Reinsurance News
Allstate cat losses total $544m in April
20th May 2021
US primary insurer Allstate Corporation has announced estimated catastrophe losses for the month of April of $544 million, or $430 million after-tax. Catastrophe losses in April comprised five events at an estimated cost of $490 million plus unfavorable prior period reserve estimates. One large hail event, primarily impacting Texas and Oklahoma, accounted ... Read the full article
Peak Re profits surge in 2020 as premiums up 18%
20th May 2021
Peak Reinsurance Company Limited the Hong Kong-based global reinsurer has reported a 150% increase on net profit for 2020 when compared with the previous year. Net profit grew to $87.1 million, from $34.9 million in 2019, helped by a large increase in gross written premiums. GWP in 2020 rose to $1.966 billion, ... Read the full article
Sompo International reports $9.17bn decrease in profits
20th May 2021
Sompo International has reported a JPY 20 billion ($9,176 billion) decrease in profits for its business over the full-year 2020 period, which the company attributes to the impact of the COVID-19 pandemic. For the 2021 fiscal year, Sompo is forecasting an underwriting profit of $459 million, compared to its profit of ... Read the full article
Lloyd’s catastrophe risk exposure declined to £1.4bn in 2020: Moody’s
20th May 2021
According to a Moody’s report, Lloyd’s exposure to catastrophe risk has declined significantly in recent years to end last year at £1.4 billion (USD 2bn), or 6% of the solvency capital requirements (SCR). The report noted that at year-end 2016, so prior to the severe and costly natural catastrophe events of ... Read the full article
Howden acquires Medical Professional Risk Solutions
20th May 2021
Howden Broking has acquired Medical Professional Risk Solutions (MPRS), a specialist insurance broker for the primary care sector. The acquisition will expand the Howden's Health & Care division as it continues to invest in specialisms to support clients. MPRS provides accident & health, professional liability, medical malpractice, and commercial combined cover for ... Read the full article
Chubb hires Richard Williams as President of Combined Insurance
20th May 2021
Global insurer and reinsurer Chubb has appointed Richard Williams as President of Combined Insurance. Williams appointment takes place effective immediately, and will oversee all Combined business operations, management, and growth strategies. He will report to Joe Vasquez, who has been leading Combined since late 2019. Vasquez will continue in his role as Senior ... Read the full article
IGI appoints Emily Clapham as senior contingency underwriter
20th May 2021
International General Insurance has announced the appointment of Emily Clapham as Senior Underwriter for its recently-announced Contingency line of business. An experienced contingency underwriter, Clapham joins from Fidelis’ London office. Prior to that she served as Contingency Underwriter for Beazley, where she joined after completing the Lloyd’s Generalist Graduate Programme in 2014. Reporting ... Read the full article
MS Amlin reports £277mn drop in net income for 2020
20th May 2021
MS Amlin saw net income fall £277 million in 2020, a further drop from the £55 million loss announced in 2019, primarily driven by COVID-19 impacts. Excluding the impact of COVID-19, underwriting profit was £28 million and net income was £83 million, up from the previous year. Net premiums written in were ... Read the full article
COVID drags Tokio Marine International 2020 profits down 44%
20th May 2021
Tokio Marine Holdings, Inc. has reported a 44% decrease in profits for its international business over the full-year 2020 period, which the company attributes almost entirely to the impact of the COVID-19 pandemic. Total full-year profits across the international business segments came to JPY 101.1 billion (USD 928 million), which was ... Read the full article
Ariel Re appoints Allstate’s Mike Pedraja CFO
20th May 2021
Bermudian reinsurer Ariel Re has announced two key appointments to its senior management team, including Mike Pedraja as group Chief Financial Officer. Pedraja, who previously served as Senior Vice President and Treasurer of Allstate, will be responsible for leading the finance function as well as capital management and investor relations. He has ... Read the full article
Re/insurance industry execs support sale of Willis Towers Watson assets: KBW
20th May 2021
Florida and Bermuda insurance and reinsurance industry executives recently expressed "widespread support" for the sale of Willis Re and certain other Willis Towers Watson (WTW) assets to Arthur J. Gallagher (Gallagher), according to analysts at KBW. It was announced last week that Gallagher had agreed a $3.57 billion deal to ... Read the full article
Japan life recovery could take until 2024: GlobalData
20th May 2021
Analysts at GlobalData have warned that it could take until 2024 for growth rates in the Japanese life insurance market to return to their pre-COVID-19 levels. The industry is expected to recover from 2021 onwards and increase at a compound annual growth rate (CAGR) of 1.8% over the next three years, ... Read the full article
Execs see lower-than-expected Florida property cat rate rises: KBW
20th May 2021
The upcoming June 1st, 2021 reinsurance renewals appear to be orderly, although property catastrophe reinsurance rate increases in Florida are expected to come in below expectations, according to analysts at Keefe, Bruyette & Woods (KBW). After meeting with executives this week, analysts have determined that when compared with last year, Florida ... Read the full article
S&P upgrades Athene off continued profitable growth
20th May 2021
S&P Global Ratings shas raised its financial strength and issuer credit ratings on retirement services company Athene to 'A+' from 'A'. The outlook is stable. S&P has also raised its rating on the holding company to 'A-' from 'BBB+'. The outlook on the holding company ratings is positive. Athene’s continued growth over ... Read the full article
Amwins American Equity appoints Hapworth to CEO role
20th May 2021
Amwins subsidiary The American Equity Underwriters has appointed Adele Hapworth to succeed Michael Lapeyrouse as the company's Chief Executive Officer. Lapeyrouse will assume the role of Chairman for AEU. Hapworth joined AEU in 2007 and has served in leadership roles including Director of Product Development, Executive Vice President and Chief Operating Officer. Lapeyrouse ... Read the full article
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