Reinsurance News
AIG’s GI segment falls to underwriting loss on $272m COVID-19 hit
5th May 2020
American International Group, Inc. (AIG) has reported an underwriting loss of $87 million within its General Insurance segment in Q1, which includes $272 million of estimated COVID-19 related losses. Despite the firm's General Insurance unit falling to an underwriting loss in the quarter, net investment income of $588 million more than ... Read the full article
Mercury General falls to $139mn loss in Q1
5th May 2020
Mercury General Corporation, a Los Angeles-based multi-line insurer, has posted a net loss of $139.2 million during the first quarter of 2020, driven by COVID-19 induced volatility in the financial markets. The result compares with a net income of $135.9 million for the same period in the previous year. Performance was weighed ... Read the full article
Matthew Shaw joins TMK from Chubb as new CUO
5th May 2020
Tokio Marine Kiln (TMK), part of global insurance group Tokio Marine, has hired Matthew Shaw from Chubb as its new Chief Underwriting Officer (CUO). Shaw joins TMK from insurer and reinsurer Chubb, where he most recently served as divisional president of global markets. He joined ACE (latterly Chubb) in 2002 having ... Read the full article
COVID-19 linked to 54% drop in Q1 insurtech funding: WTW
4th May 2020
A new report from Willis Towers Watson (WTW) has found that insurtech investment worldwide totalled about $912 million during the first three months of 2020. At 96, deal count was up 28% over Q4 2019, but overall funding was down 54%, with analysts attributing the drop in part to the COVID-19 ... Read the full article
CNA posts $61mn Q1 net loss
4th May 2020
US commercial property and casualty insurer CNA has announced a first quarter 2020 net loss of $61 million, driven by market volatility created by COVID-19. CNA also revealed net investment losses of $169 million and a decrease in net investment income to $279 million, reflecting stable earnings from fixed income and ... Read the full article
Everest Re promotes Sharry Tibbitt to Deputy CUO for Reinsurance
4th May 2020
Global re/insurer Everest Re Group, Ltd. has announced the promotion of Sharry Tibbitt to Deputy Chief Underwriting Officer (CUO) for its Reinsurance division, reporting to Chris Downey, CUO for Reinsurance. In her new role, Tibbitt will work alongside Downey and closely with leadership across the reinsurance unit to both guide and ... Read the full article
AIG hires Jonathan Ranger as Head of Marine, Asia Pacific
4th May 2020
American International Group, Inc. (AIG) has announced the appointment of Jonathan Ranger as Asia Pacific Head of Marine, General Insurance. In this role, Ranger will be responsible for optimising and executing on the company's marine strategy across the region. He brings over 30 years of experience working across multiple markets to AIG. Most ... Read the full article
Florida Citizens targets $1.581bn reinsurance & cat bond renewal for 2020
4th May 2020
Florida’s Citizens Property Insurance Corporation is out in the market seeking roughly $1.581 billion of fresh reinsurance coverage from its 2020 reinsurance renewal of both traditional and catastrophe bond coverage. Our sister publication Artemis was first to report today that Florida Citizens is back in the catastrophe bond market targeting ... Read the full article
AIG’s Syndicate 2019 at Lloyd’s approved to commence underwriting
4th May 2020
American International Group, Inc.'s (AIG) previously announced Lloyd's Syndicate 2019 has received approval to commence underwriting. Described by the insurer and reinsurer as a landmark Syndicate, AIG's Syndicate 2019 is the largest ever to be launched through the specialist Lloyd's of London re/insurance marketplace. The Syndicate will exclusively reinsure risks from ... Read the full article
Public-private partnerships the only viable option we have to tackle pandemics: Scotti, Swiss Re
4th May 2020
As COVID-19 continues to drive widespread uncertainty and extremely challenging societal and economic conditions, the only viable way to effectively address the crisis is through public-private sector collaboration, according to Veronica Scotti, Chairperson Public Sector Solutions, Swiss Re. While varying degrees of lockdowns and social distancing measures remain in place across ... Read the full article
Paragon completes acquisition of Argo’s Trident Public Risk Solutions
4th May 2020
Paragon Insurance Holdings, LLC has completed its previously announced acquisition of Trident Public Risk Solutions from Argo Group International Holdings, Inc. It was announced in early February 2020 that Argo had agreed to sell the Trident brand and underwriting platform to Paragon, but retain the unit's claims operations. The deal has ... Read the full article
Peak Re reports higher profit & premium income in “balanced” 2019
4th May 2020
Hong Kong-based reinsurer Peak Re has reported a year-on-year rise in net profit in 2019 to USD 35 million, despite the impacts of frequent natural catastrophe events and market volatility. Net profit for the full-year improved on the $19.5 million recorded in 2018, with a strong performance recorded in both its ... Read the full article
Grégoire Mauchamp takes COO role at MS Amlin AG
4th May 2020
Global re/insurer MS Amlin has announced the appointment of Grégoire Mauchamp as Chief Operating Officer (COO) of its reinsurance company operations, MS Amlin AG (MS AAG). He re-joins MS Amlin after spending time working in advisory roles in the re/insurance and ILS industry. Mauchamp first joined MS Amlin in 2010, holding a ... Read the full article
Neptune Flood increases Lloyd’s capacity with new partnerships
4th May 2020
Neptune Flood Incorporated, an insurtech firm focused on the flood market, has increased its capacity at Lloyd’s via new strategic underwriting partnerships. The firm, which has been a Lloyd's Coverholder since 2017, now works with three syndicates to provide capacity to the US private flood insurance marketplace. Neptune explained that the additional ... Read the full article
PartnerRe names AXIS Re’s Jeffrey Ryan as Head of Financial Risks
4th May 2020
Bermuda-based reinsurer PartnerRe has announced the appointment of Jeffrey Ryan as Head of Financial Risks, effective May 1st, 2020. In his new role, Ryan takes responsibility for the leadership of the company's global Financial Risks team and portfolio. He will be based in the firm's Stamford office, and will report to ... Read the full article
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