Reinsurance News
Swiss Re extends climate policy to exclude oil & gas
21st February 2020
Swiss Re has announced that it will stop providing re/insurance to, or investing in, the most carbon-intensive oil and gas companies, as part of its sustainability targets. In line with this policy, Swiss Re will gradually cut business support in underwriting and asset management to the world’s 10% most carbon-intensive oil ... Read the full article
Nexus launches US financial lines division
21st February 2020
Nexus Group, a specialty Managing General Agent, has launched a financial lines division in the US, under its newly-formed entity Nexus Specialty. Underwriting capacity for the new line is provided by Professional Solutions Insurance Company. Stacy Paquet will lead the new division, bringing over 15 years’ experience in the US Management Liability ... Read the full article
Alleghany president sees bright future for TransRe despite 2019 loss
21st February 2020
Despite a modest underwriting loss in 2019, Alleghany president Weston Hicks has praised TransRe’s “deep reservoir of underwriting expertise” and believes the end of a competitive downturn in the global property and casualty reinsurance industry will result in improved market conditions in 2020 and beyond. TransRe recorded an underwriting loss ... Read the full article
Apollo adds four to bolster casualty offering
21st February 2020
Independent specialist insurer and reinsurer, Apollo Syndicate Management, has announced four senior appointments to its Syndicate 1969 at Lloyd's of London, as it continues to bolster its casualty offering. Colm Lyons has been named Head of Casualty at Apollo Syndicate 1969, and will report to Matt Newman, Apollo Group Head of ... Read the full article
AM Best stable on Gulf Cooperation Council markets
21st February 2020
AM Best has maintained its stable outlook on the re/insurance markets of the Gulf Cooperation Council (GCC) due to the potential for premium growth and short-term opportunities, as well as extensive reinsurance support and improved regulatory sophistication. The rating agency noted that the rollout of mandatory health insurance in Oman and ... Read the full article
Willis Towers Watson considering sale of Miller
20th February 2020
Re/insurance brokerage Willis Towers Watson (WTW) has confirmed that it is exploring “strategic alternatives” for its wholesale arm, Miller, which could include a potential sale. WTW originally acquired Miller in 2015, merging its wholesale activities with the firm but keeping the trading brand. In return, Miller’s treaty reinsurance, UK Corporate client and ... Read the full article
IRB Brasil Re boosts income by 45% in 2019
20th February 2020
Brazilian reinsurer IRB Brasil Resseguros SA (IRB Brasil Re) has announced that its net income increased 45% to 1.764 billion reais (US $400 million). Up from 1.219 billion reais in 2018, the result marks several years of consistently improving performance for the company. The fourth quarter of 2019 was by far the ... Read the full article
AXA looks to address AXA XL volatility with additional reinsurance
20th February 2020
In an effort to minimise earnings volatility within its commercial insurance and reinsurance arm, AXA XL, French insurer AXA has purchased some additional reinsurance covers. The global insurer and reinsurer today announced its results for 2019, reporting a higher net income and elevated total revenues within AXA XL. However, while AXA ... Read the full article
Coronavirus not an issue for Swiss Re, industry: CFO John Dacey
20th February 2020
Senior executives at Swiss Re have said that the ongoing coronavirus outbreak is not expected to be a “material issue” for the company, or for the wider re/insurance industry. Speaking during a media call alongside the release of Swiss Re’s 2019 results, Group Chief Financial Officer John Dacey said that ... Read the full article
TransRe typhoon losses weigh heavily on Alleghany results
20th February 2020
Investment holding company Alleghany Corporation has posted an underwriting profit of just $33 million for 2019, weighed down by catastrophe losses incurred by its reinsurance arm, Transatlantic Reinsurance Company (TransRe). TransRe recorded an underwriting loss of $40.9 million for the year after being hit by $301 million of catastrophe losses, mostly ... Read the full article
Storms Ciara & Dennis could push UK insurers to underwriting loss: Fitch
20th February 2020
Analysts at Fitch Ratings believe that costs from storms Ciara and Dennis will increase pressure on UK household insurers’ profitability in 2020, potentially pushing them to an underwriting loss. The storms brought strong winds, torrential rain and widespread flooding to the UK before moving across to other parts of Europe, with ... Read the full article
Korean Re to open Colombia office, reports
20th February 2020
Seoul-based reinsurer Korean Re has announced plans to open a new office in Bogota, Colombia, as the firm eyes growth opportunities in South America. According to reports from the Korea Times, the reinsurer recieved approval from local authorities on February 18 to move ahead with the opening. The company said Colombia is ... Read the full article
AEGIS London names Nicola Major as head of delegated authority
20th February 2020
Lloyd’s managing agency AEGIS London has announced the appointment of Nicola Major as head of delegated authorities, effective immediately. In this newly created role, she will be responsible for managing the company’s delegated authority team, as well as onboarding new coverholders, auditing lead coverholders, and ensuring regulatory compliance. Major has been at ... Read the full article
CNA chief actuary Haefner to retire, Chubb veteran Hopper to succeed
20th February 2020
Larry Haefner, the executive vice president and chief actuary at US commercial property and casualty insurer CNA, is set to retire at the end of 2020, with Robert Hopper to succeed him in the role. Haefner's decision to retire brings to a close a notable 40-year insurance career. "I want to thank ... Read the full article
Munich Re to partner with American Cancer Society on grants, research
20th February 2020
The US Life division of reinsurance giant Munich Re is partnering with the American Cancer Society on cancer-related research initiatives, as well as helping partially fund two ACS Research Scholar Grants. ACS supports research and training grants in a range of cancer-related disciplines at 57 institutions across the US and since ... Read the full article
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