Reinsurance News
Brokers need to explain the hardening market to clients, FCA warns
4th November 2020
The UK's Financial Conduct Authority (FCA) has called on the Lloyd's and intermediated London insurance market to explain and educate clients on the impacts of a hardening market environment. In response to a range of drivers, including a series of natural disaster losses, low prices, persistently low interest rates and more ... Read the full article
AXA confirms capital injection for XL business
4th November 2020
Global insurer and reinsurer AXA has confirmed that it will provide a capital injection of potentially €1 billion to its AXA XL unit to shore it up against elevated catastrophe and COVID losses this year. Chief Financial Officer Etienne Bouas-Laurent explained that increasing the capital at AXA XL would enable it ... Read the full article
L&G agrees £2.5bn bulk annuity transaction with BHS
4th November 2020
Legal & General has agreed a £2.5 million bulk annuity transaction with The BHS Senior Management Scheme, securing the remaining members’ benefits. British Home Stores went into administration in April 2016, resulting in a Pension Protection Fund (PPF) assessment period. This transaction has enabled the Scheme to exit the PPF’s assessment period, ... Read the full article
Insurance market capitalisation reaches $694.3bn: AmWins
4th November 2020
AmWINS Group has released a report that explores the state of the property market and how it is becoming more dire as hardening continues, despite the COVID-19 pandemic. Although there are some areas of exception, the overall market capitalisation is robust, having reached a 20-year high of $694.3 billion (up 0.5%) ... Read the full article
RLI Corp promotes two product leaders to VP
4th November 2020
US property and casualty insurer RLI Corp. has announced that it has promoted two product leaders to Vice President, both roles will take place effective immediately. Blake A. Ahrens, Assistant Vice President, Marine has been promoted to Vice President, Inland Marine. In his new role, he will continue to lead RLI’s ... Read the full article
Protective narrows underwriting loss in Q3
4th November 2020
Property and casualty insurance holding company Protective Insurance Corporation (PIC) has announced its results for Q3 2020, revealing that it narrowed its underwriting loss to $364,000 compared with a loss of $7.8 million for the same period last year. This meant that Protective's underwriting Read the full article
Arch MI secures $452mn of mortgage reinsurance from capital markets
4th November 2020
Arch MI, the private mortgage insurance subsidiary of Arch Capital, has obtained nearly $452 million of indemnity reinsurance from the capital markets. The company secured coverage on a pool representing $31 billion of mortgages from Bellemeade Re 2020-3 Ltd., a special purpose reinsurer. Arch MI explained that the reinsurance was obtained by ... Read the full article
IRB Brasil Re highlights performance recovery as loss narrows in Q3
4th November 2020
Brazilian reinsurer, IRB Brasil Re, has announced an improved performance for the third-quarter of 2020 when compared with the previous quarter, reporting a loss of R$229.8 million (USD 40mn) for Q3 versus a loss of R$685.1 million (USD 119mn) for Q2. The reinsurer notes that the improvement in its performance reflects ... Read the full article
$81mn Q3 underwriting loss pushes Alleghany’s CR to 105.2%
4th November 2020
Investment holding company Alleghany has produced an $81 million underwriting loss for the third quarter of 2020, pushing its combined ratio to 105.2%. The prior year quarter saw Alleghany achieve an underwriting profit of $33 million and a combined ratio of 97.6%. Underwriting losses in the quarter were driven by a $270 ... Read the full article
Onshore U.S. insured losses from Hurricane Zeta seen at up to $5bn by RMS
4th November 2020
Total onshore U.S. insurance and reinsurance industry losses from Hurricane Zeta are estimated to be between USD 3 billion and USD 5 billion, according to catastrophe risk modeller RMS. Hurricane Zeta, which first made landfall in Mexico’s Yucatan Peninsula as a Category 1 storm on October 24th, and again in the ... Read the full article
How reinsurers are shaping up ahead of renewals: S&P Global Reinsurance Conference
4th November 2020
During its recent virtual reinsurance conference, an S&P Global Ratings' panel discussed how the dialogue between brokers and reinsurers is shaping up ahead of the 1/1 renewals. “There are a lot of specifics," noted Justin O’Keefe, Senior Vice President and Chief Underwriting Officer Property for RenRe. "Generally, for the first time in a long ... Read the full article
BMS appoints new chairman of Australian affinity business
4th November 2020
Specialist insurance and reinsurance broker, BMS Group, has announced the appointment of Cris Massis as Chairman of the firm's expansive Australian affinity business. Massis adds significant association leadership and member value expertise to BMS Australia’s Affinity clients. Effective November 1st, 2020, he will be based in Melbourne with a focus on growing ... Read the full article
AXA reports 2% dip in revenues; sees accelerating price increases at AXA XL
4th November 2020
Global insurer and reinsurer AXA has announced that total revenues declined by 2% to €79.7 billion for the nine month period ended September 30th, 2020, as stable revenues within its property and casualty (P&C) business were offset by lower volumes as a result of COVID-19, alongside a decline in personal ... Read the full article
COVID health caution helps insurers to record profits in Q2: AM Best
4th November 2020
According to analysts at AM Best, health insurers reported record profits during the second quarter of 2020 despite the pandemic, due to deferral of care and an increased reluctance to visit healthcare providers. The healthcare industry faced many unforeseen challenges and changes in early 2020 due to the onset of the ... Read the full article
Hannover Re posts 9M underwriting loss; reinstates profit guidance for 2020
4th November 2020
German reinsurance giant, Hannover Re, has reported a 33.4% reduction in Group net income for the first nine months of the year to €667.8 million, as the firm's property and casualty (P&C) reinsurance segment fell to an underwriting loss as major loss expenditure exceeded budget in the period. Group net income ... Read the full article
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