Reinsurance News
Markel hit with $325mn COVID-19 underwriting loss in Q1
29th April 2020
Re/insurance holding company Markel Corporation was hit by a $325 million underwriting loss in the first quarter as a result of the coronavirus pandemic. The combined ratio was 118% for the quarter, or 94% after the exclusion of losses related to the pandemic. This compares to a combined ratio of 95% for ... Read the full article
SCOR reports immaterial COVID-19 impact as net income rises in Q1
29th April 2020
Global insurer and reinsurer SCOR has reported a 23.7% rise in net income to €162 million for the first-quarter of 2020 and a P&C combined ratio of 94.5%, as the company reports a limited impact from the COVID-19 pandemic during the period. The French reinsurer states that although its Q1 results ... Read the full article
London market modernisation could accelerate post-pandemic: Bolton, Gracechurch
29th April 2020
Certain trends across the London insurance and reinsurance market that were in motion prior to the COVID-19 outbreak are expected to accelerate as a result of the pandemic, according to Ben Bolton, Managing Director at Gracechurch Consulting. Prior to the rapid spread of the ongoing COVID-19 pandemic, the Lloyd's and wider ... Read the full article
US life/health industry achieves 13% income growth: AM Best
29th April 2020
The US life and health industry achieved 12.6% growth in net income for 2019, finishing the year at $45.6 billion, according to analysts at AM Best. According to a new report from the rating agency, the life/annuity industry’s total income for 2019 increased by 3.0% to $872.3 billion compared with the ... Read the full article
COVID-19 a catalyst for digital transformation: Getsafe CEO
28th April 2020
The COVID-19 pandemic could turn out to be a catalyst for digital transformation in the insurance sector, according to Getsafe CEO and founder Christian Wiens, who sees the crisis as potentially beneficial for insurtech firms. Speaking in an interview with Reinsurance News, Wiens noted that the pandemic has forced many re/insurance ... Read the full article
Slice Labs & AXA XL extend cyber cover to Lenovo users
28th April 2020
Slice Labs has announced that its cloud-based cyber insurance for small to midsize businesses (SMB), provided by one of the affiliated insurance companies of AXA XL, will now be offered Lenovo SMB customers. Accessible through the Security Advisor suite of the Lenovo Vantage platform, users will be able to access information ... Read the full article
Catalina Holdings adds Derrick Irby as CFO
28th April 2020
Legacy space specialist Catalina Holdings has announced the appointment of Derrick Irby to the position of group Chief Financial Officer. Irby will be based in Bermuda and starts his new position on May 1. He has 22 years of experience advising and leading the finance activities of re/insurers, including managing finance operations, ... Read the full article
Liberty Mutual sees larger COVID-19 impacts through its investments: CEO Long
28th April 2020
David Long, the Chairman and Chief Executive Officer (CEO) of Liberty Mutual Holding Company, Inc., expects the financial impact from the ongoing COVID-19 pandemic on the firm's re/insurance operations to be similar to a moderately sized catastrophe loss. In an announcement, the CEO of Liberty Mutual Holding Company, which is the ... Read the full article
Hamilton Re’s Kathleen Reardon appointed Chair of RAA’s Board
28th April 2020
The Reinsurance Association of America (RAA) has announced the election of new officers for 2020-2021, including Kathleen Reardon, Chief Executive Officer (CEO) of Hamilton Re, Ltd., as Chair of the organisation's Board of Directors. Reardon, who was appointed CEO of Hamilton Re in 2014, takes over as Chair of the Board ... Read the full article
Higher demand for FHLB borrowing likely amid COVID-19: AM Best
28th April 2020
As the coronavirus pandemic continues to drive uncertainty throughout the re/insurance industry, AM Best believes insurers are positioning themselves for more borrowing to help offset potential liquidity pressures, and may look to tap the Federal Home Loan Bank (FHLB) for relief. An AM Best report shows that FHLB insurance company members ... Read the full article
Chubb names Guney Celik as Regional Head of Marine, Eurasia & Africa
28th April 2020
Global insurer and reinsurer Chubb has announced the appointment of Guney Celik as Regional Head of Marine for Eurasia & Africa, effective immediately. Guney, who previously led Chubb's Marine portfolio in Turkey since 2017, takes responsibility for the ongoing expansion of the company's marine presence in the Eurasia & Africa region, ... Read the full article
Brown & Brown Q1 organic revenue up 5.6%
28th April 2020
Insurance brokerage Brown & Brown, Inc. has reported a 5.6% growth in organic revenue during the first quarter of 2020, while also outlining measures to prepare for the impact of the COVID-19 pandemic. The company expects to borrow $250 million on its existing revolving line of credit to use for additional ... Read the full article
Allianz sets up bancassurance venture in Spain with BBVA
28th April 2020
Allianz has announced that it plans to set up a bancassurance joint venture in Spain with Banco Bilbao Vizcaya Argentaria (BBVA) that will allow it to distribute its property and casualty insurance products through BBVA’s network. The French insurer will acquire 50% plus 1 share in the joint venture for €277 ... Read the full article
Marsh expands renewable energy capabilities with key hires
28th April 2020
Global insurance broker Marsh has announced a series of key leadership appointments within Marsh JLT Specialty's Renewable Energy team. Oliver Holme joins as UK and US Offshore Wind Leader, a newly-created role, and reports to Hamish Roberts, Power Leader and Amy Barnes, Energy & Power Leader, US and Canada. Holme most recently ... Read the full article
Cincinnati Financial reports $1.23bn Q1 net loss as investments struggle
28th April 2020
Cincinnati Financial Corporation has reported a net loss of $1.226 billion for the first-quarter of 2020, as the impact of the COVID-19 coronavirus pandemic saw the company recognise a more than $1.3 billion reduction in the fair value of equity securities still held. In Q1 2020, Cincinnati Financial's investment result suffered ... Read the full article
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