Reinsurance News
Global Indemnity reports $5.4mn net income for the quarter
7th May 2021
Global Indemnity Group has reported net income of $5.4 million for the first quarter of 2020, compared to net loss of $44.6 million in the prior year period. However, adjusted operating income fell to $1.3 million from $10 million in 2020. An underwriting loss of $1.4 million compares to $10.6 million in ... Read the full article
Allstate seeks $400m of reinsurance in Q2 as storms erode cat bond protection
7th May 2021
US primary insurer Allstate is looking to secure a new, $400 million gap fill layer of reinsurance protection in the second quarter of 2021, taking its occurrence reinsurance tower to the largest it has ever been. The insurer has reported that losses from the Q1 winter storms and freezing weather in ... Read the full article
Liberty Mutual’s net income rises by 65% despite $1bn of catastrophe losses
7th May 2021
Liberty Mutual Holding Company Inc. and its subsidiaries has reported an almost 65% rise in net income, year-on-year, to $856 million for the first quarter of the year, despite elevated catastrophe losses. During Q1, the firm's partnership, LLC and other equity method investment portfolio generated $838 million in pre-tax operating ... Read the full article
Guy Carpenter unveils APAC Catastrophe Advisory Group
7th May 2021
Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has named Jeremy Waite as the lead of its newly launched Asia Pacific Catastrophe Advisory Group. The new advisory group is dedicated to the Asia Pacific region and will offer clients direct access to the broker's extensive catastrophe expertise and capabilities, which ... Read the full article
Aspen appoints Markel’s Laurie Shane to lead Outwards Reinsurance
6th May 2021
Bermudian re/insurer Aspen Insurance has announced the appointment of Laurie Shane as its new group head of Outwards Reinsurance and is set to begin her role on June 1. Shane joins from Markel and will report to Brian Tobben, Chief Executive Officer of Aspen Capital Partners. During her time at Markel she served ... Read the full article
Protective reports Q1 net income of $12.9mn
6th May 2021
Property and casualty insurance holding company Protective Insurance Corporation has reported a net income of $12.9 million, a vast improvement compared to its net loss of $22.2 million, for the prior year’s first quarter. Gross premiums written for the first quarter of 2021 increased 8.2% to $145.1 million compared to $134 ... Read the full article
Lockton announces senior leadership appointments
6th May 2021
Global re/insurance broker Lockton has announced that Jordan Burbach, Daniel Denham and Andrew Szot, have joined Lockton's Pacific region. Jordan Burbach has been appointed as Senior Vice President, Producer, having served as a Senior Vice President of Marsh's Global Private Equity and Mergers & Acquisitions Practice for more than seven years. He ... Read the full article
Bridge Specialty Group hires Anurag Batta as COO
6th May 2021
Bridge Specialty Wholesale, a wholly-owned subsidiary of Brown & Brown, has appointed Anurag Batta as Chief Operating Officer for Bridge Specialty Group, where he will be responsible for driving operational transformation and profitable growth. Batta brings over 20 years of strategic and operational leadership experience and deep industry expertise to Bridge Specialty ... Read the full article
Allstate falls to $1.4bn Q1 loss following sale of life and annuity businesses
6th May 2021
US primary insurer Allstate has reported $1.4 billion loss in the first quarter of 2021, compared to net income of $513 million in the first quarter of 2020, driven by the sale of Allstate Life Insurance Company and Allstate Life Insurance Company of New York. The company also sustained gross ... Read the full article
M&A environment still favourable for health insurers: AM Best
6th May 2021
The environment for mergers and acquisitions (M&A) among U.S. health insurers remains favorable as they continue to seek out diversification and growth opportunities, according to analysts at AM Best. The rating agency noted in a recent report that health insurers reported record earnings and accumulated a significant amount of cash in ... Read the full article
COVID-19 uncertainty remains a key risk for 2021: Munich Re CFO
6th May 2021
While the global vaccination effort is enabling parts of the world to open up and providing people with vital protection against COVID-19, all of which means reduced exposure for re/insurers, uncertainty remains for both the months ahead and the 2020 run-off, according to Christoph Jurecka, Chief Financial Officer (CFO) at ... Read the full article
SCOR partners with insurtech Snapsheet on digital claims management solutions
6th May 2021
Global reinsurer SCOR has announced a new strategic partnership that will provide its clients with access to an end-to-end claims management platform, digital payments platform, motor virtual appraisal offering, and set of third-party integrations. The solutions are provided by digital claims management software specialist Snapsheet. Snapsheet has fostered a reputation for helping ... Read the full article
Howden Specialty hires Surya Wijaya as Divisional Director
6th May 2021
Howden Specialty has appointed Surya Wijaya as Divisional Director to its growing Natural Resources division in Asia Pacific. Wijaya will be based in Singapore and report to Matt Savitt, Head of Natural Resources, Asia Pacific. He brings years of industry experience, having held roles at Aon, JLT and Marsh JLT Specialty over ... Read the full article
Aon makes three senior appointments to national healthcare practice
6th May 2021
Re/insurance broker Aon plc has made three senior appointments in a bid to expand its national healthcare practice. Audrey Greening has been appointed as chief broking officer and be based in Washington, D.C. She has over 30 years’ of experience in the industry, most recently focusing on developing risk financing solutions for ... Read the full article
James River Group reports net loss of $103.5mn
6th May 2021
James River Group Holdings has reported a Q1 2021 net loss of $103.5 million compared to net loss of $36.8 million ($1.21 per diluted share) for the prior year period. It also reported a combined ratio of 199.2% versus 100.6% in the prior year quarter. The group suffered from an underwriting loss ... Read the full article
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