Reinsurance News
H1 catastrophes eat through almost 80% of Travelers agg reinsurance retention
21st July 2021
Despite US primary insurer Travelers reporting a slowdown in catastrophe losses for the second quarter, year-to-date, the firm has accumulated approximately $1.5 billion of qualifying losses towards its aggregate retention of $1.9 billion. When reporting its Q2 2021 financials yesterday, Travelers announced catastrophe losses, net of reinsurance, of $475 million. While ... Read the full article
MCI receives in-principle approval to establish Syndicate 1902
21st July 2021
Specialist managing general agency Medical & Commercial International (MCI) has received ‘in-principle’ approval from Lloyd’s for Syndicate 1902 to underwrite business incepting on or after 1 January 2022. The syndicate will write gross written premium (GWP) of £45 million in year one. It will be established under ... Read the full article
IAG appoints Zurich’s Tim Plant as Chief Insurance, Strategy Officer
21st July 2021
IAG has appointed Tim Plant as Chief Insurance and Strategy Officer, a newly-created role that will see him oversee group governance across underwriting, claims and customer experience. Plant will also be developing the implementation of IAG’s overall business strategy and take over control of the firm’s innovation and ventures activities. He is ... Read the full article
Brookfield’s Bermuda reinsurer North End Re gets preliminary rating
21st July 2021
AM Best has assigned a preliminary rating to North End Re Ltd. (Bermuda), the newly launched Bermuda-based reinsurance subsidiary of alternative asset management company Brookfield Asset Management Reinsurance Partners Ltd. North End Re was given a Preliminary Credit Assessment (PCA) with a Financial Strength Assessment of A- pca (Excellent) and a ... Read the full article
BMA announces new Chairman and CEO as Jeremy Cox departs
21st July 2021
The Bermuda Monetary Authority (BMA) has announced that its Deputy Chairman, Donald Scott, has been appointed by the Minister of Finance to serve as Chairman of the Board, effective October 1st, 2021. The appointment of Scott is concurrent with the departure of Jeremy Cox, Executive Chairman and Chief Executive Officer (CEO) ... Read the full article
Swiss Re names Anna Lee as Head of Client Markets, Hong Kong & Taiwan
21st July 2021
Global reinsurance giant Swiss Re has appointed Anna Lee as Head of Client Markets, Hong Kong & Taiwan, succeeding Xinmei Zheng. Lee’s position will come into effect in September, and will continue as Head of New Business Development for Property & Casualty (P&C) Reinsurance SID, focusing on building and developing new ... Read the full article
Liberty Mutual Re hires new Chief Actuary for Reinsurance
21st July 2021
Liberty Mutual Re, the reinsurance arm of Liberty Mutual Insurance Group, has today announced the appointment of Hetul Patel as Chief Actuary, Reinsurance, effective immediately. In his new role, Patel takes on responsibility for driving actuarial insights to aid the reinsurer in meeting its strategic targets. He is set to lead the ... Read the full article
Global reinsurance capital unchanged through Q1: Aon
21st July 2021
Aon has reported that the level of global reinsurance capital remained unchanged through the first quarter of 2021, relative to the end of 2020, as growth in alternative capital offset a small reduction in traditional capital. The broker's Reinsurance Market Outlook report estimates that global reinsurer capital totalled $650 billion at ... Read the full article
Low claims levels keep downward pressure on UK motor premiums: WTW
21st July 2021
Low claims levels of claims over the past year due to COVID lockdowns have resulted in a third consecutive quarter of falling car insurance premiums in the UK, according to the latest Confused.com Car Insurance Price Index in association with Willis Towers Watson (WTW). The index found that comprehensive car insurance ... Read the full article
Economic case for net zero is “irresistible”: Swiss Re’s Fürer
20th July 2021
As the world emerges from the COVID-19 pandemic and turns its attention back towards the impending threat of climate change, Swiss Re’s Chief Investment Officer (CIO), Guido Fürer, has said that the economic case for moving towards net zero carbon emissions is “irresistible." Speaking at Swiss Re's 2021 Media Day lasat ... Read the full article
Protection gap emerging as earthquake insurance declines in Missouri
20th July 2021
The Missouri Department of Commerce and Insurance (DCI) has issued a new Earthquake Insurance Market Report that shows earthquake coverage in the highest risk areas of the New Madrid fault area of the state have hit historic lows. In the six-county New Madrid region of the state, the percentage of residences ... Read the full article
Munich Re’s Q2 profit hits €1.1bn; COVID losses in L&H exceed expectations
20th July 2021
Global reinsurer Munich Re has said that while major-loss costs in its property / casualty (P&C) reinsurance operation came in below average for the second-quarter of 2021, COVID-19 had an adverse effect on its life & health (L&H) business in the period. For the second-quarter of 2021, Munich Re has announced ... Read the full article
AIG’s Amy Stern take senior reinsurance role at Pie Insurance
20th July 2021
Pie Insurance, an insurtech company specializing in workers' comp insurance for small businesses, has announced several new leadership appointments, which include the addition of Amy Stern as Vice President of Reinsurance and Capital Solutions. Stern previously served as Chief Ceded Reinsurance Officer at AIG. Other appointments included Chris Lankford as VP of ... Read the full article
Strong investment result & lower cat losses boost Travelers in Q2
20th July 2021
The Travelers Companies, Inc. has reported a significantly improved net income of $934 million for the second-quarter of 2021 on the back of lower catastrophe losses, favourable reserve development, and a vastly improved investment result. Net income of $934 million compares with a net loss of $40 million for the second-quarter ... Read the full article
PCS looking at $1bn industry loss from South Africa riots
20th July 2021
Property Claim Services (PCS), a Verisk business, is currently looking at an insurance industry loss of between US $600 million and $1 billion from the South Africa riots, PCS Head Tom Johansmeyer has told us, although the ultimate cost is still dependent on a number of variables. This range is based ... Read the full article
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