Reinsurance News
AXA’s P&C underlying earnings down in 2020 on COVID-19 claims
25th February 2021
Global insurer AXA has reported an 18% dip in net income to €3.164 billion for 2020 and a 34% dip in underlying earnings to €4.264 billion, driven in part by the impacts of the COVID-19 pandemic on the performance of its AXA XL property and casualty (P&C) business. All in all, ... Read the full article
Reinsurance rates not yet in line with risks: Moody’s
25th February 2021
Analysts at Moody’s are predicting that reinsurance rates will continue to rise significantly throughout 2021, on the basis that operating returns are not compensating reinsurers for the risks they assume. While the January renewals did yield some positive pricing trends for reinsurers, rates are still remain well below levels seen in ... Read the full article
Munich Re’s profit falls in 2020; P/C combined ratio deteriorates on major losses
25th February 2021
German reinsurer Munich Re has reported profit of €1.211 billion and €212 million for the full-year and fourth-quarter 2020, respectively, in spite of a substantial level of claims related to major losses and the ongoing COVID-19 pandemic. For the year, profit fell from the more than €2.7 billion reported a year ... Read the full article
AGCS hires Michael Furtschegger as Global Head of Entertainment
25th February 2021
Allianz Global Corporate & Specialty (AGCS), Allianz Group’s specialist carrier for corporate insurance business, has appointed Michael Furtschegger as Global Head of Entertainment. He will be based in Munich and report to AGCS SE Board Member and Chief Underwriting Officer Specialty Renate Strasser. The AGCS Entertainment line of business provides specialised insurance ... Read the full article
ICA estimates October hailstorm loss at $805m
25th February 2021
The Insurance Council of Australia (ICA) has released its loss estimate from the South East Queensland hailstorms which took place in October last year. Insurers have received more than 33,500 claims to date, with losses estimated at $805 million, an estimate which is lower than PERILS estimate of AUD 1.3bn. Read the full article
Aon adds Tim Radford, Marcus Foley to reinsurance capital management team
24th February 2021
Global re/insurance broker Aon has made two keys leadership appointments within its reinsurance solutions unit, adding Tim Radford to its London capital advisory team and naming Marcus Foley head of capital management in Bermuda. Radford will look to bolster the team’s capabilities in Lloyd’s capital optimization and Funds at Lloyd’s (FAL) ... Read the full article
Chubb launches Blink digital product suite
24th February 2021
Global re/insurer Chubb has launched Blink, a new suite of consumer insurance products that will be offered via its affinity and digital broker partners. The first Blink product is personal cyber protection, currently available across 25 US states. "Consumers will have the ability to select coverage options they need now, at their ... Read the full article
EPIC announces leadership changes
24th February 2021
EPIC Insurance Brokers and Consultants, a retail property and casualty insurance brokerage and employee benefits consultant, has announced changes to its leadership teams across the company. Tom O’Neil has been named President of EPIC and will work directly with CEO Steve Denton to grow the business across its entire platform, from ... Read the full article
Sampo targets <86% combined ratio by 2023
24th February 2021
As part of its new financial targets for the 2021 to 2023 period, Nordic insurer Sampo Group is targeting a combined ratio of less than 86%. The company also plans to organically grow its property and casualty (P&C) underwriting profits by a mid-single digit percentage each year from the 2020 level, ... Read the full article
Strategic Risk Solutions hires Anna Pereira as SVP for ILS
24th February 2021
Strategic Risk Solutions has appointed Anna Pereira as Senior Vice President, Insurance-Linked Securities (ILS). Pereira will be based in Bermuda and report to Managing Director Jonathan Reiss. She will have the responsibility of supporting SRS’s ongoing expansion in the ILS and fund administration sectors. Pereira has over 25 years of experience in the ... Read the full article
Zurich looks to simplify the structuring of international insurance programs
24th February 2021
Global re/insurer Zurich Insurance Group has further developed its Multinational Insurance Application with the launch of its new Zurich Global Program Support (GPS) Tool, designed to simplify the process of structuring international insurance programs. The new tool provides large multinational businesses with valuable information to aid in the design of international ... Read the full article
Aviva announces exit from Turkey
24th February 2021
London-headquartered insurer Aviva has announced that it plans to exit the Turkish re/insurance market via a sale of its shareholding in AvivaSA Emeklilik ve Hayat AS (Aviva SA). Aviva has agreed to sell its entire 40% shareholding in the Turkish join venture to Ageas Insurance International N.V. Ageas will pay a cash ... Read the full article
Ageas improves 2020 result despite pandemic challenges
24th February 2021
Brussels-headquartered multinational insurer Ageas has reported a 16.5% improvement in its net result for 2020, despite significant operation challenges and losses due to the pandemic. The 2020 Group net result stood at €1.14 billion, thanks to a strong underwriting performance and the positive impact of FRESH transactions on its general account This ... Read the full article
Skuld achieves 5.5% growth in 2021 P&I renewals
24th February 2021
Marine insurer Skuld has announced that its mutual P&I gross tonnage (G) increased by 5.5% to 101 million following its renewals for the 2021 period. The company also increased its market share across all other lines of business, including hull and energy and all aspects of its commercial P&I operations. "We are ... Read the full article
Growth of digital healthcare creating unforeseen risks: WTW
24th February 2021
Global re/insurance broker Willis Towers Watson has released a report which explores how COVID-19 and the trend towards the digitisation of medicine is resulting in a rapid technological change. In the report, the broker also noted that digitisation is creating emerging risk issues and may result in healthcare risk managers reassessing ... Read the full article
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