Reinsurance News
Global insured cat losses hit $42bn in the first half of 2021: Swiss Re’s Sigma report
12th August 2021
Natural catastrophe losses for the first half of 2021 has reached $40 billion, driven by a deep winter freeze, hailstorms and wildfires, according to Swiss Re Institutes' preliminary sigma report. This is above the previous ten-year average and is only exceeded by H1 2011, when major earthquakes in Japan and New ... Read the full article
Alliant hires Rick Ulmer as EVP within underwriting division
12th August 2021
Alliant Insurance Services, the specialty insurance brokerage firm, has appointed Rick Ulmer as Executive Vice President and Managing Director, Mergers and Acquisitions within the company’s Alliant Underwriting Solutions (AUS) division. Ulmer will support AUS’s nationwide M&A strategy and assist in overseeing acquisition integration and leveraging growth across all areas of the ... Read the full article
QBE posts net profit of $441m for H1
12th August 2021
Global insurer QBE has reported its net profit for the first half of 2021 came in at $441 million, compared with a net loss of $712 million for the prior year period. The rebound in profit reflects the groups turnaround in both underwriting and investment returns. On a constant currency basis, gross ... Read the full article
Zurich profit rises 60% to $2.7bn, says European floods to dent full-year
12th August 2021
Global insurance and reinsurance group Zurich has reported a 60% increase in its first-half operating profit, which came out at $2.7 billion for H1 2021. This was supported by strong performance in Zurich's property and casualty division, which reported a 93.9% combined ratio, a level that the company said it has ... Read the full article
Aon hires Joe Peiser to lead North American Commercial Risk
12th August 2021
Insurance and reinsurance broker Aon has appointed Joe Peiser as Commercial Risk Leader for its North American division. In this newly created position, Peiser will be responsible for driving Aon’s Commercial Risk strategies and growth agenda, while delivering innovative solutions that address the unmet needs of clients across North America. Peiser brings ... Read the full article
Premium rates up across commercial lines in July: IVANS
12th August 2021
IVANS, a division of Applied Systems, has announced the May results of its insurance premium renewal rate index, which show that average premium renewal rates experienced an uptick across most major commercial lines. Month over month, premium renewal rates rose for lines of business including BOP, General Liability, Commercial Property, Umbrella ... Read the full article
International Medical Group names Steve Paraboschi CEO
12th August 2021
Insurance company International Medical Group (IMG) has announced the appointment of Steve Paraboschi to the role of Chief Executive Officer. He succeeds Brian Barwick, who will remain engaged with the company as an Executive Advisor. Paraboschi brings over 25 years of experience across the financial services industry, having joined IMG in 2017 ... Read the full article
Insurtech NEXT partners with Amazon on third-party seller insurance platform
11th August 2021
Insurtech company NEXT Insurance will be participating in Amazon Insurance Accelerator, a platform that provides the online marketplace's sellers with cover via instant quotes. It was revealed this week that Marsh has been working closely with Amazon on the platform. NEXT's new feature automatically adds Amazon as an 'additional insured' and ... Read the full article
Hippo doubles underwriting capacity, partners with Ally Financial subsidiary
11th August 2021
US home insurance group Hippo is set to double its underwriting capacity with the announcement of a new issuing carrier relationship with Ally Financial subsidiary and 50 state carrier, Motors Insurance Corp. The deal will see Hippo Insurance Services become the group's largest managing general agent (MGA) unaffiliated program to date. This ... Read the full article
BMS Re wraps up acquisition of reinsurance broker Trean
11th August 2021
Independent reinsurance broker BMS Re has completed its previously-announced acquisition of Trean Intermediaries, a US-based independent reinsurance broker and services company. BMS Re acquired Trean in full, with staff and infrastructure transferring over. Sean Ryan, President of Trean, will assume the newly created role of Deputy CEO, BMS Re and reports ... Read the full article
Howden promotes Will Bloomer to Chief Corporate, Legal Affairs Officer
11th August 2021
Howden Group has announced the appointment of Will Bloomer to the newly created role of Chief Corporate and Legal Affairs Officer. In this expanded role, Bloomer’s main focus will be on major, complex corporate initiatives and development. Frances Coats joins the company as Group General Counsel to lead the international legal team, ... Read the full article
Lockton Re partners with Nephila Capital on automated placement solution
11th August 2021
Lockton Re, the reinsurance arm of the global brokerage, has partnered with Nephila Capital to help release Lockton Re SAGELink Automated Placement Solutions. It's hoped this new capability will automate the process of price discovery between reinsurance intermediary broker and reinsurer. Its designed to allow a tighter integration of treaty visualisation features ... Read the full article
IAG falls to AU$427mn net loss in FY21
11th August 2021
Australian insurer IAG has reported a net loss of $427 million for the 12 month period ending June 30 2021, down considerably from the $435 million profit announced in FY20. The company highlights significant one-off corporate expenses mainly relating to business interruption, customer refunds and payroll remediation as having impacted its ... Read the full article
IVANS acquires insurtech Ask Kodiak
11th August 2021
IVANS, a division of Applied Systems, has announced its acquisition of Ask Kodiak, an insurtech that offers commercial lines market appetite and search capabilities for the independent agency channel. The acquisition is expected to further enhance IVANS’ commercial lines connectivity solutions, and specifically the IVANS Distribution Platform. IVANS plans maintain Ask Kodiak’s ... Read the full article
Hannover Re parent Talanx reports €24bn GWP for H1
11th August 2021
Hannover Re's parent company Talanx has reported €24.1 billion gross written premiums for the first half of 2021, compared to €22 billion for the same prior year period. The group’s net income rose to €546 million from €325 million in the first half of 2020. Although the net income was impacted by ... Read the full article
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