Reinsurance News
United Fire Group announces $29mn Q1 cat hit
4th May 2021
US property and casualty insurer United Fire Group has announced an estimated $29 million pre-tax catastrophe loss for the first quarter of 2021. These above average catastrophe losses in the first quarter of 2021 were mainly attributable to winter storm Uri. As previously released as an estimate back in March, this catastrophic ... Read the full article
Ki updates Broker API platform whilst announcing strong Q1 results
4th May 2021
Ki, the fully digital and algorithmically-driven Lloyd’s of London syndicate, has released its new Broker API platform along with its strong first quarter results. Since it began trading at the beginning of this year, it has bound over 1,000 risks in the first quarter of this year and is on track ... Read the full article
PERILS releases third industry loss estimate for 2020 Queensland Hailstorms
4th May 2021
Zurich-based catastrophe insurance data provider PERILS is now anticipating a AU$1.173 billion industry hit from last October’s South East Queensland Hailstorms. During the afternoon of 31 October, severe thunderstorms impacted South East Queensland, including the surrounding areas of Brisbane, the Gold Coast and the Sunshine Coast. The corridor from Amberley through ... Read the full article
Eppolito takes over as President of Berkley Oil & Gas, Randall named Chair
4th May 2021
Linda Eppolito has been named as President of Berkley Oil & Gas, succeeding Carol Randall, who has taken on the role of Chairman of the operating unit, effective immediately. Eppolito joined W.R. Berkley's Oil & Gas division in July of 2010, most recently serving as its Chief Financial Officer (CFO). She brings ... Read the full article
SiriusPoint hires Darryl Siry as Chief Technology Officer
4th May 2021
SiriusPoint, the international specialty re/insurer recently formed via the merger of Sirius Group and Third Point Re, has appointed Darryl Siry as Chief Technology Officer. Siry will report to Prashanth Gangu, Chief Operating Officer and President of Insurance and Services, with his position taking place place effective immediately. He will be responsible ... Read the full article
Ascot hires W.R. Berkley’s Marina Barg as Chief Claims Officer, NA
4th May 2021
Ascot has announced the addition of Marina Barg, formerly of W.R. Berkley, as its new Chief Claims Officer for North America, reporting to Matt Kramer, Chief Executive Officer (CEO), Ascot U.S. In her new role, Barg will work closely with Ascot executives across Bermuda, U.S. insurance and Ethos Specialty operating units, ... Read the full article
CNA Financial reports net income of $312 million
4th May 2021
Chicago-based insurer CNA Financial Corporation has reported an improved net income of $312 million, a vast improvement to a net loss of $61 million in the prior year quarter. However the insurer reported a P&C combined ratio of 98.1% compared with 97.3% in the prior year quarter, this included 6.8 points ... Read the full article
Australia to launch $10bn cyclone reinsurance pool
4th May 2021
Australia's Federal Government has announced the establishment of a $10 billion reinsurance pool to underwrite cover for cyclone and cyclone-related flood for privately-owned homes, strata corporations and small businesses. The scheme will also see the government invest $40 million in making older strata buildings more resilient to extreme weather events. More than ... Read the full article
Enstar completes ADC reinsurance transaction with AXA XL
4th May 2021
A wholly owned subsidiary of Enstar Group Limited has completed an adverse development cover (ADC) transaction with AXA XL, the property & casualty and specialty risk division of AXA. Under the terms of the arrangement, Enstar's subsidiary assumed reinsurance losses incurred on or prior to December 31st, 2019, on a diversified ... Read the full article
Skyward Specialty to begin quoting health business
4th May 2021
Specialty property and casualty insurer Skyward Specialty Insurance Group has announced that it will begin to quote business to its select producer partners after stating its intention to enter into the Healthcare Professional Liability business. At launch, underwriting will focus on out-patient medical services centres such as dialysis centres, labs, and ... Read the full article
Allianz to phase out coal-based business models in P&C insurance by 2040
4th May 2021
Global insurer Allianz has unveiled a number of new guidelines for coal-based business models in both property and casualty (P&C) insurance and proprietary investments from 2023 onwards. By 2040, Allianz intends to completely phase out coal-based business models in P&C insurance, which is in line with scientific recommendations for a faster ... Read the full article
US April storms to drive $1bn+ loss: Aon
4th May 2021
Analysts at Aon have reported that the severe storms that impacted the US from April 23rd to 29th will cause total economic losses in excess of $1 billion, of which the majority will be insured. Storms affected the Southern Plains and Southeast, with tornado, large hail, and straight-line wind damage in ... Read the full article
Argo’s Q1 net profit improves to $27.2m despite higher cat losses
4th May 2021
Argo Group International Holdings, Ltd. has reported net income of $27.2 million for the first quarter of 2021 against a net loss of $24.7 million a year earlier, despite elevated catastrophe losses during the period. At the same time, Argo has reported an increase in operating income from $12.5 million in ... Read the full article
US & Bermuda reinsurers to adapt to higher UK injury costs: Fitch
4th May 2021
Analysts at Fitch Ratings believe that US and Bermuda re/insurers that cover bodily injury claims in the UK will adapt quickly to higher costs stemming from a change in how settlements are calculated, with just a short-term knock to their earnings. However, the need to set aside extra reserves for UK ... Read the full article
Canopius Group hires Nick Whitear as war risks underwriter
4th May 2021
Specialty re/insurer Canopius Group has appointed Nick Whitear as war risks underwriter. Whitear will be part of the global marine team based in London, headed up by the joint heads of marine, Charles Fernandez and Paul Hackett. He brings over 30 years of industry experience, holding roles in a variety of commercial ... Read the full article
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