Reinsurance News
Hagibis impact on RenRe’s net income estimated 72% higher than Faxai
30th October 2019
Bermuda-based reinsurer RenaissanceRe (RenRe) has revealed that it expects Typhoon Hagibis to have a net negative impact on its net income of approximately $175 million on its fourth-quarter 2019 results. RenRe today announced its financial results for the third-quarter of 2019, announcing a decline in operating income, year-on-year, primarily as ... Read the full article
Argo set to incur $42mn prior year reserve charge
30th October 2019
Argo Group International Holdings, Ltd. has announced that it is set to incur prior accident year losses of approximately $42 million – or 9.3 points – on its consolidated loss ratio for the third quarter of 2019. The company released a statement ahead of its Q3 results warning of the reserve ... Read the full article
Allstate’s underwriting income up by over 45% in Q3
30th October 2019
The Allstate Corporation has announced that its total revenue increased by 5.8% in the third-quarter of 2019 to $11.1 billion, while the firm's underwriting income jumped by more than 45% and its combined ratio strengthened to 91.6, compared with 93.9 in the third-quarter of 2018. Underwriting income totalled $737 million for ... Read the full article
Watford’s net income falls by 99% in Q3
30th October 2019
Bermuda domiciled insurance and reinsurance company, Watford Holdings Ltd. has announced net income of $0.2 million and a combined ratio of 104% for the third-quarter of 2019. The re/insurer's Q3 result was adversely impacted by charges totalling $5.5 million for accelerated amortization and other one-time payments related to the redemption of ... Read the full article
PCS announces new solution for large onshore property losses
30th October 2019
PCS, a Verisk business, has announced the launch of PCS Global Large Loss, a new specialty lines loss aggregation and reporting solution for large onshore property loss events. Available starting January 1, 2020, the PCS Global Large Loss index will include an industry loss estimate number for qualifying events, including property ... Read the full article
Arch sees Q3 income up despite re/insurance underwriting hit
30th October 2019
Bermuda-based re/insurance provider Arch Capital Group has reported $382.1 million of net income for the third quarter - up from $217 million in Q3 2018 - despite underwriting losses in its insurance and reinsurance segments. Meanwhile, pre-tax current accident year catastrophe losses, net of reinsurance and reinstatement premiums, have been pegged ... Read the full article
Chubb income down 11% in Q3 despite underwriting improvements
30th October 2019
Global insurer and reinsurer Chubb has posted an 11.4% reduction in net income for the third quarter of 2019, despite significant improvements to its property and casualty (P&C) underwriting. Net income was recorded at $1.1 billion, compared with $1.2 billion for Q3 2018. Chubb explained that the figure was unfavourably impacted by ... Read the full article
California wildfire outbreaks underline ‘new normal’ challenge: AM Best
30th October 2019
With several intense wildfire outbreaks already recorded in California this year, and much of the season still to go, AM Best has underlined the challenge that re/insurers will face in adapting to a potential ‘new normal’ trend of heightened wildfire activity. Although wildfire activity in 2019 thus far has been quieter ... Read the full article
RiverStone acquires two Cayman-based captives
30th October 2019
Legacy specialist RiverStone has announced the acquisitions of GMPCI Insurance Company, Ltd. and Seaside Indemnity Alliance Company, Ltd., which are both Cayman-based captives. Seaside Indemnity Alliance was established in 2013 in order to assume hospital and physician professional liabilities. GMPCI Insurance was launched in 2005 to provide insurance to anaesthesiologists, certified registered ... Read the full article
RenRe profits down on Q3 cat losses
30th October 2019
The impacts of Hurricane Dorian and Typhoon Faxai have driven down Bermudian reinsurer RenaissanceRe’s (RenRe) third quarter operating income by $4.8 million against the prior year quarter. Catastrophe events for the quarter resulted in an underwriting loss of $181.9 million and added 20.6% to the combined ratio. RenRe posted an overall underwriting ... Read the full article
Beazley appoints Beth Diamond group head of claims
30th October 2019
Specialist insurer Beazley has appointed Beth Diamond to succeed Anthony Hobkinson as group head of claims, following his decision to retire from the role in February 2020. Diamond currently serves as head of third-party complex claims at Beazley, having first joined the firm as a claims team leader in 2006. She will ... Read the full article
“Disappointing quarter” sees AXIS Capital’s combined ratio weaken to 109.4%
30th October 2019
Bermudian insurer and reinsurer, AXIS Capital Holdings Limited has reported net income of $28 million and an operating loss of $33 million for the third-quarter of 2019, as catastrophe, credit and aviation line losses pushed the firm's combined ratio to 109.4%. The re/insurer's Q3 2019 results include pre-tax weather-related losses, net ... Read the full article
Lloyd’s report reveals huge cyber risk protection gap across Asia-Pacific ports
30th October 2019
A single, large cyber-attack hitting major ports across the Asia-Pacific region could cost as much as USD 110 billion, of which just 8% would be covered by insurance, according to a new report produced by the University of Cambridge Centre for Risk Studies, on behalf of the Cyber Risk Management ... Read the full article
Catastrophe models a tool, not the whole answer: Roundtable
29th October 2019
An over-reliance of catastrophe model data could be generating some dramatic learning experiences for industry participants, according to key executives speaking at the 2019 Reinsurance News Monte Carlo Rendezvous roundtable. Swiss Re’s Head of Property & Specialty Underwriting, Mike Mitchell, described what he considered a “somewhat slavish enthrallment to ... Read the full article
Westhoff appointed Beazley’s head of US large commercial property
29th October 2019
Specialist insurer Beazley has announced the appointment of Matthew Westhoff as head of US large commercial property. Based in New York, Westhoff will report to the firm’s global head of commercial property Simon Jackson while managing the US based team and working alongside the property team in London. He brings 16 years ... Read the full article
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