Reinsurance News
The Hartford reports $900mn Q2 net income
29th July 2021
US property and casualty insurer The Hartford has reported a Q2 2021 net income of $900 million, an increase of 94% from $463 million in Q2 2020. Its combined ratio in the second quarter came in at 88.9%, with an underlying combined ratio of 89.4%, a 13.5 point improvement from 102.9%. The ... Read the full article
Allianz upgrades functions on Claims Hub
29th July 2021
Global insurer Allianz has added present position trackers to its Claims Hub, allowing brokers to get live status updates on five key aspects of motor claims. The digital platform pulls information from the system so that brokers can have the latest on policy cover, liability, vehicle, third party and recovery. This new ... Read the full article
CFC appoints Graeme Newman as CEO
29th July 2021
Specialist insurer CFC has appointed current Chief Innovation Office Graeme Newman as its new Chief Executive Officer (CEO). As CEO, Newman will lead all aspects of CFC’s underwriting business based in London, including the company’s growing data, technology and operations functions. He succeeds founder Dave Walsh, who will assume the role of ... Read the full article
Arch’s underwriting performance improves across its operations in Q2
29th July 2021
Bermuda domiciled insurer and reinsurer, Arch Capital Group Ltd., has reported a return to underwriting profit for the second-quarter of 2021, driven by improved performances in its insurance, reinsurance, and mortgage segments. Across its operations, underwriting income reached $386.5 million for the second quarter of 2021, compared with a loss of ... Read the full article
Swiss Re names Nagarajan Head of Client Markets P&C
29th July 2021
Reinsurer Swiss Re has appointed Balasubramanian Nagarajan as Head of Client Markets Property & Casualty. Nagaraja will also assume the position of Head of Swiss Re Asia’s Malaysia Branch, succeeding Marcel Omar Papp, who has been in the role for the last three years. In his new role, Nagaraja will aim to ... Read the full article
R&Q program management hits $445mn GWP in H1
29th July 2021
Non-life global specialty insurer Randall & Quilter achieved $445 million in Gross Written Premium during the first half of 2021, an 80% increase from the $247 million seen in the prior year period. Fee Income, which represents program fee revenue and the firm’s share of earnings from minority stakes in MGA’s, ... Read the full article
Lloyd’s takes steps to accelerate transition to net zero carbon
29th July 2021
The specialist Lloyd's insurance and reinsurance marketplace has unveiled a new climate action roadmap as the entity looks to work with critical industries to help accelerate the pace of change as the need for net zero carbon intensifies. Today, Lloyd's has released a new report, Insuring a sustainable, greener future, as ... Read the full article
Everest Re posts solid premium growth as net income rises in 2021
29th July 2021
Bermuda-based reinsurer, Everest Re Group, Ltd. has announced a significantly improved net income for both the second-quarter of 2021 and the first half the year, of $680 million and $1 billion, respectively. Everest Re's Q2 net income increased by a massive 256% when compared with the prior year period, while net ... Read the full article
InsurTech investment reached record high in H1 2021: WTW
29th July 2021
Global investment in the InsurTech sector reached a record during H1 2021, as half-year funding of $7.4 billion exceeded full-year investment in 2020, and in every other year, according to a new report by insurance and reinsurance broker, Willis Towers Watson (WTW). In Q2 2021, 162 deals yielded more than $4.8 ... Read the full article
ReThought Insurance completes $15.5mn Series A funding round
29th July 2021
ReThought Insurance has completed a $15.5 million Series A investment round to help fund its growth within the flood insurance market. The insurer writes flood coverage for complex mid-tier commercial risks and high net worth properties, but is also developing offerings for other perils. The funding will go towards providing funding for ... Read the full article
LifeSecure enters partnership with Swiss Re’s iptiQ
29th July 2021
LifeSecure Insurance Company has announced it has entered into a strategic partnership with Swiss Re’s iptiQ. The partnership’s aim is to simplify the life insurance buying experience by launching simplified issue final expense and term life insurance products, which will mark LifeSecure's first expansion into the life market. Patrick Prichard, LifeSecure president ... Read the full article
Germany to see roughly €5bn insured hit from July flooding, AIR says
28th July 2021
Catastrophe risk modeling firm AIR Worldwide has stated that insured losses in Germany from July’s flooding could approach €5 billion. For five days a low pressure system known as “Bernd” sat over central Europe and brought about significant flooding. Germany’s Rhineland-Palatinate and North Rhine-Westphalia regions were particularly affected, experiencing heavy and, in ... Read the full article
Tackling 2021 exposures with a 2011 mindset is a recipe for disaster: EMC Re President
28th July 2021
Mondale Smith, President and COO at EMC Re, has stressed that reinsurers must pay close attention to how weather trends have altered in recent years, and has warned that “tackling 2021 exposures with a 2011 mindset is a recipe for disaster.” Speaking in an interview with Reinsurance News, Smith discussed how ... Read the full article
Thomas Miller Specialty launches construction business
28th July 2021
Thomas Miller Specialty has established its construction business, Thomas Miller Specialty Construction (TMSC), which will utilise and build on its experience with latent defect insurance. TMSC will operate on a broker distribution model only, strengthening existing links and establishing new relationships within the broker market. Technical services to support underwriters with risk management ... Read the full article
Underwriters purchase additional IPO from RSG
28th July 2021
Ryan Specialty Group Holdings has announced that underwriters have purchased an additional 8,537,742 shares of its Class A common stock at the initial public offering (IPO) price of $23.50 per share. The group previously announced an IPO of 56,918,278 shares of its Class A common stock. Ryan Specialty has issued a ... Read the full article
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