Reinsurance News
HCI Group secures $8.9mn income for Q2
7th August 2020
Florida-based insurtech HCI Group has announced a net income for the second quarter of $8.9 million, up from the $7.6 million achieved in the prior year quarter. Adjusted net income for the quarter was $6.8 million compared with $6.6 million in the second quarter of 2019. Consolidated gross written premiums of $171.9 million ... Read the full article
Reinsurers to absorb £276mn of Aviva’s COVID-19 losses
7th August 2020
Alongside the release of its H1 results, UK insurer Aviva has reported that its reinsurance program is set to absorb £276 million of its COVID-19 losses. Aviva said that the impact of the pandemic on incurred claims losses is estimated at £441 million, or £165 million net of reinsurance. Overall, the company ... Read the full article
Hannover Re’s Vogel to retire; HDI’s Jungsthöfel appointed new CFO
7th August 2020
Roland Vogel, the Chief Financial Officer (CFO) of German reinsurance giant Hannover Re, is retiring from the company on September 30th, 2020 after more than three decades of service to the firm, and will be succeeded by Clemens Jungsthöfel, the current CFO of HDI Global SE. During his long and distinguished ... Read the full article
Third Point Re & Sirius Group to combine in $788mn transaction
7th August 2020
Bermuda-based reinsurer, Third Point Reinsurance Ltd, has entered into a definitive agreement to combine in a cash and stock transaction with international multi-line re/insurer, Sirius Group. The deal is valued at around $788 million and will see the establishment of a global company with $3.3 billion of tangible capital, to be ... Read the full article
European re/insurers support use of ethical AI: Insurance Europe
7th August 2020
European re/insurers have shown that they are supportive of artificial intelligence (AI) but have expressed views on where ethics should be followed. AI is already being used by insurers and reinsurers to help improve customer service, increase efficiency, provide greater insight into customer’s needs and to prevent any cases of fraud. Insurance ... Read the full article
Nexus hires Yeo from Aspen to lead Accident & Health in Asia
7th August 2020
Acquisitive insurance intermediary, Nexus has announced the appointment of Justin Yeo as Head of Nexus Accident & Health, Asia to further boost its ambitions in the region. Yeo will be based in Singapore when joining the new Nexus Accident & Health division that has been created to build a diverse global ... Read the full article
Oneglobal hires JLT’s Langridge for Asian expansion
7th August 2020
Oneglobal Hong Kong have made the appointment of Anthony Langridge as chairman of the company, whilst also announcing the expansion of the Asian division, Oneglobal Group Asia. Langridge will report to Jonathan Palmer Brown, chairman of Oneglobal and Oneglobal Group Asia. Oneglobal Broking Hong Kong Ltd. has received regulatory approval from the ... Read the full article
Reinsurer knowledge & data critical to building climate resilience: Swiss Re’s Baertschi
6th August 2020
The reinsurance industry’s knowledge and expertise in risk identification and mitigation will be a critical tool in building resilience against climate change, says Urs Baertschi, Chief Executive Officer Reinsurance EMEA / Regional President EMEA at Swiss Re. Speaking in an interview with Reinsurance News, Baertschi argued that the insurance industry is ... Read the full article
AmWINS appoints new Board Director
6th August 2020
Global distributor of insurance products, AmWINS has announced the appointment of Valerie G. Brown to its board of directors. Most recently, Brown has been serving as executive chairman for Advisor Group. During her time with the company, she had strengthened its management which resulted in assets growing from $160 billion to $270 ... Read the full article
AIG expands pension risk transfer reinsurance activities in Q2
6th August 2020
American International Group (AIG), the global insurance and reinsurance player, has expanded its activities in the pension risk transfer space during the second-quarter of this year. Reporting its results recently, AIG highlighted the Life and Retirement business segment as one experiencing strong premium growth. AIG explained that its Life and Retirement division ... Read the full article
AXIS Re names Osterrieder as Head of Casualty for North America
6th August 2020
AXIS Re, the reinsurance arm of Bermuda-based AXIS Capital Holdings Limited, has promoted Dan Osterrieder to Head of AXIS Re Casualty North America. Effective August 17th, Osterrieder will be responsible for leading AXIS Re’s casualty unit in North America. The role will span areas such as General Liability, Auto, Umbrella & Excess, ... Read the full article
FedNat falls to net loss of $21.5mn in Q2
6th August 2020
Florida based primary insurer FedNat has posted a net loss of $21.5 million in the second quarter of 2020, following heavy catastrophe losses. The company confirmed that it had incurred $48.3 million of catastrophe costs during the quarter, after warning ahead of the loss back in July. Cat losses were driven ... Read the full article
Rideshare insurtech Buckle gets $31m fundraising led by HSCM and Eos
6th August 2020
Buckle, an insurtech company for the ride-share industry, said it has raised $31 million in a Series A funding round. The insurer said the funding round was co-led by investment manager Hudson Structured Capital Management, doing their insurance and reinsurance investment business as HSCM Bermuda, and Eos Venture who is a ... Read the full article
Intangible assets a “major blind spot” amid COVID-19: Lloyd’s & KPMG
6th August 2020
The acceleration of digital business models, amplified by COVID-19, could lead to intangible assets becoming a “major blind spot” for companies not factoring them into their risk models. This is according to a new report published by Lloyd’s and KPMG, which urges businesses to pay attention to the new risk landscape ... Read the full article
AXA’s sale of its Life Europe platform to Cinven falls through
6th August 2020
AXA has agreed to terminate its previously announced sale agreement with private equity firm Cinven, which would have seen the insurer offload its AXA Life Europe (ALE) business for €1.2 billion (US $1.4 billion). Alongside the release of its Q2 results, AXA said that certain closing conditions for the ... Read the full article
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