Reinsurance News
Investment challenges push down HCI’s Q1 net income to $0.5 million
11th May 2020
HCI Group has reported that its first-quarter 2020 net income declined to $0.5 million as the company experienced $4.8 million of net unrealised losses on equity securities, $2.2 million of net realised losses on investment sales, and $3 million of reductions in the estimated value of limited partnership investments. The company ... Read the full article
Suncorp “well advanced” in cat reinsurance renewal
11th May 2020
Australian insurer Suncorp has said that it remains “on track” to complete the placement of its reinsurance renewal program by June 30th, following major bushfire and hail losses earlier in the year. The company reports that it is “well advanced” with the placement of its main catastrophe program and is ... Read the full article
Tokio Marine HCC adds Khoury to VP role
11th May 2020
Tokio Marine HCC – Cyber & Professional Lines Group has appointed Desiree Khoury as Vice President of Marketing & Business Development effective May 1, 2020. She reports to David Lloyd, the group’s Chief Operating Officer, and is based in Encino, California. “We are very excited to welcome Desiree back to the Tokio ... Read the full article
At times of distress, the stability of the insurance industry is vital: IAIS
11th May 2020
The International Association of Insurance Supervisors (IAIS) has highlighted the essential role of insurers at this time of distress, providing protection against "heightened uncertainties created by the pandemic." As the implementation of lockdown and social distancing measures accelerated and intensified across much of the world, it became clear that the COVID-19 ... Read the full article
Aon names Matt Wolfe as President of Reinsurance Solutions in Canada
11th May 2020
Re/insurance broker Aon has announced the appointment of Matt Wolfe as the new president of Reinsurance Solutions in Canada. “In his new role, Matt will lead the Canadian Reinsurance solutions team and bring unmatched analytics and insights to clients across the country”, said David Sloan, CEO, Reinsurance Solutions in Canada. “He will ... Read the full article
Xceedance partners with Xemplar on mobile insurtech
11th May 2020
Re/insurance service provider Xceedance has partnered with software solutions firm Xemplar to bring mobile-based insurtech solutions to the property and casualty (P&C) re/insurance markets. With Xemplar’s mobile platforms and smartphone-based telematics for personal and commercial lines insurers, Xceedance will augment its technology capabilities for insurers looking to launch and service user-based ... Read the full article
Cyber market to face COVID-19 challenges: Fitch
11th May 2020
Economic fallout caused by the coronavirus (COVID-19) pandemic will likely test recent premium revenue trends and claims experience in the US cyber insurance market, according to Fitch Ratings. Analysts noted that cyber insurance continues to be a small but profitable market, representing a modest portion of premium risk for individual p/c ... Read the full article
Mercer adds Ben Stone as a Partner within Risk Transfer team
11th May 2020
Mercer, the global consulting subsidiary of broking and advisory giant Marsh & McLennan, has appointed Ben Stone as a Partner in the Risk Transfer team. In his new role, Stone will advise clients on how to most effectively manage their pension risk, either through bulk annuity, member option exercises, longevity swap, ... Read the full article
Indonesia holding company to support state-owned insurers: AM Best
11th May 2020
AM Best believes that the upcoming establishment of an insurance holding company by Indonesia’s government will lead to greater corporate governance of state-owned insurers. Indonesia’s Ministry of State-Owned Enterprises is in the process of establishing an insurance holding company, to be led by state-owned investment holding company PT Bahana Pembinaan Usaha ... Read the full article
Tokio Marine adopts Tractable AI solution for auto damage
11th May 2020
Property and casualty insurer Tokio Marine is to use an artificial intelligence (AI) solution from Tractable to process auto damage across its operations in Japan. Tractable, a technology firm that develops AI for accident and disaster recovery, uses computer vision to look at photos of car damage, enabling claims to be ... Read the full article
Argo driven to Q1 loss by Covid-19 pandemic claims
8th May 2020
Argo Group International Holdings, Ltd., the Bermuda based insurance and reinsurance company, fell to a first-quarter loss to start the year, as claims from the Covid-19 pandemic dented its performance. Argo has reported a net loss of $18.8 million for the first-quarter of 2020, but having suffered $26.2 million of claims ... Read the full article
Swiss Re outlook revised to negative by S&P as underwriting deteriorates
8th May 2020
S&P Global Ratings has revised its outlook to negative from stable on global reinsurance giant Swiss Re and its core subsidiaries, citing uncertainty around its underwriting performance. At the same time as revising the outlook on Swiss Re, S&P has affirmed its 'AA-' issuer credit and insurer financial strength ratings on ... Read the full article
Third Point Re delivers underwriting profit, but Covid-19 hits investments
8th May 2020
Bermuda headquartered Third Point Re, the reinsurer linked to hedge fund manager Daniel Loeb, delivered an underwriting profit in the first quarter of this year, but fell to a net loss due to the Covid-19 pandemic effects on its investment portfolio. Third Point Re appears to have turned a corner in ... Read the full article
Turbulent investment landscape pushes PartnerRe to $433mn Q1 loss
8th May 2020
Bermuda-based reinsurer PartnerRe has announced a net loss of $433 million for the first-quarter of 2020, as COVID-19-induced financial market volatility and fading equity markets significantly impacted the company's investments in the period. PartnerRe's Q1 2020 net loss compares with net income of $497 million a year earlier, and includes net ... Read the full article
kWh Analytics closes latest Solar Revenue Put with Swiss Re capacity support
8th May 2020
Solar risk manager kWh Analytics has structured a Solar Revenue Put as part of the refinancing of the 173 MW DC Cal Flats 130 photovoltaic facility located in Monterey County, California. The Solar Revenue Put is structured as an insurance policy on solar production and revenues, which serves as a credit ... Read the full article
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