Reinsurance News
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
Phinsys announces new appointments of management
30th July 2020
Leading finance automation software provider for the insurance sector, Phinsys has announced new appointments to strengthen its senior management team. William Moore will become the Chief Financial Officer (CFO) and Michael Toran will serve as Chief Operating Officer (COO). These latest commissions follow a period of new client successes driven by ... Read the full article
Watford profits recover on investment income
30th July 2020
Bermuda domiciled re/insurance company Watford Holdings has posted a net income of $188.8 million for the second quarter of 2020, compared with just $13.8 million for the same period last year. The improvement owes mostly to the company’s net investment income, which rose to $199.5 million, up from $23.8 million in ... Read the full article
Genworth Financial announces new leadership changes
30th July 2020
Genworth Financial, Inc. has announced that Kelly L. Groh has resigned as executive vice president and chief financial officer. These new changes will be finalised upon the completion of the company's second quarter financial close process and related Form 10-Q filing, which is expected to occur in early August. Tom McInerney, president ... Read the full article
Spike in home workers a new opportunity for cyber criminals: Aon, CyberCube
30th July 2020
COVID-19 and the resultant move to widespread homeworking has created new vulnerabilities for criminals to exploit, according to cyber analytics expert CyberCube and re/insurance broker Aon. According to the report, homeworking has exposed new access points for cyber criminals to gain entry to corporate systems including domestic PCs, laptops and Wi-Fi ... Read the full article
Swiss Re makes key adjustments to Asia management team
30th July 2020
Global reinsurer Swiss Re has announced a number of changes to its Asia management team, due to be implemented in September. Mark Senkevics, who for the last decade has led Swiss Re in Australia and New Zealand across both life and health, as well as property and casualty businesses, will now ... Read the full article
Arch reports decline in net income as CR deteriorates to 101.8% in Q2
30th July 2020
Arch Capital Group Ltd. has announced net income of $288.4 million for the second-quarter of 2020, while the insurer and reinsurer's combined ratio deteriorated year-on-year to 101.8%. Net income declined from the $458.6 million posted in the second-quarter of 2019, while the combined ratio jumped by more than 21 percentage points ... Read the full article
Palomar’s new E&S start-up receives credit ratings from AM Best
30th July 2020
Palomar Holdings, Inc. has confirmed that AM Best has assigned its new start-up underwriting company Palomar Excess and Surplus Insurance Company (PESIC) a Financial Strength Rating of A- whilst also receiving a Long-Term Issuer Credit Rating of A-. This comes after last month where Palomar announced the formation of a ... Read the full article
EIOPA explores options for shared pandemic resilience
30th July 2020
The European Insurance and Occupational Pensions Authority (EIOPA) has published a new paper exploring several options for developing shared resilience solutions for pandemic risk. The European supervisory body shares the broad industry view that private re/insurance solutions alone will not be sufficient to protect societies against the financial consequences of future ... Read the full article
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