Reinsurance News
Aon & WTW agree $3.57bn sale of certain assets to Gallagher
12th May 2021
Global re/insurance brokers Aon and Willis Towers Watson (WTW) have signed a definitive agreement to sell Willis Re and a number of other WTW assets to Arthur J. Gallagher & Co. (Gallagher), for a total consideration of $3.57 billion. The announcement comes as the pair look to satisfy the European Commission's ... Read the full article
SCOR partnership targets new digital health data underwriting solutions
12th May 2021
Global reinsurer SCOR is partnering with digital life and health underwriting specialist HealthyHealth to help provide customers with instant underwriting decisions via new data-driven solutions. HealthyHealth’s product analyses health data from smartphones and wearables, shared with insurers by life insurance applicants, to predict applicants’ risk of developing critical medical conditions and ... Read the full article
Lemonade reports $75.8mn in gross written premiums
12th May 2021
Insurtech start-up Lemonade has released its results for the first quarter of 2021, reporting $75.8 million in gross written premiums compared to $ 38.1 million for the prior-year period. The insurtech company also reported a gross profit of $1.9 million, compared to $4.6 million for the first quarter of 2020. This was ... Read the full article
Allianz reports 45% operating profit growth in Q1
12th May 2021
Global insurer Allianz has reported a 44.8% rise in operating profit to €3.3 billion over this year’s first quarter, with all segments contributing. Total revenues declined 2.6% to €41.4 billion and were flat compared to the prior-year level, adjusted for currency and consolidation effects. Net income attributable to shareholders increased 83.4% to ... Read the full article
Limited rating impact expected from IFRS 17: Fitch
12th May 2021
Analysts at Fitch Ratings have assured that the introduction of IFRS 17 is expected to have a “limited” impact on ratings and no overall changes to its view on capitalisation for most re/insurers. While IFRS 17 is an important and major accounting change for insurance contracts, in itself it does not ... Read the full article
Zurich reports Q1 P&C premium growth of 14%; rate change of 7%
12th May 2021
Zurich has announced property and casualty (P&C) gross written premium (GWP) growth of 14%, or 9% on a like-for-like basis to more than $11 billion for the first quarter of 2021, supported by higher premium rates in all regions and driven by commercial insurance. Overall, rate changes in P&C came in ... Read the full article
Ascot and Tierra Underwriting to provide green credit insurance
12th May 2021
Bermuda-domiciled specialty re/insurer Ascot has partnered with Tierra Underwriting Limited (Tierra) to provide credit insurance in support of green project finance transactions. Ascot will provide up to $15m in underwriting capacity, which will be used to support transactions that have carbon abatement at their core, or otherwise provide environmental benefits to ... Read the full article
MS Amlin strengthens US reinsurance team with senior hires
12th May 2021
MS Amlin AG, the reinsurance unit of MS Amlin group, has appointed Louis De Segonzac as Chief Underwriting Officer (CUO) and Maria Amelio as a Lead Casualty Underwriter within its US business, operating out of New Jersey and Miami. Amelio will report to De Segonzac whilst De Segonzac will report to ... Read the full article
PartnerRe’s non-life combined ratio improves despite Uri losses
12th May 2021
Bermuda domiciled reinsurer PartnerRe has reported a non-life underwriting profit of $40 million and a combined ratio of 96.7% for the first quarter of 2021, despite $104 million of net losses from Winter Storm Uri. The non-life underwriting performance represents a marked improvement from the loss of $46 million and combined ... Read the full article
HSCM releases Public InsurTech Index
12th May 2021
HSCM Bermuda has released its very own HSCM Public InsurTech Index (HPIX) in order to track the price movements of a portfolio of common equity securities listed in the last 10 years by companies operating in the US insurance sector. The HPIX was created and is administered by HSCM, whilst Solactive ... Read the full article
Battleface enters partnership with Spinnaker
12th May 2021
Travel insurance provider Battleface has partnered with Spinnaker Insurance Company, a fronting carrier wholly owned by insurtech group Hippo Enterprises. The partnership will give battleface the flexibility required when designing products for B2B2C markets, with a range of modular benefits and services that are best suited for customising products to fit ... Read the full article
ICA welcomes new National Recovery and Resilience Agency
12th May 2021
The Insurance Council of Australia (ICA) has welcomed the Federal Government’s decision to dedicate $600 million for new disaster preparation and mitigation programs as part of the establishment of the new National Recovery and Resilience Agency (NRRA). The establishment of the NRRA will bring a national focus to building infrastructure, homes ... Read the full article
Data is the currency of the re/insurance world: Kirk Conrad, BMS
11th May 2021
“The power of data has only grown with the explosion of what is available and what is tracked over time,” according to Kirk Conrad, BMS’s global head of analytics, who in a recent interview with Reinsurance News, discussed the importance of data and analytics within the reinsurance industry. When asked if ... Read the full article
Heritage CEO eyeing future return to double-digit ROEs in Florida
11th May 2021
Heritage Insurance Chief Executive Kirk Lusk says his company is implementing rating and underwriting actions within the Florida market that will facilitate a to return to double-digit ROEs in the future. Speaking during a recent earnings call, Lusk identified the Florida’s litigious environment as having creating such a difficult environment to ... Read the full article
RMS announces new innovations to ExposureIQ platform
11th May 2021
Catastrophe risk modelling and solutions company RMS has announced new innovations to its Risk Intelligence platform, ExposureIQ. ExposureIQ is a cloud-based exposure management application designed to help portfolio managers gain insights into their books, scaling to millions of locations, enabling discovery of hotspots, diversification, and portfolio re-balancing. The application provides access to ... Read the full article
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