Reinsurance News
Insurance pricing, rising exposures a ‘twofold boost’ for brokers in 2021: S&P
28th January 2021
Insurance companies are expected to show underwriting discipline in the months ahead suggesting a strong pricing environment for 2021, which, coupled with rising exposures should bolster organic growth for brokers, according to analysis by S&P Global Ratings. In 2020, market impact, which S&P says is best captured by insurance premium growth ... Read the full article
Farmers Insurance takes minority stake in fintech company Jetty
28th January 2021
Farmers Insurance Group has deepened its relationship with Jetty via an equity investment in the fintech company, designed to further enhance Jetty's existing products and to support the development of new fintech solutions. The investment comes roughly seven months after it was revealed that Toggle Insurance, a subsidiary of Farmers Insurance, ... Read the full article
Jackson to separate from Prudential in Q2 demerger
28th January 2021
UK insurer Prudential has announced that its US business, Jackson National Life (Jackson), will fully separate from the group via a demerger in the second quarter of 2021. The demerger, also known as a spin-off in the US, will lead to a significantly earlier separation of Jackson than would have been ... Read the full article
AXA XL names Michael Colao Cyber CUO
28th January 2021
AXA XL has announced the appointment of Michael Colao as Global Chief Underwriting Officer for Cyber. He will be based in London and reports to Libby Benet, Global CUO for Financial Lines. Colao will manage aggregate cyber exposure across AXA XL’s products globally while helping develop and implement underwriting standards globally. He most ... Read the full article
Ratings of Europe’s major reinsurers unaffected by UK BI judgement, says Fitch
28th January 2021
Despite the UK Supreme Court upholding the judgement on the Financial Conduct Authority’s (FCA) business interruption (BI) insurance test case, the amount that flows through to reinsurers is expected to be immaterial and have no impact on the ratings of Europe's big four, according to Fitch Ratings. The much-discussed UK BI ... Read the full article
Guy Carpenter growth buoys Marsh & McLennan results
28th January 2021
Marsh & McLennan Companies, Inc. (MMC) has reported full-year revenue growth of 3% over 2020, helped by revenue growth of 7% in its reinsurance broking arm, Guy Carpenter. MMC’s revenue for Q4 was $4.4 billion, bringing its total for the year to $17.2 billion. This compares with revenue of $4.3 billion ... Read the full article
Everest Re’s earnings can absorb $546m Q4 charges, says S&P
28th January 2021
Everest Re Group, Ltd.'s full-year 2020 earnings will be able to absorb the $546 million of previously announced fourth-quarter charges, according to analysis by S&P Global Ratings. Earlier this week, the Bermuda-based re/insurer announced estimated pre-tax net catastrophe losses of $70 million for Q4, alongside an additional $76 million of ... Read the full article
Berkley Re Solutions launches workplace violence protection cover
28th January 2021
Berkley Re Solutions, a subsidiary of Insurance holding firm Berkley has announced a new reinsured turn-key solution designed to help companies respond to workplace violence. A host of specific coverages and services that help organisations prepare for, respond to and recover from a workplace violence tragedy have been developed. As part of ... Read the full article
Skyward Specialty appoints John Burkhart to President role
28th January 2021
Specialty property and casualty insurer Skyward Specialty Insurance Group has announced the appointment of John Burkhart as President of its Specialty Lines. In this role, he will have oversight of Executive and Professional Liability, Healthcare Professional Liability, Surety, E&S and the A&H businesses. Burkhart brings 28 years of experience to Skyward Specialty, ... Read the full article
Insurtech investment hit $7.1bn in 2020: WTW
28th January 2021
Global insurtech investment reached a record $7.1 billion in 2020 despite substantial challenges to the re/insurance sector, according to a new report by Willis Towers Watson. A total of 377 deals were completed throughout the year, the most in any year to date, while overall funding was up 12% from 2019. ... Read the full article
RLI grows Q4 earnings
28th January 2021
US property and casualty insurer RLI Corp. has announced that its net earnings in the fourth quarter of 2020 totaled $83.8 million, compared to $53.4 million for the same period last year. However, looking at the full year, earnings slumped to $157.1 million, down 18% from the $191.6 million it reported ... Read the full article
Former Everest Re CEO Addesso joins ClearView Risk board
28th January 2021
Property & casualty insurer Amynta Group has appointed former Everest Re Chief Executive Dominic Addesso as non-executive chairman of ClearView Risk, its habitational property program and wholesale broking business. Addesso brings over 40 years' experience to the role and joins from Everest Re, a company he led for five years before retiring ... Read the full article
AXIS Capital reports $5mn net loss for Q4
28th January 2021
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, has reported a net loss of $5 million and an operating loss of $16 million for the fourth-quarter of 2020. The net result is an improvement on the $10 million net loss posted by the firm for the same period in 2019, while ... Read the full article
Renewal rates variable across 2020: IVANS Index
28th January 2021
IVANS, a division of Applied Systems, has reported that average premium renewal rate changes across 2020 were “variable” for all lines of business when compared with the previous year. The Q4 results of the IVANS Index show an increase in the premium renewal rate change average across General Liability, Commercial Property, ... Read the full article
Apollo hires Rob Johnston as head of marine
28th January 2021
Specialist re/insurer and Lloyd's syndicate Apollo has appointed Rob Johnston as head of marine and energy liability at Apollo Syndicate 1969. He’s set to join Apollo in April and will report to Simon Mason, head of marine and energy. Johnston joins Apollo from MS Amlin, where he managed several portfolios since 2014 ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
