Reinsurance News
Brown & Brown’s organic revenue up 4.3% in Q3
27th October 2020
Insurance brokerage Brown & Brown, Inc. has reported total revenues of $674 million for the third-quarter of 2020, as commissions and fees increased by 8.7% to $671.4 million. At the same time, the company has announced that organic revenue spiked by 4.3% in Q3 2020 to $621.3 million, compared with $595.9 ... Read the full article
Gov schemes benefit Coface in Q3 but 9M net income falls 55%
27th October 2020
Credit insurer Coface has reported net income of €28.5 million (USD 33.7mn) for the third-quarter of 2020 and an improved combined ratio of 77.4%, driven by the temporary positive impact of government schemes. The state-guaranteed COVID-19 reinsurance scheme, designed to support French SMEs by covering credit insurance risks, benefited the company's ... Read the full article
Review of the Solvency II rules could benefit UK insurers: Fitch
27th October 2020
Fitch Ratings has released a report that shows how the UK Treasury's proposed review of the Solvency II (S2) rules could benefit UK insurers by reforming some of its more burdensome aspects and facilitating investment in a wider range of assets. The review seeks to address some of the effects ... Read the full article
Arch hires Chris Rackliffe as Head of A&H
27th October 2020
Arch Insurance International has announced the appointment of Chris Rackliffe as Head of Accident & Health and Contingency. He is set to join the company in late 2021. In this role, Rackliffe will be responsible for all aspects of the continued development and growth of Arch’s accident & health and contingency ... Read the full article
LMG appoints Aviva’s Patrick Tiernan to board
27th October 2020
The London Market Group has announced the appointment of Patrick Tiernan to its board of directors. Tiernan currently serves as Managing Director UK Commercial Lines & Global Corporate & Specialty at Aviva. He will replace Malcolm Newman, Managing Director, EMEA Hub, SCOR representing the International Underwriting Association. Prior to his time at Aviva, ... Read the full article
AIG announces Q3 cat losses of $790mn; 23% relates to COVID-19
27th October 2020
Global insurer and reinsurer, American International Group, Inc. (AIG), has announced estimated third-quarter 2020 catastrophe losses, net of reinsurance, of $790 million (pre-tax) within its General Insurance segment. Of this total, $185 million, or approximately 23% is for claims related to the ongoing COVID-19 pandemic, primarily in the segment's travel, event ... Read the full article
AFG enters into $5.7bn annuity reinsurance transaction with Global Atlantic
27th October 2020
American Financial Group, Inc. (AFG) has entered into a $5.7 billion fixed and fixed-indexed annuity reinsurance transaction with Commonwealth Annuity and Life Insurance Company, a subsidiary of Global Atlantic Financial Group Limited. Under the terms of the agreement, which has an effective date of October 1st, 2020, AFG's Annuity subsidiary, Great ... Read the full article
Peter Zaffino named CEO of AIG; Duperreault to become Executive Chairman
27th October 2020
The American International Group, Inc. (AIG) Board of Directors has named Peter Zaffino as the company's new Chief Executive Officer (CEO), with Brian Duperreault set to become Executive Chairman, effective March 1st, 2021. Zaffino takes on the role alongside his current position as President of the global re/insurer, and has also ... Read the full article
Hannover Re’s Jean-Jacques Henchoz appointed chairman of GRF
27th October 2020
Global Reinsurance Forum (GRF) has announced that Jean-Jacques Henchoz, CEO Hannover Re, has recently assumed the role of GRF Chairman for a two-year term. The Chairman of General Re, Charles Shamieh, has also been elected Vice Chairman. Jean-Jacques Henchoz said: “It is a privilege to serve as the GRF’s Chair. Global collaboration ... Read the full article
deVere Group granted captive licence by Guernsey regulator
27th October 2020
Financial advisory and fintech firm deVere Group has had its application for a Guernsey-based Captive approved by the Guernsey Financial Services Commission (GFSC). The newly established White Knight Limited, a wholly-owned subsidiary, will be led by a team of directors that includes deVere Chairman Peter Hobbs. Other Board figures include Peter Moffat, ... Read the full article
Gallagher report highlights hard market drivers
26th October 2020
A new report from re/insurance broker Gallagher has highlighted the key drivers of hardening market conditions that have developed over the course of 2020. Gallagher noted that, in a traditional hard market, capital and have been capacity reduced, limiting the availability of insurance. However, in the current marketplace, hard conditions are being ... Read the full article
Coverys finalises acquisition of Bridge
26th October 2020
Coverys European Holdings (CEH) has announced that the acquisition of Bridge Insurance Broker, a Lloyd’s wholesale broker and coverholder, has been completed. Bridge, which is based in Italy, will provide a full suite of property, casualty and specialty insurance products, as well as claims management services. The Italian agency manages some ... Read the full article
US life insurers facing rising commercial mortgage losses off COVID-19: Fitch Ratings
26th October 2020
Life insurers are expected to see higher losses on commercial mortgage loans compared to levels seen during the Global Financial Crisis (GFC), reflecting both the severity of the pandemic fallout and the slow pace of the expected recovery, according to Fitch Ratings. Analysts expect elevated losses from the coronavirus pandemic to ... Read the full article
Sompo Holdings adopts Willis Towers Watson’s pricing solutions
26th October 2020
Insurance broker Willis Towers Watson says Sompo Holdings Asia has adopted its pricing solutions for retail business in the region in an effort to transform its pricing operations across 14 markets. Due to the current economic environment where consumer behaviour and financial markets are changing daily, it has become essential for ... Read the full article
Ares welcomes Raj Krishnan as partner, CIO of AIS division
26th October 2020
Global alternative investment manager Ares has added Raj Krishnan as partner and Chief Investment Officer of Ares Insurance Solutions. Krishnan brings over 25 years’ experience to the role and will oversee insurance asset management for AIS and help optimize investment returns. He will also develop and execute strategic asset allocation for Ares’ ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
