Reinsurance News
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
Brokerslink announces new Europe leadership team
3rd August 2021
Global brokering business Brokerslink has appointed its new regional team for Europe, who will focus on supporting the continued development of opportunities for its partners and affiliates. The team will be led by European Regional Manager, Denise Nart, who is head of global accounts, reinsurance and business development, and vice president ... Read the full article
AM Best assigns stable outlook to Malaysia non-life
3rd August 2021
AM Best has assigned a stable outlook to the Malaysian non-life insurance segment off of an expectation that underwriting discipline and robust pricing will be maintained in the face of ongoing phased de-tarrification of motor and fire business. The rating agency also noted an increased use of digital solutions to enhance ... Read the full article
Inflationary surge to increase claims severity in property lines: Swiss Re
2nd August 2021
Strong recovery from last year's recession and supply-chain shortages is driving a surge in inflation, and will cause an increase in claims severity for property lines in the short term, according to Swiss Re. The latest Economic Insights report from Swiss Re forecasts a temporary 10% gain in home construction prices, ... Read the full article
CNA improves Q2 income, targets new business
2nd August 2021
Chicago-based insurer CNA Financial Corporation has improved its net income to $368 million for the second quarter of 2021, due to new business generation, strong investment results, and lower levels of catastrophe losses. The result is more than double the $151 million that CNA posted in Q2 of last year, when ... Read the full article
Hippo merges with Reinvent in $550mn deal
2nd August 2021
Home insurance group Hippo has completed its previously announced merger with Reinvent Technology Partners Z, a publicly traded special purpose acquisition company. Chief Executive Officer and Co-Founder Assaf Wand, along with the current Hippo management team, will continue to lead the company. Hippo expects to receive more than $550 million in cash ... Read the full article
Structured Alpha investigation could impact future Allianz results
2nd August 2021
Global insurer Allianz has warned that an ongoing investigation by the US Department of Justice (DOJ) into the Structured Alpha Funds of its Allianz Global Investors could “materially impact future financial results” of the group. The US Securities and Exchange Commission (SEC) launched an investigation into the Structured Alpha Funds in ... Read the full article
Aon finds political instability, unrest slowing economic rebound from Covid
2nd August 2021
The COVID-19 pandemic has been determined by Aon to have both suppressed and aggravated terrorism and political violence risks in 2020 and 2021. Aon’s Risk Maps are designed to help firms better understand and navigate evolving political risk and political violence exposures. Lockdowns and travel restrictions have had a containing effect on ... Read the full article
AXA proposes Buberl’s mandate renewal
2nd August 2021
Global insurer AXA has announced it has proposed the renewal of Thomas Buberl's mandate as a member of AXA’s Board of Directors and Group Chief Executive Officer. The renewal of his mandate, which will last for a period of four years, will be proposed to AXA’s shareholders at their next Annual ... Read the full article
Fathom launches climate-conditioned flood cat model for the UK
2nd August 2021
UK-based flood risk modeller Fathom has launched its newly updated model designed to enable banks and re/insurers to quantify the current and future flood risk of their portfolios. The Bristol-based flood risk specialist first launched its Fathom-UK CAT model in January. This latest iteration brings the inclusion of coastal flooding with five ... Read the full article
Oneglobal Broking hires José Miguel González as CEO, LatAm
2nd August 2021
Oneglobal Broking has appointed José Miguel González as Chief Commercial Officer (CEO), Latin America. He will be responsible for all Latin American countries in the region excluding Peru, and is expected to join on completion of his existing contractual obligations. The brokers Latin American operation will be lead by Nicolau Daudt as ... Read the full article
Liberty Global Transaction Solutions Group unveils new EMEA hires
2nd August 2021
Liberty Global Transaction Solutions (GTS), part of Liberty Mutual Insurance, has announced a suite of team changes in Europe, Middle East, and Africa (EMEA). Daniel Müller has been appointed as Co-Head of Germany, Austria and Switzerland (DACH). He has been with Liberty Mutual for the last five years, holding a range ... Read the full article
DARAG adds Ajay Chhabra to lead Capital Management
2nd August 2021
Legacy acquirer DARAG Group has appointed Ajay Chhabra to serve as Group Head of Capital Management. Chhabra joins after six years at Aspen, having most recently served as Head of Exposure and Performance Management. He previously held actuarial and capital modelling roles at Asta, Aspen, Tillinghast and Benfield. “Ajay has a fantastic track ... Read the full article
BMS Re hires new executive director to oversee Bermuda operations
2nd August 2021
Independent reinsurance broker BMS Re has appointed Adam Mullan as executive director to oversee its launch in Bermuda. He will be responsible for building out BMS Re’s Bermuda operations and will be the driving force behind the initiative. Prior to this position, Muller worked as a re/insurance consultant at Attestor Capital, where ... Read the full article
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