Reinsurance News
AIR Worldwide updates earthquake model for Australia
30th July 2020
Catastrophe risk modelling firm AIR Worldwide (AIR) announced the release of its updated Earthquake Model for Australia. The updates were prompted by findings in the National Seismic Hazard Model from Geoscience Australia (GA), which challenged established ideas about seismic activity in the country and significantly decreased the view of seismic hazard. The ... Read the full article
Lancashire to expand into hard market, venture into casualty lines: CEO & CUO
29th July 2020
Lancashire Holdings, the specialty insurance and reinsurance underwriter, is targeting expansion of its book into 2021, to take advantage of the hardening and dislocated market, including into casualty risks, a new class of business to the firm. Discussing the move, CEO Alex Maloney explained that, "It feels like the time for ... Read the full article
Investors Senator & Cannae move to oust CoreLogic board
29th July 2020
Senator Investment Group LP and Cannae Holdings Inc. have initiated a process to call a special meeting of shareholders with the aim of removing and replacing a majority of the board members of property information and analytics provider CoreLogic. The move comes after CoreLogic’s board unanimously rejected an offer from ... Read the full article
Chubb reports $331mn net loss for Q2
29th July 2020
Insurer and reinsurer Chubb has reported a net loss of $331 million for the second-quarter of 2020, compared with net income of more than $1.1 billion in the same period last year, as net catastrophe losses reached $1.51 billion as a result of the COVID-19 pandemic. As previously announced, Chubb's ... Read the full article
Arch hires new senior underwriters to its Australian Insurance unit
29th July 2020
Arch Capital, the global re/insurer, has announced the appointment of Simon Reid and Melissa Ahern to its Insurance division in Australia, as Senior Underwriters in Accident & Health. The pair will join Arch Insurance International with immediate effect from 29th July 2020. Reid and Ahern will be responsible for providing targeted solutions ... Read the full article
The Hanover posts robust Q2 results as full year CR outlook improves
29th July 2020
Massachusetts-based property and casualty insurer The Hanover has reported a net income of $115.2 million in the second quarter, up from from $74 million in the prior year quarter. The company has also updated its full-year 2020 outlook, including an improved combined ratio, excluding catastrophes, of between 89.5% and 90.5%, compared to ... Read the full article
Chubb remains top writer of cyber lines in 2019: AM Best
29th July 2020
According to a new AM Best report, Chubb held on to its place as the top writer of cyber lines in the US in 2019, writing almost $360 million in DPW, while expanding its market share to 17.6%, up from 16% in the previous year. AXA XL remains the ... Read the full article
AXIS posts $54mn fall in Q2 income, COVID-19 claims provision unchanged
29th July 2020
Bermuda-based insurer and reinsurer AXIS Capital has posted a second quarter net income of $112 million, down from $166 million in the prior year quarter. Operating income for the quarter was $72 million, down significantly from $137 million in the prior year quarter. The company has also confirmed there is no change ... Read the full article
H.W. Kaufman unit launches ocean cargo insurance product
29th July 2020
RB Jones Marine, a distinct business unit within H.W. Kaufman Group, has announced the launch of a new marine cargo product. The new product will be launched in partnership with Atain Insurance Companies, and, in addition, RB Jones Marine has added John Gambino to its management team. Results for the global cargo ... Read the full article
Lancashire’s H1 combined ratio jumps to 106.9%
29th July 2020
Specialty re/insurer Lancashire Holdings saw its combined ratio for the first half of 2020 jump to 106.9%, up from 86.6% in H1 2019. The group’s COVID-19 ultimate loss estimate, net of reinsurance and reinstatement premiums, amounted to approximately $42 million. This arose primarily from exposures within its property segment. Prior year unfavourable development ... Read the full article
Davies acquires Citadel Risk’s captive management operations
29th July 2020
Leading specialist professional services and technology firm, Davies, has announced a deal to acquire the captive management & consulting businesses of insurance and reinsurance specialist, Citadel Risk. Citadel Management & Cedar Consulting will become part of Davies’ Insurance Services practice under the new deal, which is led by CEO Steven Crabb. ... Read the full article
Oneglobal adds Alan Grant as a non-exec director
29th July 2020
Oneglobal Broking has today announced the appointment of Alan Grant as a non-executive director. Grant was recently at Dual International having served as chairman. Before that he spent time as CEO of SCOR UK and active underwriter of Syndicate 991 at Lloyd’s. He is currently a non-executive director at Argenta Syndicate Management and ... Read the full article
Canopius promotes Stephen Pike to lead credit and political risk
29th July 2020
Global specialty re/insurer Canopius has announced the promotion of Stephen Pike to head of credit and political risk (CPR). Pike will lead the CPR team and help develop its proposition across Europe and internationally. He joined Canopius as an Underwriter in CPR in 2017 from ED&F Man Capital Markets where he co-led ... Read the full article
Markel income up 75% as investment gains recover
29th July 2020
Markel Corporation has reported that its comprehensive income increased by 75% to $1.09 billion in the second quarter of 2020, as investment gains recovered following an initial Q1 COVID-19 shock. Comprehensive income was up from $623.3 million in Q2 2019, and the company’s combined ratio similarly improved from 95% to 88%. Net ... Read the full article
Praedicat releases COVID-19 litigation tracker results
29th July 2020
Praedicat, a risk analytics and modelling company for casualty re/insurers and industrial firms, has released the initial results from its COVID-19 litigation tracker platform. The newly launched platform found that more than 200 casualty-relevant virus complaints have already been filed in the US courts. The complaints allege that corporate defendants are responsible ... Read the full article
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