Reinsurance News
Coface 9M net income rises 264% in 2021
29th October 2021
Credit insurer Coface has reported a net income of €190.9 million for the first nine months of 2021, a 264.2% increase from the $52.4 million achieved in the prior year period. A net loss ratio of 25.4% for 9M represents an improvement of 29.8 ppts. The combined ratio, net of reinsurance, stood ... Read the full article
IQUW completes takeover of Agora
29th October 2021
IQUW, the property, commercial and speciality insurer and reinsurer, has completed its previously announced acquisition of Agora Syndicate Holdings Ltd and its subsidiaries. We wrote on October 21st that IQUW intended to purchase Agora and its subsidiaries, the Group responsible for providing underwriting services to Agora, Lloyd’s Syndicate 3268. The acquisition, ... Read the full article
UN partnership has potential for systemic climate change: ICMIF
29th October 2021
Hilde Vernaillen, the Chair of the International Cooperative and Mutual Insurance Federation (ICMIF), has suggested that the ICMIF’s partnership work with the United Nations Office for Disaster Risk Reduction (UNDRR) has the potential to bring about “real systemic change” in combating climate change. During a high-level UN panel discussion as part ... Read the full article
Swiss Re posts solid net income for 2021 on strong P&C reinsurance performance
29th October 2021
Global reinsurance giant Swiss Re has reported net income of USD 1.3 billion for the first nine months of 2021, driven by the strong performance of its property and casualty (P&C) segment which more than offset a COVID-driven loss within its life and health (L&H) business. Overall, Group net income increased ... Read the full article
Inaugural Insurance Stress Test highlights need for reinsurers
29th October 2021
The first General Insurance Industry Stress Test (GIIST) from the Reserve Bank of New Zealand has highlighted the industry’s reliance on offshore reinsurance providers. The GIIST involved the five largest New Zealand incorporated general insurers - representing around 70 percent of the sector. The test was not intended as a pass or ... Read the full article
EXOR and Covéa sign MoU for $9bn sale of reinsurer PartnerRe
29th October 2021
EXOR, the Agnelli family owned investment and holding company and Covéa, a French mutual insurer, have entered into a Memorandum of Understanding (MoU) under which Covéa would acquire global reinsurer PartnerRe for $9 billion (€7.7 billion). We wrote last week that discussions between EXOR and Covéa had reportedly resumed over ... Read the full article
S&P highlights increasing reinsurer reliance on ILS
28th October 2021
A new report from S&P has highlighted reinsurers' increasing reliance on third-party capital to support their retrocession needs. In 2021, reinsurers are reported to have ceded roughly 50% of their exposures at a 1-in-250 return period through collateralised instruments, such as insurance-linked securities (ILS). S&P notes that around 15% of total reinsurance ... Read the full article
Ontario storms claims total $105mn: IBC
28th October 2021
Storms that hit southern Ontario in September have caused $105 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification. Both storms included heavy rain, wind and tornadoes that caused structural damage to many properties. Downed trees left 30,000 properties without power for hours. The storm which took place ... Read the full article
Catalina Holdings makes new senior appointments
28th October 2021
Catalina Holdings has made senior appointments as part of its business reorganisation over the past 2 years. Bruce Hemphill, who was appointed CEO of Catalina in February 2021 after serving as chair of the Catalina board, will carry on leading the company as it reviews its operations, capabilities and market position. Dean ... Read the full article
PRA exploring need for climate-related capital charges
28th October 2021
A new report by the UK’s Prudential Regulation Authority (PRA) has explored how to appropriately respond to the risks posed by climate change going forward. Among the potential options looked at within the report is the possibility for additional climate-related capital charges, in order to incentivize firms to incorporate climate considerations ... Read the full article
James River adds trio to expanded board
28th October 2021
James River Group Holdings, Ltd. has announced that Patricia H. Roberts and Thomas L. Brown have been elected to its Board of Directors, alongside the additional appointment of Kirstin M. Gould to the Board. With the appointment of Gould, the Board has increased in size from 10 to 11 directors. “We are ... Read the full article
Verisk agrees to acquire ACTINEO
28th October 2021
Global data analytics provider Verisk has agreed to acquire ACTINEO, a claims management solutions provider. With the acquisition, Verisk will add ACTINEO’s established claims management solutions to Verisk’s leading data analytics and insurance ecosystem, providing customers with digitalisation and medical expertise solutions throughout the entire claims process. The agreement will enable Verisk ... Read the full article
Everest’s Q3 net income falls by $169.6mn
28th October 2021
Everest Re group has reported a third quarter net loss of $73.5 million, having previously achieved an income of $243.1 million in the prior year quarter. The group also reported a net operating loss of $52.6 million, compared to a $97.0 million income achieved in the same period last year. An underwriting ... Read the full article
Cincinnati reports profitable underwriting for Q3
28th October 2021
Cincinnati Financial Corporation has reported an improved combined ratio of 92.6% compared to 103.6%. At 92.6%, this quarter reflects a profitable income. It was made up of loss expenses of 61.9% compared to 73.8% from the same prior year period. The underwriting expenses were reported at 30.7%, slightly higher than Q3 2020’s ... Read the full article
The Hanover Q3 income falls to $34m on heavy cat losses
28th October 2021
Property and casualty (P&C) insurance company The Hanover Insurance Group, Inc. has reported net income of $34.0 million for the third quarter of 2021, compared to $118.9 million for the same period last year. The considerable drop in performance can be mainly attributed to the $153.5 million of catastrophe losses that ... Read the full article
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