Reinsurance News
Slice Labs partners with AXIS Insurance on Home Based Business cover
30th October 2020
Technology startup Slice Labs has partnered with AXIS Insurance, a division of re/insurer AXIS Capital Holdings, to distribute the AXIS Home Based Business insurance product in a bid to help protect small businesses. The product is designed to fill the gap between by covering common small-business risks like general liability, professional ... Read the full article
US P&C insurance industry dropped 26% in H1 2020: Verisk
29th October 2020
According to data analytics provider Verisk and the American Property Casualty Insurance Association (APCIA), net income for the private US P&C insurance industry dropped 26% in the first half of 2020. This is due to the effects of COVID-19 which began to impact insurer underwriting results and investment gains. The net income ... Read the full article
James River reshuffles senior positions
29th October 2020
James River Group has announced that Frank D’Orazio has been named Chief Executive Officer, effective from November 2nd. D’Orazio most recently served as Chief Operating Officer and Chief of Staff at Allied World Assurance Company, Ltd. He also had prior responsibilities at the same firm as President, Underwriting and Global Risk and ... Read the full article
Donegal improves Q3 income to $11.8mn
29th October 2020
US primary holding company Donegal Group has posted a net income of $11.8 million for the third quarter of 2020, driven by better underwriting performance and investment gains. The result represented a 128.2% increase from the $5.2 million that Donegal reported for the same period last year. President and CEO Kevin Burke ... Read the full article
Louise Marling named COO of Hiscox UK
29th October 2020
Global insurer and reinsurer, Hiscox, has announced the appointment of Louise Marling as Chief Operating Officer (COO) for Hiscox UK. Marling initially joined Hiscox UK in December of 2019 as Interim Change Director, having previously served as COO at William Russell, a global health insurance provider. Since joining the firm, she has ... Read the full article
Sompo International names Head of Asian Risk Solutions in the US
29th October 2020
Bermuda-based specialty P&C re/insurer Sompo International has announced the appointment of Sara Gundersen as Executive Vice President, Asian Risk Solutions Segment Leader within its Sompo Global Risk Solutions (GRS) business unit. In this role, Gundersen will lead the strategy, underwriting, production, business and product development, expense control and profitability for the ... Read the full article
QBE North America appoints Steinsdoerfer, Prahl to key leadership roles
29th October 2020
The North American arm of re/insurer QBE has added Bobby Steinsdoerfer as Senior Vice President, Regional Underwriting Leader - Central Region. Additionally, Lucas Prahl has been promoted to Senior Vice President, Regional Underwriting Leader - Western Region. Steinsdoerfer joins from AIG's Blackboard Insurance and brings 12 years' experience to the role. Before Blackboard he served ... Read the full article
MetLife grows UK longevity reinsurance book with Rothesay transaction
29th October 2020
A subsidiary of financial services company MetLife, Inc., Metropolitan Tower Life Insurance Company, has completed a UK longevity reinsurance transaction with Rothesay Life plc. Under the terms of the arrangement, the MetLife subsidiary will provide reinsurance coverage to Rothesay for the longevity risk associated with roughly $320 million of pension liabilities. Graham ... Read the full article
WR Berkley appoints Thomas Joyce as president of Nautilus
29th October 2020
Re/insurance holding company W. R. Berkley has announced the appointment of Thomas Joyce as president of Nautilus Insurance Group, a Berkley company. He succeeds Thomas Kuzma, who has been named chairman, in the new year. Joyce joined Nautilus as senior vice president of claims in 2015 before serving as Chief Underwriting Officer in ... Read the full article
RenRe CEO “very optimistic” heading into Jan 1 renewals
29th October 2020
Kevin O'Donnell, President and CEO of Bermuda-based reinsurer RenaissanceRe (RenRe), has said that he is “very optimistic" about opportunities for the company as it head into the January 1 renewals, despite it having reported a large underwriting loss for Q3. RenRe is anticipating a supply/demand imbalance in certain areas of ... Read the full article
MMC’s Q3 operating income up 15%
29th October 2020
Marsh & McLennan Companies, Inc. (MMC), a global insurance and reinsurance brokerage, has announced consolidated revenue of $4 billion for the third-quarter of 2020, while underlying revenue fell by 1% when compared to the same period in 2019. Operating income spiked to $540 million from $467 million in the prior year ... Read the full article
ReAlign launches surplus lines insurer
29th October 2020
Insurance holding company ReAlign has announced the formation of a new Nebraska-domiciled surplus lines carrier. Summit Specialty Insurance Company recieved the necessary regulatory approvals to operate as a surplus lines insurer and expects to commence underwriting activity later this year. The new carrier is also seeking authorisation to begin underwriting activity in ... Read the full article
James River returns to profitability in Q3, but revenues sink
29th October 2020
James River Group Holdings, the Bermuda-based insurance holdings company, has posted a net income $26.3 million for the third quarter of 2020, compared with a net loss of $25.2 million for the same period last year. Adjusted net operating income similarly improved to $17.4 million, compared to a loss of $22.2 ... Read the full article
WTW reports higher revenue in Q3; favourable reinsurance renewal factors
29th October 2020
Global insurance and reinsurance brokerage, Willis Towers Watson (WTW), has announced a 1% rise in revenue to $2.01 billion for the third-quarter of 2020. For the quarter, income from operations declined by 180 basis points compared to the same period in 2019, reaching $73 million. While net income of $121 million ... Read the full article
AFG’s earnings up in Q3 as firm reports highest P&C renewal pricing in 15 years
29th October 2020
American Financial Group, Inc. (AFG) has reported net earnings of $164 million for the third-quarter of 2020 and core net operating earnings of $217 million, compared with earnings of $147 million and $205 million, respectively, in the third-quarter of 2019. AFG notes that the year-on-year increase in core net operating earnings ... Read the full article
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