Reinsurance News
US April storms to drive $1bn+ loss: Aon
4th May 2021
Analysts at Aon have reported that the severe storms that impacted the US from April 23rd to 29th will cause total economic losses in excess of $1 billion, of which the majority will be insured. Storms affected the Southern Plains and Southeast, with tornado, large hail, and straight-line wind damage in ... Read the full article
Argo’s Q1 net profit improves to $27.2m despite higher cat losses
4th May 2021
Argo Group International Holdings, Ltd. has reported net income of $27.2 million for the first quarter of 2021 against a net loss of $24.7 million a year earlier, despite elevated catastrophe losses during the period. At the same time, Argo has reported an increase in operating income from $12.5 million in ... Read the full article
US & Bermuda reinsurers to adapt to higher UK injury costs: Fitch
4th May 2021
Analysts at Fitch Ratings believe that US and Bermuda re/insurers that cover bodily injury claims in the UK will adapt quickly to higher costs stemming from a change in how settlements are calculated, with just a short-term knock to their earnings. However, the need to set aside extra reserves for UK ... Read the full article
Canopius Group hires Nick Whitear as war risks underwriter
4th May 2021
Specialty re/insurer Canopius Group has appointed Nick Whitear as war risks underwriter. Whitear will be part of the global marine team based in London, headed up by the joint heads of marine, Charles Fernandez and Paul Hackett. He brings over 30 years of industry experience, holding roles in a variety of commercial ... Read the full article
EC pushes Aon / Willis Towers Watson merger decision date to August
3rd May 2021
The European Commission (EC) has further extended its deadline to come to a final decision on the Aon acquisition of rival broker and consultancy Willis Towers Watson (WTW), pushing the date into August. The European Commission's competition authority has been pouring over a proposed concessions package from Aon, with the insurance ... Read the full article
Ed hires Christina Ong from Howden to Chairman of Ed Asia role
3rd May 2021
Reinsurance, specialty and wholesale brokerage Ed, part of Corant and the broader BGC Partners group, has announced a key hire in Asia, appointing Christina Ong of Howden as its new Chairman of Ed Asia. Located in Singapore, Ong will join Ed Asia immediately and take up the Chairman role, bringing decades ... Read the full article
Berkshire Hathaway’s reinsurance unit hit by Uri & COVID mortality claims
3rd May 2021
Berkshire Hathaway's global reinsurance business continued to feel the effects of the COVID-19 coronavirus pandemic during the first-quarter of the year, with mortality claims driving the life reinsurance business to a loss. At the same time, Berkshire Hathaway’s property and casualty reinsurance division delivered a profitable quarter's underwriting, despite a $310 ... Read the full article
Despite a muted Q1 COVID impact, P&C isn’t in the clear yet: Swiss Re CFO
30th April 2021
For Swiss Re, COVID-19-related losses in its P&C Reinsurance segment were muted for the first-quarter of 2021, but that doesn't mean the business is "all clear for the rest of the year," according to Group Chief Financial Officer (CFO), John Dacey. Early this morning, Swiss Re announced COVID-19 losses of ... Read the full article
AXA to target environmentally positive & inclusive insurance
30th April 2021
Global insurer AXA has launched a progress index to measure its implementation of several new climate and inclusivity targets. On the insurance side, these include strengthening the share of insurance products with a positive impact on the environment, through the guarantees or services offered, as well as the promotion of inclusive ... Read the full article
RAA announces key incoming board members
30th April 2021
The Reinsurance Association of America has announced two key additions to its board of directors, including Markel Global Re president and Chief Underwriting Officer Jed Rhoads as chair. Meanwhile, Odyssey Group president and CEO Brian Young has joined as vice chair, with John Doucette, President and CEO of Reinsurance at Everest ... Read the full article
CFC gains Lloyd’s ‘in principle’ approval for new Syndicate
30th April 2021
Specialist insurer CFC has announced that Lloyd’s has provided 'in principle' approval for the creation of CFC Syndicate 1988. The new syndicate will be managed by Asta Managing Agency (Asta) which will work with CFC to secure final approvals to commence underwriting business incepting July this year. The syndicate will write a ... Read the full article
Kemper Corp reports net income of $123.2mn
30th April 2021
US insurer Kemper Corporation has reported net income of $123.2 million for its Q1 results compared to $64.0 million, for the year prior. In the first quarter of 2021, net income included a $41.2 million after-tax gain, or $0.62 per diluted share, attributable to the change in fair value of equity ... Read the full article
Liberty Mutual Re promotes underwriters within Financial Risk team
30th April 2021
Liberty Mutual Re, the reinsurance arm of Liberty Mutual, has announced the promotions of Tom Spurgeon and Harry Groves within its Financial Risk Reinsurance team. Spurgeon has been appointed as a Senior Underwriter, having worked at Liberty since August 2017. Groves, meanwhile, has been promoted to Underwriter following nearly two years in ... Read the full article
Zurich’s financial position remained strong in 2020 despite pandemic challenges
30th April 2021
Global insurer Zurich Insurance Group maintained a strong financial position in 2020 in spite of the financial market volatility, elevated claims and voluntary measures to support both customers and employees linked to the outbreak of the COVID-19 pandemic. Zurich has today released its Financial Condition Report 2020, which shows a decline ... Read the full article
Canada’s Apollo Insurance Solutions secures Lloyd’s coverholder status
30th April 2021
Canadian online insurance provider, Apollo Insurance Solutions Ltd., has secured coverholder status with the specialist Lloyd's of London insurance and reinsurance marketplace, providing it with access to an expanded product portfolio. Additionally, by obtaining coverholder status at Lloyd's, Apollo also gains the ability to develop unique products to respond even more ... Read the full article
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