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Nat Re reports USD $2.5mn net income for 2020

10th May 2021

The National Reinsurance Corporation of the Philippines (Nat Re), the country’s national reinsurer, has reported a net income of P120 million (USD $2.5mn) in 2020, down 24% from P157 million (USD $3.2mn) in 2019, as stronger underwriting results were weighed down by lower investment income. Gross written premiums grew by 3% ... Read the full article

CoreLogic’s Q1 operating income rises to $85mn

10th May 2021

Catastrophe risk modeller CoreLogic has announced a first quarter operating income of $85 million, up by $30 million from the prior year quarter. Meanwhile, revenues of $423 million represent a 20% increase over the prior year. Net income from continuing operations was reported at $55 million, up by $31 million. “Capitalizing on momentum ... Read the full article

AJ Gallagher in talks to acquire $3bn portfolio of Aon and WTW assets: Bloomberg

10th May 2021

Global insurance broker Arthur J. Gallagher is in talks with Aon and Willis Towers Watson (WTW) over the potential acquisition of a portfolio of assets, which includes Willis Re, reports Bloomberg. Bloomberg, citing people familiar with the matter, has reported that an agreement could be reached in the coming weeks. According to ... Read the full article

Enstar announces $183mn in Q1 net earnings

10th May 2021

Legacy specialist Enstar Group has reported consolidated net earnings of $183.2 million for the opening quarter of 2021, compared to a consolidated net loss of $516.8 million in the prior year quarter. Key drivers of this rather substantial earnings increase include a reduction in net incurred losses and loss adjustment expenses ... Read the full article

North Atlantic Hurricane losses could increase 24% by 2050: RMS

7th May 2021

Catastrophe risk modelling and solutions company RMS has revealed that according to its new Climate Change Models, insured average annual losses (AAL) from North Atlantic Hurricane wind could potentially increase by as much as 24% by 2050. It also noted that European Flood risk AAL could increase by up to 59% ... Read the full article

HCI announces net income of $6.1m for Q1 as GWP increases 64.4%

7th May 2021

InsurTech HCI Group has reported a significant rise in net income for the first quarter of 2021 to $6.1 million, while consolidated gross written premiums (GWP) jumped by 64.4% to $125.8 million for the period. HCI says that the rise in GWP was driven by growth of Homeowners Choice GWP to ... Read the full article

Monument Assurance Belgium to acquire Intégrale

7th May 2021

Monument Assurance Belgium (MAB), a member of the Monument Re Group, has entered into an agreement to acquire the entire portfolio and all the staff of Intégrale. This agreement follows a firm offer from MAB, which was considered by the provisional administrators appointed by the National Bank of Belgium (NBB) to ... Read the full article

Brit hires Kirstin Simon as Underwriter, Financial Lines

7th May 2021

Insurer and reinsurer Brit Ltd has appointed Kirstin Simon as an Underwriter in its Financial Lines team, specialising in D&O and commercial crime. Simon brings 14 years of industry experience, and joins from Liberty Special Markets (LSM) where she has been for the past 11 years, most recently as a Senior ... Read the full article

Vantage Risk sponsors first 144A index-triggered cat bond

7th May 2021

Recently launched Bermudian reinsurer Vantage Risk has sponsored its first 144A index-triggered catastrophe bond transaction, Vista Re Ltd. Vista Re Ltd. will provide Vantage with multi-year risk transfer capacity on an indexed basis to protect against the aggregation of US named storm and North American earthquake risk. The bond was upsized from ... Read the full article

Generali hires Wekkeli as Head of Property Underwriting, Germany

7th May 2021

Generali’s P&C unit Global Corporate & Commercial (GC&C) has appointed Marc Wekkeli as new Head of Property Underwriting in Germany to further enhance strategy execution. Wekkeli will be responsible for ensuring technical excellence and profitability of the German property portfolio. With over 25 years of international experience in the insurance industry, he ... Read the full article

S&P highlights emerging markets’ ongoing vulnerability to COVID-19

7th May 2021

While widespread immunisation from COVID-19 looks to be achievable by most developed economies by the end of the third quarter, some emerging markets may have to wait until the year-end or later, according to S&P Global Ratings. For example, analysts note India's escalating second wave and the threat it poses in ... Read the full article

Aon forms EMEA M&A and transaction solutions advisory board

7th May 2021

Aon plc has formed an EMEA M&A and transaction solutions advisory board to support the growth and development of its M&A practice across the UK. The advisory board will provide counsel to Aon’s clients and its internal team as it continues to expand its transaction solutions and into areas such as ... Read the full article

Global Atlantic adds Edward Root to lead PRT reinsurance business

7th May 2021

Life and annuity insurer Global Atlantic Financial Group has appointed Edward Root to lead its pension risk transfer business as Managing Director. Root will report to Manu Sareen, President of Institutional Markets, Global Atlantic, and Chief Executive Officer, Global Atlantic Re. Root has over 20 years' experience advising large pension plan sponsors ... Read the full article

AXIS Re hires Matti Parnanen as Underwriter

7th May 2021

AXIS Re, the reinsurance segment of AXIS Capital Holdings, has appointed Matti Parnanen as an Underwriter for its Canada team. In his new role, Parnanen will assume underwriting and client management responsibilities. He joins AXIS Re from Munich Re Canada, where he was a Senior Property Treaty Underwriter. Prior to that, he was ... Read the full article

Renewable energy focused MGA Praeventus launches

7th May 2021

Praeventus B.V., an independent managing general agent (MGA) for the renewable energy sector, has announced the launch of its renewable energy platform, which will commence underwriting risks at June 1st, 2021. Praeventus will act as an MGA for a select panel of re/insurers from across the international insurance company market and ... Read the full article

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