Reinsurance News
Higher margins may offset fading investment income for major reinsurers: Fitch
29th May 2020
The financial earnings of the big four European reinsurers will be affected negatively by the COVID-19 pandemic in the short-term, but moving forward, improved technical pricing could largely offset fading investment returns, according to Fitch Ratings. As evidenced by first-quarter 2020 results, the financial impact of the COVID-19 pandemic for the ... Read the full article
P&C rates up 9.6% amid pandemic: CIAB
29th May 2020
A new survey from the Council of Insurance Agents & Brokers (CIAB) has found that property and casualty (P&C) premium prices increased by an average of 9.6% in Q1 2020, as the COVID-19 pandemic puts further strain on the market. The figure compares to an average increase of 7.5% in Q4 ... Read the full article
$13bn insured loss from 2020 US severe convective storms: Aon
29th May 2020
Global reinsurance broker Aon has pegged the insured loss in 2020 from US severe convective storm damage at $13 billion. This marks the 13th consecutive year that impacts from the peril in the country have surpassed $10 billion in insured payouts; a trend Aon says signifies a “new normal.” In its weekly ... Read the full article
COVID-19 to ‘turbocharge’ pricing trends, says WR Berkley
29th May 2020
As COVID-19 related losses and uncertainty permeates throughout the marketplace, W.R. Berkley leadership has told Credit Suisse that they expect prior pricing trends and Excess and Surplus growth to become 'turbocharged'. Prior to COVID-19's outbreak, WRB says P&C insurance industry was in a period of transition, with acceleration in insurance rates ... Read the full article
AIG lead reinsurer for Pakistan flight crash: reports
29th May 2020
American International Group, Inc. (AIG) is reportedly on the hook as the lead reinsurer for the plane that crashed into a residential area of Karachi, Pakistan on May 22nd, according to Reuters. Airline documents show that the plane was insured for $19.7 million, with Pakistan’s National Insurance Company (PIC) acting as ... Read the full article
Re/insurers continue to reduce hedge fund exposures: AM Best
29th May 2020
The US insurance industry has continued to reduce its hedge fund investments for a fourth year straight, according to AM Best. The rating agency reported that hedge fund investments were reduced by $2.6 billion to $11.9 billion in 2019, with the property and casualty segment reporting a year-over-year reduction of 22%. Analysts ... Read the full article
Lockton Re adds Paul Hyer as Rating Agency Advisory Leader
29th May 2020
Lockton Re, the reinsurance business of insurance broker Lockton, has appointed Paul Hyer as Rating Agency Advisory Leader. Based in Lockton Re’s Minneapolis office, Hyer reports to Claude Yoder, Head of Global Analytics. He joins from Aon, having worked with various clients in an advisory capacity, including capital and financial modeling. “Paul is ... Read the full article
Helios Underwriting profits boosted by hard market in 2019
29th May 2020
Helios Underwriting, the Lloyd’s of London investment and underwriting vehicle, reported an almost fourfold increase in profits over 2019 due to hardening market conditions. The group recorded profit before impairment for the year of £2.43 million, compared with £608,000 in 2018. “We are now part way through a broad-based turn in the ... Read the full article
Brit marks entry into high net worth market with private client offering
29th May 2020
Specialty re/insurer Brit has announced the launch of a new private client offering aimed at brokers operating in the high and ultra-high net worth market. The private client offering will combine Brit’s brand and reputation in claims and service with a team of market practitioners led by Tara Parchment, Head of ... Read the full article
US P/C reinsurers maintain underwriting profitability in Q1: RAA
29th May 2020
Despite the influence of the ongoing COVID-19 pandemic, a group of 17 U.S. property/casualty (P/C) reinsurers recorded a combined ratio of below 100% in the first-quarter of 2020, according to analysis by the Reinsurance Association of America (RAA). At 97.4%, the group's combined ratio did deteriorate from the 94.9% in the ... Read the full article
Beazley sees greater underwriting discipline, opportunities for growth: Jefferies
29th May 2020
Specialist re/insurer Beazley is seeing opportunities to deploy its recently raised capital for growth as the efforts of the Lloyd's marketplace drives greater underwriting discipline, reports Jefferies. Beazley announced on May 18th plans for a $300 million equity placement to support growth and to capitalise on rising rates being seen ... Read the full article
AXA XL to launch digital construction platform
29th May 2020
AXA XL's North America Construction insurance business is set to launch an integrated digital platform that monitors and aggregates data to help contractor clients manage risks. The Construction Ecosystem will be made available to a number of current customers from June, with wider access planned for later in 2020. AXA XL claims ... Read the full article
Swiss Re CorSo names Robert Hunziker as APAC Head Property & Specialty
29th May 2020
Swiss Re Corporate Solutions (Swiss Re CorSo), the commercial insurance division of reinsurance giant Swiss Re, has appointed Robert Hunziker as Asia Pacific Head Property & Specialty, effective September 1st, 2020. In his new role, Hunziker will be based in Singapore and takes over the position from Stanley Cochrane, who is ... Read the full article
Labuan IBFC insurance profits up 44% in 2019
29th May 2020
Labuan International Business and Financial Centre Incorporated (Labuan IBFC Inc) has reported that its insurance industry increased profitability by 43.7% last year. Profits grew to US $190.5 million in 2019 mainly due to improved underwriting performance and better cost management. This was despite only modest top line growth, with total gross premiums ... Read the full article
Regulation, tech assisting the recovery of China’s insurance industry: GlobalData
29th May 2020
The Chinese insurance industry remains on track to record strong growth between 2019 and 2023 as the sector begins to recover from the losses driven by the COVID-19 outbreak, reports GlobalData. Analysis by GlobalData finds that regulatory changes and the use of technology are key to the ability of China's insurance ... Read the full article
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