Reinsurance News
COVID-19 sees Everest Re’s Q1 profits plunge $338mn
7th May 2020
Global re/insurer Everest Re Group has reported a net income for the first quarter of $16.6 million, down from $354.6 million in the prior year quarter. After-tax operating income for the quarter was $164.4 million, compared to $282.4 million in 2019. Much like with other players in the re/insurance space, COVID-19 related ... Read the full article
Chubb adds Annmarie Hagan as VP, Chief Accounting Officer
7th May 2020
Global insurer Chubb has appointed Annmarie Hagan as group Vice President and Chief Accounting Officer. Hagan has more than 35 years in insurance, accounting and financial management and has served as Global Controller of Chubb since 2016. Hagan will now take responsibility for the company's corporate and regulatory accounting matters; managerial and ... Read the full article
Hiscox pleased with strong investor support as capital raise completes
7th May 2020
Specialist re/insurer Hiscox has welcomed the strong support it received from both existing shareholders and new investors for its recently completed capital raise. Alongside its first-quarter 2020 trading statement, Hiscox confirmed plans to raise approximately £375 million through the non-pre-emptive placement of new ordinary shares of 6.5 pence each in ... Read the full article
PRA postpones insurance & climate stress tests due to Covid-19 pressures
7th May 2020
The UK's Prudential Regulation Authority (PRA), part of the Bank of England, has announced that the planned 2019 insurance stress test results will now not be published, as it pauses further work in this area due to the impacts of the Covid-19 pandemic. The PRA said that its focus is on ... Read the full article
Munich Re’s Q1 profit falls as COVID-19 losses reach €800mn
7th May 2020
Reinsurance giant Munich Re has reported COVID-19 related losses of roughly €800 million in the first-quarter of the year, leading to a 65% year-on-year decline in net profit to €221 million. At the same time, Munich Re's operating profit declined from the €771 million recorded in Q1 2019 to €397 million ... Read the full article
PERILS updates industry exposure database for 2020
7th May 2020
Catastrophe insurance data provider PERILS has announced the release of an updated version of its industry exposure database. The PERILS Industry Exposure Database 2020 (IED) contains up-to-date information about property sums insured and the number of risks exposed to natural perils across a range of countries. For the first time, the database ... Read the full article
Gen Re adds Ulrich Pasdika to exec board of General Reinsurance AG
7th May 2020
Gen Re, the global reinsurance subsidiary of Berkshire Hathaway, has appointed Ulrich Pasdika to the Executive Board of General Reinsurance AG, effective 1 August 2020. General Reinsurance AG is Gen Re’s German legal entity and the main risk carrier for its international business. The appointment is part of Gen Re’s succession plan ... Read the full article
HDI Global SA adds Shaun Scandling as managing director
7th May 2020
HDI Global SA's board of directors of has announced the appointed of Shaun Scandling as the company’s new managing director. Effective from May 1, Scandling will succeed Kurt Müller, who will step down at the end of June and begin his retirement. Scandling joins from AIG where he was a member of ... Read the full article
Allstate income drops 60% amid virus challenges
6th May 2020
US insurer The Allstate Corporation (Allstate) has reported a 59.3% decrease in its net income for the first quarter of 2020, as the COVID-19 pandemic hit investments and premiums were returned to customer. Income totalled $513 million in Q1 2020, compared to $1.26 billion for the same period last year, as ... Read the full article
Fednat grows revenue 14%, continues to expand out of Florida
6th May 2020
Florida based primary insurer FedNat has increased its total revenue 14.3% to $14.5 million as it continues to focus on organic growth outside of its home state. This result compares with $101.2 million for the same period in 2019, with the increase driven by net premiums growth, partially offset by investment ... Read the full article
COVID-19 related market turmoil pushes Prudential to $271mn Q1 net loss
6th May 2020
Prudential Financial, Inc. has reported a net loss of $271 million for the first-quarter of 2020, driven by significant net realised investment losses, impairment related losses, and losses related to market experience updates. A net loss of $271 million compares with net income of $932 million reported for the same period ... Read the full article
COVID-19 risk sees Fitch turn negative on AIG Life and holding company
6th May 2020
Fitch Ratings has revised the rating outlook to negative from stable for AIG Life and the holding company, citing the economic fallout and financial market stress being caused by the ongoing COVID-19 outbreak. At the same time, global financial services ratings agency Fitch has maintained its stable outlook on AIG's P&C ... Read the full article
Crawford & Co. reports goodwill impairment hit, Q1 net loss
6th May 2020
Crawford & Company, an independent provider of claims management and outsourcing solutions to carriers, brokers and corporates, has reported a net loss of $11.4 million for the first-quarter of 2020, compared with income of $6.1 million in the prior year quarter. In Q1, the company incurred a non-cash pre-tax goodwill impairment ... Read the full article
Berkshire (BHSI) adds Jean-François Leandri to property team in France
6th May 2020
The insurance arm of Warren Buffett's global insurance and reinsurance company, Berkshire Hathaway Specialty Insurance Company (BHSI), has expanded its property team in France with the addition of Jean-François Leandri as Risk Control Consultant. Leandri has nearly 25 years of engineering experience and has spent the last 17 years as District ... Read the full article
TransRe takes $153mn Q1 hit from COVID-19
6th May 2020
Investment holding company Alleghany Corporation has seen the combined ratio of its reinsurance business TransRe increase 13.5 points in the first quarter to 107%, due to significant catastrophe losses primarily related to the coronavirus pandemic. TransRe’s net premiums written increased 9.3% in Q1 from the first quarter of 2019, primarily reflecting ... Read the full article
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