Reinsurance News
Hastings Group confirms acquisition approach
31st July 2020
Hastings Group has been approached by Finnish insurer Sampo Oyj and South Africa’s Rand Merchant Investment Holdings Limited over a potential acquisition of the UK motor insurer. RMI currently holds a 30% stake in the company. Hastings has established an independent committee comprising the full Board of Hastings excluding Herman Bosman, the ... Read the full article
Swiss Re’s P&C Re combined ratio deteriorates to 115.8% on COVID-19 losses
31st July 2020
Global reinsurance giant Swiss Re has reported a net loss of $1.1 billion for the first half of 2020 and a Property & Casualty Reinsurance (P&C Re) net loss of $519 million, driven by claims and reserves related to the ongoing COVID-19 pandemic. The reinsurer warned previously of a $1.1 billion ... Read the full article
Expansion of partnership between Aegon and Santander finalised
31st July 2020
In 2018, Aegon and Banco Santander agreed to expand their life and non‑life insurance partnership, following Banco Santander’s acquisition of Banco Popular. After two years, Aegon has announced that this expansion has been completed. Aegon’s joint ventures with Santander in Spain completed the acquisition of the in force term life policies previously ... Read the full article
Australia’s ICA & AFCA seek court decision on pandemic BI claims
31st July 2020
The Insurance Council of Australia (ICA) and the Australian Financial Complaints Authority (AFCA) have agreed to file a test case considering the application of infectious diseases cover in business interruption (BI) policies. The purpose of the test case is to seek a decision from a superior court on whether quarantinable diseases ... Read the full article
WTW increases revenue, grows reinsurance business
30th July 2020
Re/insurance broker Willis Towers Watson (WTW) has increased its overall revenue by 3% during the second quarter of 2020, helped by organic growth and favourable renewal factors for its reinsurance business. Revenue was reported at $2.11 billion for Q2 2020, compared with $2.05 billion for the same period last year. Looking at ... Read the full article
BGC sees insurance brokerage revenues rise 11% in Q2
30th July 2020
BGC Partners has announced a 11% increase in its insurance brokerage revenues for the second quarter of 2020. The insurance segment contributed $45.7 million to its $519 million overall revenue. BGC's subsidiaries include London brokers Ed and Besso. The company said insurance brokerage business growth was driven by previously hired brokers and salespeople ramping up ... Read the full article
RSA posts £240m underwriting profit for H1
30th July 2020
Multinational insurance group RSA has reported a £240 million underwriting profit for the first half of 2020. Group total underwriting profit was £207 million while its combined ratio stood at 92.2%. The company also posted an investment income of £134 million, down 13% after £6 million in COVID-19 impacts. Stephen Hester, RSA Group ... Read the full article
Genworth posts $441m Q2 loss, gives update on China Oceanwide merger
30th July 2020
Mortgage insurer Genworth Financial has reported a net loss of $441 million in the second quarter of 2020, compared with net income of $168 million the the prior year quarter. The company recently reached a settlement agreement with AXA regarding a dispute over payment protection insurance claims underwritten by the company's ... Read the full article
Universal grows direct premiums in Q2 off higher organic pricing
30th July 2020
Florida headquartered and expansive primary insurance company, Universal Insurance Holdings, has reported an 8.1% rise in total revenue for the second-quarter of 2020, while quarterly direct premiums written jumped 13.1% to $404.7 million. The firm reports that during the second-quarter of the year, the COVID-19 pandemic did not have a material ... Read the full article
Generali profits down 57% after pandemic disruption
30th July 2020
Italian insurer Generali has posted a 56.7% decrease in net profit in the first half of 2020 due to disruptions in the investment markets caused by COVID-19, as well a large contribution to a pandemic emergency fund. The group’s profit fell by to €774 million in H1 2020, compared with €1.79 ... Read the full article
Pacific Life Re hires Sarah Teehan from SCOR
30th July 2020
Life reinsurer, Pacific Life Re, has announced the appointment of Sarah Teehan as Head of Protection in Europe. Teehan’s appointment comes after James Tait’s move from the beginning of this year from Head of Protection at Pacific Life Re to CEO at UnderwriteMe. Teehan is a qualified Actuary and joins Pacific Life ... Read the full article
DARAG hires Goss as new Head of Claims from TMK
30th July 2020
Legacy acquirer DARAG has announced the appointment of Elliot Goss as Group Head of Claims. With over 17 years of re/insurance experience, Goss has specialised in long tail classes such as International Casualty. He most recently served as Head of Casualty and Specialty Claims at Tokio Marine Kiln, where he led the ... Read the full article
Guy Carpenter results offset revenue dip for MMC
30th July 2020
Guy Carpenter reported a 10% increase in its revenue during the second quarter of 2020, helping to offset an overall dip in revenue for its parent company, Marsh & McLennan Companies, Inc. (MMC). The reinsurance broking arm of MMC posted revenue of $433 million for Q2 2020, compared with $392 million ... Read the full article
Selective posts 98.4% combined ratio despite elevated Q2 cat losses
30th July 2020
Selective Insurance has posted a 98.4% combined ratio for the second quarter despite experiencing elevated catastrophe losses of $83 million. The combined ratio in the prior year quarter was 93.1%. Cat losses for the quarter primarily consist of $43 million from two April storms and $20 million related to civil unrest claims. "In ... Read the full article
James River returns to profitability in Q2
30th July 2020
James River Group Holdings, the Bermuda-based insurance holdings company, has returned to profitability in the second quarter of 2020 after its investments recovered from an earlier COVID-19 shock. The company posted a net income of $35.6 million in Q2 after a loss of $36.8 million in the first quarter of ... Read the full article
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