Reinsurance News
Argo warns ahead of “unacceptable” $114mn Q4 loss
13th February 2020
Bermuda-based insurer and reinsurer Argo Group International Holdings, Ltd. has issued a statement ahead of the release of its fourth quarter results, which it has warned will likely contain a $114 million underwriting loss. Argo Group Interim CEO Kevin Rehnberg said that the company’s results for both the quarter and the ... Read the full article
Zurich’s P&C performance drives 16% rise in profit for 2019
13th February 2020
Global insurer Zurich has reported a 16% rise in business operating profit (BOP) to USD 5.3 billion for 2019, driven by growth across the business and a strong underwriting result within its Property and Casualty (P&C) segment. Zurich's elevated BOP for 2019 compares with the USD 4.6 billion recorded a year ... Read the full article
Improved Lancashire results early evidence of a hard cycle, says CEO
13th February 2020
Lancashire Group CEO Alex Maloney has said that the improvement in the company’s 2019 results are “early evidence” of the transition to a harder stage of the re/insurance pricing cycle. The Group’s profit (after-tax) improved more than threefold in comparison with the previous year, rising from $37.5 million to $117.9 million. This ... Read the full article
Understanding today’s risk critical in closing the flood protection gap: Fathom’s Dr. Smith
12th February 2020
Increasingly open and transparent data is vital in order to drive a greater understanding of, and demand for, flood insurance around the world, and will ultimately help to narrow the flood protection gap, according to Dr. Andrew Smith, Chief Operations Officer (COO) of UK-based flood risk modeller, Fathom. Globally, flood exposures ... Read the full article
Analysts lower Munich Re’s FY19E net income by 8%
12th February 2020
Analysts at J.P. Morgan expect reinsurance giant Munich Re's property and casualty (P&C) segment to fall to an underwriting loss in the fourth-quarter of 2019, while the firm's Life reinsurance division is expected to produce a below run-rate quarter. Overall, analysts expect that Munich Re will report a combined ratio of ... Read the full article
Swiss Re CorSo announces Chubb’s Scheidegger as Chief Claims Officer
12th February 2020
The commercial insurance arm of reinsurance giant Swiss Re has announced that Chubb's Marc Scheidegger is set to join the firm as its new Chief Claims Officer. Effective June 1st, 2020 Scheidegger will relocate from Paris to Zurich to join Swiss Re Corporate Solutions (Swiss Re CorSo), reporting to the company's ... Read the full article
B3i’s blockchain platform places 30 reinsurance contracts at 1/1
12th February 2020
The Blockchain Insurance Industry Initiative (B3i) has announced that 30 reinsurance contracts have now been concluded on its platform, with participants including Allianz Re and Generali. A total of 9 insurers, 4 major brokerage firms, and 8 reinsurers participated in the placements, which were conducted as a parallel run with the ... Read the full article
Commercial insurance pricing up 11% in Q4, reports Marsh
12th February 2020
Global average commercial insurance prices increased by 11% in the fourth quarter of 2019, according to data released by re/insurance brokerage Marsh. The firm’s Global Insurance Market Index found that average price increases were driven mainly by growth in property insurance rates and financial and professional lines. Last quarter marked the ninth ... Read the full article
Beazley sees opportunity in new forms of climate change cover, says CEO
12th February 2020
Andrew Horton, Chief Executive Officer (CEO) of specialist re/insurer Beazley, has said that he is confident that the market can adapt the potential impacts of climate change, and sees the climate challenge as an opportunity to explore new forms of coverage. As part of the release of Beazley’s 2020 results, ... Read the full article
Arch’s reinsurance result more than offsets insurance segment loss in Q4
12th February 2020
Arch Capital Group Ltd. has reported an improved combined ratio of 83.8% for the fourth-quarter of 2019, as underwriting income in its reinsurance segment more than offset a loss in the re/insurer's insurance division. The company's combined ratio improved by four percentage points when compared with the 87.8% recorded in the ... Read the full article
Sedgwick & Concirrus target fleet managers with new partnership
12th February 2020
Sedgwick, a provider of technology-enabled risk, benefits and integrated business solutions, has partnered with InsurTech Concirrus in order to bring their Quest Automotive risk management tool to the UK marketplace. According to an announcement on the new strategic partnership, this arrangement marks a first-to-market proposition for predictive analytics in fleet claims, ... Read the full article
Watford falls to underwriting loss after bolstering reserves
12th February 2020
Bermuda domiciled insurance and reinsurance company Watford Holdings Ltd. has ended the year with an underwriting loss of $54.1 million, partly due to loss reserve strengthening in US casualty reinsurance in the fourth quarter. Watford has now confirmed that it incurred a $37.8 million loss in Q4 after issuing a ... Read the full article
DARAG bolsters UK presence with two acquisitions
12th February 2020
Legacy specialist DARAG Group Limited has completed its acquisition of The Underwriter Insurance Company Limited, and also its Sale and Purchase Agreement with One Re Ltd. Both transactions were completed via DARAG Deutsche Versicherungs- und Ruckversicherungs-AG, the legacy specialist's German operation. The Underwriter, which is a UK domiciled company that is in ... Read the full article
MAPFRE’s earnings rise by more than 15% in 2019
12th February 2020
Insurer and reinsurer MAPFRE's fiscal year 2019 financial results reveal a solid year for the company with earnings up by over 15% to €609 million, while premiums grew by more than 2% to €23.04 billion. As well as earnings growth, MAPFRE's revenues increased by more than 7% in 2019 to €28.5 ... Read the full article
AXA UK trials machine learning for motor claims
12th February 2020
AXA UK, a division of the French insurance firm, has said that its claim handlers are currently piloting a machine-learning tool that will help make faster and more accurate decisions regarding motor claims. Repair or Replace Intelligence (RoRI) captures data from phone conversations and uses machine-learning tools to assess the costs ... Read the full article
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