Reinsurance News
AIG expands pension risk transfer reinsurance activities in Q2
6th August 2020
American International Group (AIG), the global insurance and reinsurance player, has expanded its activities in the pension risk transfer space during the second-quarter of this year. Reporting its results recently, AIG highlighted the Life and Retirement business segment as one experiencing strong premium growth. AIG explained that its Life and Retirement division ... Read the full article
AXIS Re names Osterrieder as Head of Casualty for North America
6th August 2020
AXIS Re, the reinsurance arm of Bermuda-based AXIS Capital Holdings Limited, has promoted Dan Osterrieder to Head of AXIS Re Casualty North America. Effective August 17th, Osterrieder will be responsible for leading AXIS Re’s casualty unit in North America. The role will span areas such as General Liability, Auto, Umbrella & Excess, ... Read the full article
FedNat falls to net loss of $21.5mn in Q2
6th August 2020
Florida based primary insurer FedNat has posted a net loss of $21.5 million in the second quarter of 2020, following heavy catastrophe losses. The company confirmed that it had incurred $48.3 million of catastrophe costs during the quarter, after warning ahead of the loss back in July. Cat losses were driven ... Read the full article
Rideshare insurtech Buckle gets $31m fundraising led by HSCM and Eos
6th August 2020
Buckle, an insurtech company for the ride-share industry, said it has raised $31 million in a Series A funding round. The insurer said the funding round was co-led by investment manager Hudson Structured Capital Management, doing their insurance and reinsurance investment business as HSCM Bermuda, and Eos Venture who is a ... Read the full article
Intangible assets a “major blind spot” amid COVID-19: Lloyd’s & KPMG
6th August 2020
The acceleration of digital business models, amplified by COVID-19, could lead to intangible assets becoming a “major blind spot” for companies not factoring them into their risk models. This is according to a new report published by Lloyd’s and KPMG, which urges businesses to pay attention to the new risk landscape ... Read the full article
AXA’s sale of its Life Europe platform to Cinven falls through
6th August 2020
AXA has agreed to terminate its previously announced sale agreement with private equity firm Cinven, which would have seen the insurer offload its AXA Life Europe (ALE) business for €1.2 billion (US $1.4 billion). Alongside the release of its Q2 results, AXA said that certain closing conditions for the ... Read the full article
Liberty Mutual’s Q2 result hit by elevated cats & significant COVID-19 losses
6th August 2020
Liberty Mutual Holding Company Inc. has recorded a net loss of $320 million for the second-quarter of 2020 amid elevated catastrophe losses and significant impacts from the ongoing COVID-19 crisis. All in all, Liberty Mutual's catastrophe losses jumped by a substantial $384 million from the second-quarter of 2019 to $878 million, ... Read the full article
United (UPC Insurance) returns to profit in Q2; COVID-19 impact immaterial
6th August 2020
Property and casualty (P&C) insurance holding company, United Insurance Holdings Corp. (UPC Insurance), has returned to profitability in the second-quarter of 2020, posting net income of $24.3 million and a combined ratio of 99.4%. These figures compare with a net loss of $2.9 million in the second-quarter of 2019 and a ... Read the full article
Greenlight Re sinks to modest loss in Q2
6th August 2020
Hedge fund-backed reinsurer Greenlight Re has reported a net loss of $0.1 million in the second quarter of 2020, compared to net income of $15.3 million in the second quarter of 2019. Gross written premiums in the second quarter of 2020 were $116.7 million, compared to $152.3 million in the second ... Read the full article
AXA’s underlying earnings fall to €1.9bn amid 72% decline in P&C on COVID-19
6th August 2020
Global insurer and reinsurer AXA has reported a 48% decrease in underlying earnings to €1.9 billion for the first half of 2020, driven mostly by a 72% decline in property and casualty (P&C) business primarily as a result of the impacts of the COVID-19 pandemic. The French re/insurer has reaffirmed its ... Read the full article
Beirut explosion could drive $15bn economic loss, says Governor
6th August 2020
A huge explosion in the Lebanese capital of Beirut is likely to cause between US $10 billion and $15 billion of economic losses, according to officials. The blast, which originated in the port area of Beirut, was large enough to damage buildings several kilometers away and has devastated parts of the ... Read the full article
Athene posts $824mn net income for Q2
6th August 2020
Retirement services firm Athene has posted a second quarter net income of $824 million, compared to $720 million in the second quarter 2019. The increase from the prior year quarter was driven by higher adjusted operating income and favorable changes in the fair value of reinsurance assets due to tightening credit spreads, ... Read the full article
Everest Re’s combined ratio deteriorates to 97.5% in Q2
6th August 2020
Bermuda-based reinsurer Everest Re Group, Ltd. has reported underwriting income of $50.9 million for the second-quarter of 2020, despite incurring $160 million in net pre-tax losses related to the ongoing COVID-19 pandemic. The reinsurer says that its underwriting result highlights the underlying strength and sustainable profitability of the franchise. Underwriting income of ... Read the full article
Assurant’s net income jumps 24%; non-cat loss experience favourable in Q2
6th August 2020
Assurant, Inc., a leading global provider of lifestyle and housing solutions, recorded a 24% increase in net income in the second-quarter of 2020 to $173.5 million, as its Global Housing segment reported improved profitability. Despite the improvement, the company's net income was somewhat offset by both direct and incremental expenses incurred ... Read the full article
Global Risk Solutions adds Chris Heywood as Chief Systems Architect
6th August 2020
International loss adjuster Global Risk Solutions has appointed Chris Heywood as Chief Systems Architect. The appointment follows the recent Kramer & Associates acquisition and the launch of the London based Complex Claims Unit, headed up by Mike Reeve. Heywood has more than two decades of experience in system architecture, software, and technology services ... Read the full article
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