Reinsurance News
IGI improves underwriting result in 2020, combined ratio strengthens
14th August 2020
International General Insurance Holdings Ltd. (IGI) has reported an increase in gross written premiums (GWP), an improved underwriting result and stronger combined ratios for both the second-quarter and first half of 2020, when compared with the prior year periods. Despite the challenging impacts of the ongoing COVID-19 pandemic, IGI has reported ... Read the full article
COVID-19’s impact on Europe’s top reinsurers considerable, varied: Fitch
14th August 2020
Despite the H120 results from the four major European reinsurers - Munich Re, Swiss Re, Hannover Re and SCOR - revealing considerable pandemic-related claims, the impact of the pandemic on the four reinsurers varied significantly. This is in part due to differences in exposure to lines of business affected by the ... Read the full article
BRP Group’s revenue jumps 55% in Q2
14th August 2020
Independent insurance distribution firm, BRP Group, Inc., has reported a net loss of $3.6 million for the second-quarter of 2020, while revenue jumped 55% year-on-year to $51.3 million. The company's Q2 2020 performance also includes 19% of organic revenue growth, while "MGA of the Future" revenue increased 39% from Q2 2019 ... Read the full article
New Dawn Risk adds Charlie Mills as Senior Broker
14th August 2020
Specialist insurance intermediary New Dawn Risk Group has announced the appointment of Charlie Mills as Senior Broker in its Management Liability and Financial Institutions team. Mills joins from The Hartford where he was a Financial Institutions Underwriter. Before that he served in roles at Tokio Marine HCC and Sompo Japan Nipponkoa. “At this ... Read the full article
Re/insurers must evolve alongside cybersecurity landscape: Allianz
14th August 2020
There has been an increase in fears around the potential for cyber security incidents during the COVID-19 pandemic, highlighting the need for re/insurers and brokers to evolve alongside the cyber risk landscape, reports Allianz. The concerns have arisen after many businesses are being required to adopt wide-scale remote working for their ... Read the full article
Former Willis Re EVP Grant Owens joins Openly in lead role
14th August 2020
Premium homeowners insurance platform Openly, has added Grant Owens as Chief Product & Underwriting Officer. Most recently an executive vice president at Willis Re, Owens will lead Openly's product team and spearhead product development as the company looks to drive growth and expand nationwide. Openly aims to simplify the homeowner's insurance process ... Read the full article
South African reinsurance broker announces launch
14th August 2020
African-owned reinsurance broking group Reinsurance Solutions Group has announced the opening of a new subsidiary in South Africa. Reinsurance Solutions Intermediary Services consists of a team of brokers servicing blue-chip insurance clients in Southern Africa and Lusophone countries, including Angola, Botswana, Cape Verde, eSwatini, Guinea-Bissau, Lesotho, Malawi, Mozambique, Namibia, Sao Tome ... Read the full article
QBE to add Eric Smith, Tan Le as Non-Exec Directors
14th August 2020
Australian insurer QBE has announced the appointment of Eric Smith and Tan Le as Non-Executive Directors of the Group Board, effective September 1. Smith joins with over 40 years of experience in insurance and financial services and most recently served as President and Chief Executive Officer of Swiss Re Americas, and a ... Read the full article
Role of re/insurers has “undoubtedly changed” in 2020: Munich Re’s Paul Donnelly
13th August 2020
The nature of re/insurers’ role has “undoubtedly changed” in the months following the global COVID-19 outbreak, says Paul Donnelly, Executive Vice President for EMEA at Munich Re Automation Solutions, the specialist insurtech subsidiary of the global reinsurer. Speaking in an interview with Reinsurance News, Donnelly noted that social distancing measures have ... Read the full article
Aegon earnings decline 31% to €700 million
13th August 2020
Aegon, a provider of life insurance, pensions and asset management, has reported a 31% decrease in underlying earnings over the first half of 2020, caused by adverse mortality and impacts from lower interest rates in the US. Underlying earnings were reduced to €700 million, from €1.01 billion for the same period ... Read the full article
Mike Hoffman joins Everest Insurance as Head of Risk & Ceded Reinsurance
13th August 2020
Everest Insurance, a division of Bermuda-based insurer and reinsurer Everest Re Group, has announced the appointment of Mike Hoffmann as Head of Risk & Ceded Reinsurance. In this newly created role, Hoffman will lead a team with responsibility for all aspects of the global ceded reinsurance strategy for the Insurance Division. Based ... Read the full article
Swiss Re CorSo bolsters customer & distribution leadership in North America
13th August 2020
Swiss Re Corporate Solutions (Swiss Re CorSo), the commercial insurance division of reinsurance giant Swiss Re, has named Allen Kwan as Head Customer Management, North America and Daniel Combes as Head Distribution Management, North America. Both Kwan and Combes will assume their newly-created roles on August 17th, 2020. In his new role, ... Read the full article
Tesla opens insurance broker in China: reports
13th August 2020
Elon Musk-led automotive and energy giant Tesla has set up an insurance broker in Shanghai, China according to reports. Tesla has been public about its desire to leverage the high-value data its vehicles collect in order to create low-cost and attractive insurance products for its customers. “The amount of money that ... Read the full article
AIG promotes McElroy to CEO of General Insurance & EVP, AIG
13th August 2020
American International Group, Inc. (AIG) has announced that David McElroy has been promoted to Chief Executive Officer (CEO), General Insurance, and Executive Vice President (EVP), AIG, effective immediately. Prior to his promotion, McElroy served as President and CEO of the North American operations of the insurer and reinsurer's General Insurance division. In ... Read the full article
Rate increases to offset rising reinsurance costs, says FedNat
13th August 2020
FedNat CFO Ronald Jordan has said that filed rate increases are expected to largely offset the company’s higher catastrophe reinsurance costs in the second half of 2020. Speaking alongside the release of FedNat’s Q2 results, Jordan explained that the firm would continue to restrict underwriting in its Florida book until rates ... Read the full article
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