Reinsurance News
Analysts lower Munich Re’s FY19E net income by 8%
12th February 2020
Analysts at J.P. Morgan expect reinsurance giant Munich Re's property and casualty (P&C) segment to fall to an underwriting loss in the fourth-quarter of 2019, while the firm's Life reinsurance division is expected to produce a below run-rate quarter. Overall, analysts expect that Munich Re will report a combined ratio of ... Read the full article
Swiss Re CorSo announces Chubb’s Scheidegger as Chief Claims Officer
12th February 2020
The commercial insurance arm of reinsurance giant Swiss Re has announced that Chubb's Marc Scheidegger is set to join the firm as its new Chief Claims Officer. Effective June 1st, 2020 Scheidegger will relocate from Paris to Zurich to join Swiss Re Corporate Solutions (Swiss Re CorSo), reporting to the company's ... Read the full article
B3i’s blockchain platform places 30 reinsurance contracts at 1/1
12th February 2020
The Blockchain Insurance Industry Initiative (B3i) has announced that 30 reinsurance contracts have now been concluded on its platform, with participants including Allianz Re and Generali. A total of 9 insurers, 4 major brokerage firms, and 8 reinsurers participated in the placements, which were conducted as a parallel run with the ... Read the full article
Commercial insurance pricing up 11% in Q4, reports Marsh
12th February 2020
Global average commercial insurance prices increased by 11% in the fourth quarter of 2019, according to data released by re/insurance brokerage Marsh. The firm’s Global Insurance Market Index found that average price increases were driven mainly by growth in property insurance rates and financial and professional lines. Last quarter marked the ninth ... Read the full article
Beazley sees opportunity in new forms of climate change cover, says CEO
12th February 2020
Andrew Horton, Chief Executive Officer (CEO) of specialist re/insurer Beazley, has said that he is confident that the market can adapt the potential impacts of climate change, and sees the climate challenge as an opportunity to explore new forms of coverage. As part of the release of Beazley’s 2020 results, ... Read the full article
Arch’s reinsurance result more than offsets insurance segment loss in Q4
12th February 2020
Arch Capital Group Ltd. has reported an improved combined ratio of 83.8% for the fourth-quarter of 2019, as underwriting income in its reinsurance segment more than offset a loss in the re/insurer's insurance division. The company's combined ratio improved by four percentage points when compared with the 87.8% recorded in the ... Read the full article
Sedgwick & Concirrus target fleet managers with new partnership
12th February 2020
Sedgwick, a provider of technology-enabled risk, benefits and integrated business solutions, has partnered with InsurTech Concirrus in order to bring their Quest Automotive risk management tool to the UK marketplace. According to an announcement on the new strategic partnership, this arrangement marks a first-to-market proposition for predictive analytics in fleet claims, ... Read the full article
Watford falls to underwriting loss after bolstering reserves
12th February 2020
Bermuda domiciled insurance and reinsurance company Watford Holdings Ltd. has ended the year with an underwriting loss of $54.1 million, partly due to loss reserve strengthening in US casualty reinsurance in the fourth quarter. Watford has now confirmed that it incurred a $37.8 million loss in Q4 after issuing a ... Read the full article
DARAG bolsters UK presence with two acquisitions
12th February 2020
Legacy specialist DARAG Group Limited has completed its acquisition of The Underwriter Insurance Company Limited, and also its Sale and Purchase Agreement with One Re Ltd. Both transactions were completed via DARAG Deutsche Versicherungs- und Ruckversicherungs-AG, the legacy specialist's German operation. The Underwriter, which is a UK domiciled company that is in ... Read the full article
MAPFRE’s earnings rise by more than 15% in 2019
12th February 2020
Insurer and reinsurer MAPFRE's fiscal year 2019 financial results reveal a solid year for the company with earnings up by over 15% to €609 million, while premiums grew by more than 2% to €23.04 billion. As well as earnings growth, MAPFRE's revenues increased by more than 7% in 2019 to €28.5 ... Read the full article
AXA UK trials machine learning for motor claims
12th February 2020
AXA UK, a division of the French insurance firm, has said that its claim handlers are currently piloting a machine-learning tool that will help make faster and more accurate decisions regarding motor claims. Repair or Replace Intelligence (RoRI) captures data from phone conversations and uses machine-learning tools to assess the costs ... Read the full article
IAG reports lower 1H20 profit as catastrophe losses hit its reinsurance
12th February 2020
Australian insurer IAG has revealed that it's increased its full year 2020 net perils expectation to AUD 850 million after 1H20 natural catastrophe losses exceeded its allowance by around AUD 100 million, leading to significant reinsurance recoveries. The firm has released its results for the half year ended December 31st, 2019 ... Read the full article
AXA XL’s Allied Specialty & McGowan launch joint venture
12th February 2020
A subsidiary of AXA XL, Allied Specialty Insurance, Inc., has entered into a new joint venture with The McGowan Companies to launch a new firm dedicated to the insurance needs of the Amusement and Entertainment industries. The new entity from AXA XL, which is the property and casualty and specialty risk ... Read the full article
RLI Transportation partners with IoT firm to enhance loss control resources
12th February 2020
RLI Transportation, a division of specialty insurer RLI Corp., has partnered with an Industrial Internet of Things (IoT) firm, Samsara, to provide relevant customers with enhanced loss control resources. Samsara, which boasts a growing suite of solutions, is a provider of sensors and software designed to manage vehicle fleets and industrial ... Read the full article
Tokio Marine deploys Metromile’s AI tech across auto book
12th February 2020
Japanese insurer Tokio Marine Group has deployed artificial intelligence (AI) powered technology from Metromile across its $13 billion auto insurance book in a move that it hopes will significantly improve customer claims. Using Metromile’s digital first notice of loss product, Metromile REPORT, Tokio Marine hopes to simplify the claims process by ... Read the full article
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