Reinsurance News
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
Insurtech Foxquilt partners with Munich Re subsidiary
28th January 2021
Insurtech Foxquilt has partnered with Munich Re subsidiary Digital Partners on end-to-end insurance products and programs for small businesses. This Digital Partners collaboration provides the Foxquilt team with the autonomy and capabilities to design products and underwriting and rating algorithms. Foxquilt's Foxden underwriting platform is comprised of data-layered, micro-service architecture. Each of its ... Read the full article
ACORD adds five to Board of Directors
28th January 2021
International standards body ACORD has announced that its Board of Directors will be chaired by Kirk Behrens with Robert Bernard Kelly serving as Vice-Chair, along with five new Directors. Stephen Barnham, Chief Information Officer at MetLife Asia has been added to the board. He joined MetLife in June 2017 as the ... Read the full article
Swiss Re’s Mumenthaler confident in 2050 net zero target
27th January 2021
Swiss Re CEO Christian Mumenthaler has said he has “high hopes” that companies in the World Economic Forum’s (WEF) Alliance of CEO Climate Leaders can reach their target of net zero carbon emissions by 2050. Speaking in an interview with CNBC, Mumenthaler explained that the hardest challenge of the net zero ... Read the full article
Ryan Specialty names Tom Clark EVP
27th January 2021
International specialty insurer Ryan Specialty Group has announced the appointment of Tom Clark as an executive vice president. Clark joins with over 33 years' of industry experience having recently served as president of Nationwide E&S / Specialty. He will now work to develop Ryan Speciality's trading relationships with both retail brokers and ... Read the full article
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