Reinsurance News
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
AXA UK launches machine learning-driven property claims tool
20th July 2021
AXA UK has introduced a new machine learning tool designed to help streamline and accelerate complex property claims. BETSIE (Buildings Enhanced Triage Steering Intelligence Engine) captures data points and simplifies claims triaging process by increasing the speed and accuracy of claims resolution. The tool was built inhouse by AXA and uses data, ... Read the full article
Jamaica sponsors first ever, $185mn cat bond
20th July 2021
The World Bank has priced a catastrophe bond that will provide Jamaica’s Government with $185 million cover against named storm losses over the next three Atlantic tropical cyclone seasons. Jamaica is the first government in the Caribbean region to independently sponsor a cat bond. Back in 2014, the country was one of the ... Read the full article
Liberty Mutual Insurance looks to acquire AmGeneral Insurance
20th July 2021
U.S primary insurer Liberty Mutual Insurance has applied for regulatory approval to acquire Malaysian insurer, AmGeneral Insurance Berhad (AmGeneral). AmBank Group currently owns 51% of AmGeneral, with the other 49% owned by Insurance Australia Group (IAG). Liberty Insurance Berhad expects to acquire 100% shares of AmGeneral, and AmBank Group's share of the ... Read the full article
Peter Mills’ Pyrrhic Re to close after failing to raise required funds
20th July 2021
Pyrrhic Re has withdrawn plans to launch a specialist reinsurance-only business and ceased its capital raising activities after 'failing to align the total capital required," according to founder Peter Mills. Pyrrhic Re was envisioned as a reinsurer of treaty and facultative business for selected clients, products and geographies. The planned global portfolio comprised ... Read the full article
Chubb authorises $5bn one-time share repurchase program
20th July 2021
Global insurer Chubb has authorised a new one-time incremental share repurchase program of up to $5 billion through to the end of June next year. The company's existing share repurchase authorisation of $2.5 billion has $65 million remaining, which would be used prior to the share repurchase program. The timing and volume ... Read the full article
Berenberg says European floods to cost reinsurers up to €3bn
20th July 2021
Analysts at Berenberg have warned that recent flooding in parts of Europe will drive reinsurance industry losses of between €2 billion and €3 billion, while the economic hit from the event is projected to be much higher. Last week’s flooding impacted many parts of Central and Western Europe, including Belgium, the ... Read the full article
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