Reinsurance News
AXA’s underlying earnings rise as AXA XL improves underwriting result
2nd August 2021
Global insurer AXA has reported a 101% increase in underlying earnings to €3.6 billion and a rise in net income to €4 billion for the first half of 2021, driven by an improved performance in its Property & Casualty (P&C) unit as a result of a strong underwriting result at ... Read the full article
Fairfax reports Q2 net earnings of $1.2bn
2nd August 2021
Canadian property and casualty insurer and reinsurer, Fairfax Financial Holdings' net earnings for Q2 2021 came in at $1.201 billion compared to $434.9 million for the same prior year period. Meanwhile, gross premiums written by Fairfax's re/insurance operations increased to $5.977 billion from $4.702 billion in Q2 2020. The consolidated combined ratio ... Read the full article
Descartes makes two senior hires for new APAC offices
2nd August 2021
Descartes Underwriting, an insurtech focused on climate risk modelling and data-driven risk transfer, will be launching two offices in the Asia-Pacific region, expanding the reaches of its parametric cover. Robert Drysdale has been appointed head of Southeast Asia and will oversee the Singapore office. Drysdale brings 14 years’ experience of broking complex ... Read the full article
Landmark deal with China sees launch of Allianz Insurance Asset Management
30th July 2021
Allianz Insurance Asset Management, part of the global insurer's business in China, is set to become the first wholly foreign-owned company of its kind to secure approval from the county's Banking and Insurance Regulatory Commission. Headquartered in Beijing with registered capital of RMB 100 million, Allianz China IAMC will commence its ... Read the full article
Aon could have closed WTW deal, but options unappealing: CEO Case
30th July 2021
Global insurance and reinsurance broker Aon could have completed its now terminated $30 billion combination with Willis Towers Watson (WTW), but the two options proposed to close the deal would have been damaging for the firm, according to its Chief Executive Officer (CEO), Greg Case. Aon released its second-quarter 2021 ... Read the full article
Liberty Mutual appoints Hamid Mirza CEO of US Global Retail Markets
30th July 2021
Liberty Mutual Insurance has appointed Hamid Mirza as President and Chief Operating Officer, Global Retail Markets US. It's hoped he'll drive profitability and growth to an organisation that provides solutions to clients across personal lines in the US. Mirza joined Liberty Mutual in 2009 and most recently served as GRM Executive Vice President, ... Read the full article
Aon’s revenue from Commercial Risk jumps 20% in Q2
30th July 2021
Broking giant Aon has benefited from a 20% jump in revenue within its commercial risk segment, citing strong new business generation, retention, and management of the renewal book portfolio. This improvement has also been attributed to the more discretionary portions of Aon’s business, primarily in transaction liability, project-related work, construction, and ... Read the full article
Brit hits $1.464bn GWP in H1
30th July 2021
Insurer and reinsurer Brit Ltd has reported gross written premiums of USD1.464 billion for H1 2021, up slightly from $1.282 billion during the same prior year period. The company also reported a combined ratio of 94.6%, an improvement from the 106.7% reported in H1 2020. The company claims that this reflects a ... Read the full article
COVID-19 a “bad awakening” for event cancellation, says Swiss Re CEO
30th July 2021
The COVID-19 pandemic served as a "bad awakening" for the event cancellation sector and going forwards, is one line of business that will have to fundamentally change, according to Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re. As COVID-19 started to spread around the world in the early months of ... Read the full article
Gallagher views M&A a key growth engine despite Aon / WTW deal collapse
30th July 2021
Gallagher’s Chairman, President and Chief Executive Officer J. Patrick Gallagher, Jr. has underlined the broker’s commitment to mergers and acquisitions as a “proven strategic growth engine,” despite the breakdown of its deal with Aon to acquire chunks of rival Willis Towers Watson. His comments came alongside Gallagher’s quarterly results statement, ... Read the full article
Universal Insurance reports 14% revenue growth in Q2
30th July 2021
Florida headquartered and expansive primary insurance company, Universal Insurance Holdings, has reported that its total revenue increased 14.3% in the second quarter, while direct premiums written jumped 17% to $473.6 million. The insurer also reported a combined ratio of 97.3%, which slightly improved from 99.5% in Q2 2020. The improvement was driven ... Read the full article
Palomar Holdings adds Daina Middleton to board of directors
30th July 2021
Specialty property insurer Palomar Holdings has appointed Daina Middleton, Chief Executive Officer of Britelite Immersive, to its board of directors. Prior to Britelite Immersive, Middleton served as the CEO of Ansira, an independent marketing technology and services company focused on customer relationship development. She also held top-level management positions with Twitter, Performics, ... Read the full article
China’s non-life insurers able to manage Henan flood losses: AM Best
30th July 2021
Despite the recent floods in Henan potentially becoming one of China’s largest insured loss events ever, its non-life insurers will be able to manage and absorb the losses, according to a new report by rating agency AM Best. In the report, the rating agency noted that the heavy insured toll can ... Read the full article
Occam Underwriting promotes Mark Fisher to CEO
30th July 2021
Specialty Lloyd’s of London managing general agent, Occam Underwriting, has appointed Mark Fisher to Chief Executive Officer (CEO). Currently the company's Chief Financial Officer (CFO), Fisher has been at Occam for the last three years and holds 25 years of experience within the insurance industry. He has worked with both carriers and ... Read the full article
Rokstone launches specialist US agriculture division
30th July 2021
International speciality re/Insurance MGA Rokstone has announced the launch of a specialist agriculture division for the US market as it looks to continue its expansion into the region. The new division, Rokstone Agriculture Risk Underwriters, will be led by underwriting specialist Eric Conklin who has over 20 years’ experience underwriting livestock ... Read the full article
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