Reinsurance News
Pool Re classified by Office for National Statistics
28th February 2020
UK government-backed terrorism reinsurer Pool Re has announced that the Office for National Statistics (ONS) has completed a classification assessment of the mutual. The ONS has independently judged that Pool Re should be classified to the central government subsector. Pool Re noted that the classification is only a statistical matter and will ... Read the full article
Anthemis raises $90mn for insurtech-focused venture growth fund
28th February 2020
Venture investment platform Anthemis has raised $90 million for a new insurtech-focused fund directed at companies driving significant impact within the insurance industry. Anthemis Insurance Venture Growth Fund I (AIVGF I) was made possible thanks to backing from Aflac Global Ventures, Sumitomo Life and Nürnberger Versicherung in partnership with Daido Life ... Read the full article
Heritage grows income by 5% in 2019
28th February 2020
Florida domiciled property and casualty (P&C) insurer, Heritage Insurance Holdings, Inc. has reported that its net income increased 5% to $28.6 million in 2019. The company explained that the increase reflected higher non-core pre-tax charges in the prior year and lower interest expense in the current year, mostly associated with debt ... Read the full article
CNA adds Al Miralles as EVP, CFO
28th February 2020
US commercial property and casualty insurer CNA has appointed Al Miralles as executive vice president and Chief Financial Officer. Miralles succeeds James Anderson, who announced his resignation from the company to pursue other opportunities. "I want to thank James for his contributions to CNA and his efforts in helping to build shareholder ... Read the full article
Ed adds Chloë Cox, Alex Atkinson as divisional directors
28th February 2020
Global reinsurance, wholesale and specialty lines broker Ed has announced the appointments of Chloë Cox and Alex Atkinson as divisional directors for its professional and executive risk team in London. Effective immediately, Cox and Atkinson will primarily be responsible for developing and expanding the North American and Australian/New Zealand wholesale book. They ... Read the full article
AXA XL Insurance bolsters underwriting team in France
28th February 2020
AXA XL Insurance, a division of global insurer AXA, has named Stéphane Vauterin as Underwriting Manager, International Financial Lines for France, based in Paris. He joins the company from Zurich Insurance where he held numerous senior financial lines underwriting roles, and brings more than two decades of industry experience to AXA ... Read the full article
SCOR reports limited exposure to social inflation
28th February 2020
SCOR Global P&C claims to have only limited exposure to social inflation due to the modest size of its casualty portfolio, as well as its small appetite for impacted business lines. The French reinsurer noted that its recently built US casualty portfolio represents approximately 12% of reserves and 11% of gross ... Read the full article
The Hanover names Cynthia Egan vice chair amid board reshuffle
28th February 2020
Massachusetts-based property and casualty insurer The Hanover Insurance Group has named Cynthia Egan vice chair of its board of directors. Egan has served The Hanover’s board since 2015 and has been elected to eventually succeed Kevin Condron, who is due to retire in 2021. She was president of retirement plan services for ... Read the full article
Hamilton adds Langhorne Re’s Pestcoe to Board of Directors
28th February 2020
Bermuda-based insurer and reinsurer, Hamilton Insurance Group, has announced the addition of Marvin Pestcoe of Langhorne Re to its Board of Directors. Langhorne Re is the joint-venture, third-party capital-backed life and annuity reinsurer that was launched by reinsurer RenaissanceRe and life reinsurer, Reinsurance Group of America. At Langhorne Re, Pestcoe ... Read the full article
AXA LM acquires reinsurance portfolio from German unit
28th February 2020
AXA Liabilities Managers (AXA LM), a division of AXA and an acquirer and manager of legacy re/insurance business, has received regulatory approval for the acquisition of a legacy assumed treaty reinsurance portfolio from AXA Versicherung AG. German regulator BaFin gave the green light for AXA LM to move ahead with the ... Read the full article
Munich Re exceeds FY19 profit target but major losses dent P&C result
28th February 2020
Global reinsurance giant Munich Re has announced that it exceeded its original profit guidance by €200 million in 2019, despite a high impact from catastrophe losses hitting the performance of its P&C reinsurance segment in the fourth-quarter. For the full year 2019, Munich Re has announced profits of €2.7 billion, which ... Read the full article
AIG names Jon Hancock of Lloyd’s as CEO, International General Insurance
27th February 2020
Jon Hancock, who since 2016 served as Director of Performance Management at Lloyd's of London, has been appointed as the Chief Executive Officer (CEO) of International General Insurance at AIG, effective spring 2020. The specialist Lloyd's of London insurance and reinsurance marketplace announced in January that Hancock was to step ... Read the full article
Capitalisation to remain strong, reinsurers to be more cautious: KBRA
27th February 2020
Traditional reinsurance companies are expected to report strong levels of capital at year-end 2019 and while capitalisation is likely to remain adequate throughout 2020, reinsurers are expected to become more cautious, according to Kroll Bond Rating Agency (KBRA). The recovery in the capital markets through the first nine months of 2019 ... Read the full article
Maiden Re gets approval for move to Vermont
27th February 2020
Maiden Reinsurance Ltd. (Maiden Re), the principal operating subsidiary of Maiden Holdings, has been approved to go ahead with its planned re-domestication from Bermuda to the State of Vermont in the US. The Vermont Department of Financial Regulation (DFR) has now issued a certificate of authority to Maiden Re, allowing it ... Read the full article
Q4 loss weighs on Liberty Mutual’s 2019 income
27th February 2020
Liberty Mutual Holding Company Inc. (LMHC) and its subsidiaries reported a 51.7% decrease in net income over 2019, weighed down by a net loss of $300 million during the fourth quarter of the year. The company’s net income was $1.04 billion in 2019, versus $2.160 billion in the previous year. Q4 ... Read the full article
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