Reinsurance News
Watford reports $267.8mn Q1 net loss as COVID-19 hits investment result
5th May 2020
Watford Holdings has reported a net loss of $267.8 million for the first-quarter of 2020, driven by a net investment loss of $262.7 million, mostly the result of $285.5 million of unrealised mark-to-market losses in its non-investment grade fixed-income portfolio. Watford's substantial $267.8 million net loss for the first-quarter of 2020 ... Read the full article
COVID-19 impacts push AXIS Capital to first-quarter net loss
5th May 2020
Bermuda-based insurer and reinsurer AXIS Capital Holdings Limited has reported a net loss of $185 million and a combined ratio of 119.8% in Q1 2020, as pre-tax catastrophe and weather-related losses reached $300 million, the majority of which are related to the COVID-19 pandemic. The re/insurer's $185 million Q1 net loss ... Read the full article
Arch Capital sees Q1 net income fall $304mn
5th May 2020
Bermuda-based re/insurer Arch Capital Group saw its net income fall by $304 million to $133.7 million in the first quarter. After-tax operating income for the quarter was estimated at $189.8 million, compared to $275.9 million in the prior year quarter. Pre-tax current accident year catastrophic losses, net of reinsurance and reinstatement premiums ... Read the full article
‘Limited scope’ for 2020 final dividend, says IAG
5th May 2020
Based on year-to-date investment income outcomes and its forecast FY20 insurance profit, largely driven by the ongoing coronavirus pandemic, IAG says there is presently limited scope to pay a final dividend in September 2020. This is after application of the upper end of IAG’s 60-80% of full year cash earnings payout ... Read the full article
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
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