Reinsurance News
Hannover Re misses CR target as large losses dent Q3 results
6th November 2019
German reinsurer Hannover Re has posted strong growth in its net income over the first nine months of 2019, but its combined ratio (CR) missed targets due to the large losses incurred during the third quarter. At September 30, Hannover Re’s net income for 2019 stood at €1.0 billion, representing a ... Read the full article
Athene’s net income down 56% in Q3
5th November 2019
Retirement services firm Athene has reported a 56% decline in third quarter net income, driven by an unfavorable change in FIA embedded derivatives due to the impact of unlocking, less favorable equity market performance and an unfavorable change in discount rates. At $276 million, the slump represents a $347 million decrease ... Read the full article
U.S. homeowners insurers improve CR in 2018 on lower cats: A.M. Best
5th November 2019
Although still above-average, a reduction in the level of catastrophe losses during 2018 was the main driver of an improved combined ratio reported by U.S. homeowners insurers in the year, according to A.M. Best. U.S. homeowners carriers posted a combined ratio of 103.7% in 2018, which, is an improvement of 3.1% ... Read the full article
SCOR partners with tech firm Garmin to offer practical health solutions
5th November 2019
SCOR Global Life has collaborated with Garmin International, Inc. on a first-of-its-kind initiative that leverages an exclusive algorithm designed to motivate users to lead healthier lives. The collaboration with Garmin International, a subsidiary of US-based multinational technology company, Garmin Ltd., supports an initial launch of reinsurer SCOR's enhanced Biological Age Model ... Read the full article
The Hartford posts strong Q3 results, net income up 21%
5th November 2019
Property and casualty insurer The Hartford has posted strong financial results for the third quarter, with net income up 21% against the prior year quarter at $524 million. This is the first full quarter with Navigators, which The Hartford acquired recently in an all-cash transaction valued at $2.1 billion. Chairman and ... Read the full article
Swiss Re’s Alex Kaplan joins AmWINS as EVP for Alternative Risk
5th November 2019
Specialty insurer AmWINS Group, Inc. has announced the appointment of Alex Kaplan from reinsurer Swiss Re as Executive Vice President (EVP) for Alternative Risk. The appointment sees Kaplan lead a new strategy focused on the development of parametric insurance solutions and other bespoke forms of protection, on a stand-alone basis and ... Read the full article
Oxbridge Re records Q3 loss as net premiums drop
5th November 2019
Property and casualty reinsurer Oxbridge Re Holdings Limited has posted a net loss of $15,000 for the third quarter of 2019, driven by a more conservative capital deployment strategy that resulted in much lower net premiums earned. The company’s performance was far below the $652,000 recorded in Q3 2018, despite taking ... Read the full article
Palomar reports Q3 demand surge after Ridgecrest quake
5th November 2019
Palomar Holdings, Inc.'s third-quarter 2019 results announcement shows a significant jump in net income and underwriting income for the period, while the Ridgecrest earthquake in July contributed to a surge in demand for residential earthquake coverage. Palomar's net income increased by 376% from the prior year quarter to $7.5 million, while ... Read the full article
Swiss Re appoints Claudia Cordioli as CFO Reinsurance
5th November 2019
Swiss Re has announced that Claudia Cordioli is set to take over as Chief Financial Officer (CFO) of its global Reinsurance Business Unit from February 1, 2020. She will succeed Gerhard Lohmann, who is pursuing an opportunity outside Swiss Re and will be leaving the company towards the end of February ... Read the full article
Kemper appoints Green to lead business development, reinsurance
5th November 2019
US insurer Kemper has appointed Mark Green to oversee business development and reinsurance as executive vice president. Green will continue reporting to Kemper president and Chief Executive Officer Joseph Lacher Jr. as well as leading the firm’s life and health division until a successor is appointed. He has served as president of ... Read the full article
Digitisation to positively impact growth in ASEAN non-life markets: Report
5th November 2019
Re/insurance industry executives operating in the Association of Southeast Asian Nations (ASEAN) markets continue to take a measured approach to digitisation, but expect the rise of digital technologies to positively impact growth over the longer-term. The third edition of the ASEAN Insurance Pulse, produced by Dr. Schanz, Alms & Company on ... Read the full article
AXA XL adds Mark Campbell, David Walker to UK Life A&H team
5th November 2019
Global re/insurer AXA XL has appointed Mark Campbell and David Walker to its UK Life, Accident & Health team. Campbell most recently served as a senior underwriter at Aspen Insurance and joins as underwriting manager, wholesale A&H. In his new role, he will oversee AXA XL’s UK wholesale A&H underwriting operation, with ... Read the full article
Delek Group completes divestment in The Phoenix Holdings
5th November 2019
Delek Group has successfully completed the sale of its 32.5% stake in The Phoenix Holdings Ltd to the Centerbridge and Gallatin Point Capital investment funds, for a total consideration of NIS 1.57 billion (approximately USD 450 million). Of the total consideration, NIS 1.335 billion (approximately USD 380 million) was received in ... Read the full article
Ensurance adds Brad Green & Courtney Varney to underwriting team
5th November 2019
Ensurance, the construction and engineering MGA and Lloyd’s Coverholder, has expanded its underwriting team with the addition of Brad Green as Senior Underwriter and Courtney Varney as Underwriting Assistant. Green joins Ensurance from Aiva, where he most recently served as Engineering and Renewable Energy Senior Underwriter. He has over 20 years’ experience ... Read the full article
DA Strategy adds James Littley from The Channel Syndicate
5th November 2019
Delegated authority specialist DA Strategy has strengthened its operations with the addition of James Littley as Associate. Littley joins DA Strategy from The Channel Syndicate, where he most recently served as Head of Delegated Underwriting. He has more than 16 years’ experience in delegated authority, and previously worked as Delegated Underwriting Manager ... Read the full article
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