Reinsurance News
Tesla shows smart carmakers well-placed as insurers: Moody’s
14th February 2020
After Tesla's Chief Executive Officer (CEO), Elon Musk, suggested recently that insurance is going to be a major product of the US electric vehicle manufacturer over time, analysts at Moody's have said that producers of smart cars are in a good position to offer insurance protection. Tesla, which already offers insurance ... Read the full article
Storm Ciara insured loss estimated at up to €1.8bn by RMS
14th February 2020
Catastrophe risk modeller RMS has estimated that the insurance industry loss from windstorm Ciara, also known as windstorm Sabine, will likely range between €1.1 billion (USD 1.2 billion) and €1.8 billion (USD 1.95 billion). The RMS loss estimate for storm Ciara, which struck parts of Ireland and the UK on Sunday ... Read the full article
AIG continued to refine & enhance reinsurance use at 1/1
14th February 2020
Global insurer and reinsurer AIG continued to refine and enhance its reinsurance buying strategy at the recent Jan 1st, 2020 renewals, securing an improved catastrophe reinsurance program at a lower cost when compared with the previous year. In recent times, AIG has made some significant changes to its use of ... Read the full article
MS Amlin’s investment gain drives improved 9M net income
14th February 2020
Insurer and reinsurer MS Amlin increased its contribution to its parent, MS&AD Insurance Group Holdings, Inc., in the nine-month period ended December 31st, 2019, as a strong investment return more than offset an underwriting loss. In its 3Q2019 earnings releases, MS&AD Insurance Group underlines the strong performance of its overseas operations, ... Read the full article
Ironshore reorganises wholesale distribution operations
14th February 2020
Ironshore, the Bermuda-domiciled holding company and Liberty Mutual subsidiary, has announced the realignment of its wholesale distribution platform. Going forward, the company will have dedicated wholesale underwriting resources in the US for its core specialty businesses of property, casualty, environmental, health and professional lines, as well as additional regional distribution resources. The ... Read the full article
Sompo International forecasts 80% rise in FY19 profit
14th February 2020
Sompo International has revealed that it expects its full year 2019 adjusted profit to increase by just under 80% to USD 318 million, when compared with the previous year. Global re/insurance giant Sompo Holdings has released its financial results for the nine month period ended December 31st, 2019, which includes the ... Read the full article
Insured bushfire losses rise to AU $1.9bn in latest estimates
14th February 2020
Insured losses resulting from the recent outbreak of devastating bushfires in Australia are now likely to be as high as AU $1.9 billion (US $1.3 billion), according to the latest estimates from the Insurance Council of Australia (ICA). The updated figure – which represents a 15% increase on the ICA’s ... Read the full article
Solid underwriting result helps Brit return to profit in 2019
14th February 2020
Specialty insurer and reinsurer Brit has reported an improved underwriting result for the full year 2019 while its return on invested assets also spiked, contributing to pre-tax profit of $186.3 million, compared with a loss of $190.3 million for 2018. Brit's underwriting result totalled $68.4 million for 2019, which represents a ... Read the full article
Investment gains help Fairfax to record earnings in 2019
14th February 2020
Fairfax Financial Holdings Limited has reported record net earnings of $2.0 billion for 2019, primarily reflecting net gains on its investments. Earnings were almost five times higher than the $376.0 million recorded in 2018, with investments contributing $1.7 billion last year, compared to $252.9 million previously. Looking at the fourth quarter only, ... Read the full article
AIR puts storm Ciara insured losses at up to €1.9bn
14th February 2020
The insurance industry loss from last weekend's European windstorm Ciara (also known as Sabine) is expected to be between €1.1 billion (USD 1.2 billion) and €1.9 billion (USD 2.1 billion), according to catastrophe risk modeller AIR Worldwide, a Verisk business. Known as windstorm Ciara in the UK, or windstorm Sabine in ... Read the full article
Munich Re signs up to UN carbon-neutral investment pledge
14th February 2020
German reinsurer Munich Re has signed up to the Net-Zero Asset Owner Alliance, an international group of institutional investors that have committed to decarbonise their portfolios to net-zero emissions by 2050. Convened by the United Nations (UN), the Alliance aims to help avoid a global temperature increase above the 1.5°C Paris ... Read the full article
Tokio Marine grows 9M income on lower cat losses
14th February 2020
Japanese property and casualty insurance group, Tokio Marine Holdings, Inc., has reported a 2.3% increase in net income over the first nine months of 2019, due to a decline in domestic natural catastrophes and stable investment results in North America. Net income was recorded at 226.6 billion yen (US $2.06 billion) ... Read the full article
Lloyd’s narrows scope of Blueprint One goals for 2020
14th February 2020
Insurance and reinsurance marketplace Lloyd’s of London has narrowed the focus of its Blueprint One goals to prioritise just three key targets in 2020. In a statement ahead of the first detailed update to the Future at Lloyd’s strategy, Lloyd’s said that its priorities would include the development of PPL, the ... Read the full article
SCOR targets Brazilian agriculture sector with AgroBrasil acquisition
14th February 2020
French reinsurer SCOR has announced the acquisition of Brazil's family-owned agriculture focused Managing General Agent (MGA), AgroBrasil Administração e Participações Ltda (AgroBrasil). The acquisition of a majority stake in the firm marks a significant step in the continued development of SCOR's Specialty Insurance strategy, and provides the reinsurer with access to ... Read the full article
Lancashire expects further growth in a better market: CEO Maloney
14th February 2020
Executives at Lancashire Holdings Limited are more positive on the marketplace than they have been for quite some time, and expect the company to grow further in the year ahead. In its recently announced Q4 2019 financial results, Lancashire reported higher profit as a result of a measured pricing improvement, ... Read the full article
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