Reinsurance News
Olympics cancellation loss could be “mind-blowingly large”, say reports
27th January 2021
Global insurers and reinsurers are facing a loss of up to as much as $3 billion if the rescheduled Tokyo Olympics are cancelled, according to reports. At a loss of between $2 billion - $3 billion, cancellation of the event would drive the largest ever claim in the global event cancellation ... Read the full article
Aon / WTW unveil new Executive Committee for combined entity
27th January 2021
Ahead of the proposed combination of global insurance and reinsurance brokerages, Aon and Willis Towers Watson (WTW), the companies have announced the new leadership team, led by Greg Case as Chief Executive Officer (CEO). It was confirmed in March of 2020 that the pair had reached an agreement to combine ... Read the full article
December cat losses below average, says Jefferies
27th January 2021
Analysts at Jefferies have estimated that re/insurance industry losses from catastrophes were 16% below the long-term average in December 2020. Amongst these losses, winter weather and severe storms featured as the most prominent perils, accounting for 71% of the total insured losses. Relative to prior years, December wildfire losses were lower, especially ... Read the full article
Insurers paid out, reserved $7.7bn in Louisiana from Laura, Delta & Zeta
27th January 2021
Hurricanes Laura, Delta and Zeta promoted insurers to pay or reserve $7.7 billion on claims in Louisiana throughout 2020, according to the state’s insurance commissioner Jim Donelon. Policyholders are reported to have filed 290,847 claims of all types from the three storms. Of those, 56% were closed with payment as of December ... Read the full article
Old Mutual to finalise BI claims
27th January 2021
South African financial services group Old Mutual has announced to its shareholders that it will proceed in the finalisation of all outstanding valid claims for business interruption for affected customers. Old Mutual offers a broad spectrum of financial solutions to retail and corporate customers across market segments in 14 countries. Whether or ... Read the full article
Strategic Risk Solutions expands into Switzerland
27th January 2021
Strategic Risk Solutions, a provider of insurance management and consulting services, has expanded into Switzerland with the appointment of three Managing Directors for the country. Markus Beck, Georg Balint and Maria Sandoval have all been appointed to key positions in the company's Swiss office, which will be located in Zurich. Beck joins ... Read the full article
Allstate agrees to sell life insurance arm to Blackstone for $2.8bn
27th January 2021
U.S. primary insurance carrier, The Allstate Corporation, has reached an agreement to sell Allstate Life Insurance Company (ALIC) and certain subsidiaries to entities managed by private equity investment giant, Blackstone, for $2.8 billion. Currently, ALIC holds around 80%, or $23 billion of Allstate's life and annuity reserves and in 2019, generated ... Read the full article
Howden records organic growth of 6% in 2020
27th January 2021
International insurance broker Howden has recorded revenue of £777 million in 2020, representing an increase of 7% compared with the previous year, or 6% on an organic growth basis. Howden attributed the growth to strong performance across all of its business units, despite the “extraordinary market conditions” that the industry faced ... Read the full article
W. R. Berkley posts strong Q4, net income hits $312mn
27th January 2021
Insurance holding firm W. R. Berkley recorded an all-time record net income of $312.2 million in the fourth quarter of 2020, driven by a 9% growth in gross premiums written. Net investment income grew 32%, despite a defensive position in fixed-maturity securities, where the company maintains a relatively short duration and ... Read the full article
RenRe falls to Q4 operating loss; expects increased profitability
27th January 2021
Bermuda-based reinsurance company, RenaissanceRe Holdings Ltd. (RenRe), has reported an operating and underwriting loss for the fourth-quarter of 2020 amid losses from both weather-related events and the COVID-19 pandemic. For the final quarter of 2020, RenRe has reported net income of $189.9 million, compared to $33.8 million for the same period ... Read the full article
Munich Re hails Augmented Automated Underwriting (AAU)
27th January 2021
A new report by Munich Re unit Munich Re Automation Solutions has hailed Augmented Automated Underwriting (AAU) as a technology that will revolutionise customer experience in the re/insurance industry. Specifically, the paper examines how AAU builds on and evolves previous technology investments and implementations, and whether the technology is the inevitable destination ... Read the full article
Sompo International enters partnership with UK insurtech Flock
27th January 2021
Specialty property and casualty re/insurer Sompo International has entered into a long-term partnership with Flock, a UK insurtech that provides data-driven insurance solutions to commercial drone operators. This partnership has been established to support the future of aviation by increasing the availability of insurance needed for emerging use-cases, like drone cargo ... Read the full article
DBRS Morningstar notes uptick in RT1 bond momentum
27th January 2021
Analysts at DBRS Morningstar have reported that the insurance Restricted Tier 1 (RT1) securities market experienced an uptick in momentum over 2020. Overall, European insurance companies issued approximately €4 billion, a jump of almost 100% compared with 2019. According to analysts, issuers were quick to take advantage of record low interest rates ... Read the full article
Propel Insurance hires Angelo Fusaro as CFO
27th January 2021
Insurance agency Propel Insurance has appointed Angelo Fusaro as Chief Financial Officer (CFO), succeeding Pete Hendrick, who has announced his retirement after being in the position for over 16 years. He comes to Propel, a portfolio company of Flexpoint Ford, with over 20 years of experience in financial and operational management. Fusaro ... Read the full article
Insurers to play critical role in shift to autonomous driving, says Travelers
26th January 2021
A new report by Travelers reaffirms the company’s belief that the auto insurance industry will play a “critical role” as lawmakers, regulators and society adjust to innovations in transportation, including the shift towards autonomous driving. Among the key points of the report, Travelers recommends that any proposed legal and regulatory framework ... Read the full article
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