Reinsurance News
Cryptocurrencies & claims a focus of the seventh Lloyd’s Lab cohort
6th August 2021
Lloyd's has today unveiled the next 11 InsurTech startups joining the seventh group of the Lloyd's Lab innovation accelerator programme, which this time will focus on the development of simpler products and solutions targeting the cryptocurrency space. Lloyd's selected its next cohort of InsurTech startups from 179 applications, with each successful ... Read the full article
Chubb promotes Hilda Toh to P&C CUO for UK, Ireland & South Africa
6th August 2021
Global insurer Chubb has announced that Hilda Toh has succeeded Mark Roberts as Property and Casualty (P&C) Chief Underwriting Officer (CUO) for the United Kingdom, Ireland and South Africa (UKISA), effective immediately. In her new role, Toh will be based in London; taking over from Roberts who was recently appointed Division ... Read the full article
Aon bolsters M&A, transaction solutions group with 3 directors
6th August 2021
Re/insurance broker Aon has announced the addition Christophe Bonneville, Cristina Chaparro and Joyce Koch to its tax insurance team, part of the firm's M&A and transaction solutions group. Based in Paris, Bonneville joins as a Director from PWC France where he was a Director in financial services tax. He previously was a Tax ... Read the full article
Retro cover to cap Deutsche Rück’s Bernd loss at €40-50mn
6th August 2021
German reinsurer Deutsche Rückversicherung AG (Deutsche Rück) has said that it is expecting only a “moderate” net loss of €40 million to €50 million from Storm Bernd, which brought catastrophic flooding to Germany last month. The storm is expected to drive overall economic losses of over $10 billion, with insured ... Read the full article
HCI announces premium growth of almost 8% in Q2 2021
6th August 2021
Florida-based insurtech HCI Group has reported a dip in net income for the second quarter of 2021 to $3.8 million when compared with the prior year period, as its consolidated gross written premiums (GWP) climbed by 7.6% to $185 million. Q2 2021 net income fell from the $8.9 million reported a ... Read the full article
Heritage takes Q2 loss after heavy weather costs
6th August 2021
Super-regional property and casualty insurance holding company Heritage has fallen to a Q2 loss of $4.0 million, after taking $35.5 million of weather losses in the quarter. Up from $26.8 million in the prior year quarter, the current accident quarter weather losses include $24.5 million of net catastrophe losses, up from ... Read the full article
Allianz sees Q2 net income hit €2.2bn as P&C underwriting improves
6th August 2021
Global insurer Allianz has announced a 46% rise in net income for the second quarter of 2021 to €2.2 billion, driven by an increase in operating profit across all of its business segments when compared with the prior year period. Solid growth across the business in Q2 2021 has resulted in ... Read the full article
TransRe’s solid underwriting performance boosts Alleghany in 2021
6th August 2021
Alleghany Corporation has reported a return to underwriting profitability across its business for the second quarter of 2021, driven by a strong year-on-year turnaround in the performance of its reinsurance operation, TransRe. Overall, Alleghany has announced underwriting profit of $174 million for Q2 2021 and a combined ratio of 90.2%, compared ... Read the full article
Africa Specialty Risks launches Bermuda reinsurer
6th August 2021
Africa Specialty Risks (ASR), the pan-African focused reinsurance group, has announced the launched of a licensed reinsurance entity in Bermuda. The group plans to offer a range of products from its Bermudan reinsurer, including Political Risk & Trade Credit, Political Violence & Terrorism, Property, Energy, Liability, Construction and Parametric solutions. Once rated, ... Read the full article
SiriusPoint improves CR amid remediation drive
6th August 2021
SiriusPoint, the international specialty re/insurer recently formed via the merger of Sirius Group and Third Point Re, has reported net income of $64.5 million in the second quarter of 2021. The company also improved its combined ratio to 92.8%, from 99.8% in Q2 of 2020, as it focused on remediation and ... Read the full article
Arch Re completes takeover of Somerset Bridge
6th August 2021
Arch Reinsurance Ltd., the specialty property and casualty reinsurance subsidiary of Bermuda-based Arch Capital Group Ltd., has announced the completion of its acquisition of Somerset Bridge Group Limited, Southern Rock Holdings Limited and affiliates (Somerset). First announced in June 2021, the transaction includes Somerset’s motor managing general agent, distribution capabilities ... Read the full article
AIG reports Q2 net income of $91mn; solid GI underwriting result
6th August 2021
American International Group, Inc. (AIG) has reported net income of $91 million for the second quarter of 2021 versus a loss of $7.9 billion a year earlier, supported by a strong underwriting result in General Insurance (GI), lower cat losses, and higher investment income. The main driver of the improvement is ... Read the full article
Compre to acquire SiriusPoint legacy portfolio for $417mn
6th August 2021
Compre, the international specialist legacy group, and SiriusPoint have reached an agreement for Compre to acquire a $417 million portfolio of legacy liabilities. The transaction is structured as a loss portfolio transfer and will be underwritten by Compre's class 3A Bermudian reinsurer, Pallas Reinsurance Company Ltd. (Pallas Re). The portfolio in question ... Read the full article
Trisura’s H1 income exceeds full-year 2020 result
6th August 2021
International specialty insurance holding company Trisura Group has seen its net income soar by 156.4% to $16.9 million during the second quarter of 2021. The performance was driven by strong growth and underwriting in Canada, growing profitability in the US, improved asset liability matching in the company’s reinsurance business, and investment ... Read the full article
Allianz pegs gross loss from flooding in Europe at €900mn
6th August 2021
Global insurance carrier Allianz is expecting gross losses of approximately €900 million from the impacts of storm Bernd in Europe, of which it anticipates around €500 million will be covered by its reinsurance. Storm Bernd arrived in Central Europe in July and most of its damage came from flooding caused by ... Read the full article
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