Reinsurance News
Aon sees equilibrium in property market as rate increases ease
3rd August 2021
Re/insurance broker Aon has pointed to a “new equilibrium” in the property reinsurance market, as pricing momentum continued to slow through the mid-year renewal period. As part of its latest Reinsurance Market Outlook report, Aon reflected on what it considered to be “orderly” June and July reinsurance renewals, in which trends ... Read the full article
July floods trigger Generali’s reinsurance coverage
3rd August 2021
Italian insurer Generali has confirmed that its July flood losses in Germany have been capped at €100 million, after the disaster triggered the company’s per occurrence reinsurance coverage. Catastrophic flooding and storms across parts of Western and Central Europe last month are expected to drive overall economic losses of over ... Read the full article
Beazley announces new head of Specialty Risks & US Programs
3rd August 2021
Specialist insurer Beazley has named Florian Beerli as the head of the newly named Specialty Risks & US Programs team. In addition to his new responsibilities, Beerli will remain global lead for Product Recall. Prior to Beazley, Beerli was at Chubb as Senior Vice President for over seven years. He's also worked ... Read the full article
Lockton appoints first Head of Claims for Transactional Liability
3rd August 2021
Global insurance and reinsurance brokerage, Lockton, has announced the appointment of Mark Schwartz to the newly created role of Head of Claims for its Transaction Liability Practice. In his new role, Schwartz will work closely with the company's clients to advise them through the claims process to optimise their outcome. He will ... Read the full article
WTW looking at strategic options for Willis Re, confirms CEO Haley
3rd August 2021
John Haley, the Chief Executive Officer (CEO) of global brokerage Willis Towers Watson (WTW), confirmed today that the company is conducting a review of strategic alternatives for its reinsurance arm, Willis Re. Back in May, it was announced that Gallagher had reached an agreement with Aon and WTW to acquire ... Read the full article
Aon hires Tasha Barbour as Managing Director for Reinsurance Solutions
3rd August 2021
Aon plc has appointed Tasha Barbour to the Managed Care team of Aon’s Reinsurance Solutions in the United States. In her position as Managing Director, Barbour will oversee new business development, including bringing innovative reinsurance and stop-loss solutions to support a variety of Managed Care organisations nationally. She will be based in ... Read the full article
Beazley sells benefits business to Globe Life
3rd August 2021
Specialist insurer Beazley has sold its benefits business to Globe Life as the acquirer seeks to enhance its reach in the worksite marketplace. Beazley Benefits specialises in customised supplemental health solutions for the employee benefits market, with a product line that includes Supplemental Medical, Group Limited Indemnity, Critical Illness, Short Term ... Read the full article
Connected Insurance partners with Swiss Re on cyber protection
3rd August 2021
Insurtech firm Connected Insurance (CI) has partnered with Swiss Re to launch an embedded cyber protection that offers personal cyber insurance to individuals and families. The product, called The Digital-Life Insurance, will provide risk prevention tools that help consumers protect themselves and their electronic devices against cyber-attacks. "We have redesigned the traditional ... Read the full article
WTW reports increased income, revenue for second quarter
3rd August 2021
Re/insurance broker Willis Towers Watson has announced second quarter net income of $186 million, up from the $102 million reported in the prior year period. Revenue was $2.29 billion, an increase of 8% from the $2.11 billion reported a year ago. Adjusted operating income was $409 million, or 17.9% of revenue, an ... Read the full article
European storms weigh on Generali’s H1 P&C results
3rd August 2021
Generali has recorded a 3.6% decrease in its property and casualty (P&C) operating result for the first half of 2021, after booking €218 million of natural catastrophe claims during the period. This compares with €118 million of claims for H1 2020, as losses this year were boosted by a storm in ... Read the full article
James River Group hires David Gelinne as Group Chief Actuary
3rd August 2021
James River Group Holdings, the Bermuda-based insurance holdings company, has appointed David Gelinne as Group Chief Actuary. Gelinne brings over 40 years of experience with a deep and broad focus on non-life casualty risks. Most recently, he served as Chief Actuary at Allied World Assurance Company, AG. Prior to his five years at ... Read the full article
Argo reports highest operating income in ten years
3rd August 2021
Argo Group has reported second quarter net income attributable to common shareholders of $67.1 million, up from the $5.4 million reported in the prior year period. Operating income in the second quarter was $56.1 million compared to an operating loss of $3.6 million last year. Gross written premiums increased 2.0% to $815.3 ... Read the full article
Germany sees drop in lightning damage claims, but losses up
3rd August 2021
New data from the General Association of the German Insurance Industry (GDV) shows that German insurers received fewer lightning damage reports than ever before in 2020. However, despite the lowest number of lightning damage, German household and residential building insurers again paid more compensation last year. Accordingly, the total damage increased by ... Read the full article
Hiscox reports 93.1% combined ratio as reinsurance returns to profit in H1
3rd August 2021
Insurer and reinsurer Hiscox has announced a turnaround of its financial performance for the first half of 2021, as the carrier's pre-tax profit reached $133.4 million, compared with a loss of almost $140 million for the same period last year. At the halfway stage of last year, Hiscox reported reserves ... Read the full article
Assurant sells Preneed business for $1.5bn
3rd August 2021
US specialty insurance group Assurant has sold its prearranged funeral insurance and final expense business, Global Preneed, to CUNA Mutual Group for $1.5 billion in cash. The Global Preneed sale will generate approximately $1.2 billion of net proceeds. As previously announced, the company intends to return approximately $900 million of the ... Read the full article
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