Reinsurance News
Willis Towers Watson sees Q1 revenue climb to $2.6bn on organic growth
29th April 2021
Insurance and reinsurance broker Willis Towers Watson (WTW) has reported an encouraging start to the year with total revenue growth of 5% to $2.6 billion, with organic growth of 4% and constant currency growth of 1%. Revenue spiked for the broker in Q1 2021 from the $2.47 billion reported in Q1 ... Read the full article
Markel’s combined ratio strengthens to 94% in Q1 2021
29th April 2021
Markel Corporation recently announced comprehensive net income of $358.9 million for the opening quarter of 2021, compared with a loss of more than $1.3 billion for the prior year quarter. The significantly improved result, year-on-year, also included net investment gains of $526.8 million in Q1 2021, compared with net investment losses ... Read the full article
CoreLogic shareholders approve acquisition by Stone Point & Insight
29th April 2021
Property information and analytics provider CoreLogic has announced the confirmation of its acquisition by private equity firms Stone Point Capital and Insight Partners for $80 per share in cash. Shareholders voted to approve the acquisition this week in a move that will hopefully close the book on what has been a ... Read the full article
RenRe falls to $290.9m Q1 net loss as combined ratio deteriorates
29th April 2021
Bermuda domiciled reinsurer, RenaissanceRe Holdings Ltd. (RenRe), has announced a net loss of $290.9 million for the first quarter of 2021, as the impacts of winter storm Uri pushed the carrier to an underwriting loss for the period. Major winter storms in the U.S. in February had a $179.8 million net ... Read the full article
UK life sector conduct risks prompt negative outlook from Fitch
29th April 2021
Fitch Ratings has issued a negative sector outlook for the UK life sector after concluding that mis-selling provisions booked by three firms demonstrated how regulatory scrutiny of historical conduct remains a threat to profitability. Fitch says that, while high levels of capitalisation across the market should allow UK insurers to absorb ... Read the full article
Everest Re announces net income of $342m for Q1 despite heavy cat load
29th April 2021
Bermuda-based insurer and reinsurer, Everest Re Group, Ltd., has reported net income of $342 million and underwriting income of $45 million for the first quarter of 2021, despite pre-tax net catastrophe losses of $260 million for the period. The reinsurer pre-announced $260 million of cat losses earlier in April, stating ... Read the full article
Lancashire reports strongest ever Q1 premium; up to $45m of Uri losses
29th April 2021
Lancashire Holdings Limited has announced its strongest ever first quarter premiums for 2021 as gross premiums written (GPW) increased by 46.1% year-on-year to $354.8 million, with a renewal price index of 112%. The growth in premiums written was largely a result of growth in the property and casualty (P&C) reinsurance segment ... Read the full article
Federal Republic of Somalia signs treaty with ARC
29th April 2021
The Government of the Federal Republic of Somalia has signed a treaty and Memorandum of Understanding (MoU) with the African Risk Capacity (ARC) to work together towards helping the country better prepare for extreme weather events and natural disasters. Somalia’s exposure to both drought and flood risks further threatens the national ... Read the full article
Arturo raises $25 million in Series B funding round
29th April 2021
Artificial intelligence (AI) and deep-learning property analytics company, Arturo has raised $25 million in a Series B funding round led by Atlantic Bridge Capital, with participation from RPS Ventures and existing investors Crosslink Capital and IAG Firemark Ventures. Using the funds, Arturo plans to expand its technical team to refine its industry-leading ... Read the full article
The Hartford chapter “is closed” says Chubb CEO Greenberg
28th April 2021
During insurer and reinsurer Chubb's first-quarter 2021 earnings call held earlier today, Chairman and Chief Executive Officer (CEO), Evan Greenberg, said that "the chapter with The Hartford is closed." Earlier this week, U.S. property and casualty insurer The Hartford revealed that it had rejected a further two unsolicited acquisition offers ... Read the full article
Aon / WTW combination to gain EU antitrust approval: Reuters
28th April 2021
Sources have told Reuters that re/insurance broker Aon will gain conditional EU antitrust approval for its pending $30 billion mega-merger with Willis Towers Watson (WTW) without having to propose additional concessions. Reuters reported yesterday that the European Commission (EC) was seeking feedback from rivals and customers about who is the most ... Read the full article
Paragon hires Christian Phillips as President of contingency practices
28th April 2021
Paragon Insurance Holdings has appointed Christian Phillips as President of Paragon Contingency Practices. Phillips joins Paragon following many years at London-based specialty insurer, Beazley. With over 30 years of experience, he is an asset to Paragon clients, particularly given the global upheaval in the marketplace in 2020. Phillips will play a pivotal role ... Read the full article
OdysseyRe names Alejandro Zuñiga as CUO, Agro
28th April 2021
OdysseyRe has appointed Alejandro Zuñiga has been named Chief Underwriting Officer for its Facultative and Agro business in Latin America and the Caribbean. Zuñiga joined OdysseyRe in 2016 as a senior facultative underwriter based in Mexico City, and has written business for OdysseyRe throughout the Latin American region over the past ... Read the full article
SCOR solidifies ILS position with Coriolis integration
28th April 2021
SCOR Investment Partners, the SCOR group’s portfolio management company, has completed its integration of London-based ILS fund manager Coriolis Capital Limited. The French reinsurer closed its acquisition of Coriolis in September 2019, after first announcing the transaction in May 2019. However, SCOR has only now completed the integration of Coriolis’s operations ... Read the full article
Munich Re doing ‘more business on better terms’, says CEO Wenning
28th April 2021
Global reinsurer Munich Re expects market hardening to persist in the property / casualty reinsurance sector as it continues to take advantage of favourable conditions, according to its Chief Executive Officer (CEO), Joachim Wenning. The German reinsurance company held its virtual 2021 Annual General Meeting (AGM) this morning, during which CEO ... Read the full article
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