Reinsurance News
The Hilb Group acquires Parallel Risk Advisors
15th April 2021
US insurance brokerage The Hilb Group (THG) has acquired Maryland-based Parallel Risk Advisors (PRA). PRA is a commercial lines property and casualty (P&C) consulting and advisory firm specialising in the commercial real estate industry. As a part of the transaction, which became effective on January 1st, 2021, the three principals: Debbie Dorsch, ... Read the full article
Allstate calls on agg reinsurance in March as cat losses hit $252m
15th April 2021
US primary insurer Allstate Corporation has announced estimated catastrophe losses of $466 million for the first-quarter of 2021, after tax and $1.08 billion in anticipated reinsurance and subrogation recoveries. All in all, gross losses from catastrophe events during the opening quarter of 2021 amounted to $1.67 billion for Allstate, but were ... Read the full article
Property cat rates up again at April 1 but increases fading: Guy Carpenter
15th April 2021
Property catastrophe pricing increased for the third year running at the April 1st, 2021 reinsurance renewals, while discussions about coverage were dominated by communicable disease and cyber, according to Guy Carpenter (GC), the reinsurance broking arm of Marsh. Despite the positive momentum continuing at April 1st, GC notes that the average ... Read the full article
Argus Group adds ex-CEO of PartnerRe to board of directors
15th April 2021
Argus Group Holdings has appointed former President and CEO of PartnerRe, Constantinos Miranthis and Garrett Curran to its board of directors. Miranthis is a non-executive director of the global specialty insurer Hiscox and of the life reinsurer PacificLife Re. Curran is an adviser and investor specialising in financial services, technology and real ... Read the full article
Truist sees rise in net income as insurance segment delivers record performance
15th April 2021
Truist Financial Corporation, a purpose-driven financial services company, has reported net income of $1.3 billion and adjusted net income of $1.6 billion for the first-quarter of 2021, driven in part by the record performance of its insurance operation in the period. Year-on-year, net income and adjusted net income increased by 35.3% ... Read the full article
AGCS appoints David Brown to succeed Boyd as Capital Solutions lead
15th April 2021
Allianz Global Corporate & Specialty (AGCS) has recruited insurance linked markets head David Brown to lead its capital solutions unit, succeeding long-term colleague Richard Boyd in the role. He's expected to officially start on July 1, subject to local regulatory approval. Boyd, meanwhile, is leaving Allianz and moving back to the United ... Read the full article
Fairfax expects “solid operating income” for Q1 despite storm losses
15th April 2021
Fairfax Financial Holdings Limited expects to report “solid operating income” for the first quarter of 2021 despite the impact of US winter storms. In preliminary financial reports for the quarter, Fairfax estimated that its consolidated combined ratio will be approximately 96%, with net favourable prior year reserve development. This was due to ... Read the full article
Lloyd’s announces Manchester hub, consults on historic underwriting room redesign
15th April 2021
Lloyd’s has announced plans to establish a hub in Manchester in an effort to recruit talent and enhance its digitalisation capabilities. The historic insurance and reinsurance marketplace says Manchester was selected for its high density of talent, and that it should be up and running by January 2022. There’s expected to be ... Read the full article
Energy industry faces changes in risk landscape: WTW
15th April 2021
According to a recent report by global re/insurance broker Willis Towers Watson, the energy industry faces change in its risk landscape due to the continuing effects of climate change. At the launch of its annual Energy Market Review, Willis Tower Watson's report outlined how the global energy system is currently being ... Read the full article
Normal loss year should yield underwriting profit for Lloyd’s: ICMR
15th April 2021
Insurance and capital markets quantitative analysts ICMR have forecast that the Lloyd’s market could turn its first underwriting profit since 2015 if this year turns out to be a ‘normal’ one in terms of losses. Lloyd’s recently reported another loss-making year for 2020, with a pro-forma combined ratio of 110%. Overall ... Read the full article
RenRe expects to report Q1 net loss on $180mn winter storm Uri loss
15th April 2021
RenaissanceRe Holdings Ltd. (RenRe), the Bermuda-based reinsurance company, expects to report a net loss for the first-quarter of 2021, with losses related to Winter storm Uri forecast to have a net negative impact of $180 million on its results of operation for the period. The Uri losses are net, so after ... Read the full article
AXIS pegs Q1 catastrophe and weather losses at up to $115mn
15th April 2021
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, estimates net losses from catastrophes and other weather-related events in the range of $105 million to $115 million, pre-tax, for the first-quarter of 2021. Between $80 million and $90 million of the pre-tax net loss estimate relates to Winter Storms Uri and Viola, ... Read the full article
Pro Global bolsters German market leadership team
15th April 2021
Global re/insurance outsourcing and consulting specialist Pro Global has announced the appointment of Roman Claren as Managing Director and Stilianos Kalaitzidis as its new Head of Technical Claims for German businesses/entities. Claren joins from a subsidiary of Provinzial Rheinland Versicherung AG, where he served as managing director. He brings over 15 years’ ... Read the full article
BLM launches property damage task force
15th April 2021
Insurance risk and commercial law firm BLM has launched a new property damage task force to help identify emerging issues in the property claims sector and to help drive change. The new body includes representatives from the Association of British Insurers (ABI), Aon, Arch Insurance International, Hiscox, Pen Underwriting, QBE, Zurich, ... Read the full article
Jupiter hires Elizabeth Barnes as Science Advisor
15th April 2021
Jupiter, a provider of predictive data and analytics for climate risk and resilience, has appointed Dr. Elizabeth Barnes as an advisor to help its science team further refine their physics-informed machine learning and explainable AI for atmospheric science ... Read the full article
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