Reinsurance News
Nationwide to permanently transition to hybrid (office/remote) operating model
30th April 2020
Ohio-based insurer Nationwide has revealed plans to permanently transition to a new hybrid operating model, which includes primarily working-from-office in four main corporate campuses and working-from-home in the majority of other locations. Like many other businesses in many parts of the world, in mid-March, Nationwide moved to a work-from-home business model ... Read the full article
Market volatility pushes James River to Q1 loss
30th April 2020
James River Group Holdings, the Bermuda-based insurance holdings company, has posted a loss of $36.8 million for the first quarter of 2020 due to investment market volatility caused by the COVID-19 pandemic. Income was down from $22.7 million in Q1 2019, with results weighed down in particular by a portfolio of ... Read the full article
California Wildfire Fund looks to grow reinsurance program
30th April 2020
The California Wildfire Fund is set to return to the reinsurance market shortly to renew and expand the reinsurance program it secured after launching last year. The Fund was set up in Q3 2019 as a source of capital to cover claims arising from wildfire events caused by any of the ... Read the full article
WTW grows organic revenue 4% in Q1, withdraws 2020 guidance
30th April 2020
Global re/insurance broker Willis Towers Watson saw organic revenue hit 4% in the first quarter, while also announcing its decision to withdraw 2020 guidance over ongoing coronavirus fears. It was ultimately decided that WTW should reassess at a future date when it has a clearer understanding of the depth, duration, and ... Read the full article
Tonga to receive record payout following Cyclone Harold
30th April 2020
The government of Tonga is set to receive a $4.5 million payout from the Pacific Catastrophe Risk Insurance Company (PCRIC) based on its insurance cover against tropical cyclones, the largest payment in the company’s history. Cyclone Harold recently hit the region and these funds will provide the government with rapid-response financing ... Read the full article
Marsh & McLennan grows Q1 income, helped by Guy Carpenter
30th April 2020
Marsh & McLennan Companies, Inc. (MMC) has reported a 5% increase in net income during the first quarter of 2020, despite pressure from the coronavirus (COVID-19) pandemic. Income stood at $754 million at the end of Q1, compared with $716 million for the same period last year. Consolidated revenue similarly increase ... Read the full article
The Hartford income drops 57% as COVID-19 hits investments
30th April 2020
Property and casualty insurer The Hartford has reported a 57% decrease in net income during the first quarter of 2020, primarily due to the impact of the coronavirus (COVID-19) pandemic on its investment portfolio. Net income came to $268 million in Q1, compared with $625 million for the same period last ... Read the full article
Pacific Life appoints Alessandro Papa as Chief Risk Officer
30th April 2020
Pacific Life today announced Alessandro Papa as its Chief Risk Officer. In this role, he will serve in an enterprise-wide capacity overseeing the company’s risk management framework and corporate actuarial function. Papa joins Pacific Life from MetLife, where he served as Chief of Staff to the President and Chief Executive Officer. In ... Read the full article
K2 & Pioneer sign terms ahead of acquisition
30th April 2020
Pioneer Underwriters and K2 Insurance Services LLC have now signed terms for their previously announced transaction, under which Pioneer's ongoing underwriting portfolio, as well as underwriting and support staff, transfer to K2. With the terms of the transaction now signed, it's expected that the deal will complete by the end ... Read the full article
Munich Re Syndicate names Natasha Jodrell as Deputy CUO
30th April 2020
Munich Re Syndicate, the Lloyd's of London Marine & Specialty underwriter of reinsurance giant Munich Re, has appointed Natasha Jodrell as its new Deputy Chief Underwriting Officer (CUO) and as a member of its Executive Committee, effective May 1st, 2020. In her new role, Jodrell will be based in London and ... Read the full article
Lancashire puts COVID-19 claims at $35mn for Q1, reports higher GPW
30th April 2020
Lancashire Holdings Limited has announced an estimated $35 million of COVID-19 claims for the first-quarter of 2020, while gross premiums written (GPW) jumped by almost 12% year-on-year to $242.8 million. The London-listed insurer and reinsurer has established a reserve of approximately $35 million of losses, net of reinsurance and reinstatement premiums, ... Read the full article
Lockton Re bolsters senior leadership with appointments of Mallon, Foxall
30th April 2020
Global reinsurance business Lockton Re has announced the appointment of two new leadership members in its London office. Phillip Mallon will be joining the North American team on 1 May and Freya Foxall will join the International P&C team on 1 July. Mallon will be reporting to Mark Higgins, Head of London ... Read the full article
Argo expects $26mn of COVID-19 related claims in Q1
30th April 2020
Argo Group International Holdings, Ltd. has warned that its first-quarter 2020 results will be adversely impacted by the COVID-19 pandemic and volatility in global financial markets. Ahead of its Q1 2020 results announcement, which is scheduled for May 7th, Argo has said that it expects to report pre-tax net catastrophe losses ... Read the full article
AXA’s Guidee says France is working on insurance backstop for pandemics: report
30th April 2020
Renaud Guidee, the Chief Risk Officer (CRO) of global insurance giant AXA, has told Reuters that France is in the process of drafting a re/insurance backstop for pandemics in light of the significant financial and economic implications of the COVID-19 outbreak. According to Reuters, a working group set up by French ... Read the full article
Munich Re backed insurtech Bestow secures more funding
30th April 2020
Bestow, a digital life insurance platform backed by Munich Re unit Munich American Reassurance Company, has secured a further $50 million of funding in its Series B financing round. The round was led by Valar Ventures, with participation from current investors including NEA, Morpheus Ventures, and Core Innovation Capital, and new ... 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.
