Reinsurance News
FedNat’s CR hits 154.3% in Q3, strategic review committee announced
5th November 2020
Florida based primary insurer FedNat has reported a net loss of $20.7 million for the third quarter, down from a net income of $4.7 million in the prior year quarter. The company also sank to an operating loss of $21.5 million after a $4.3 million profit in the prior year period. A ... Read the full article
AXA XL appoints Welton to key CUO role
5th November 2020
AXA XL has announced the appointment of Peter Welton as Chief Underwriting Officer, Marine, Energy & Aerospace, UK & Lloyd’s market. Welton will look to develop and execute the underwriting strategy for the UK marine, energy & aerospace books and optimising product offering and profitability. The new role will see him lead ... Read the full article
Hurricane Eta insured losses expected to be minimal: AM Best
5th November 2020
The insurance industry losses from the impacts of Hurricane Eta are expected to be minimal and contained, according to analysis by ratings agency AM Best. Hurricane Eta made landfall on November 3rd, 2020 as a strong Category 4 storm south of Puerto Cabezas, a coastal community of more than 60,000 people ... Read the full article
Cost of employer health benefits to be impacted by COVID-19: Mercer Marsh
5th November 2020
According to a report by Mercer Marsh Benefits (MMB), the delivery of healthcare and lasting changes to work patterns resulting from the COVID-19 pandemic will have a major impact on both the cost and design of employer-provided health benefits. The report revealed that 68% of insurers expect increased medical claims driven ... Read the full article
Lloyd’s targets digital efficiencies in Blueprint Two
5th November 2020
Insurance and reinsurance marketplace Lloyd’s of London has set out the next phase of its transformation plan with the release of its second blueprint for change. Blueprint Two is a two-year program that builds on the foundations laid by Blueprint One in September 2019 and focuses on shifting the market ... Read the full article
Greenlight Re turns Q3 profit but CR tips over 100%
5th November 2020
Hedge fund-backed reinsurer Greenlight Re has reported a positive net income of $2.2 million for the third quarter of 2020, but large natural catastrophe losses and pandemic exposure resulted in an underwriting loss. The income figure is smaller than the $5.1 million that Greenlight Re posted in Q3 2019, but the ... Read the full article
Allstate’s net income rises despite restructuring charge & cat losses
5th November 2020
Despite a previously announced restructuring charge and elevated catastrophe losses of $990 million, The Allstate Corporation has reported a 26.7% rise in net income to $1.13 billion for the third-quarter of 2020. At the start of October, Allstate warned that its third-quarter results would be negatively impacted by a restructuring ... Read the full article
Reinsurance pricing “approaching adequacy,” says AXIS CEO Benchimol
5th November 2020
Albert Benchimol, President and CEO of Bermudian re/insurer AXIS Capital, has said he believes reinsurance pricing is “approaching adequacy” but that more rate action is needed beyond 2021 in some areas. Speaking in an earnings call alongside the release of AXIS’ Q3 results, Benchimol offered his perspective on the current ... Read the full article
Lancashire reports increases in premium rates and new business volumes
5th November 2020
In announcing its trading statement for the first nine months of the year, Lancashire Holdings Limited has reported a 14% increase in gross premiums written (GPW) to $658.7 million, and a group renewal price index (RPI) of 112% for the period. Lancashire attributes the year-on-year rise in GPW to increases in ... Read the full article
Marsh names Tony Ambrose as Deputy CEO for UK Aviation
5th November 2020
Re/insurance broker Marsh has announced the appointment of Tony Ambrose as Deputy CEO, Aviation, Marsh JLT Specialty, effective immediately. Currently a Managing Director within Marsh’s Aviation Practice in London, Ambrose will remain based in London and report to Andy Smith, UK Chairman and CEO, Aviation. In this newly created role, Ambrose will ... Read the full article
Munich Re’s Q3 profit falls as man-made losses exceed €1bn
5th November 2020
Reinsurer Munich Re has announced a decline in profit to €199 million for the third-quarter of 2020 as its major loss experience swelled to €1.5 billion and its property and casualty (P&C) business fell to an underwriting loss. Munich Re's profit in Q3 fell from the €865 million posted for the ... Read the full article
ArgoGlobal adds StarStone underwriters to Political Violence & War team
5th November 2020
Lloyd's of London insurer and Argo Group subsidiary ArgoGlobal has announced the additions of Henry Gillingham as political violence and war class underwriter, Chris Marsh as underwriter, and Chris Sparrow as underwriting assistant. All three were recruited from Starstone and will take up their new roles with immediate effect. Marsh and Sparrow ... Read the full article
Falling reinsurance capital supply could see hard market last multiple years: Jefferies
4th November 2020
With Munich Re estimating a 7.4% fall in reinsurance capital supply, and a significant proportion of outstanding alternative capital already encumbered by losses, analysts at Jefferies believe the expected hard market could last multiple years. Though alternative capital remains above $90 billion, analysts note how a material proportion is now locked ... Read the full article
Canadian Premier finalises takeover of Gerber Life’s Canadian insurance unit
4th November 2020
Canadian Premier Life Insurance Company has wrapped up its acquisition of Gerber Life Insurance's Canadian business. With the deal now finalised, Gerber Life’s Canadian policies are now fully assumed by Canadian Premier. As explained previously, the block of Canadian life insurance business is marketed under the Gerber Life brand and includes ... Read the full article
Premia selects Phinsys to manage the migration of its Lloyd’s transactions
4th November 2020
Finance automation software provider for the insurance industry, Phinsys, has announced that Premia Managing Agency Ltd has selected the firm to support its Lloyd’s of London run-off business. Premia will be implementing Phinsys products Tandem, Rapport and Inform to manage the migration of its Lloyd’s transactions. Tandem is a source-agnostic finance data ... Read the full article
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