Reinsurance News
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
AIG’s net income hits $1.7bn as General Insurance CR strengthens
5th November 2021
Global insurer AIG has announced a significant rise in net income to $1.7 billion for the third quarter of 2021, driven primarily by net realised gains, a strong underwriting result in its General Insurance (GI) unit and lower losses from catastrophes. During the quarter, the firm's GI unit recorded adjusted pre-tax ... Read the full article
Monte Carlo Rendez-Vous to return in 2022
4th November 2021
The annual Rendez-Vous de Septembre (RVS) in Monaco is set to return as a physical conference for the first time since 2019. The historic industry event is to take place between September 10 and 15, 2022. According to an official statement, the decision to move forward with 2022’s edition of the Rendez-Vous de ... Read the full article
Allstate posts underwriting loss of $534m for Q3
4th November 2021
US primary insurer Allstate has posted an underwriting loss of $534 million during the third quarter of Q3, after incurring $1.27 billion of catastrophe losses for the period. Allstate warned ahead of the huge catastrophe loss bill last month, which included around $631 million of losses from Hurricane Ida, after ... Read the full article
Paul Russell appointed to lead Fidelis’ expanded marine efforts
4th November 2021
The insurance arm of Bermuda-based holding company Fidelis Insurance has appointed Paul Russell as the group’s new Head of Marine. Russell's arrival is part of a broader strategic effort by Fidelis to expand its marine segment internally as well as with its Marine MGA, Navium. Navium commenced underwriting under Clive Washbourne in May ... Read the full article
Concirrus completes acquisition of Spark Insights
4th November 2021
Insurtech firm Concirrus has completed its acquisition of Spark Insights, a provider of decision analytics to the insurance market. Spark Insights was founded in 2018 by A insurtech expert Ira Scharf with the aim of using AI, machine learning and computer vision combined with satellite-based remote sensing and global earth observations ... Read the full article
Brad French steps down as head of Chaucer’s SLE
4th November 2021
Specialty re/insurance group Chaucer has announced that Brad French will step down from his role as Chief Executive Officer (CEO) of SLE Holdings, known in the market as SLE Worldwide Australia. French will leave the business at the end of this year, after 25 years of service. Chaucer assured that a replacement ... Read the full article
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