Reinsurance News
Arch reports higher Q1 underwriting gain despite reinsurance segment loss
28th April 2021
Bermuda-based insurer and reinsurer, Arch Capital Group Ltd., has reported net income of $427.8 million for the first-quarter of 2021, as underwriting gains in both its Insurance and Mortgage segments more than offset a loss in the firm's Reinsurance operation during the period. Year-on-year, net income increased by approximately $294 million ... Read the full article
SCOR sets further climate targets for investments
28th April 2021
French re/insurer SCOR has announced further climate targets to reduce the carbon intensity of its investments and accelerate its move towards net-zero emissions. By 2025, SCOR now aims to have reduced the carbon intensity of its corporate bonds and listed equities portfolio by 27%. It's hoped that this new target will support ... Read the full article
Chubb’s P&C underwriting income hits $622m despite elevated cat losses
28th April 2021
Global re/insurer Chubb has announced a P&C combined ratio of 91.8% for the first-quarter of 2021 and underwriting income of $622 million, despite pre-tax catastrophe losses, net of reinsurance and including reinstatement premiums, of $700 million for the period. When compared with the first-quarter of 2020, Chubb's P&C combined ratio has ... Read the full article
Global insurtech investment hits record $2.55bn in Q1: WTW
28th April 2021
New data from re/insurance broker Willis Towers Watson (WTW) shows that global investment in the insurtech sector reached a new quarterly high of $2.55 billion during the first quarter of 2021. This included eight so-called ‘mega-rounds’, which was more than in any other three-month period, analysts found, and which accounted for ... Read the full article
AM Best revises GeoVera’s stable outlook to negative
28th April 2021
Rating agency AM Best has revised the outlooks of GeoVera Insurance Group to negative from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a”. These Credit Ratings reflect GeoVera’s balance sheet strength, which AM Best has assessed as very ... Read the full article
SCOR reports 72% decline in Q1 net income amid COVID & nat cat losses
28th April 2021
Global re/insurer SCOR has reported a 72% dip in net income for the first quarter of 2021 to €45 million, as COVID-19 impacted the life side of the business and natural catastrophes hit the performance of its P&C operation in the period. SCOR notes that its Q1 2021 results have been ... Read the full article
Global Special Risks creates new leadership team
28th April 2021
RSG Underwriting Managers’ underwriting business, Global Special Risks (GSR), has announced a new team of directors. Helen Tarr, previously GSR’s Senior Vice President and Operators Extra Expense (OEE) Underwriting Manager, has been made Director of GSR. Joining Tarr is Connie Garrett, Justin Jenkins and Jeremy Fyhn who have each been named Associate ... Read the full article
EC seeks feedback on potential buyers of Aon / WTW divestments: Reuters
27th April 2021
Following the submission of Aon's package of concessions to the European Commission (EC), as the broker looks to complete its combination with Willis Towers Watson (WTW), EU antitrust regulators are questioning rivals and customers about who is the most suitable buyer, reports Reuters. In a bid to satisfy competition concerns surrounding ... Read the full article
Apollo launches $1bn Credit Secondaries with re/insurer client backing
27th April 2021
Global investment manager Apollo is to expand into the secondaries markets via a new $1 billion-backed platform anchored by investments from the company’s re/insurance clients Apollo Credit Secondaries will look to capitalise on the continued growth of private credit by addressing related liquidity or portfolio needs from underlying investors. Apollo’s nearly $330 ... Read the full article
“Disruption” from Aon – WTW merger an MMC growth driver, CEO Glaser suggests
27th April 2021
Global insurance brokerage Marsh McLennan may already be benefiting from new hires and clients gained as a result of the still impending Aon and Willis Towers Watson (WTW) merger, CEO Dan Glaser suggested today. During the Marsh McLennan (MMC) first-quarter 2021 earnings call that finished just recently, CEO Dan Glaser discussed ... Read the full article
American Family opts for catastrophe models from KCC
27th April 2021
Karen Clark & Company (KCC) has announced that P&C insurer American Family Group has licensed its full suite of US catastrophe models delivered through the RiskInsight open loss modeling platform. The multi-year agreement includes the KCC models for hurricane, earthquake, severe convective storm, winter storm, and wildfire. “We’re thrilled to be partnering ... Read the full article
Donegal Group reports increase in net profit for Q1
27th April 2021
Donegal Group has reported its financial results for Q1 2021, showing an increase of net income which came to $10.5 million compared to $3.7 million for the prior year period. For Q1 it reported a combined ratio of 98.5% compared to last year’s 97.0% showing a slight deterioration, although still profitable. The ... Read the full article
Arch provides reinsurance capacity for Delos Cali wildfire cover
27th April 2021
Bermuda-based re/insurer Arch Capital Group Ltd. has agreed to provide reinsurance capacity to Delos Insurance Solutions to expand its coverage for wildfire-exposed homes in California. The reinsurance capacity will be provided by Arch Reinsurance Ltd. (Bermuda) and the Lloyd’s of London syndicate, Arch Syndicate 1955 (formerly Barbican Syndicate 1955). Broker Guy Carpenter ... Read the full article
Guy Carpenter’s revenue up 7% as Marsh reports ‘outstanding’ first quarter
27th April 2021
Global insurance brokerage Marsh McLennan has reported consolidated revenue of $5.1 billion for the first quarter of 2021, supported by solid revenue growth at its reinsurance broking arm, Guy Carpenter. Consolidated revenue increased 9%, or 6% on an underlying basis from the prior year quarter, as operating income jumped, year-on-year, from ... Read the full article
Shepherd Compello adds Steve Hart as Chief Broking Officer
27th April 2021
Specialist insurance broker Shepherd Compello has announced the appointment of Steve Hart to the role of Chief Broking Officer. Hart is set to oversee the creation and implementation the broking strategy which delivers the company’s financial goals for all lines of business. He will also lead the development of opportunities in new ... Read the full article
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