Reinsurance News
Aon’s organic reinsurance revenue growth slows to 6%
30th April 2021
Re/insurance broker Aon has reported overall revenue growth of 10% to $3.5 billion for the first quarter of 2021, including organic revenue growth of 6%. Its performance was aided by organic revenue growth in its Reinsurance Solutions business, which at 6% was still strong but well below the impressive rates that ... Read the full article
Fairfax reports improved combined ratio of 96%
30th April 2021
Canadian property and casualty re/insurer, Fairfax Financial Holdings has reported a combined ratio for Q1, showing a result of 96.0%, compared to 96.8% for the year prior, producing an increased underwriting profit. Read the full article
The Hanover posts strong Q1 result despite unprecedented cat activity
30th April 2021
The Hanover Insurance Group, Inc. has announced net income of $92.7 million for Q1 2021 against a net loss of $40 million for the prior year quarter, despite its catastrophe ratio increasing from 3.3% to 11.5% for the period. Despite the net income turnaround in the quarter, The Hanover's operating income ... Read the full article
Arthur J. Gallagher earnings up on organic growth
30th April 2021
Re/insurance broker Arthur J. Gallagher & Co. has reported a 7% increase in net earnings during the first quarter of 2021, which stood at $393.7 million, versus $355.4 million for the same period last year. The result was lifted by 7% organic growth across the brokerage business, with total organic commissions, ... Read the full article
Selective sees income grow as premiums up 23%
30th April 2021
Selective Insurance has reported has reported income of $106.8 million for the first quarter of 2021, helped by strong growth in both net written premiums (NPW) and investment income. For Q1, overall NPW increased 23% from a year ago, reflecting solid retention and strong overall renewal price increases of 5.4%, as ... Read the full article
Chubb partners with Marsh to provide coverage for COVAX program
30th April 2021
Chubb and Marsh have collaborated with the World Health Organization (WHO) and Gavi, the Vaccine Alliance (Gavi), to provide coverage for The COVAX No-fault Compensation. The program offers lower-income countries and economies a process to receive compensation for events associated with vaccines distributed through COVAX up to the end of June ... Read the full article
Environmental risk management increasingly important for Chinese insurers: Moody’s
30th April 2021
Analysts at Moody’s Investors Service have reported that Chinese insurers' rising exposure to climate-related disasters and decarbonisation policies will negatively impact earnings and capitalisation if not managed properly. The report noted that environmental risks are also becoming an increasingly important credit driver for Chinese insurers as their exposure to climate-related catastrophic ... Read the full article
LMA appoints Ramage to succeed retiring legal director van der Klugt
30th April 2021
The Lloyd’s Market Association (LMA) has appointed Arabella Ramage to replace legal director Kees van der Klugt following his retirement in September this year. Ramage joins from AXA XL, where she is currently general counsel for International Insurance and Reinsurance. She leads a large team of lawyers and wordings specialists across 17 ... Read the full article
Swiss Re’s Q1 net income hits $333m despite over $1bn of COVID & cat losses
30th April 2021
Global reinsurance giant Swiss Re has reported net income of $333 million for the first quarter of 2021 against a loss of $225 million in the prior year period, despite losses related to COVID-19 and large natural catastrophes of more than $1 billion. Alongside growth in net income across the Group, ... Read the full article
Neptune Flood launches capacity program
30th April 2021
Neptune Flood, an insurtech firm focused on the flood market, has launched its latest capacity program sponsored by Transverse Insurance Group and backed by a panel of global reinsurers, which was placed through Acrisure Re. Neptune policies placed with the program will carry the Transverse AM Best A- (Excellent) rating. The $30 ... Read the full article
Liberty Mutual Insurance adds Serafeim to board of directors
30th April 2021
U.S primary insurer Liberty Mutual Insurance has appointed George Serafeim to its board of directors. Sarafeim is a Charles M. Williams professor of business administration at Harvard Business School and senior partner and co-founder of the global sustainable business consulting firm KKS Advisors. He brings a wealth of experience in accounting, finance ... Read the full article
Munich Re’s Wenning urges public-private collaboration on systemic risks
29th April 2021
Joachim Wenning, Chief Executive Officer (CEO) of Munich Re Group, has urged governments and the private sector to pool their expertise and capabilities to tackle systemic risks such as pandemics. Speaking at Munich Re’s AGM this week, Wenning argued that, as a systemic risk, pandemic is fundamentally “beyond the boundaries” of ... Read the full article
BGC reports record revenue for Corant unit
29th April 2021
Global brokerage and financial technology firm BGC Partners has reported record-high revenues of $52.4 million for its Corant Global business during the first quarter of 2021, up 16.8% on the same period last year. The Corant result helped to offset a 5.9% decrease in overall revenues for BGC, which stood at ... Read the full article
Clare Himmer appointed president of Berkley Re UK
29th April 2021
W. R. Berkley Corporation has appointed Clare Himmer as president of Berkley Re UK. Himmer has just under 30 years of experience in the reinsurance industry with a particular focus on the London and international markets across multiple classes of business. Most recently, she led the London subsidiary of a specialty Bermuda ... Read the full article
Compre completes Cinven and BCI acquisition
29th April 2021
International specialist legacy group Compre has completed its acquisition by private equity firm Cinven and British Columbia Investment Management Corporation (BCI), after receiving the regulatory approvals. Cinven and BCI are now the majority shareholders alongside Compre’s management team who remain in their roles and as minority shareholders. Compre CEO Will Bridger said: ... Read the full article
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