Reinsurance News
Cohen & Company launches second re/insurance acquisition vehicle
31st July 2020
Fixed income financial services specialist Cohen & Company has announced the launch of INSU Acquisition Corp. II, a Special Purpose Acquisition Company (SPAC), as the company looks to raise up to $207 million for the purpose of reinsurance and insurtech investment opportunities. Cohen & Co last launched an SPAC last year ... Read the full article
Munich Re unit HSB finds cyber attacks on the rise
31st July 2020
A survey by HSB, part of Munich Re, has shown results for a continuing increase in identity theft, cyberattacks and online fraud as criminals steal personal information and millions of dollars. The survey conducted by Zogby Analytics found that 77% of consumers were very or somewhat concerned about online identity theft. Because ... Read the full article
RMS places hurricane Hanna insured losses at less than $400mn
31st July 2020
Catastrophe risk modeller and solutions company, RMS, estimates that the U.S. insurance losses from Hurricane Hanna will not exceed $400 million. Losses to the National Flood Insurance Program are expected to be $100 million or less. Jeff Waters, senior product manager, RMS North Atlantic Hurricane Models commented: “Wind and storm surge-driven losses ... Read the full article
ICA makes key changes to board
31st July 2020
The Insurance Council of Australia has announced the addition of Sue Houghton as President of the Insurance Council and Chair of the Board. Houghton currently serves as General Manager Insurance, Westpac and she replaces Gary Dransfield, who stepped aside on July 1. “Gary has been a highly regarded Board Director since 2017 ... Read the full article
James McDonald to lead Sompo International’s energy team in London
31st July 2020
Sompo International Holdings Ltd., the Bermuda-based specialty provider of property and casualty insurance and reinsurance, has announced the appointment of James McDonald as its new Head of London Market Energy. McDonald has more than 30 years of experience across both the broking and underwriting sectors. He joins Sompo International from Talbot and ... Read the full article
COVID-19 losses drag down Brit in H1 as combined ratio hits 106.7%
31st July 2020
Global specialty re/insurer Brit saw COVID-19 heavily impact its performance in the first half of 2020, with the pandemic raising its combined ratio 15.7pps to 106.7%. The company also registered an operating loss of $193.6 million, compared to a profit of $139.6 million in the first half of 2019. ‘The COVID-19 pandemic ... Read the full article
AIR updates Tropical Cyclone and Earthquake Models for the Caribbean
31st July 2020
AIR Worldwide has announced the release of two updated catastrophe risk models for the Caribbean region, covering tropical cyclone and earthquake risks. The company said this will provide re/insurers with models which show a comprehensive view of risk across 29 countries and territories in the region. The AIR Tropical Cyclone Model for ... Read the full article
Gallagher Q2 earnings up 40%, helped by expense measures
31st July 2020
International insurance brokerage firm, Arthur J. Gallagher & Co. has reported a 40% increase in net earnings for the second quarter of 2020, helped by stringent expense control measures. Gallagher posted adjusted net earnings of $229.0 million for its Brokerage & Risk Management segments, compared with $164.1 million for the same ... Read the full article
Legal & General completes £100mn pension bulk annuity transaction
31st July 2020
Life insurer Legal & General announced that it has agreed a £100 million bulk annuity transaction with the Trustee of the Countrywide Farmers Retirement Benefits Scheme, securing the benefits of 360 deferred members and 712 retirees. The Scheme entered the Pension Protection Fund (PPF) assessment in March 2018 following the insolvency ... Read the full article
Aon posts organic reinsurance revenue growth of 9%
31st July 2020
Re/insurance broker Aon has reported organic revenue growth of 9% in its Reinsurance Solutions division for the second consecutive quarter this year. The Reinsurance Division posted revenue of $448 million in Q2 2020, compared with $420 million for the same period last year. This followed organic revenue growth of 9% ... Read the full article
Victor adds Erik Johnson to Syndicate 2288
31st July 2020
Managing general underwriter (MGU) Victor Insurance Holdings has announced the appointment of Erik Johnson as Deputy Active Underwriter for Victor Syndicate 2288, effective immediately. He is based in London and reports to Jill Frances, Chief Underwriting and Operations Officer, and Active Underwriter for the Lloyd’s syndicate. Johnson has over 18 years of ... Read the full article
$308mn COVID-19 hit dents Fairfax’s Q2 performance
31st July 2020
Canadian property & casualty re/insurance group Fairfax Financial fell to a $13.3 million underwriting loss in the second quarter, due in part to COVID-19 losses of $308.1 million. In addition, Fairfax's Q2 was dented by its subsidiary Brit registering a combined ratio of 114.9%, up from 96% in the prior year quarter. The consolidated ... Read the full article
COVID-19 P&C industry loss manageable at up to $80bn: Swiss Re CEO Mumenthaler
31st July 2020
Speaking this morning during his firm's earnings call, Swiss Re CEO Christian Mumenthaler said that the reinsurer believes the industry loss from the COVID-19 pandemic will come in under a "manageable" $80 billion. Swiss Re reported its H1 results this morning, confirming the $2.5 billion of pandemic related claims and ... Read the full article
The Hartford registers $251mn COVID-19 hit in Q2
31st July 2020
Property and casualty insurer The Hartford has announced $251 million in COVID-19 related losses, pre-tax, for the second quarter. The company's net income in Q2 increased 24% to $463 million, while core earnings of $438 million represent a 10% decline from the prior year quarter. The Hartford incurred $248 million in current accident ... Read the full article
COVID-19 proves importance of Solvency II, says EIOPA
31st July 2020
According to the European Insurance and Occupational Pensions Authority (EIOPA), over the last few months the COVID-19 outbreak has further proved the importance of the Solvency II regulatory framework. The EIOPA argues that the framework has helped re/insurers to better align capital to risk, build-up resilience and enhance risk management practices, ... Read the full article
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