Reinsurance News
COVID-19 pandemic fears drove market demand for bond insurance: KBRA
5th August 2020
The COVID-19 pandemic has overturned global markets and impacted multiple bond sectors. One of the pandemic’s many knock-on effects is a shift in investor appetite for insured debt. US credit rating agency, Kroll Bond Rating Agency (KBRA), released research which highlights the shift in investor appetite for insured debt as one ... Read the full article
Sompo International hires two in Global Risk Solutions
5th August 2020
Re/insurer Sompo International Holdings has announced two appointments to its Global Risk Solutions (GRS) team. Hiral N. Shah has joined the company as Senior Vice President and Environmental Leader for Sompo GRS and succeeds Mr. Pillion who has been appointed to the role of Head of GRS Global Distribution Management. Shah will ... Read the full article
Artex Bermuda adds Wood as Director, Captive & Commercial
5th August 2020
Artex Risk Solutions, the Gallagher-owned provider of re/insurance and alternative risk management solutions, has added William Wood as Director, Captive and Commercial for its Bermudian operations. In this newly created role, Wood joins the office’s senior management team and is responsible for leading the Bermuda captive and commercial re/insurance management operations. This includes ... Read the full article
Allianz sees Q2 net income fall by 28.6% as pandemic dents P&C result
5th August 2020
Global insurer Allianz has announced second-quarter operating profit of €2.6 billion and a 28.6% dip in net income to €1.5 billion, while the COVID-19 pandemic served to dent the performance of its property and casualty (P&C) insurance division in the period. Overall, Allianz saw its operating profit fall by almost 19% ... Read the full article
Hannover Re’s H1 net income falls as COVID-19 reserves hit €600mn
5th August 2020
Global reinsurance giant Hannover Re has reported a 39.3% decline in net income for the first six months of the year to €402.4 million, as the firm set aside additional reserves of €380 million for estimated losses associated with the ongoing COVID-19 pandemic. The increase in reserves means that the reinsurer ... Read the full article
Heritage sees Q2 net income rise on lower loss & expense ratios
5th August 2020
Property and casualty insurance holding company, Heritage Insurance Holdings, Inc., has reported a rise in net income for the second-quarter of 2020 to $4.1 million, driven by an increase in premiums earned and lower loss and expense ratios. The $4.1 million of net income represents a jump of more than 485% ... Read the full article
Chubb adjusts Asia Life and General Insurance management
5th August 2020
Insurer and reinsurer, Chubb, has announced management changes to its Life and General Insurance Operations in Asia. As the largest shareholder, Chubb currently owns 46.2% of Huatai Group and has also agreed to the purchase of an additional 7.1% of the company which would ultimately give Chubb majority ownership. The holding company ... Read the full article
Agritask appoints Daniel Stander of RMS as senior advisor
5th August 2020
Holistic ag-operations platform, Agritask, has announced the appointment of Daniel Stander as senior advisor to its leadership team. Stander, a global pioneer in decision science and resilience finance, began advising Agritask earlier this year. He was hired in the effort to drive the innovation required to address the productivity challenges facing ... Read the full article
Aon & WTW disclose more on combination to fend off legal challenges
4th August 2020
In an effort to ward off legal challenges delaying Aon's combination with Willis Towers Watson (WTW), the global re/insurance broker has disclosed some additional details associated with the deal. After weeks of speculation, Aon confirmed in March of this year that it will combine with rival broker WTW through a ... Read the full article
Beazley targets CyEx unit growth with addition of four new underwriters
4th August 2020
Specialty insurer Beazley has announced the addition of four new underwriters within its cyber & executive risk (CyEx) unit as it looks to grow the Chicago-based operation. Beazley's CyEx division was formed 18 months ago via the combination of the company's cyber & tech team and executive risk team, including D&O, ... Read the full article
HCI Group eyes rate increases to counter rising reinsurance costs
4th August 2020
The insurance subsidiaries of HCI Group plan rate increases to offset, in part, increased reinsurance costs. HCI’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., has asked state insurance regulators and received approval for a 6.9% rate increase for its homeowners’ and condominium insurance products. The rate increase will take ... Read the full article
COVID-19 related market dislocation could benefit US captives: AM Best
4th August 2020
A new AM Best report suggests that firming commercial insurance prices and impacts from the COVID-19 pandemic could present opportunities for the US captive insurance segment to increase its footprint in several lines of business. US captive insurers are meant to have continued their run of strong financial results in 2019, with ... Read the full article
Munich Re’s ERGO gets green light for Taishan investment
4th August 2020
The European Commission has approved a strategic investment by ERGO, the primary insurance arm of reinsurer Munich Re, in Shandong-based nationwide property and casualty (P&C) insurer, Taishan Property & Casualty Insurance Co., Ltd. As we wrote in early June, ERGO announced plans to bolster its P&C services in the Chinese ... Read the full article
Argo posts improved Q2 performance as underwriting loss narrows
4th August 2020
Specialty re/insurer Argo has registered a $6.4 million net loss in the second quarter, down from the $28.8 million profit in the prior year quarter. Meanwhile, the company's combined ratio hit 100.3%, compared to 103.4% in Q2 2019. Argo's $1.2 million underwriting loss for the quarter represents an improvement from the $14.5 ... Read the full article
Kemper posts slight rise in Q2 net income
4th August 2020
Kemper Corporation has reported a net income of $126.1 million for the second quarter of 2020, a slight increase from $122.1 million in the prior year quarter. Total revenues for the second quarter decreased $44.5 million to $1,230.9 million, driven by $7 million of lower Specialty P&C earned premiums and a ... Read the full article
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