Reinsurance News
Xceedance partners with cloud-based insurance platform Novidea
6th February 2020
Re/insurance service provider Xceedance has partnered with data-driven insurance distribution platform Novidea to help its broker management platform meet growing market demand. Novidea provides a core cloud-based platform designed to connect insurance distributors to a modern insurance ecosystem which leverages the Salesforce Cloud and artificial intelligence. By partnering with Xceedance for assistance ... Read the full article
SCOR notes 2.8% pricing increase, looks to improve reinsurance profitability
6th February 2020
French reinsurer SCOR Global P&C has announced that it secured an increase in reinsurance underwriting profitability at the January 1st, 2020 renewals, which reflects a 2.8% increase in pricing. SCOR notes that trends witnessed at the important January 2020 renewals were consistent with those seen during 2019, with the firm securing ... Read the full article
AXA XL adds Chief Underwriting Officer, Cyber
5th February 2020
AXA XL, the property and casualty and specialty risk unit of AXA, has named Elizabeth W. Benet to Global Chief Underwriting Officer (CUO), Cyber, a newly created position. The appointment is expected to assist with the management of the firm's international cyber risk portolfio. In her new role, Benet will report ... Read the full article
Hannover Re exposure to coronavirus not significant, says CEO
5th February 2020
Hannover Re does not anticipate any significant exposure to losses that could stem from the ongoing coronavirus outbreak, according to its Chief Executive Officer (CEO), Jean-Jacques Henchoz. While it remains too early to assess losses, Hannover Re’s management is confident that the company has limited exposure to pandemic risk in Asia, ... Read the full article
Hannover Re posts 2.3% rate rise at ‘solid’ January renewal
5th February 2020
Reinsurance giant Hannover Re expects to generate net income of around €1.28 billion in 2019 and grew its premium volume in traditional property and casualty reinsurance by 14% at January 1 renewals, with the price increase for the renewed business amounted to 2.3%. At 15.5%, the strongest growth in the renewals ... Read the full article
Lower cat losses help Markel results to rebound
5th February 2020
Re/insurance holding company Markel Corporation saw its results return to profitability in 2019, as lower catastrophe losses and investment gains helped to boost its performance. Markel recorded operating revenues of $9.53 billion over 2019, compared with $6.81 billion in 2018. Income (before tax) similarly improved to $2.26 billion, versus a loss ... Read the full article
Boost Insurance raises $14mn for insurtech development platform
5th February 2020
Boost Insurance has secured $14 million in a Series A round of funding, which will be used to expand its infrastructure-as-a-service (IaaS) insurtech development platform. The round was co-led by Coatue and Greycroft, with participation from Tusk Venture Partners, Conversion Capital, and MetLife Chairman Glenn Hubbard. Existing investors Norwest Venture Partners and ... Read the full article
Chubb’s P&C combined ratio strengthens in Q4
5th February 2020
Global insurer and reinsurer Chubb has announced net income of $1.2 billion for the fourth-quarter of 2019 and a global property & casualty (P&C) combined ratio, which excludes agriculture, of 91.9%. The re/insurer announced in January that it expected its North America Agricultural Insurance unit to fall to an underwriting ... Read the full article
Combined ratios could hit sub-100% levels for 6th time this decade: KBRA
5th February 2020
Analysts at KBRA believe that the property and casualty (P&C) re/insurance industry could report a combined ratio of below 100% in 2020, which would mark the sixth sub-100% year in the last decade. If a combined ratio of below 100% is achieved in 2020, this would be the third consecutive year ... Read the full article
The Hanover’s combined ratio improves in Q4 and full year 2019
5th February 2020
The Hanover Insurance Group, Inc. has reported a decline in net income for the fourth-quarter of 2019 to $109.8 million, while its combined ratio strengthened slightly to 96.2% in Q4 2019, when compared with the prior year quarter. The Hanover's net income fell from the $123.6 million recorded in the fourth-quarter ... Read the full article
Allstate results benefit from decreased cat losses
5th February 2020
The Allstate Corporation has released its full-year results for 2019, reporting consolidated revenues of $44.7 billion, up 12% on the previous year. Net income also more than doubled compared with the previous year, at $4.7 billion in 2019 versus $2.0 billion in 2018. Results were helped by a decrease in catastrophe losses, ... Read the full article
RGA introduces digital health data scoring solution
5th February 2020
Life and health reinsurer, Reinsurance Group America, has made its Digital Health Data Risk Scoring service available to US life insurers. The service evaluates structured electronic medical record and medical claims data and provides an underwriting risk score for integration within a carriers underwriting system. “Electronic medical records and claims data are ... Read the full article
AkinovA facilitates parametric cyber purchase for Asian tech firm
5th February 2020
AkinovA, the electronic marketplace for the transfer and trading of re/insurance risk, has announced that it recently facilitated the purchase of a parametric Cloud Outage product for an Asia-based technology company. Completed on January 30, 2020, this transaction will provide protection in the event that a named Cloud Service Provider (CSP) ... Read the full article
Streamlined de-risking will be the norm for smaller pension schemes: LCP
5th February 2020
Pension, insurance and investment consultancy firm, Lane Clark & Peacock LLP (LCP) believes that increasingly, it will become standard for smaller pension schemes looking to de-risk to utilise a streamlined service. To date, LCP has completed 40 transactions worth more than £1 billion for smaller pension schemes using its streamlined buy-in ... Read the full article
CAC Specialty adds two SVPs to M&A Specialty team
5th February 2020
CAC Specialty, the specialty insurance brokerage and investment banking platform, has expanded its M&A Solutions team with the additions of Ned Murphy and Dan Lehmann. Both Murphy and Lehmann join as Senior Vice Presidents (SVPs) with a focus on business development and client service. In their roles, the pair will work closely ... Read the full article
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