Reinsurance News
AM Best assigns ratings to Brookfield’s North End Re
8th November 2021
AM Best has assigned credit ratings to North End Re Ltd. (Bermuda), the newly launched Bermuda-based reinsurance subsidiary of alternative asset management company Brookfield Asset Management Reinsurance Partners Ltd. North End Re was assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent), with ... Read the full article
Fairfax reports Q3 underwriting loss but net earnings rise to $462.4mn
5th November 2021
Fairfax Financial Holdings Limited has reported an underwriting loss of $46.5 million for the third quarter of 2021, driven by the impacts of Hurricane Ida in the U.S. and the European floods in July, partially offset by lower pandemic-related losses. The consolidated combined ratio of the insurance and reinsurance businesses totalled ... Read the full article
Aon to bolster cyber capabilities with Guidewire Software partnership
5th November 2021
Aon is set to implement cyber data listening and modelling collection technology offered by Guidewire Software, as the broker looks to enable improved risk quantification and improve underwriting confidence more broadly. Aon cites a desire to more effectively model client portfolios and develop new underwriting solutions as a driving factor of ... Read the full article
Heritage suffers Q3 net loss despite improved underwriting result
5th November 2021
Super-regional property and casualty insurance holding company, Heritage Insurance Holdings, Inc., has fallen to a net loss of $16.4 million for the third quarter of 2021, while gross premiums written (GPW) declined by 1.5% to $274 million. The firm's Q3 net loss represents a deterioration from the $5.2 million net loss ... Read the full article
Reinsurance tech adoption a mixed bag, but opportunity is huge: Webcast
5th November 2021
As the push for efficiency, digitalisation and innovation continues to gain traction in the global reinsurance industry, leaders and executives from across the risk transfer and technology sectors are optimistic about the future. Yesterday, we hosted a live webcast alongside sister publication Artemis, and in association with ... Read the full article
Allianz promotes Anusha Thavarajah to lead Asia Pacific as CEO
5th November 2021
Global insurer Allianz has appointed Anusha Thavarajah to lead its Asia Pacific operations as regional Chief Executive Officer, succeeding Solmaz Altin, who has decided to part ways with the company after 13 years’ of service. In her new role, Thavarajah will be responsible for delivering Allianz Asia Pacific’s long-term growth strategy ... Read the full article
Alleghany reports $200mn Q3 underwriting loss, TransRe CR hits 116%
5th November 2021
Alleghany Corporation, parent company of TransRe, has reported an underwriting loss of $200 million for the third quarter, following a prior year period loss of $81 million. The firm’s combined ratio rose to 110.8%, having previously been reported at 105.2% in Q3 2020. Net premiums written increased 21.1%, with reinsurance (TransRe) up ... Read the full article
IDF sets up Global Risk Modelling Alliance with V20 Group
5th November 2021
As part of the COP26 summit in Glasgow, the Insurance Development Forum (IDF) has announced a new partnership with the V20 Group of Ministers of Finance, which will see them create of a global public-private partnership programme, to be known as the Global Risk Modelling Alliance (GRMA). The GRMA programme will ... Read the full article
German Gov commits €18m to subsidize ARC climate cover
5th November 2021
Alongside the United Nations 2021 United Nations Climate Change Conference (COP26), the Government of Germany has committed €18 million to subsidize the cost of disaster risk insurance for qualifying African Risk Capacity (ARC) Group Member States. In a statement, the Parliamentary State Secretary to the Federal Ministry for Economic Cooperation and ... Read the full article
Beazley’s 9M 2021 GWP growth exceeds expectations
5th November 2021
Specialist insurer Beazley has reported higher than expected gross written premiums (GWP) for the first nine months of the year, as well as a year to date rate change of 23% across the business. For the nine month period ended September 30th, 2021, Beazley has announced GWP of roughly $3.3 billion, ... Read the full article
RGA falls to $22mn Q3 loss off COVID-19 claims
5th November 2021
Reinsurance Group of America, a US-based life reinsurer, has reported a third quarter net loss of $22 million, down from a $213 million net income in the prior-year quarter. Adjusted operating losses totaled $75 million, compared with adjusted operating income of $239 million in the prior period. Consolidated net premiums totaled $3.1 ... Read the full article
Lockton Re bolsters non-marine retro & property specialty unit in London
5th November 2021
Global reinsurance broker Lockton Re has announced the additions of Simon Moore and James Boon to its Non-Marine Retrocession and Property Specialty division in London. Moore joins the firm as a Senior Broker with almost 30 years of experience in both London and Bermuda across underwriting and broking. He started his career ... Read the full article
MMC urges public-private collaboration to strengthen UK resilience
5th November 2021
A new report by international re/insurance brokerage Marsh McLennan (MMC) has examined the opportunities for stronger interactions between the public and private sectors to strengthen the UK’s ability to anticipate and respond to strategic risks and crises. Partnering with Purpose, a new report for the National Preparedness Commission, recommends a fresh ... Read the full article
AXA reports total revenues of €76bn, strong price increases at AXA XL
5th November 2021
Global insurer and reinsurer AXA has reported a 7% rise in revenue to €76 billion for the first nine months of 2021, supported by growth of 5% within its property and casualty (P&C) operation. Within P&C, AXA has reported revenue expansion to €38.5 billion for the first nine months of the ... Read the full article
Illogical to decline potential cat opportunity: Lancashire CEO Maloney
5th November 2021
Alex Maloney, Chief Executive Officer (CEO) of Lancashire Holdings, confirmed yesterday that the specialty re/insurer intends to maintain its catastrophe footprint for 2022, stating that it would be "counter to our DNA" to retreat from an improved underwriting opportunity. In announcing its results for the first nine months of the ... Read the full article
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