Reinsurance News
RenRe adds Chief Human Resources Officer
6th February 2020
Bermudian reinsurer RenaissanceRe Holdings Ltd. (RenRe) has appointed Ann Manal as Chief Human Resources Officer. In her new role, she will be responsible for overseeing the firm’s global HR function, and will be based in RenRe’s Bermuda headquarters. She brings more than 25 years of industry experience to the role, most recently ... Read the full article
White Mountains returns to profitability in 2019
6th February 2020
Bermuda domiciled financial services holding company White Mountains Insurance Group has posted comprehensive income of $413 million for 2019. Improvement in the performance of White Mountains’ investment portfolio helped return the company to profitability, after it recorded a loss of $146 million in 2018. Looking at the fourth quarter alone, the company ... Read the full article
Hub International acquires Canadian employee benefits firm, Benefex
6th February 2020
Global insurance brokerage, Hub International, has announced the acquisition of Alberta, Canada-based employee benefits and retirement consulting firm, Benefex Consulting Inc. Benefex has a specialised focus on group insurance programs, retirement, wellness solutions, and special risk coverage that addresses the unique requirement of clients. Currently, Benefex serves clients in British Columbia, Alberta, ... Read the full article
CAC Specialty, Cobbs Allen adds Chris Trotter as CFO
6th February 2020
CAC Specialty, the specialty insurance brokerage and investment banking platform recently established by Cobbs Allen, has announced the appointment of Chris Trotter as Chief Financial Officer and member of the executive committee for both firms. Trotter joins from Arlington Family Offices, where, as a Partner and Chief Investment Officer, he led ... Read the full article
Xceedance partners with cloud-based insurance platform Novidea
6th February 2020
Re/insurance service provider Xceedance has partnered with data-driven insurance distribution platform Novidea to help its broker management platform meet growing market demand. Novidea provides a core cloud-based platform designed to connect insurance distributors to a modern insurance ecosystem which leverages the Salesforce Cloud and artificial intelligence. By partnering with Xceedance for assistance ... Read the full article
SCOR notes 2.8% pricing increase, looks to improve reinsurance profitability
6th February 2020
French reinsurer SCOR Global P&C has announced that it secured an increase in reinsurance underwriting profitability at the January 1st, 2020 renewals, which reflects a 2.8% increase in pricing. SCOR notes that trends witnessed at the important January 2020 renewals were consistent with those seen during 2019, with the firm securing ... Read the full article
AXA XL adds Chief Underwriting Officer, Cyber
5th February 2020
AXA XL, the property and casualty and specialty risk unit of AXA, has named Elizabeth W. Benet to Global Chief Underwriting Officer (CUO), Cyber, a newly created position. The appointment is expected to assist with the management of the firm's international cyber risk portolfio. In her new role, Benet will report ... Read the full article
Hannover Re exposure to coronavirus not significant, says CEO
5th February 2020
Hannover Re does not anticipate any significant exposure to losses that could stem from the ongoing coronavirus outbreak, according to its Chief Executive Officer (CEO), Jean-Jacques Henchoz. While it remains too early to assess losses, Hannover Re’s management is confident that the company has limited exposure to pandemic risk in Asia, ... Read the full article
Hannover Re posts 2.3% rate rise at ‘solid’ January renewal
5th February 2020
Reinsurance giant Hannover Re expects to generate net income of around €1.28 billion in 2019 and grew its premium volume in traditional property and casualty reinsurance by 14% at January 1 renewals, with the price increase for the renewed business amounted to 2.3%. At 15.5%, the strongest growth in the renewals ... Read the full article
Lower cat losses help Markel results to rebound
5th February 2020
Re/insurance holding company Markel Corporation saw its results return to profitability in 2019, as lower catastrophe losses and investment gains helped to boost its performance. Markel recorded operating revenues of $9.53 billion over 2019, compared with $6.81 billion in 2018. Income (before tax) similarly improved to $2.26 billion, versus a loss ... Read the full article
Boost Insurance raises $14mn for insurtech development platform
5th February 2020
Boost Insurance has secured $14 million in a Series A round of funding, which will be used to expand its infrastructure-as-a-service (IaaS) insurtech development platform. The round was co-led by Coatue and Greycroft, with participation from Tusk Venture Partners, Conversion Capital, and MetLife Chairman Glenn Hubbard. Existing investors Norwest Venture Partners and ... Read the full article
Chubb’s P&C combined ratio strengthens in Q4
5th February 2020
Global insurer and reinsurer Chubb has announced net income of $1.2 billion for the fourth-quarter of 2019 and a global property & casualty (P&C) combined ratio, which excludes agriculture, of 91.9%. The re/insurer announced in January that it expected its North America Agricultural Insurance unit to fall to an underwriting ... Read the full article
Combined ratios could hit sub-100% levels for 6th time this decade: KBRA
5th February 2020
Analysts at KBRA believe that the property and casualty (P&C) re/insurance industry could report a combined ratio of below 100% in 2020, which would mark the sixth sub-100% year in the last decade. If a combined ratio of below 100% is achieved in 2020, this would be the third consecutive year ... Read the full article
The Hanover’s combined ratio improves in Q4 and full year 2019
5th February 2020
The Hanover Insurance Group, Inc. has reported a decline in net income for the fourth-quarter of 2019 to $109.8 million, while its combined ratio strengthened slightly to 96.2% in Q4 2019, when compared with the prior year quarter. The Hanover's net income fell from the $123.6 million recorded in the fourth-quarter ... Read the full article
Allstate results benefit from decreased cat losses
5th February 2020
The Allstate Corporation has released its full-year results for 2019, reporting consolidated revenues of $44.7 billion, up 12% on the previous year. Net income also more than doubled compared with the previous year, at $4.7 billion in 2019 versus $2.0 billion in 2018. Results were helped by a decrease in catastrophe losses, ... Read the full article
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