Reinsurance News
AXA XL responds to COVID-19 with remote risk assessments
4th May 2020
AXA XL Risk Consulting has launched a new risk assessment service to enable it to continue evaluating loss prevention across business lines amid COVID-19 restrictions. The service, called Remote Risk Dialogue uses data captured from telephone calls, web tools and existing reports to help risk engineers perform remote analysis. “With restrictions on ... Read the full article
Berkshire Hathaway reports $489m Q1 reinsurance loss, $55.5bn investment loss
2nd May 2020
Warren Buffett's conglomerate Berkshire Hathaway reported first-quarter losses to its primary insurance and reinsurance businesses, in part due to the impacts of the Covid-19 coronavirus pandemic. But the enormous largely unrealised investment loss of $55.5 billion for the first-quarter of 2020 overshadows all else in the Berkshire Hathaway results today. Berkshire Hathaway ... Read the full article
Aon reports organic reinsurance revenue growth of 9%
1st May 2020
Re/insurance broker Aon has reported overall revenue growth of 2% to $3.2 billion in the first quarter of 2020, including organic revenue growth of 5%. The result was supported by organic revenue growth of 9% in its Reinsurance Solutions division, the strongest growth of all Aon segments, but still slightly down ... Read the full article
EIOPA revises timetable for advice on Solvency II Review
1st May 2020
The European Insurance and Occupational Pensions Authority (EIOPA), in close coordination with the European Commission, has revised its timetable for advice on the 2020 Solvency II Review to December 2020. The review had already been pushed back by two months from March in an effort to offer operational relief in reaction ... Read the full article
Market disruption dents Kinsale Q1 income
1st May 2020
Kinsale Capital Group, Inc. has reported net income of $5.1 million for the first quarter of 2020, as results were hit by COVID-19 induced volatility in the financial markets. This compares with income of $18.7 million during the same period last year, with Kinsale attributing the 72.8% drop to a decline ... Read the full article
$1.5bn COVID-19 investment hit dents solid Q1 for Fairfax
1st May 2020
Re/insurance holding company Fairfax Financial has reported a $1.2 billion first quarter net loss, driven primarily by COVID-19 related unrealised losses on investments. Despite significant net investment losses, the total of which stands at $1.5 billion for the quarter, Fairfax’s underwriting performance was strong, with its 96.8% re/insurance operations combined ratio ... Read the full article
Asta launches syndicate-in-a-box at Lloyd’s
1st May 2020
Asta, a third-party managing agent at Lloyd’s, has launched syndicate 4747, its first syndicate-in-a-box. The syndicate has received in-principle approval from Lloyd’s to start writing business effective July 1, with stamp capacity of £15 million in year one, estimated to rise to £62.5 million in year three. 4747 is a specialist syndicate ... Read the full article
Zurich NA appoints Chubb’s Alexander Wells to lead US Middle Market unit
1st May 2020
Zurich North America, part of Zurich Insurance Group, has named Alexander Wells as U.S. Head of Middle Market, effective May 11th, 2020. In his new role, Wells will report directly to Zurich North America Chief Executive Officer (CEO), Kathleen Savio, and takes responsibility for the strategic management and development of the ... Read the full article
Gallagher reports rise in Q1 earnings, $42.2mn COVID-19 hit
1st May 2020
International re/insurance broker Gallagher has reported a $39.5 million rise in first quarter net earnings, while the total impact of COVID-19 was estimated at $42.2 million. "We are extremely pleased with our first quarter performance, even with the economic deterioration caused by COVID-19," said J. Patrick Gallagher, Jr., Chairman, President and ... Read the full article
Severe scenario puts COVID-19 (US & UK) insured losses at $80bn: WTW
1st May 2020
Under a severe scenario, COVID-19 insurance and reinsurance industry losses for key classes of business in the U.S. and the UK (including the London Market) could be at least $80 billion, according to a report from Willis Towers Watson's (WTW) Insurance Consulting and Technology business. The report is the first to ... Read the full article
Everest Re appoints Merkel as marketing & communications VP
1st May 2020
Bermuda-based re/insurer Everest Re Group has announced the appointment of Stephanie Merkel as vice president, marketing and communications. Merkel joins from Chubb where she served in a variety of senior marketing capacities within their North America operation. She will be responsible for leading the day to day activity of the marketing and ... Read the full article
CCR dedicates 2019 net income to state-backed credit re/insurance scheme
1st May 2020
State-backed reinsurer CCR has reported net income of €67 million for 2019, all of which the firm has dedicated to the recently launched state-guaranteed COVID-19 reinsurance scheme designed to support the country's SMEs by covering credit insurance risks. At €67 million, net income declined from the €147 million reported a year ... Read the full article
UK regulator to seek legal clarity on BI policies
1st May 2020
The Financial Conduct Authority (FCA) has announced that it intends to obtain a court declaration to resolve contractual uncertainty in business interruption (BI) insurance cover relating to the coronavirus pandemic. The UK regulator assured that the process would be undertaken in an “urgent manner,” despite saying last month that most ... Read the full article
Allianz withdraws 2020 guidance, expects Q1 profit dip
1st May 2020
Allianz is the latest global insurer and reinsurer to withdraw its operating profit target for 2020 as the COVID-19 coronavirus pandemic continues to drive widespread uncertainty and financial market volatility. As a result of the uncertain macroeconomic outlook being caused by the virus outbreak and the now available updated financial plans ... Read the full article
AEGIS London promotes Gemma Burns to Head of Digital Underwriting
1st May 2020
Lloyd’s managing agency AEGIS London has announced the appointment of Gemma Burns as Head of Digital Underwriting. Burns has worked with the firm for the past 20 years and has been promoted into this role on her return from maternity leave. Commenting on her appointment, Burns said, “Returning to work after maternity ... Read the full article
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