Reinsurance News
Failure to act on climate change could wipe 18% off global GDP by 2050: Swiss Re
22nd April 2021
Failure to take appropriate action against the impacts of climate change poses a significant threat to the global economy, with GDP potentially shrinking by as much as 18% over the next three decades if no preventive measures are taken, according to stress-test analysis by Swiss Re Institute. The global reinsurance giant ... Read the full article
Christophe Gaudron named CEO of Guy Carpenter France
22nd April 2021
Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has announced the appointment of Christophe Gaudron as Chief Executive Officer (CEO) of its French operations, effective January 1st, 2022. As CEO of Guy Carpenter France, Gaudron will be responsible for overseeing broking activities across the French marketplace. Based in Paris, he ... Read the full article
RLI’s combined ratio strengthens to 86.9% in Q1 2021
22nd April 2021
US property and casualty insurer RLI Corp. has reported net earnings of $73 million for the first-quarter of 2021 and underwriting income of $29.9 million, aided by an uptick in net favourable prior year reserve development. Net earnings improved significantly for the firm in the opening quarter of the year, hitting ... Read the full article
Aon – WTW: Remedy proposal reportedly submitted to US DOJ
22nd April 2021
It's been reported that Aon has submitted a remedy offer to the US Department of Justice Antitrust Division as it seeks to gain approval for its planned acquisition of rival Willis Towers Watson (WTW) . Earlier this week we reported on the news that an expansion of the divestment package ... Read the full article
Argo announces Q1 nat cat & COVID losses of $47m
22nd April 2021
Bermuda-based insurer and reinsurer, Argo Group International Holdings, Ltd., has announced catastrophe and pandemic-related losses of an estimated $47 million for the first-quarter of 2021, primarily as a result of winter storm Uri in the U.S. Argo estimates that approximately $43 million of its first-quarter catastrophe bill relates to the impacts ... Read the full article
Africa Speciality Risks launches construction capacity, appoints lead
22nd April 2021
Pan-African focused reinsurance group Africa Specialty Risks (ASR) has announced the launch of its construction capacity, appointing James Cronje to lead as Head of Construction Underwriting. ASR will specialise in offering construction solutions cover, underwriting a spectrum of construction risk including the power, mining, chemical processing industries and public and private ... Read the full article
COVID spurs P&C insurers to return $13bn in premiums: AM Best
21st April 2021
Analysts at AM Best have reported that US property and casualty (P&C) insurers returned roughly $12.9 billion in premiums over 2020 due to a reduction in exposures following the COVID-19 pandemic. In particular, stay-at-home restrictions reduced the amount of travel across the US last year, which resulted in a significant reduction ... Read the full article
AXIS Re adds AXA XL’s Lisa Hiscock to senior underwriting role
21st April 2021
AXIS Re, the reinsurance business segment of AXIS Capital, has appointed Lisa Hiscock to serve as Senior Underwriter, Lloyd’s Casualty within the Global Markets team. Hiscock will be underwriting Lloyd’s Casualty treaty business while providing support to existing partnerships and assessing new growth opportunities. She’s also expected to have a particular focus ... Read the full article
Core Specialty inks underwriting arrangement with DUAL
21st April 2021
Core Specialty Insurance Holdings has announced a new underwriting arrangement with DUAL Commercial that will provide primary and excess professional liability limits for qualified classes of business. DUAL is specialty program manager in the Property, Casualty, and Financial Lines marketplace and its hoped this partnership will build on its existing underwriting ... Read the full article
Greenlight Re invests in sports risk MGU Player’s Health
21st April 2021
Greenlight Re Innovations (GRI), a division of specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re, has announced a new investment in Ao1 Holdings Inc. (Player’s Health). Player’s Health is a managing general underwriter (MGU) that provides insurance and risk management services to the amateur sports organization market. The firm utilizes ... Read the full article
Marsh adds Alex Dahlmann to lead Swedish captive operations
21st April 2021
Insurance broker Marsh and announced the appointment of Alex Dahlmann as head of office for its Swedish captive operations. In this role at Marsh Management Services AB Sweden Dahlmann will help develop and deliver captive management, insurance, accounting, regulatory compliance, and consulting services to captive owners in the region. The captive was ... Read the full article
AXA XL partners with SpaceAble to support satellite operators
21st April 2021
AXA XL has formed a new partnership with SpaceAble, a start-up specialising in Space Situational Awareness (SSA), to better support satellite operators and organisations operating in space. Based in France, SpaceAble’s aim is to enhance operational safety in Low Earth Orbit (LEO) through the collection and management of space-related data and ... Read the full article
Further challenges ahead for cyber insurers, warns Fitch
21st April 2021
Analysts at Fitch Ratings note that a higher propensity of cyber incidents will likely hinder a near-term reversal of claims cost trends, suggesting increasing profit pressure for cyber insurers. During 2020, property / casualty (P/C) insurers that write cyber cover reported substantially higher claims losses than in prior years, reports Fitch. Over ... Read the full article
GIG hires David Charlton as Chief Executive of insurance operations
21st April 2021
Global Indemnity Group has appointed David Charlton as Chief Executive of insurance operations as well as a member of its board of directors. Charlton joins with particular expertise in excess and surplus, binding authority, small business, and other specialty insurance businesses. Prior to joining Global Indemnity, he worked at Chubb for seven ... Read the full article
Travelers nearly halfway to triggering aggregate reinsurance cover
21st April 2021
Travelers has reported that it accumulated almost $915 million of qualifying losses towards its aggregate retention during the first quarter of 2021. The insurer lifted the attachment point of its catastrophe reinsurance structure to $1.9 billion at the January renewals, meaning it is almost halfway to triggering its coverage with only ... 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.
