Reinsurance News
Lemonade reinsurers betting on improved loss ratio: analysts
28th July 2020
Analysts are forecasting an improvement in the loss ratio of insurtech firm Lemonade over the coming quarters, based on its current reinsurance arrangements. Taking 75% of the risk for every premium dollar Lemonade writes, reinsurers are bearing the bulk of the loss ratio outcome, good or bad, JMP Securities notes. The insurtech’s ... Read the full article
Donegal posts robust Q2 results as net income hits $22.7mn
28th July 2020
US primary holding company Donegal Group posted a net income of $22.7 million for the second quarter of 2020, compared to $4.8 million in the prior year quarter. Kevin G. Burke, President and Chief Executive Officer of Donegal Group, attributed this improvement to a continuation of the solid underwriting performance reported ... Read the full article
Cincinnati Financial CR deteriorates to 103.1% in Q2
28th July 2020
Cincinnati Financial Corporation has reported that its combined ratio deteriorated to 103.1% during the second quarter of 2020 following $231 million of catastrophe losses. Elevated catastrophe losses, plus $65 million of pandemic related loss and expense effects, meant the company finished the quarter with an underwriting loss of $41 million. The ... Read the full article
Brown & Brown’s Q2 net income up 4.5% to $96.8mn
28th July 2020
Insurance brokerage Brown & Brown, Inc. has reported a 4.5% rise in net income in the second-quarter of 2020 to $96.8 million, while organic revenue increased by 0.5% in the period. Overall, the broker has reported revenues of $598.8 million in the second-quarter of 2020, which is a jump of $23.6 ... Read the full article
Guy Carpenter adds Andrea Piatti to GRS unit as Managing Director
28th July 2020
Guy Carpenter, the reinsurance arm of global brokerage Marsh, has appointed Andrea Piatti as a Managing Director within its Global Risk Solutions unit. Piatti will be based in Zurich and work closely with Guy Carpenter’s broking and analytics teams across the Europe and MENA region. He will report to Frank Achtert, Head of Strategic ... Read the full article
Cyber policy sales up 340% amid COVID-19: SchemeServe
28th July 2020
Cyber policy sales have increased by almost three and a half times during the COVID-19 lockdown, according to SchemeServe, a UK based insurtech specialising in schemes software. New data from SchemeServe’s Schemes Premium Index compares data for April 2020 at the height of the lockdown to data from the same period ... Read the full article
Six of the world’s largest ports face increased geopolitical, windstorm risk: analysis
28th July 2020
Six of the world’s largest ports with a combined $1.14 trillion of import/export trade for the second half of the year are exposed to increasing geopolitical and windstorm risk in 2020, according to analysis by Russell Group. The trade volumes of each port easily exceeds $100 billion. Russell Group notes how Hong ... Read the full article
Global insurtech investment rebounds 71% to $1.5bn in Q2: WTW
28th July 2020
Global Insurtech investment hit $1.56 billion during the second quarter of 2020, an increase of 71% compared to Q1, according to Willis Towers Watson. 2020's first quarter was heavily influenced by the uncertainty surrounding COVID-19. WTW says the increase in Q2 was driven in part by later-stage investments, including four ‘mega-rounds’ in ... Read the full article
Moody’s downgrades Aspen’s IFSR to A3
28th July 2020
Financial services ratings agency Moody's has downgraded the insurance financial strength ratings (IFSR) of global re/insurer Aspen to A3 from A2, citing diminished earnings power and challenges in rebuilding balance sheet strength. The downgrade has been applied to Aspen Insurance UK Limited and Aspen Bermuda Limited. At the same time, Moody's ... Read the full article
Re/insurers’ public COVID-19 losses reach $20.2bn: PeriStrat
27th July 2020
Data compiled by Zurich-based financial services advisory PeriStrat LLC shows that publicly reported COVID-19 losses among the largest global insurers and reinsurers have now reached $20.2455 billion. Analysts noted that loss estimates have generally trended upwards in second quarter earnings releases. However, the tracked public loss figure is still less than most ... Read the full article
QIC increases GWP 13% in H1 off market hardening
27th July 2020
Qatar Insurance Company (QIC), the Middle East and North Africa (MENA) focused insurer, experienced a 13% growth in Gross Written Premium in the first half of 2020, reaching QAR 7.2 billion ($1.9 billion). This growth was predominately driven by the rate hardening in select international insurance markets and continued expansion of QIC’s ... Read the full article
Aurous Risk Partners expands into property D&F with new hire
27th July 2020
London-headquartered MGA Aurous Risk Partners has expanded its operations into the property D&F class with the hire of Will Curtis, while also expanding its energy capacity. Curtis, who previously was the property underwriter for the Antares Lloyds syndicate, has joined Aurous as a Property Risk Partner. He has spent the last 10 ... Read the full article
Chubb announces new leadership appointments
27th July 2020
Global insurer Chubb has announced leadership appointments in its North America Westchester and Financial Lines businesses. The property and casualty insurer has announced that Scott Meyer will succeed Bruce Kessler as Senior Vice President, Chubb Group and Division President of Westchester. Through its brokerage, binding and programs segments, Meyer will have executive ... Read the full article
Santam approves $61mn relief payment for virus disruption
27th July 2020
South African insurer Santam has approved up to R1 billion (US $61 million) of relief payments for businesses hit by COVID-19 related disruption following an order by the country’s regulators. The Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) have told non-life insurers to make one-off payments to ... Read the full article
Munich Re best placed to withstand Atlantic hurricane losses, analysts
27th July 2020
As we approach the peak months for the 2020 Atlantic hurricane season, analysts at investment bank Berenberg believe that Munich Re is the best placed to withstand a worst-case scenario. Even in a worst-case scenario, analysts state that Munich Re’s excess capital would only reduce by around 36% at the end ... Read the full article
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