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PartnerRe’s income dips in 2020 as COVID-19 dents underwriting result

26th February 2021

Bermuda-based reinsurer PartnerRe has reported net income of $204 million and $206 million for the fourth-quarter and full-year 2020, respectively, while the impacts of catastrophe events during the year and the ongoing pandemic pushed down its underwriting performance. Net income for the quarter improved from the net loss posted a year ... Read the full article

January shows fluctuations in commercial lines rates: IVANS

26th February 2021

Commercial lines premium renewal rates fluctuated over the month of January, according to the latest results of the IVANS Index. IVANS, a division of Applied Systems, reported that all major lines of business showed an increase in average premium renewal rate year-over-year in January. This is with the exception of Workers’ Compensation, ... Read the full article

AIR says winter storm Uri industry loss likely to exceed $10bn

26th February 2021

The damaging impacts of winter storm Uri and associated severe winter weather in the U.S. is expected to result in an insurance and reinsurance industry loss of more than $10 billion, according to catastrophe risk modeller AIR Worldwide. The winter storm arrived on the country’s President’s Day weekend bringing damaging ice ... Read the full article

UK P&I Club reports continued support from members at renewals

26th February 2021

The UK P&I Club, a provider of protection and indemnity (P&I) insurance and other services to the international shipping community, has announced its renewal results for 2021. Despite the challenges of a remote renewal, 98% of its members have renewed for a further year. The Club achieved its key target of improving ... Read the full article

Alliant hires Derek Whipple as SVP, Energy & Marine

26th February 2021

Alliant Insurance Services, the U.S specialty insurance brokerage firm, has appointed Derek Whipple as Senior Vice President, Energy & Marine. Prior to joining Alliant, Whipple held a variety of broking and leadership positions in the power and energy sectors. With over 25 years of experience, he has overseen power generation, conventional thermal ... Read the full article

Geneva Association task force develops climate framework for re/insurers

25th February 2021

Industry think tank The Geneva Association has mobilised 17 of the world's largest P&C and life re/insurers to form a new task force for tackling climate risk. These companies will come together to develop climate risk assessment methodologies and tools for the re/insurance industry, beginning with a report that lays out ... Read the full article

Alliant hires Jessie Guerrero as SVP, Energy & Marine

25th February 2021

Alliant Insurance Services, the U.S specialty insurance brokerage firm, has appointed Jessie Guerrero as Senior Vice President, Energy & Marine. He will be located in the Houston office managing the placement of operational and construction coverages and provide advice to power, LNG, downstream, and energy clients. With over 30 years of experience ... Read the full article

China Re exec director Ren Xiaobing resigns

25th February 2021

China Re has announced the resignation of its executive director Ren Xiaobing, whose departure from the company will come into effect from 25 February. In the official announcement from China Re, Xiaobing said that he has no disagreement with the board, and there are no other matters that should be brought ... Read the full article

AXA lowers retention at January reinsurance renewals

25th February 2021

French insurer AXA opted to lower its natural catastrophe retention levels at the January 2021 reinsurance renewals, the company has revealed. For its insurance segment, the retention has been lowered to €500 million for North America key perils, including hurricane and earthquake, with reinsurance coverage to absorb costs up to $1.25 ... Read the full article

BGC earnings up as Corant turns profitable

25th February 2021

Global brokerage and financial technology firm BGC Partners has reported an 18% increase in adjusted earnings over the fourth quarter of 2020, helped by 12.8% revenue growth in its Corant Global business, which turned profitable last quarter. Earnings amounted to $73.6 million in Q4 2020, compared with $62.4 million for the ... Read the full article

Uri could inflict record Q1 cat losses on US P/C insurers, says Fitch

25th February 2021

Fitch Ratings expects US property/casualty insurers to face record catastrophe losses for this year’s first quarter, following extensive property damage from winter storm Uri. The widespread scale and claims volume of the event could drive ultimate insured losses to a range of $10 billion to $20 billion, the ratings agency said. As ... Read the full article

Palomar reports net loss of $1.8mn for Q4 2020

25th February 2021

California-based specialty insurer Palomar has reported a net loss of $1.8 million for Q4 2020 compared to net income of $10.9 million per diluted share for the prior year period. Palomar’s gross written premiums (GWP) witnessed a year-on-year increase in Q4 2020 by 31.0% to $96.1 million compared to $73.3 million ... Read the full article

Pool Re wraps up £2.5 billion terrorism retrocession placement

25th February 2021

UK government-backed terrorism reinsurer Pool Re has secured the placement of its three year, £2.475 billion retrocession programme involving 56 global reinsurers. Munich Re led the placement along with Hannover Re and Fidelis, both of who provided significant capacity. The retrocession covers property damage arising from nuclear, biological, chemical, and radiological attacks ... Read the full article

UPC Insurance announces $33.9mn Q4 net loss

25th February 2021

UPC Insurance has registered a $33.9 million fourth quarter net loss, up from the $8.2 million achieved in the prior year quarter. The company's total gross written premium increased by $21.4 million, or 7.3%, to $316.2 million from $294.8 million for the fourth quarter of 2019. This increase was driven by rate ... Read the full article

AXA XL enters into ADC agreement with Enstar

25th February 2021

AXA XL, the property & casualty and specialty risk division of AXA, has entered into an adverse development cover (ADC) agreement with a wholly owned subsidiary of Enstar Group Limited. The ADC agreement sees AXA XL secure coverage for 90% of potential adverse developments on its legacy long tail line reserves ... Read the full article

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