Reinsurance News
Kuwait Re’s net profit rises by 7% in 2020
5th August 2020
For the first six months of the year, Kuwait Re has reported net profit of KD3.09 million (approx. USD10.1 million), which is up 7% on the same period in 2019. According to the reinsurer, the "technical risk evaluation and prudent capacity allocation" resulted in a solid underwriting performance through H1 2020, ... Read the full article
Gallagher announces new senior energy hire from THB Group
5th August 2020
International re/insurance broker, Gallagher, has announced the new appointment of Gavin Tidman to its global energy practice. Tidman will be based in London in Gallagher’s Speciality division where he will join the senior management team as Executive partner. His main focus will be on the business development within the global energy ... Read the full article
Carlyle and Korean Re partnering on co-reinsurance
5th August 2020
According to reports in the Korean press, private equity company, Carlyle Group, has joined hands with Korean Re, the largest reinsurer in South Korea, to partner as co-reinsurance providers. This will make the companies the first co-reinsurance providers in a market estimated to grow to 60 trillion won to 100 trillion ... Read the full article
AFG’s core operating earnings down in Q2 amid COVID-19 impacts
5th August 2020
American Financial Group, Inc. (AFG) saw its core net operating earnings decline to $95 million in the second-quarter of 2020 as the ongoing COVID-19 pandemic's impact on financial markets adversely affected returns on alternative investments. The company's core net operating earnings fell by more than 50% year-on-year from the $192 million ... Read the full article
COVID-19 pandemic fears drove market demand for bond insurance: KBRA
5th August 2020
The COVID-19 pandemic has overturned global markets and impacted multiple bond sectors. One of the pandemic’s many knock-on effects is a shift in investor appetite for insured debt. US credit rating agency, Kroll Bond Rating Agency (KBRA), released research which highlights the shift in investor appetite for insured debt as one ... Read the full article
Sompo International hires two in Global Risk Solutions
5th August 2020
Re/insurer Sompo International Holdings has announced two appointments to its Global Risk Solutions (GRS) team. Hiral N. Shah has joined the company as Senior Vice President and Environmental Leader for Sompo GRS and succeeds Mr. Pillion who has been appointed to the role of Head of GRS Global Distribution Management. Shah will ... Read the full article
Artex Bermuda adds Wood as Director, Captive & Commercial
5th August 2020
Artex Risk Solutions, the Gallagher-owned provider of re/insurance and alternative risk management solutions, has added William Wood as Director, Captive and Commercial for its Bermudian operations. In this newly created role, Wood joins the office’s senior management team and is responsible for leading the Bermuda captive and commercial re/insurance management operations. This includes ... Read the full article
Allianz sees Q2 net income fall by 28.6% as pandemic dents P&C result
5th August 2020
Global insurer Allianz has announced second-quarter operating profit of €2.6 billion and a 28.6% dip in net income to €1.5 billion, while the COVID-19 pandemic served to dent the performance of its property and casualty (P&C) insurance division in the period. Overall, Allianz saw its operating profit fall by almost 19% ... Read the full article
Hannover Re’s H1 net income falls as COVID-19 reserves hit €600mn
5th August 2020
Global reinsurance giant Hannover Re has reported a 39.3% decline in net income for the first six months of the year to €402.4 million, as the firm set aside additional reserves of €380 million for estimated losses associated with the ongoing COVID-19 pandemic. The increase in reserves means that the reinsurer ... Read the full article
Heritage sees Q2 net income rise on lower loss & expense ratios
5th August 2020
Property and casualty insurance holding company, Heritage Insurance Holdings, Inc., has reported a rise in net income for the second-quarter of 2020 to $4.1 million, driven by an increase in premiums earned and lower loss and expense ratios. The $4.1 million of net income represents a jump of more than 485% ... Read the full article
Chubb adjusts Asia Life and General Insurance management
5th August 2020
Insurer and reinsurer, Chubb, has announced management changes to its Life and General Insurance Operations in Asia. As the largest shareholder, Chubb currently owns 46.2% of Huatai Group and has also agreed to the purchase of an additional 7.1% of the company which would ultimately give Chubb majority ownership. The holding company ... Read the full article
Agritask appoints Daniel Stander of RMS as senior advisor
5th August 2020
Holistic ag-operations platform, Agritask, has announced the appointment of Daniel Stander as senior advisor to its leadership team. Stander, a global pioneer in decision science and resilience finance, began advising Agritask earlier this year. He was hired in the effort to drive the innovation required to address the productivity challenges facing ... Read the full article
Aon & WTW disclose more on combination to fend off legal challenges
4th August 2020
In an effort to ward off legal challenges delaying Aon's combination with Willis Towers Watson (WTW), the global re/insurance broker has disclosed some additional details associated with the deal. After weeks of speculation, Aon confirmed in March of this year that it will combine with rival broker WTW through a ... Read the full article
Beazley targets CyEx unit growth with addition of four new underwriters
4th August 2020
Specialty insurer Beazley has announced the addition of four new underwriters within its cyber & executive risk (CyEx) unit as it looks to grow the Chicago-based operation. Beazley's CyEx division was formed 18 months ago via the combination of the company's cyber & tech team and executive risk team, including D&O, ... Read the full article
HCI Group eyes rate increases to counter rising reinsurance costs
4th August 2020
The insurance subsidiaries of HCI Group plan rate increases to offset, in part, increased reinsurance costs. HCI’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., has asked state insurance regulators and received approval for a 6.9% rate increase for its homeowners’ and condominium insurance products. The rate increase will take ... Read the full article
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