Reinsurance News
Hiscox adds Yana O’Sullivan as head of investor relations
27th October 2020
Specialist re/insurer Hiscox has announced the appointment of Yana O’Sullivan as Head of Investor Relations. O’Sullivan is a senior investor relations and strategy leader, with over 15 years’ experience. She started her IR career at Standard Chartered Bank before leaving for the investor relations team at Friends Life Group, now part of ... Read the full article
Investment gains help boost Cincinnati’s Q3 net income to $484mn
27th October 2020
Primary insurer Cincinnati Financial has reported a third quarter net income of $484 million, up from $248 million in the prior year period. This increase was primarily due to the after-tax net effect of a $352 million increase in net investment gains and partially offset by a $106 million decrease in ... Read the full article
London market survey finds just 14% want to return to office
27th October 2020
A London market survey conducted by the Professional Liability Underwriting Society (PLUS) has found that just 14% of staff want to return to the office full time. The London chapter of PLUS polled 160 of its members during a webinar last week on the evolution of the re/insurance market. Results showed that ... Read the full article
Aegon reportedly looking at sale of Eastern European business
27th October 2020
Aegon, a provider of life insurance, pensions and asset management, is considering a sale of its Eastern European business, according to reports from Reuters. Sources say the company is working with JP Morgan on the process and has already entered talks with potential buyers. The reasoning behind a sale would be to ... Read the full article
Brown & Brown’s organic revenue up 4.3% in Q3
27th October 2020
Insurance brokerage Brown & Brown, Inc. has reported total revenues of $674 million for the third-quarter of 2020, as commissions and fees increased by 8.7% to $671.4 million. At the same time, the company has announced that organic revenue spiked by 4.3% in Q3 2020 to $621.3 million, compared with $595.9 ... Read the full article
Gov schemes benefit Coface in Q3 but 9M net income falls 55%
27th October 2020
Credit insurer Coface has reported net income of €28.5 million (USD 33.7mn) for the third-quarter of 2020 and an improved combined ratio of 77.4%, driven by the temporary positive impact of government schemes. The state-guaranteed COVID-19 reinsurance scheme, designed to support French SMEs by covering credit insurance risks, benefited the company's ... Read the full article
Review of the Solvency II rules could benefit UK insurers: Fitch
27th October 2020
Fitch Ratings has released a report that shows how the UK Treasury's proposed review of the Solvency II (S2) rules could benefit UK insurers by reforming some of its more burdensome aspects and facilitating investment in a wider range of assets. The review seeks to address some of the effects ... Read the full article
Arch hires Chris Rackliffe as Head of A&H
27th October 2020
Arch Insurance International has announced the appointment of Chris Rackliffe as Head of Accident & Health and Contingency. He is set to join the company in late 2021. In this role, Rackliffe will be responsible for all aspects of the continued development and growth of Arch’s accident & health and contingency ... Read the full article
LMG appoints Aviva’s Patrick Tiernan to board
27th October 2020
The London Market Group has announced the appointment of Patrick Tiernan to its board of directors. Tiernan currently serves as Managing Director UK Commercial Lines & Global Corporate & Specialty at Aviva. He will replace Malcolm Newman, Managing Director, EMEA Hub, SCOR representing the International Underwriting Association. Prior to his time at Aviva, ... Read the full article
AIG announces Q3 cat losses of $790mn; 23% relates to COVID-19
27th October 2020
Global insurer and reinsurer, American International Group, Inc. (AIG), has announced estimated third-quarter 2020 catastrophe losses, net of reinsurance, of $790 million (pre-tax) within its General Insurance segment. Of this total, $185 million, or approximately 23% is for claims related to the ongoing COVID-19 pandemic, primarily in the segment's travel, event ... Read the full article
AFG enters into $5.7bn annuity reinsurance transaction with Global Atlantic
27th October 2020
American Financial Group, Inc. (AFG) has entered into a $5.7 billion fixed and fixed-indexed annuity reinsurance transaction with Commonwealth Annuity and Life Insurance Company, a subsidiary of Global Atlantic Financial Group Limited. Under the terms of the agreement, which has an effective date of October 1st, 2020, AFG's Annuity subsidiary, Great ... Read the full article
Peter Zaffino named CEO of AIG; Duperreault to become Executive Chairman
27th October 2020
The American International Group, Inc. (AIG) Board of Directors has named Peter Zaffino as the company's new Chief Executive Officer (CEO), with Brian Duperreault set to become Executive Chairman, effective March 1st, 2021. Zaffino takes on the role alongside his current position as President of the global re/insurer, and has also ... Read the full article
Hannover Re’s Jean-Jacques Henchoz appointed chairman of GRF
27th October 2020
Global Reinsurance Forum (GRF) has announced that Jean-Jacques Henchoz, CEO Hannover Re, has recently assumed the role of GRF Chairman for a two-year term. The Chairman of General Re, Charles Shamieh, has also been elected Vice Chairman. Jean-Jacques Henchoz said: “It is a privilege to serve as the GRF’s Chair. Global collaboration ... Read the full article
deVere Group granted captive licence by Guernsey regulator
27th October 2020
Financial advisory and fintech firm deVere Group has had its application for a Guernsey-based Captive approved by the Guernsey Financial Services Commission (GFSC). The newly established White Knight Limited, a wholly-owned subsidiary, will be led by a team of directors that includes deVere Chairman Peter Hobbs. Other Board figures include Peter Moffat, ... Read the full article
Gallagher report highlights hard market drivers
26th October 2020
A new report from re/insurance broker Gallagher has highlighted the key drivers of hardening market conditions that have developed over the course of 2020. Gallagher noted that, in a traditional hard market, capital and have been capacity reduced, limiting the availability of insurance. However, in the current marketplace, hard conditions are being ... Read the full article
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