Reinsurance News
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
Investment caution has paid off for global reinsurers: S&P Ratings
29th October 2020
Rating agency, S&P global ratings has released a report that explores how investment caution has paid off for reinsurers on a global scale. The rating agency explained that because reinsurers exist to take on insurance risks, it is not surprising that they are more exposed to underwriting, reserving, and catastrophe risks ... Read the full article
AXIS reports Q3 net loss as combined ratio hits 114.5%
29th October 2020
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, has announced a net loss of $73 million and a combined ratio of 114.5% for the third-quarter of 2020, as pre-tax catastrophe and weather-related losses reached $240 million in the period. A net loss of $73 million compares with net income of $28 ... Read the full article
AGCS appoints Luke Baker regional head of liability for London, Nordics
29th October 2020
Allianz Global Corporate & Specialty, Allianz’s specialist carrier for corporate insurance business, has added Luke Baker as its new regional head of liability for regional unit London and Nordics. Baker will join AGCS in the new year to lead its liability business across the UK, Ireland, Nordics and the Middle East ... Read the full article
SCOR Specialty Insurance adds to Marine team
29th October 2020
SCOR Specialty Insurance, a division of global reinsurer SCOR, has announced the appointment of Richard Morris to complete its Marine Specialty product set. Operating alongside the existing Fine Art and Cargo books, Morris’ account will focus on Jewellers Block & Cash in Transit. He will be based in London and reports to ... Read the full article
Covid sees Ping An’s 9M profit sink 20%
29th October 2020
Chinese insurer Ping An saw its net profit in the first nine months of 2020 decrease by 20.5% year on year to $15.3 billion. The company noted that, while traditional offline operations slowly recovered following a more intense period of covid disruption, it remained difficult to hold large-scale offline campaigns. Offline customer meetings ... Read the full article
Just paying for a claim is not enough: AXA CEO, Thomas Buberl
28th October 2020
The events of 2020, notably the ongoing COVID-19 pandemic, are set to fundamentally alter the way insurance will be viewed and as sentiment shifts, just paying claims is not enough, according to Thomas Buberl, Chief Executive Officer (CEO) of global insurer AXA. Aon's latest fireside chat with industry leaders saw the ... Read the full article
R&Q Re registered under Segregated Accounts Companies Act 2000
28th October 2020
Randall & Quilter Investment Holdings (R&Q), has announced that its wholly owned subsidiary, R&Q Re (Bermuda) Ltd. (R&Q Re) has been registered under the Segregated Accounts Companies Act 2000. R&Q Re, a Class 3A reinsurer, is R&Q's primary legacy vehicle in Bermuda and had statuary capital of $100m at 30 September ... Read the full article
BGC records 9% growth in insurance brokerage revenue
28th October 2020
BGC Partners has recorded a 9% growth in the revenue of its insurance brokerage business during the third quarter of 2020. Insurance brokerage revenue totaled $43.3 million in Q3 2020, versus $39.7 million last year. This contributed to total brokerage revenues of $417.2 million for the quarter, which was down 14% from ... Read the full article
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