Reinsurance News
Collaboration with re/insurers “vital” for climate transition: GFIA
11th November 2021
The Global Federation of Insurance Associations (GFIA) has asserted that close collaboration and communication with the industry at both global and local level is “vital” to successfully fight against climate change. In a statement alongside the COP26 summit in Glasgow, the GFIA argued that the transition to a sustainable economy needs ... Read the full article
AXIS Insurance bolsters E&S Property team
11th November 2021
AXIS Insurance, the specialty insurance business segment of AXIS Capital, has announced the appointment of two senior underwriters to its US Excess and Surplus (E&S) Property team. Effective immediately, Chelsea McIntyre and Nicholas Crowder each join the firm as a Vice President. McIntyre and Crowder’s objective will be to develop and build ... Read the full article
Ageas grows insurance result to €777m
11th November 2021
Brussels-headquartered multinational insurer Ageas has reported an insurance net result of €777 million for the first nine months of 2021, up from €737 million for the same period last year. This result included a net result in non-life of €236 million, down from €311 million for the 9M period last year. But ... Read the full article
Global Indemnity sells specialty property business to K2
11th November 2021
Property and casualty insurer Global Indemnity Group (GBLI) has sold its American Reliable specialty residential property business to specialty MGA K2 Insurance Services. Following the sale, K2 will transfer and renew the American Reliable specialty residential property business, which will be underwritten by Homesite Group, a subsidiary of American Family Mutual ... Read the full article
Crédit Agricole reports 24% revenue growth in 9M
11th November 2021
Crédit Agricole Assurances has announced a 24.6% growth of revenue across its priority lines of business during the first nine months of 2021. Priority lines of business include protection of assets and individuals and unit-linked products in savings and retirement. Meanwhile, the combined ratio stood at 96.9%. Property & Casualty revenue increased by ... Read the full article
Kin Insurance reports improved Adjusted Loss Ratio for Q3
11th November 2021
Kin Insurance has reported that through the third quarter of 2021, its adjusted loss ratio decreased to 89.8% from 107.4% for the same prior year period. Hurricane Ida contributed 25.4% to the adjusted loss ratio, with other PCS catastrophe events contributing 8.9%. Non-cat adjusted loss ratio of 55.5% has decreased each of ... Read the full article
Zurich won’t change reinsurance significantly despite aggregate exhaustion: CFO Quinn
11th November 2021
Insurer Zurich has no intentions to significantly alter its use of reinsurance protection despite the impacts of hurricane Ida and the European floods exhausting the company's aggregate catastrophe cover in the third quarter, according to Chief Financial Officer (CFO), George Quinn. Alongside robust premium growth, Zurich's Q3 2021 results highlighted ... Read the full article
Hannover Re sheds stake in HDI as firm underlines ‘pure reinsurer’ focus
11th November 2021
Global reinsurer Hannover Re has announced the sale of its 49.8% stake in joint venture HDI Global Specialty SE to majority shareholder HDI Global SE. The deal underscores Hannover Re’s overarching ambition of repositioning itself as a pure reinsurer. Concurrently, the sale is seen as a way to free up capital for ... Read the full article
FCA’s new pricing rules could have been unmanageable: LMA
11th November 2021
The LMA has issued its guidance on the new FCA Pricing Practices rules and associated Product Reviews which would require carriers to provide information on most products, including features, target market and those whom the product is not likely to be suitable for. There is also a reciprocal requirement for intermediaries ... Read the full article
Aviva’s General Insurance GWP rises to £6.5bn in 9M
11th November 2021
General Insurance premiums written by UK insurer Aviva grew 5% in the first nine months of 2021, reflecting solid customer retention and new business wins, particularly in commercial lines. UK&I life sales were £25.3 billion, up from £21.8 billion in the prior year quarter, while strong growth was seen in Savings ... Read the full article
Insurance Europe expresses support towards COP26
11th November 2021
Insurance Europe, the European insurance and reinsurance federation, has expressed its support for COP26, the collective global momentum to combat climate change. The European insurance industry also backs the goals of the Paris Agreement and the European Green Deal, as well as Europe’s ambitious targets to reduce its greenhouse gas emissions ... Read the full article
Hippo’s Q3 revenue up 64%, total generated premium hits $162mn
11th November 2021
Home insurer Hippo Holdings Inc. has announced total generated premium (TGP) growth of 94%, year-on-year, to $162 million in the third quarter of 2021, pushing the firm's revenue up 64% to $21.3 million. Alongside the rise in TGP and revenue for the quarter, Hippo has reported a smaller net loss of ... Read the full article
Generali on track to hit 2021 targets as results up 74%
11th November 2021
Italian insurer Generali has posted a net result of €2.25 billion for the first nine months of 2021, up 73.6% from the €1.30 billion that it reported for the same period last year. The result increased thanks to a corresponding improvement in the group’s operating result, which grew by 10% over ... Read the full article
Belgium floods amount to €2.1bn in damages
11th November 2021
Since the summer’s deadly floods in Belgium, insurance companies have received more than 71,000 claims with damages amounting to over €2.1 billion, according to The Brussel Times. These damage reports came from Liège, Verviers and Trooz, according to Nieuwsblad, who also reported that along with the damage to houses and buildings, ... Read the full article
LimitFi enters multi-year partnership with SiriusPoint
11th November 2021
Limit Financial (LimitFi), a managing general underwriter specialising in credit insurance and reinsurance solutions, has entered a multi-year underwriting capacity partnership and a strategic investment with re/insurer SiriusPoint. The partnership will support existing and future credit insurance product offerings and provides LimitFi with committed capacity to execute credit insurance. It will also ... Read the full article
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