Reinsurance News
Munich Re adds €700m of COVID-19 losses in Q2 as profit falls to €579m
6th August 2020
Global reinsurance giant Munich Re added roughly €700 million of COVID-19-related losses in the second-quarter of 2020, contributing to a decline in profit for the quarter to €579 million, compared with €993 million a year earlier. The additional €700 million of COVID-19 losses takes the reinsurer's H1 2020 impact from ... Read the full article
Orchid’s CrossCover MGU adds to leadership team
6th August 2020
Newly launched managing general underwriter, CrossCover, has announced an expansion to its leadership team. The new MGU was established earlier this year in partnership with Orchid Underwriters Agency. The company has made the appointments of Brett Dupre, director of Specialty and Underwriting; Sam McBirney, director of General Property; and Mason Rudloff, ... Read the full article
Allstate reports 146% rise in underwriting income to $904mn
6th August 2020
The Allstate Corporation's underwriting income improved by a significant 146.3% in Q2 2020 to $904 million, contributing to increased net income of $1.22 billion for the quarter. Alongside the better underwriting income, Allstate notes that its net income in the second-quarter of 2020 also benefitted from higher net realised capital gains ... Read the full article
AIG expects to recover COVID-19 losses under cat reinsurance: Zaffino
5th August 2020
Insurer and reinsurer AIG anticipates making a recovery under its international per-occurrence catastrophe reinsurance treaty as a result of COVID-19-related losses, according to Peter Zaffino, President and Global Chief Operating Officer (COO) of AIG, and Chief Executive Officer (CEO) of the General Insurance (GI) unit. Speaking during the company's second-quarter 2020 ... Read the full article
Peter Askew named President & CEO of Guy Carpenter in Canada
5th August 2020
Reinsurance broker Guy Carpenter has named Peter Askew as President and Chief Executive Officer (CEO) of its Canadian business, effective immediately. Askew succeeds Donald Callahan, who has stepped down from the role in Canada after two decades, and will continue to support Askew. Callahan will remain with the reinsurance broker in ... Read the full article
RGA’s net income falls in Q2 as firm sees global COVID-19 claims of $300mn
5th August 2020
Life reinsurer, Reinsurance Group of America, Incorporated (RGA), saw its net income fall by $44 million in the second-quarter of 2020 to $158 million, as the firm reports global COVID-19 claims, including IBNR, of an estimated $300 million. Net income fell from the $202 million posted in Q2 2019 and for ... Read the full article
Palomar improves net income by 79% in Q2
5th August 2020
La Jolla, California-based insurance holding company, Palomar Holdings, Inc., has reported a significant rise in net income to $12 million for the second-quarter of 2020. The insurer's net income jumped by a huge 79.3% from the $6.7 million posted in the second-quarter of 2019, while adjusted net income hiked by 63% ... Read the full article
Swiss Re & OneConnect to collaborate on Smart Claims for Europe
5th August 2020
OneConnect Financial Technology Co., Ltd., an associate of China's Ping An Group, is set to partner with reinsurance giant Swiss Re to co-develop a digital end-to-end solution for motor claims handling for the European marketplace. The solution will be based on artificial intelligence (AI) and advanced data analytics, with the two ... Read the full article
Hastings Group agrees to cash acquisition offer
5th August 2020
UK-based property and casualty (P&C) insurer, Hastings Group Holdings plc, has received a recommended cash offer from Sampo Oyj and Rand Merchant Investment Holdings Limited (RMI) to acquire all of its issued and to be issued shares not currently owned or controlled by the pair. Towards the end of July, Hastings ... Read the full article
TransRe posts Q2 underwriting loss as Alleghany’s CR hits 102.8%
5th August 2020
Alleghany Corporation has reported an underwriting loss of $39.5 million for the second-quarter of 2020 as its reinsurance arm, TransRe fell to an underwriting loss of more than $30 million on the back of COVID-19-related losses of $115 million. TransRe's Q2 underwriting loss compares with a gain of $75.9 million in ... Read the full article
Kuwait Re’s net profit rises by 7% in 2020
5th August 2020
For the first six months of the year, Kuwait Re has reported net profit of KD3.09 million (approx. USD10.1 million), which is up 7% on the same period in 2019. According to the reinsurer, the "technical risk evaluation and prudent capacity allocation" resulted in a solid underwriting performance through H1 2020, ... Read the full article
Gallagher announces new senior energy hire from THB Group
5th August 2020
International re/insurance broker, Gallagher, has announced the new appointment of Gavin Tidman to its global energy practice. Tidman will be based in London in Gallagher’s Speciality division where he will join the senior management team as Executive partner. His main focus will be on the business development within the global energy ... Read the full article
Carlyle and Korean Re partnering on co-reinsurance
5th August 2020
According to reports in the Korean press, private equity company, Carlyle Group, has joined hands with Korean Re, the largest reinsurer in South Korea, to partner as co-reinsurance providers. This will make the companies the first co-reinsurance providers in a market estimated to grow to 60 trillion won to 100 trillion ... Read the full article
AFG’s core operating earnings down in Q2 amid COVID-19 impacts
5th August 2020
American Financial Group, Inc. (AFG) saw its core net operating earnings decline to $95 million in the second-quarter of 2020 as the ongoing COVID-19 pandemic's impact on financial markets adversely affected returns on alternative investments. The company's core net operating earnings fell by more than 50% year-on-year from the $192 million ... Read the full article
COVID-19 pandemic fears drove market demand for bond insurance: KBRA
5th August 2020
The COVID-19 pandemic has overturned global markets and impacted multiple bond sectors. One of the pandemic’s many knock-on effects is a shift in investor appetite for insured debt. US credit rating agency, Kroll Bond Rating Agency (KBRA), released research which highlights the shift in investor appetite for insured debt as one ... Read the full article
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