Reinsurance News
US P&C underwriting income improves to $4.1bn: AM Best
11th March 2020
The U.S. property/casualty (P/C) industry improved its net underwriting income in 2019 to $4.1 billion, according to data from AM Best. The rating agency found that net underwriting income was up $4.9 billion compared with the loss of $800 million reported in 2018. It attributed the increase to a 4.7% growth in ... Read the full article
UIB announces two senior appointments
11th March 2020
International re/insurance broker UIB has announced the appointments of Carl Smith as Operations Director and Olivier Carriere as a Senior Risk Engineer. Smith will join the firm in mid-April, reporting to UIBL CEO Shaun Barrington. He arrives from Marsh, where he previously held the roles of COO Specialty Practices between 2010 and ... Read the full article
Windstorm Ciara/Sabine insured loss to exceed $1.1bn: Aon
11th March 2020
Re/insurance broker Aon has estimated that Windstorm Ciara (also known as Sabine) will cause industry losses of well above €1 billion (US $1.1 billion), with even larger economic losses. Ciara swept across 17 separate European countries over February 9th and 10th, killing at least 14 people and causing major wind-related damage ... Read the full article
Nat cat losses stunt Hannover Re’s P&C performance
11th March 2020
Global reinsurer Hannover Re has posted a net income of €1.28 billion for 2019, a 21.2% increase from the previous year, despite significant property and casualty reinsurance losses. The largest loss was hurricane Dorian at a net cost of €194.7 million. Typhoons Hagibis and Faxai caused further expenditure of €183.8 million ... Read the full article
US P&C reinsurers improve underwriting performance in 2019: RAA
10th March 2020
Data from the Reinsurance Association of America (RAA) shows that a group of 17 U.S. property and casualty (P&C) reinsurers recorded an improved, albeit still negative underwriting result of approximately -$412 million in 2019. Despite remaining in negative territory, the underwriting result did improve on the $2.92 billion loss recorded a ... Read the full article
Fannie Mae transfers $8.7bn of mortgage risk to re/insurers
10th March 2020
The Federal National Mortgage Association (Fannie Mae) has completed its first multi-tranche Multifamily Credit Insurance Risk Transfer (MCIRT) transaction of 2020, covering a pool of $8.7 billion of multifamily loans. The deal marks the eight Multifamily CIRT transaction undertaken by Fannie Mae as part of its efforts to increase the role ... Read the full article
OdysseyRe makes leadership changes as Dickson joins Hudson arm
10th March 2020
Odyssey Reinsurance Company (OdysseyRe) has named Alberto Marcano as Senior Vice President (SVP) and Chief Underwriting Officer (CUO) for Treaty in its Latin America unit, as Andrew Dickson transitions to a new role as Head of Surety for Hudson Insurance Group. Marcano brings more than three decades of insurance and reinsurance ... Read the full article
Marsh announces Brian Hanuschak as CEO of Victor
10th March 2020
Global insurance brokerage Marsh has announced the appointment of Brian Hanuschak as Chief Executive Officer (CEO) of Victor Insurance Holdings, effective immediately. In his expanded role as CEO of the world's largest managing general underwriter (MGU), Hanuschak takes oversight of the company's global operations including Victor North America, ICAT, Dovetail, and ... Read the full article
Rating agencies stable on Aon, positive on WTW
10th March 2020
Rating agencies Moody’s and S&P Global Ratings have revised their outlooks for Willis Towers Watson (WTW) to positive, while maintaining a stable view on Aon, following yesterday’s confirmed merger deal between the two broking giants. After weeks of speculation about a potential deal, the companies announced a definitive agreement to ... Read the full article
AM Best stable on Japanese life industry
10th March 2020
AM Best has assigned a stable outlook to Japan’s life insurance industry, citing solid mortality/morbidity profits, a steady investment yield, and strong capitalisation. The rating agency noted that Japan’s life insurance segment grew by 2.9% in 2019 in terms of annualised premiums from policies in force. Core profit similarly increased to JPY ... Read the full article
Greenlight Re posts cat-driven $30.3mn Q4 net loss
10th March 2020
Hedge fund-backed reinsurer Greenlight Re has announced a fourth quarter net loss of $30.3 million, driven by a $14.2 million catastrophe loss related to typhoons Hagibis and Faxai. The loss represents an improvement from the $80.8 million hit in the prior year quarter. A net investment loss of $8.8 million compares to ... Read the full article
Protecdiv adds Lester Pierre as CTO
10th March 2020
Specialty property and casualty re/insurance broker Protecdiv has appointed Lester Pierre as Chief Technology Officer and Chief Information Security Officer. Pierre was co-founder and CTO for software development company Wall Street Network and spent eleven years as VP and Chief Information Officer at reinsurance broker Holborn Corporation. “Leveraging leading-edge process and technology ... Read the full article
Liberty Mutual Re promotes Londoño to General Manager Colombia
10th March 2020
Liberty Mutual Re, the reinsurance arm of Liberty Mutual Insurance Group, has announced the promotion of Juan Felipe Londoño to General Manager Colombia, reporting to Miguel Martinez-Alvarez, Head of Business Development & Latin America. Londoño's promotion is effective immediately and sees him take responsibility for the Andean Region and Panama. He replaces ... Read the full article
CAC Specialty adds SVP to Financial Lines Legal and Claims Practice
10th March 2020
Specialty insurance broker and investment banking platform CAC Specialty has announced the appointment of Carrie O’Neil as Senior Vice President in its Financial Lines Legal and Claims Practice. Most recently, O’Neil was a Senior Vice President at JLT Specialty, leading the financial lines’ Legal & Claims team. Prior to this, she was ... Read the full article
Geopolitical tensions to weaken growth in GCC region: Moody’s
10th March 2020
Mounting geopolitical tensions and intense competition are set to weaken growth for re/insurers in the Gulf Cooperation Council (GCC) region, according to analysts at Moody’s. The rating agency said that GCC insurers are set to face moderate-to-high credit risk over the next 18 months due to tensions between the US and ... Read the full article
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