Reinsurance News
Insured losses from Germany floods rise to an estimated €4.5-5.5bn, says GDV
27th July 2021
The German Insurance Association (GDV) has updated its insurance and reinsurance industry loss estimate for the recent flooding that devastated parts of the country to between €4.5 billion and €5.5 billion, of which around two-thirds are for damages in Rhineland-Palatinate. Over July 13th to 18th, major flooding impacted parts of Central ... Read the full article
Global commercial insurance pricing up 15% in Q2, finds Marsh
27th July 2021
Global commercial insurance prices increased 15% in the second quarter of 2021, according to the latest market index report by Marsh. It's reported that this year marks the 15th consecutive quarter of rate increases in the global commercial insurance market. Furthermore, it marks the third consecutive quarter to show a fall in ... Read the full article
LMG adds Patricia Roufca to board of directors
27th July 2021
The London Market Group has announced the addition of Patricia Roufca to its board of directors, representing the market on behalf of the International Underwriting Association. Roufca brings over 15 years of experience within the insurance sector, having worked as Group General Counsel and Director of Strategic Execution at Fidelis Insurance. Prior to ... Read the full article
Brown & Brown reports $129mn increase in revenues during Q2
27th July 2021
Brown & Brown has announced GAAP revenues for the second quarter of 2021 totalling $727.3 million, up $128.5 million from the prior year period. Net income was $139.3 million, increasing $42.5 million, or 43.9%. Compared to the second quarter of the prior year with commissions and fees increased by 21.3% and Organic ... Read the full article
Henan floods to further suppress Chinese insurers’ underwriting: Fitch
27th July 2021
According to Fitch Ratings, the insurance losses from severe floods in Henan province will further suppress the underwriting margin of Chinese non-life insurers in 2021. This will add to most motor insurers’ deterioration in claims after the implementation of comprehensive motor insurance pricing reform in September 2020. The rating agency expects insurance ... Read the full article
Mapfre’s combined ratio falls to 95.1% in H1
27th July 2021
Spanish re/insurer Mapfre has released its H1 2021 results, showing an improved combined ratio of 1.6 points to stand at 95.1%, compared to 96.7% from the year prior. The group’s premiums grew by 6.2% in the first six months of the year, reaching almost €11.7 billion. It also announced its earnings have ... Read the full article
DoJ hails ‘victory for competition’ as Aon CEO laments poor timing
27th July 2021
Attorney General Merrick B. Garland has hailed the breakdown of the proposed combination of Aon and Willis Towers Watson (WTW) as a "victory for competition and for American businesses", as Aon CEO Greg Case notes poor timing and factors outside of their control. After filing a civil antitrust lawsuit to block ... Read the full article
PartnerRe hits improved Q2 net income of $314mn
27th July 2021
Global reinsurer PartnerRe has reported a second quarter net income of $314 million, up from the $229 million achieved in the prior year period. For the half year 2021, a $204 million net income has been announced, after registering a loss in the same period of 2020. Operating income was $151 million ... Read the full article
Oneglobal adds Dennis Mahoney as Chairman
27th July 2021
Oneglobal Broking has announced that former Insurance Institute of London President Dennis Mahoney will join as Chairman with immediate effect. Following his retirement as Chairman of Aon Global, Mahoney served on the Board of Ironshore prior to its sale to Liberty Mutual. Jonathan Palmer-Brown, Oneglobal Chairman commented, “As Oneglobal's ambitious growth plans ... Read the full article
BRP Group subsidiary buys insurance distribution platform Founder Shield
27th July 2021
Independent insurance distribution firm BRP Group’s subsidiary Millennial Specialty Insurance is to acquire a New York-based tech-enabled insurance distribution platform focused on providing commercial insurance services for clients in various high growth industries. The platform consists of FounderShield, AlphaRoot, ReShield and Scale Underwriting Services; collectively, Founder Shield. With annual revenue of approximately ... Read the full article
Gallagher confirms termination of deal to acquire certain WTW assets
27th July 2021
Arthur J. Gallagher & Co. has confirmed that its agreement to acquire certain assets of Willis Towers Watson (WTW) has been terminated owing to the collapse of the $30 billion combination of Aon and WTW. As Aon and WTW attempted to get their proposed merger over the line amid an array ... Read the full article
Hippo launches homeowners association insurance product
27th July 2021
Home insurer Hippo has announced its expansion into commercial Insurance, with the launch of a tailored homeowners association (HOA) product. The product is designed to provide broader protection alongside a streamlined claims process. Commercial customers will have access to Hippo’s personalised coverage, backed by the company’s data-driven underwriting, satellite and aerial imagery, ... Read the full article
Willis Towers Watson looks to return Aon merger termination fee to shareholders
27th July 2021
It appears global re/insurance broker, Willis Towers Watson (WTW), has decided to return its Aon merger termination fee to shareholders, increasing its share repurchase program by $1 billion. After news broke yesterday that Aon and WTW decided to scrap their $30 billion mega-merger plans, Aon said that it would be ... Read the full article
Analysts see ‘more go-it-alone headwinds’ at WTW than Aon as merger collapses
26th July 2021
As news broke today that Aon's proposed combination with rival re/insurance brokerage Willis Towers Watson (WTW) has been terminated, analysts at Keefe, Bruyette & Woods (KBW) see greater headwinds for WTW moving forwards. The proposed $30 billion mega-merger of two of the world's largest brokers fell apart today as the ... Read the full article
Glen Riddell promoted to lead both Berkley Re Asia & Australia
26th July 2021
Re/insurance holding company W.R Berkley has appointed Glen Riddell to lead its Berkley Re operations in Australia as Chief Executive Officer, alongside his exisiting role as CEO of Berkley Re Asia. He enters the role in the new year, at which point he'll succeed Tony Piper, who will transition into the role of chairman of ... Read the full article
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