Reinsurance News
RGA’s net income falls in Q2 as firm sees global COVID-19 claims of $300mn
5th August 2020
Life reinsurer, Reinsurance Group of America, Incorporated (RGA), saw its net income fall by $44 million in the second-quarter of 2020 to $158 million, as the firm reports global COVID-19 claims, including IBNR, of an estimated $300 million. Net income fell from the $202 million posted in Q2 2019 and for ... Read the full article
Palomar improves net income by 79% in Q2
5th August 2020
La Jolla, California-based insurance holding company, Palomar Holdings, Inc., has reported a significant rise in net income to $12 million for the second-quarter of 2020. The insurer's net income jumped by a huge 79.3% from the $6.7 million posted in the second-quarter of 2019, while adjusted net income hiked by 63% ... Read the full article
Swiss Re & OneConnect to collaborate on Smart Claims for Europe
5th August 2020
OneConnect Financial Technology Co., Ltd., an associate of China's Ping An Group, is set to partner with reinsurance giant Swiss Re to co-develop a digital end-to-end solution for motor claims handling for the European marketplace. The solution will be based on artificial intelligence (AI) and advanced data analytics, with the two ... Read the full article
Hastings Group agrees to cash acquisition offer
5th August 2020
UK-based property and casualty (P&C) insurer, Hastings Group Holdings plc, has received a recommended cash offer from Sampo Oyj and Rand Merchant Investment Holdings Limited (RMI) to acquire all of its issued and to be issued shares not currently owned or controlled by the pair. Towards the end of July, Hastings ... Read the full article
TransRe posts Q2 underwriting loss as Alleghany’s CR hits 102.8%
5th August 2020
Alleghany Corporation has reported an underwriting loss of $39.5 million for the second-quarter of 2020 as its reinsurance arm, TransRe fell to an underwriting loss of more than $30 million on the back of COVID-19-related losses of $115 million. TransRe's Q2 underwriting loss compares with a gain of $75.9 million in ... Read the full article
Kuwait Re’s net profit rises by 7% in 2020
5th August 2020
For the first six months of the year, Kuwait Re has reported net profit of KD3.09 million (approx. USD10.1 million), which is up 7% on the same period in 2019. According to the reinsurer, the "technical risk evaluation and prudent capacity allocation" resulted in a solid underwriting performance through H1 2020, ... Read the full article
Gallagher announces new senior energy hire from THB Group
5th August 2020
International re/insurance broker, Gallagher, has announced the new appointment of Gavin Tidman to its global energy practice. Tidman will be based in London in Gallagher’s Speciality division where he will join the senior management team as Executive partner. His main focus will be on the business development within the global energy ... Read the full article
Carlyle and Korean Re partnering on co-reinsurance
5th August 2020
According to reports in the Korean press, private equity company, Carlyle Group, has joined hands with Korean Re, the largest reinsurer in South Korea, to partner as co-reinsurance providers. This will make the companies the first co-reinsurance providers in a market estimated to grow to 60 trillion won to 100 trillion ... Read the full article
AFG’s core operating earnings down in Q2 amid COVID-19 impacts
5th August 2020
American Financial Group, Inc. (AFG) saw its core net operating earnings decline to $95 million in the second-quarter of 2020 as the ongoing COVID-19 pandemic's impact on financial markets adversely affected returns on alternative investments. The company's core net operating earnings fell by more than 50% year-on-year from the $192 million ... Read the full article
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
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