Reinsurance News
Allianz sees Q2 net income hit €2.2bn as P&C underwriting improves
6th August 2021
Global insurer Allianz has announced a 46% rise in net income for the second quarter of 2021 to €2.2 billion, driven by an increase in operating profit across all of its business segments when compared with the prior year period. Solid growth across the business in Q2 2021 has resulted in ... Read the full article
TransRe’s solid underwriting performance boosts Alleghany in 2021
6th August 2021
Alleghany Corporation has reported a return to underwriting profitability across its business for the second quarter of 2021, driven by a strong year-on-year turnaround in the performance of its reinsurance operation, TransRe. Overall, Alleghany has announced underwriting profit of $174 million for Q2 2021 and a combined ratio of 90.2%, compared ... Read the full article
Africa Specialty Risks launches Bermuda reinsurer
6th August 2021
Africa Specialty Risks (ASR), the pan-African focused reinsurance group, has announced the launched of a licensed reinsurance entity in Bermuda. The group plans to offer a range of products from its Bermudan reinsurer, including Political Risk & Trade Credit, Political Violence & Terrorism, Property, Energy, Liability, Construction and Parametric solutions. Once rated, ... Read the full article
SiriusPoint improves CR amid remediation drive
6th August 2021
SiriusPoint, the international specialty re/insurer recently formed via the merger of Sirius Group and Third Point Re, has reported net income of $64.5 million in the second quarter of 2021. The company also improved its combined ratio to 92.8%, from 99.8% in Q2 of 2020, as it focused on remediation and ... Read the full article
Arch Re completes takeover of Somerset Bridge
6th August 2021
Arch Reinsurance Ltd., the specialty property and casualty reinsurance subsidiary of Bermuda-based Arch Capital Group Ltd., has announced the completion of its acquisition of Somerset Bridge Group Limited, Southern Rock Holdings Limited and affiliates (Somerset). First announced in June 2021, the transaction includes Somerset’s motor managing general agent, distribution capabilities ... Read the full article
AIG reports Q2 net income of $91mn; solid GI underwriting result
6th August 2021
American International Group, Inc. (AIG) has reported net income of $91 million for the second quarter of 2021 versus a loss of $7.9 billion a year earlier, supported by a strong underwriting result in General Insurance (GI), lower cat losses, and higher investment income. The main driver of the improvement is ... Read the full article
Compre to acquire SiriusPoint legacy portfolio for $417mn
6th August 2021
Compre, the international specialist legacy group, and SiriusPoint have reached an agreement for Compre to acquire a $417 million portfolio of legacy liabilities. The transaction is structured as a loss portfolio transfer and will be underwritten by Compre's class 3A Bermudian reinsurer, Pallas Reinsurance Company Ltd. (Pallas Re). The portfolio in question ... Read the full article
Trisura’s H1 income exceeds full-year 2020 result
6th August 2021
International specialty insurance holding company Trisura Group has seen its net income soar by 156.4% to $16.9 million during the second quarter of 2021. The performance was driven by strong growth and underwriting in Canada, growing profitability in the US, improved asset liability matching in the company’s reinsurance business, and investment ... Read the full article
Allianz pegs gross loss from flooding in Europe at €900mn
6th August 2021
Global insurance carrier Allianz is expecting gross losses of approximately €900 million from the impacts of storm Bernd in Europe, of which it anticipates around €500 million will be covered by its reinsurance. Storm Bernd arrived in Central Europe in July and most of its damage came from flooding caused by ... Read the full article
D&O pricing up through Q2, finds Aon
6th August 2021
A new report by Aon Commercial Risk Solutions (US) has found that public Directors’ and Officers’ (D&O) liability pricing continued to increase through the second quarter of 2021. The pricing index of D&O insurance increased to 1.84 from 1.43 in the previous quarter, while the average cost of $1 million in ... Read the full article
Lloyd’s players support UK Gov live events reinsurance scheme
6th August 2021
The UK government has partnered with the specialist Lloyd's insurance and reinsurance marketplace to deliver the Live Events Reinsurance Scheme, which is worth more than £750 million and designed to help organisers plan events with confidence. While the majority of Covid-19 restrictions have now lifted in the UK, the losses faced ... Read the full article
Howden adds Kelly Lyles to board of directors
6th August 2021
Global insurance group, Howden Group Holdings has appointed Kelly Lyles as an independent Non-Executive Director within its board of directors. Lyles brings over 35 years of industry experience and a strong global perspective. She began her career with AIG in New York before moving to London and Paris where she held multiple ... Read the full article
CrossCover to begin writing middle market, excess and surplus property
6th August 2021
Orchid Underwriters Agency's insurance partner, CrossCover Insurance Services, has announced that it will begin writing middle market, excess and surplus property this month. CrossCover, a new MGU targeting middle-market commercial business, will offer limits up to $50,000,000 per location through a panel of A.M. Best rated carriers and reinsurers. Scott Hanson, founder ... Read the full article
Aston Lark acquires Plester Group
6th August 2021
Aston Lark, the chartered insurance broker backed by Goldman Sachs, has announced the acquisition of Plester Group. Established in 1964 and based in Kidderminster, Plester is focused on the commercial and personal insurance market. “We’re delighted to welcome Justin and his team to Aston Lark, further strengthening our presence in the Midlands,” ... Read the full article
James River improves CR despite income slump
5th August 2021
James River Group Holdings, the Bermuda-based insurance holdings company, has posted net income of $20.8 million during the second quarter of 2021, down from $35.6 million for the same period last year. However, on an adjusted basis, net operating income improved by 8% to $18.8 million, and the company’s combined ratio ... Read the full article
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