO, a claims management solutions provider. With the acquisition, Verisk will add ACTINEO’s established claims management solutions to Verisk’s leading data analytics and insurance ecosystem, providing customers with digitalisation and medical expertise solutions throughout the entire claims process. The agreement will enable Verisk ... Read the full article
Everest’s Q3 net income falls by $169.6mn
28th October 2021
Everest Re group has reported a third quarter net loss of $73.5 million, having previously achieved an income of $243.1 million in the prior year quarter. The group also reported a net operating loss of $52.6 million, compared to a $97.0 million income achieved in the same period last year. An underwriting ... Read the full article
Cincinnati reports profitable underwriting for Q3
28th October 2021
Cincinnati Financial Corporation has reported an improved combined ratio of 92.6% compared to 103.6%. At 92.6%, this quarter reflects a profitable income. It was made up of loss expenses of 61.9% compared to 73.8% from the same prior year period. The underwriting expenses were reported at 30.7%, slightly higher than Q3 2020’s ... Read the full article
The Hanover Q3 income falls to $34m on heavy cat losses
28th October 2021
Property and casualty (P&C) insurance company The Hanover Insurance Group, Inc. has reported net income of $34.0 million for the third quarter of 2021, compared to $118.9 million for the same period last year. The considerable drop in performance can be mainly attributed to the $153.5 million of catastrophe losses that ... Read the full article
Willis Towers Watson reports organic revenue growth of 7% in Q3
28th October 2021
Global insurance and reinsurance broker, Willis Towers Watson (WTW), has announced a 4%, or 7% on an organic basis rise in revenue to $1.97 billion for the third quarter of 2021, as net income improved year-on-year by a huge 646% to $903 million. For the first nine months of the year, ... Read the full article
Arch’s Q3 reinsurance underwriting income falls 807% to $38mn loss
28th October 2021
The reinsurance segment of Arch Capital saw its underwriting income fall 807% to a $38,948 million loss in the third quarter. The segment's combined ratio also rose to 106.2% from 99.0%, reflecting 34.6 points of current year catastrophic activity, primarily related to Hurricane Ida, European floods. Estimated net favourable development of prior ... Read the full article
Universal reports $432.9mn in DPW for Q3, return to underwriting profit
28th October 2021
Universal Insurance Holdings has reported its direct premiums written came in at $432.9 million in the third quarter of 2021, while the insurer's underwriting returned to profitable territory. Direct premiums earned for Q3 2021 were up 15.0% from the prior year's third quarter to $410.6 million, with an annualised return on ... Read the full article
Fidelis opens ‘Forum’ trading floor in London
28th October 2021
Fidelis Insurance Holdings Limited has opened the 'Forum', a new trading hub for the company and its MGA, Pine Walk Capital, located at 37-39 Lime Street, London. The new state-of-the-art trading floor is now open, enabling brokers to meet with Fidelis underwriters, actuaries, wordings and claims specialists to explore opportunities across ... Read the full article
Lloyd’s targets net zero Central Fund & underwriting
28th October 2021
Insurance and reinsurance marketplace Lloyd’s of London has announced plans to join the UN-convened Net Zero Insurance Alliance (NZIA), as part of a commitment to transition all of its operational and attributable greenhouse gas emissions to net-zero by 2050, at the latest. The move builds on Lloyd’s existing commitment to reduce ... Read the full article
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