Reinsurance News
Arthur J. Gallagher to acquire Affiliated Benefit Consultants in Illinois
13th February 2020
Arthur J. Gallagher & Co. has announced the acquisition of Affiliated Benefit Consultants, Inc., a US provider of benefit consulting services. Affiliated Benefit Consultants was founded in 1986 and is based in Oakbrook, Illinois. Following the acquisition, President John Araujo and his associates will continue to operate in their current location. Going forward, ... Read the full article
Premium growth helps lift Kuwait Re profits by 40%
13th February 2020
Kuwait Reinsurance Company K.S.C.P (Kuwait Re) has reported a 40% increase in net profit for 2019, helped by an increase in net earned premiums and investment income. Profit was recorded at KD 4.73 million (US $15.52 million) last year, compared with KD 3.37 million ($12.24 million) in 2018. This result was boosted ... Read the full article
Pension Insurance Corporation completes £750mn capital raise
13th February 2020
Pension Insurance Corporation Group Limited (PICG), the parent company of specialist insurer Pension Insurance Corporation plc (PIC), has announced the completion of its previously announced capital raise. Under the arrangement, PICG’s existing shareholders will invest £750 million of new capital to support the continued growth of PIC in the pension risk ... Read the full article
Australian disasters highlight need for long-term resilience: Aon analysts
13th February 2020
The increasing frequency and severity of weather-related disasters in Australia highlight a need to focus on more long-term resilience measures, according to analysts at re/insurance broker Aon. Australia recorded one of its most notable years for weather disasters in 2019, which is already the fifth largest insured loss year over the ... Read the full article
Mike Wilkins takes over as Chairman of QBE
13th February 2020
QBE Insurance Group has announced that former IAG CEO Mike Wilkins has been elected to take over as Chairman of the Group Board, starting from March 1, 2020. He will succeed W Marston Becker who is not standing for re-election, and who will retire from the Board on April 30. Wilkins joined ... Read the full article
TMK highlights positive impact of rate rises, cat losses hit 2017 account
13th February 2020
Tokio Martine Kiln (TMK) has said that rate rises are positively impacting the 2019 year of account and are continuing into 2020, while the 2017 and 2018 year of accounts remain pressured on the back of heavy catastrophe losses. TMK, which is part of large Japanese insurer, Tokio Marine, has released ... Read the full article
AIG benefits from favourable reserve development & investments in Q4
13th February 2020
American International Group, Inc. (AIG) has announced significantly improved net income of USD 922 million for the fourth-quarter of 2019, driven by the performance of its General Insurance underwriting, reinsurance actions, favourable prior year development, lower cat losses, and higher investment income. Q4 net income of USD 922 million is a ... Read the full article
CNA hires QBE’s Franzetti as EVP of Worldwide Claim
13th February 2020
US commercial property and casualty (P&C) insurer CNA has announced the appointment of Daniel Franzetti as Executive Vice President (EVP) of Worldwide Claim, effective April 6, 2020. He joins CNA from QBE North America, where he most recently served as Chief Operating Officer and Chief Claims Officer. In his new role, Franzetti ... Read the full article
Aon’s PathWise platform implemented by Korean insurer Kyobo Life
13th February 2020
Re/insurance broker Aon has announced that South Korean insurer Kyobo Life has implemented its PathWise computing platform in preparation for the IFRS 17 and K-ICS financial reporting regimes. The company embedded PathWise as its all-in-one financial risk management platform for a range of tasks, including assumption management, economic scenario generation (ESG), ... Read the full article
Legal & General closes £1.1bn pension de-risking deal with AIB Group
13th February 2020
Legal & General has announced the completion of a pension de-risking transaction with Allied Irish Banks plc, consisting of an £850 million buy-in and a £250 million Assured Payment Policy (APP). Covering 1,300 pension scheme members, the deal makes use of a new solution developed by Legal & General, which it ... Read the full article
Policymakers must help stimulate sustainable investment: Insurance Europe
13th February 2020
In order to transition to a carbon-neutral economy, more policymaker action is needed to stimulate the supply of sustainable assets for investment, according to Insurance Europe, the European insurance and reinsurance federation. Analysts at Insurance Europe claimed that re/insurers are ready to invest in sustainable assets, but said their willingness and ... Read the full article
Argo warns ahead of “unacceptable” $114mn Q4 loss
13th February 2020
Bermuda-based insurer and reinsurer Argo Group International Holdings, Ltd. has issued a statement ahead of the release of its fourth quarter results, which it has warned will likely contain a $114 million underwriting loss. Argo Group Interim CEO Kevin Rehnberg said that the company’s results for both the quarter and the ... Read the full article
Zurich’s P&C performance drives 16% rise in profit for 2019
13th February 2020
Global insurer Zurich has reported a 16% rise in business operating profit (BOP) to USD 5.3 billion for 2019, driven by growth across the business and a strong underwriting result within its Property and Casualty (P&C) segment. Zurich's elevated BOP for 2019 compares with the USD 4.6 billion recorded a year ... Read the full article
Improved Lancashire results early evidence of a hard cycle, says CEO
13th February 2020
Lancashire Group CEO Alex Maloney has said that the improvement in the company’s 2019 results are “early evidence” of the transition to a harder stage of the re/insurance pricing cycle. The Group’s profit (after-tax) improved more than threefold in comparison with the previous year, rising from $37.5 million to $117.9 million. This ... Read the full article
Understanding today’s risk critical in closing the flood protection gap: Fathom’s Dr. Smith
12th February 2020
Increasingly open and transparent data is vital in order to drive a greater understanding of, and demand for, flood insurance around the world, and will ultimately help to narrow the flood protection gap, according to Dr. Andrew Smith, Chief Operations Officer (COO) of UK-based flood risk modeller, Fathom. Globally, flood exposures ... Read the full article
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