Reinsurance News
Unprecedented level of weather losses sees Heritage report Q3 loss
3rd November 2020
An unprecedented level of weather losses in the third-quarter of 2020 has pushed super-regional P&C insurer, Heritage Insurance Holdings, Inc., to a net loss of $5.2 million for the period. The reported net loss for Q3 2020 compares with net income of $8.1 million a year earlier, as net current accident ... Read the full article
Kemper’s Q3 results show drop in net income
3rd November 2020
US insurer Kemper Corporation has announced its Q3 results which show that net income has dropped to $122.3 million, compared to $129mn in the same period last year. The company's adjusted consolidated net operating income was $90.9 million for Q3 2020, compared to $130.0 million for Q3 2019. However, the insurer's specialty ... Read the full article
LIIBA reveals mark up in premium volumes
3rd November 2020
A poll from London-based insurance brokers has revealed a marked up-tick in premium volumes flowing into London from the US this summer. According to a survey of its members conducted by broker body LIIBA, total premiums for US property & casualty business in July 2020 were 25% higher than July 2019. ... Read the full article
Argo falls to Q3 underwriting loss amid elevated cat losses
3rd November 2020
Argo Group International Holdings, Ltd. has reported a net loss of $31.6 million for the third-quarter of 2020 and an operating loss of $11.9 million, while the company's combined ratio improved slightly, year-on-year, to 110.7%. For the nine month period ended September 30th, 2020, Argo has reported a net loss of ... Read the full article
ICA declares catastrophe for damage caused by hailstorms
3rd November 2020
The Insurance Council of Australia (ICA) has declared a catastrophe for damage caused by the hailstorms that recently struck south-east Queensland. Around 60 per cent of claims are for damage to motor vehicles, and 40 per cent for damage to houses. This is mainly damage done to roofs, skylights and solar ... Read the full article
India crop insurance reforms could transform profitability: New Dawn Risk
3rd November 2020
New Dawn Risk, a Lloyd’s broker has announced the release of its new report: Technology brings new opportunities for India's crop insurance scheme. The report details changes that have been made to the government-sponsored scheme during 2020, which are designed to make it more efficient and ultimately more attractive for the ... Read the full article
MNK Re to acquire majority stake in Prospect Brokers Africa
3rd November 2020
Specialty Lloyd’s broker MNK Re is set to acquire a majority stake in Prospect Brokers Africa, an independent South African reinsurance broker. Prospect Brokers was established in December 2019 by former RFIB Africa director Neesha Parbhoo. The company specialises in reinsurance, wholesale insurance and binding authorities placed into regional and international markets. This ... Read the full article
Arch steps up Watford pursuit with Enstar-backed revised offer
2nd November 2020
Arch Capital and Watford Holdings have agreed a revised acquisition agreement that would see Arch purchase Watford at an increased price of $35 per share, or approximately $700 million. It's worth noting that 9.1% shareholder Enstar has entered into a voting support agreement with Watford and Arch, committing to vote all of ... Read the full article
Kingstone Companies hires Sarah Chen as Chief Actuary
2nd November 2020
P&C insurer Kingstone Companies has announced that Sarah Chen has joined the company as Chief Actuary. In this role, Chen is a key member of the Company's senior leadership team, responsible for leading the reserving, pricing, financial planning, reporting and analysis, and reinsurance management functions of the company. She has over a ... Read the full article
AIR pegs Hurricane Zeta loss at between $1.5bn – $3.5bn
2nd November 2020
Catastrophe risk modelling firm AIR Worldwide has revealed its estimated losses from Hurricane Zeta’s winds and storm surge to be from USD 1.5 billion to USD 3.5 billion. Included in AIR’s estimates are losses to onshore residential, commercial, and industrial properties and automobiles for their building, contents, and time element coverage. According ... Read the full article
CNA Financial improves Q3 income despite heavy cat losses
2nd November 2020
Chicago-based insurer CNA Financial Corporation has reported an improved net income of $213 million for the third quarter of 2020 despite clocking an elevated $160 million of catastrophe losses for the period. Top line growth and higher investment income helped the company to beat an income figure of $107 million for ... Read the full article
Helios completes £18mn capital raise
2nd November 2020
Lloyd’s of London investment and underwriting vehicle Helios has successfully raised approximately £18.35 million via its previously announced share offering. Last month, Helios announced that it was targeting a £20 million capital raise to take advantage of hardening market conditions. Now completed, the transaction saw Helios issue 9,497,850 New Ordinary Shares for ... Read the full article
P&C industry paid $16.1 billion for A&E claims: AM Best
2nd November 2020
AM Best has released a new report that shows the US property & casualty (P&C) industry has paid out $16.1 billion for asbestos and environmental (A&E) claims while incurring $11.3 billion in losses in the past five years. The report, “AM Best’s A&E Loss Estimates Remain Unchanged,” states that AM Best ... Read the full article
Argo agrees Ariel Re sale to Pelican Ventures, JC Flowers
2nd November 2020
Argo Group has reached an agreement with Pelican Ventures and J.C. Flowers & Co that will see the two private equity investors acquire property and casualty reinsurance underwriter Ariel Re for an undisclosed sum. Terms for an operational partnership with Apollo Syndicate Management have been also agreed upon. The partnership will be ... Read the full article
The Hartford adds Donna James to its board
2nd November 2020
Property and casualty insurer The Hartford has announced the addition of Donna James to its board of directors. Effective February 17, 2021, she will serve on the board’s Finance, Investment and Risk Management Committee. James is president and CEO of Lardon & Associates, a business-advisory firm specializing in corporate governance, new business ... Read the full article
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