Reinsurance News
Lancashire sees GWP rise 15.2% to $814mn in 2020
10th February 2021
Specialty re/insurance underwriter Lancashire saw gross premiums written increase by 15.2% year on year to $814.1 million in 2020. Meanwhile the firm’s combined ratio was confirmed at 107.8%, a figure which included the impact of COVID-19. Overall profit after tax was $4.2 million while Lancashire’s investment portfolio generated returns of 3.9% for ... Read the full article
Rebranded Supercede launches reinsurance trading platform
10th February 2021
Technology provider Riskbook has rebranded itself as Supercede to launch a data-driven global trading platform specifically created for the reinsurance sector. The platform aims to provide a free-to-use, independent reinsurance market with built-in analytics services. Supercede believes it will enable reinsurers to gain access to more risks and data, while brokers can ... Read the full article
Arch reports spike in Q4 net income to $533mn
10th February 2021
Bermuda domiciled Arch Capital Group, Ltd. has reported an increase in net income to $533.1 million for the fourth-quarter of 2020, as the performance of its reinsurance and mortgage segments more than offset an underwriting loss in the firm's insurance unit. Net income increased by 69% from the same period in ... Read the full article
EY forecasts 3.4% premium growth for UK insurers
10th February 2021
Analysts at EY are forecasting that UK insurers will see overall premium income grow by 3.4% over 2021, despite the economic impact of the pandemic, ultra-low interest rates, and the FCA’s pricing review. Non-life premium income fell by 0.8% in 2020, but the latest EY ITEM Club for Financial Services Forecast ... Read the full article
EC suspends review of Aon / WTW combination
10th February 2021
The European Commission (EC) has reportedly halted its investigation into the proposed combination of Aon and Willis Towers Watson (WTW) while it waits for more data from the broker, reports Reuters. The EC confirmed back in December that it would conduct an in-depth investigation of the transaction over concerns it ... Read the full article
WhenFresh & Ambiental partner on UK flood data
10th February 2021
Data supplier WhenFresh has partnered with Ambiental Risk Analytics, a specialist in environmental hazard intelligence, predictive analytics and risk management, to make Ambiental’s flood risk data available to UK re/insurers. WhenFresh already supplies data to many leading UK insurers, but will now be able to provide access to Ambiental’s UK FloodMap ... Read the full article
Everest Re net income falls to $64mn in Q4
9th February 2021
Everest Re Group has seen its fourth quarter net income fall to $64 million, a drop from the $217 million announced in the prior year quarter. This drop is largely due to a prior year reserve strengthening hit of $400 million as well as catastrophe losses of $70 million. COVID-19 losses were ... Read the full article
Sally Bridgeland joins PIC Board
9th February 2021
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has announced the addition of Sally Bridgeland to its Board as an Independent Non-Executive Director and Chair of the Risk Committee. Bridgeland replaces Steve Sarjant as Chairman of the Risk Committee following his retirement as an Independent Non-Executive Director. At ... Read the full article
Storms erode Suncorp’s reinsurance deductible by 55%
9th February 2021
Australian primary insurance giant Suncorp has announced that, while it has not driven any reinsurance recoveries, catastrophe losses across the first half of its financial year eroded the aggregate deductible in several reinsurance treaties, including the aggregate excess of loss treaty. Total costs from the cat events across Australia and New ... Read the full article
Chubb promotes Leigh Anne Sherman to Division President of ESIS
9th February 2021
Global re/insurer Chubb has appointed Leigh Anne Sherman as Division President of ESIS, based in New York and reporting to Matt Merna, Senior Vice President, Chubb Group and Division President, Chubb North America Major Accounts. Sherman will take over ... Read the full article
Willis Towers Watson posts organic reinsurance growth in Q4
9th February 2021
Willis Towers Watson (WTW) has reported organic reinsurance revenue growth over the fourth quarter of 2020, driven by new business generation and favourable renewal factors. Reinsurance led the revenue growth in the broker’s Investment, Risk & Reinsurance (IRR) segment, which posted an overall 1% increase in organic revenue growth. However, this was ... Read the full article
BHSI promotes Tomas Blas to Head of Property, Spain
9th February 2021
Berkshire Hathaway Specialty Insurance Company (BHSI), the insurance arm of Warren Buffett's global insurance and reinsurance company, has promoted Tomas Blas to Head of Property, Spain. Blas has 17 years of industry experience, joining BHSI in 2019 as Head of Technical Lines in Spain. In his new role Blas will be responsible ... Read the full article
B.P. Marsh income shrinks as COVID hits investments
9th February 2021
Venture capital provider B.P. Marsh has reported that its income for 2020 shrank by 15% due to the impact of COVID-19 on its investment portfolio. Its portfolio companies responded to the pandemic by maximizing liquidity, although the group’s underlying profit is expected to remain in line with the prior year’s £0.8 ... Read the full article
Liberty Specialty hires new Head of Financial and Professional Lines
9th February 2021
Liberty Specialty Markets, a division of Liberty Mutual Insurance Group, has appointed Terry FitzGerald to the newly created role of Divisional Head of Financial and Professional Lines. Fitzgerald will report to Chief Underwriting Officer, Melanie O’Neill who has recently been promoted. He has strategic oversight of the London business which covers financial ... Read the full article
Third Point Re strengthens leadership ahead of Sirius merger
9th February 2021
Hedge fund backed reinsurer Third Point Re has made three senior hires to strengthen its existing leadership team ahead of its planned merger with Sirius Group. Due to close this quarter, the merger will form a combined entity called SiriusPoint. Tim Mardon will join the senior underwriting team at SiriusPoint as Global ... Read the full article
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