Reinsurance News
Covid-19 trade credit losses up to $46bn, reinsurers to take up to 30%: MS analysts
5th May 2020
Trade credit insurance market losses due to the Covid-19 pandemic could reach as high as $46 billion, with reinsurers perhaps taking as much as 30% of the hit, according to analysts at Morgan Stanley. The analysts said in a report that their initial estimate for losses to primary credit insurers is ... Read the full article
BMS names Peregrine Towneley as Chairman of Intl. Operations
5th May 2020
Specialist insurance and reinsurance broker, BMS Group, has appointed Marsh's Peregrine Towneley as the Group's Chairman of International Operations, reporting to Nick Cook, Chief Executive Officer (CEO) at BMS. In his new role, Towneley's time will be split between helping develop business for the London wholesale, property and energy teams and ... Read the full article
SCOR taps capital markets for $200mn of multi-year reinsurance capacity
5th May 2020
Global insurer and reinsurer SCOR has successfully sponsored a new catastrophe bond transaction, providing the Group with $200 million of multi-year risk transfer capacity from the capital markets, to protect against storms in the U.S. and earthquakes in the U.S. and Canada. SCOR has returned to the catastrophe bond market with ... Read the full article
Palomar adds new CUO, Chief Strategy Officer
5th May 2020
Specialty property insurer Palomar Holdings has announced that Jon Christianson will assume the role of Chief Underwriting Officer, while continuing to serve as Chief Operating Officer. Christianson succeeds Andy Robinson, who has announced his intention to retire. Bill Bold, meanwhile, has been appointed Chief Strategy Officer. He will report to the company’s Chief ... Read the full article
Heritage grows Q1 income, sees no virus impact
5th May 2020
Florida domiciled property and casualty (P&C) insurer, Heritage Insurance Holdings, Inc., has grown its Q1 income by 9.4% to $7.6 million, citing “virtually no impact” from the COVID-19 pandemic. The results reflected higher net premiums earned and a lower combined ratio, partly offset by lower investment gains and other income and ... Read the full article
Matthew Crane named CEO of THB Group & President of Intl. for AmWINS
5th May 2020
Specialist insurance and reinsurance broker THB has named Matthew Crane as Chief Executive Officer (CEO) of THB Group and President of the International division of AmWINS Group, Inc. Crane takes over from Frank Murphy, who has served as CEO of THB Group since 2009 and who is in his 45th year ... Read the full article
Capsicum Re adds trio to Property & Specialty team
5th May 2020
Specialist reinsurance brokerage Capsicum Re has expanded its Property & Specialty team with the additions of Neil Bramley, Tom Regan, and Tom Hipperson. Bramley has joined as a Specialty Account Executive, bringing two decades of industry experience and expertise in data solutions and catastrophe modelling analytics, having previously worked for Price ... Read the full article
Watford reports $267.8mn Q1 net loss as COVID-19 hits investment result
5th May 2020
Watford Holdings has reported a net loss of $267.8 million for the first-quarter of 2020, driven by a net investment loss of $262.7 million, mostly the result of $285.5 million of unrealised mark-to-market losses in its non-investment grade fixed-income portfolio. Watford's substantial $267.8 million net loss for the first-quarter of 2020 ... Read the full article
COVID-19 impacts push AXIS Capital to first-quarter net loss
5th May 2020
Bermuda-based insurer and reinsurer AXIS Capital Holdings Limited has reported a net loss of $185 million and a combined ratio of 119.8% in Q1 2020, as pre-tax catastrophe and weather-related losses reached $300 million, the majority of which are related to the COVID-19 pandemic. The re/insurer's $185 million Q1 net loss ... Read the full article
Arch Capital sees Q1 net income fall $304mn
5th May 2020
Bermuda-based re/insurer Arch Capital Group saw its net income fall by $304 million to $133.7 million in the first quarter. After-tax operating income for the quarter was estimated at $189.8 million, compared to $275.9 million in the prior year quarter. Pre-tax current accident year catastrophic losses, net of reinsurance and reinstatement premiums ... Read the full article
‘Limited scope’ for 2020 final dividend, says IAG
5th May 2020
Based on year-to-date investment income outcomes and its forecast FY20 insurance profit, largely driven by the ongoing coronavirus pandemic, IAG says there is presently limited scope to pay a final dividend in September 2020. This is after application of the upper end of IAG’s 60-80% of full year cash earnings payout ... Read the full article
AIG’s GI segment falls to underwriting loss on $272m COVID-19 hit
5th May 2020
American International Group, Inc. (AIG) has reported an underwriting loss of $87 million within its General Insurance segment in Q1, which includes $272 million of estimated COVID-19 related losses. Despite the firm's General Insurance unit falling to an underwriting loss in the quarter, net investment income of $588 million more than ... Read the full article
Mercury General falls to $139mn loss in Q1
5th May 2020
Mercury General Corporation, a Los Angeles-based multi-line insurer, has posted a net loss of $139.2 million during the first quarter of 2020, driven by COVID-19 induced volatility in the financial markets. The result compares with a net income of $135.9 million for the same period in the previous year. Performance was weighed ... Read the full article
Matthew Shaw joins TMK from Chubb as new CUO
5th May 2020
Tokio Marine Kiln (TMK), part of global insurance group Tokio Marine, has hired Matthew Shaw from Chubb as its new Chief Underwriting Officer (CUO). Shaw joins TMK from insurer and reinsurer Chubb, where he most recently served as divisional president of global markets. He joined ACE (latterly Chubb) in 2002 having ... Read the full article
COVID-19 linked to 54% drop in Q1 insurtech funding: WTW
4th May 2020
A new report from Willis Towers Watson (WTW) has found that insurtech investment worldwide totalled about $912 million during the first three months of 2020. At 96, deal count was up 28% over Q4 2019, but overall funding was down 54%, with analysts attributing the drop in part to the COVID-19 ... Read the full article
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