Reinsurance News
Ryan Specialty Group appoints Chief Revenue Officer
7th May 2020
Ryan Specialty Group (RSG) has announced the appointment of Brendan M. Mulshine as its new Chief Revenue Officer. In his expanded position, Mulshine will have responsibility for working closely with RSG’s business units, R-T Specialty, LLC and RSG Underwriting Managers, LLC to expand organic Prior to joining RSG, Mulshine held several leadership ... Read the full article
Occam Underwriting posts £1mn profit in 2019
7th May 2020
Specialty Lloyd’s of London managing general agent (MGA) Occam Underwriting has reported a £1 million profit after tax for 2019, compared to a loss after tax of £1.25 million for 2018. All three of Occam’s business units – Cyber, Energy and Space – saw strong growth over the year, allowing the ... Read the full article
PG&E facing $600mn hit from Kincade wildfire
7th May 2020
US investor-owned utility Pacific Gas and Electricity (PG&E) is staring down a possible $600 million loss if its equipment is found liable for the ignition which caused the devastating Kincade wildfire in 2019. While it’s too early to say with certainty whether PG&E will be found liable, language used in the ... Read the full article
Zurich adds new leaders for Commercial Insurance Underwriting
7th May 2020
Zurich Insurance Group (Zurich) has appointed Ralph Brand as Global Head of Casualty, Financial Lines and Cyber, and Chris Waterman as Global Head of Property, Marine and Technical Lines. The newly created roles aim to simplify the company’s underwriting function by aligning the shorter-tail first party coverages and the longer-tail third ... Read the full article
Willis Towers Watson forms specialist team for distressed organisations
7th May 2020
Re/insurance broker Willis Towers Watson has announced the formation of a Strategic Solutions Group (SSG) within its within its Financial, Executive and Professional Risks (FINEX) global practice and Mergers & Acquisitions Group. SSG will provide specialised risk services to distressed organisations, focusing in particular on risk, insurance and claim challenges faced ... Read the full article
American Overseas commutes remaining AGM reinsurance portfolio
7th May 2020
American Overseas Reinsurance Company, a division of American Overseas Group Limited, has entered into a commutation, reassumption and release agreement with Assured Guaranty Municipal Corp. (AGM). The agreement sees the company's reinsurance operating subsidiary commute the remaining $345 million outstanding par value of financial guaranty reinsurance business it had assumed from ... Read the full article
Trisura grows income, prepares for COVID-19 impact in Q2
7th May 2020
Trisura Group, an international specialty provider of surety, risk solutions, corporate insurance and reinsurance products, has grown its net income to $8.4 million for the first quarter of 2020. The result was an improvement on the $2.5 million posted in Q1 2019, driven by strong underwriting performance and investment income in ... Read the full article
Talanx reports €313mn COVID-19 related losses in Q1
7th May 2020
Hannover Re parent Talanx has announced first quarter coronavirus-related large losses of €313 million. The coronavirus crisis impacted both underwriting and investments in the first quarter of the new financial year. Large losses in primary insurance and reinsurance rose from €137 million in the same period of the previous year to €435 ... Read the full article
United Insurance falls to $12.7mn loss in Q1
7th May 2020
Property and casualty insurance holding company United Insurance Holdings has reported a $12.7 million net loss for the quarter, down from a net income of $9.5 million in the opening three months of 2019. This decrease was primarily due to unrealised losses on equity securities compared to unrealised gains in the ... Read the full article
RSA reports £25mn COVID-19 claims in Q1
7th May 2020
Multinational insurance group RSA has released its results for the first quarter of 2020, which include around £25 million of claims related to the COVID-19 pandemic, net of reinsurance. In total, the company registered 25,000 claims linked to COVID-19 that have coverage and will pay out, of which about 23,000 are ... Read the full article
RenRe’s casualty & specialty unit reports Q1 underwriting loss on COVID-19
7th May 2020
Bermuda-based insurer and reinsurer RenaissanceRe Holdings Ltd. (RenRe) has fallen to a net loss of $82 million in the first-quarter of 2020, as the ongoing COVID-19 pandemic adversely impacted its net investment result and the performance of its Casualty and Specialty segment. A net loss of $82 million in Q1 2020 ... Read the full article
COVID-19 sees Everest Re’s Q1 profits plunge $338mn
7th May 2020
Global re/insurer Everest Re Group has reported a net income for the first quarter of $16.6 million, down from $354.6 million in the prior year quarter. After-tax operating income for the quarter was $164.4 million, compared to $282.4 million in 2019. Much like with other players in the re/insurance space, COVID-19 related ... Read the full article
Chubb adds Annmarie Hagan as VP, Chief Accounting Officer
7th May 2020
Global insurer Chubb has appointed Annmarie Hagan as group Vice President and Chief Accounting Officer. Hagan has more than 35 years in insurance, accounting and financial management and has served as Global Controller of Chubb since 2016. Hagan will now take responsibility for the company's corporate and regulatory accounting matters; managerial and ... Read the full article
Hiscox pleased with strong investor support as capital raise completes
7th May 2020
Specialist re/insurer Hiscox has welcomed the strong support it received from both existing shareholders and new investors for its recently completed capital raise. Alongside its first-quarter 2020 trading statement, Hiscox confirmed plans to raise approximately £375 million through the non-pre-emptive placement of new ordinary shares of 6.5 pence each in ... Read the full article
PRA postpones insurance & climate stress tests due to Covid-19 pressures
7th May 2020
The UK's Prudential Regulation Authority (PRA), part of the Bank of England, has announced that the planned 2019 insurance stress test results will now not be published, as it pauses further work in this area due to the impacts of the Covid-19 pandemic. The PRA said that its focus is on ... Read the full article
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