Reinsurance News
COVID-19 drives Swiss Re to $225mn Q1 net loss
30th April 2020
Global reinsurance giant Swiss Re fell to a $225 million net loss in the first quarter, as the coronavirus pandemic continues to make its presence felt in the industry. The reinsurer also saw an underwriting loss of $476 million and an investment loss of $300 million for the quarter. The mark-to-market valuation ... Read the full article
Aon, WTW merger to be a positive catalyst: CEO Greg Case
29th April 2020
Greg Case, the Chief Executive Officer of leading re/insurance broker Aon, believes his company’s forthcoming combination with Willis Towers Watson will be a positive catalyst enabling accelerated innovation on behalf of clients. In an official statement to colleagues earlier this week, Case noted how the all-stock combination requires no financing ... Read the full article
Beazley expands global M&A underwriting team
29th April 2020
Specialist insurer Beazley has expanded its mergers & acquisitions team in an effort to better service key markets and explore new opportunities. Joining in London are Lorraine Lloyd-Thomas and Cameron McCoy. Lloyd-Thomas joins from Marsh where she spent 14 years, most recently as a managing director in its UK private equity and ... Read the full article
W/R/B Underwriting appoints trio to property team
29th April 2020
Berkley company W/R/B Underwriting has announced the appointments of Olly Durell, Dan Black and Sarah Reeve to its senior property team. Dan Black has joined as Senior Underwriter from MS Amlin where he spent 10 years in the Global Direct and Facultative (D&F) property team. Sarah Reeve has also joined as Senior ... Read the full article
Munich Re dividend approved despite COVID-19 pressure
29th April 2020
Munich Re shareholders have approved a dividend of €9.80 per share at the reinsurer’s annual general meeting (AGM), despite mounting pressure from the COVID-19 pandemic. The AGM, which was held online due to the pandemic, also granted renewed authorisation to buy back shares and elected Carsten Spohr to the Supervisory Board. Spohr ... Read the full article
Lockton targets continued growth with new leadership structure
29th April 2020
Re/insurance brokerage Lockton has announced a new leadership structure designed to support the company's planned growth ambitions, including the appointment of Hiram Marrero as President, Global Growth Officer. Marrero currently serves as Executive Vice President and Regional Executive Officer at Lockton, and in his new role as President, Global Growth Officer, ... Read the full article
Swiss Re COVID-19 survey illustrates financial anxiety across Asia Pacific
29th April 2020
A quarter of respondents to a consumer survey conducted by global reinsurer Swiss Re across four major Asia Pacific markets are worried about how they will come out of the COVID-19 pandemic financially. 27% of respondents are "anxious" and "overwhelmed" about their finances while around 40% in all markets surveyed said ... Read the full article
Donegal announces $19.3mn net income dip in Q1
29th April 2020
US primary holding company Donegal Group has announced a net income of $3.7 million for the first quarter of 2020, compared to $23.0 million in the prior year quarter. Net investment losses stand at $10.7 million for the quarter, compared to net investment gains of $18.1 million for the prior year ... Read the full article
Hiscox undecided on capital raise, expects hardening reinsurance markets
29th April 2020
Insurer and reinsurer Hiscox has said that it believes the Group has enough capital to meet the expected liabilities from the COVID-19 coronavirus pandemic, and, is confident the uncertainty being caused will lead to rate hardening across US wholesale and reinsurance markets. The announcement from the specialist re/insurer comes after speculation ... Read the full article
The Hanover reports Q1 net loss amid equity market declines
29th April 2020
The Hanover Insurance Group, Inc. has reported that COVID-19-induced financial market volatility led to a decline in the fair value of equity securities of more than $107 million in Q1 2020, as the company announces a net loss of $40 million for the period. At a loss of $40 million, the ... Read the full article
R&Q receives $100mn investment from Brickell & Hudson Structured
29th April 2020
Randall & Quilter (R&Q), the non-life insurance, reinsurance legacy and run-off acquisition specialist, has received a $100 million equity investment from Brickell Insurance Holdings and Hudson Structured Capital Management. R&Q management explained that the equity raise will help it respond to market dislocation from COVID-19 crisis, which is expected to create ... Read the full article
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
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