Reinsurance News
Berkshire Hathaway earnings dip offset by P&C reinsurance gains
4th November 2019
Warren Buffett’s property and casualty (P&C) reinsurance businesses at Berkshire Hathaway have reported underwriting earnings of $314 million, helping to offset an overall decline in earnings for the company during the third quarter of 2019. The P&C reinsurance underwriting result was almost five times higher than the $67 million reported in ... Read the full article
Beazley adds Kirsten Shastri to international healthcare team
4th November 2019
Specialist insurer Beazley has added Kirsten Shastri to its international healthcare team in London. Shastri, who joins from CNA Hardy with eight years of London market experience, will be focusing on UK & International life sciences business. She will also underwrite Beazley’s recently launched UK Virtual Care policy, which offers protection against ... Read the full article
Clear growth ahead as ILS capacity hits near-record levels: Willis Re Securities
4th November 2019
Alternative capital in all different forms is clearly growing again, according to Willis Re Securities, whose latest ILS Market Update shows capacity reaching a near-record high of $27.3 billion. Willis Re Securities, a division of re/insurance broker Willis Towers Watson (WTW), found that non-life insurance-linked securities (ILS) capacity issued and outstanding ... Read the full article
37% rise in ransomware attacks reported by Beazley
4th November 2019
Data from specialist insurer Beazley shows a 37% rise in ransomware attacks against the previous quarter, as cyber criminals look to exploit weak security programs of IT vendors. 24% of ransomware incidents reported to Beazley’s in-house breach response team were found to have originated with attack on an IT vendor or ... Read the full article
Hiscox grows premiums 7% YTD, sees more rate firming ahead
4th November 2019
Hiscox Group has grown its overall business by more than 7% in 2019 so far, as the insurance and reinsurance company takes advantage of higher rates and looks forward to what it believes will be a third year of firming prices in the London market. Hiscox has experienced growth across its ... Read the full article
Advanced tech, no legacy puts Convex in solid position: Catlin, Brand
1st November 2019
Convex, the specialty insurer and reinsurer launched earlier this year by Stephen Catlin and Paul Brand, feels that the rise of technology, combined with the fact it doesn’t have legacy issues puts it in a great position moving forward. Reinsurance News recently met with co-founders of Convex, Catlin and Brand, to ... Read the full article
Irma loss creep continues to dent exposed insurers
1st November 2019
With third-quarter 2019 results season well underway, some Florida focused property and casualty (P&C) insurers have revealed impacts from additional loss creep from 2017's Hurricane Irma. After more than a decade without a major hurricane making landfall along the U.S. coastline, hurricane Irma was the second of three major landfalling storms ... Read the full article
A.M. Best maintains stable outlook for Japan’s non-life sector despite headwinds
1st November 2019
Japanese non-life insurers continue to produce underwriting profits despite the impacts of significant catastrophe events, and while A.M. Best maintains a stable outlook on the sector, major headwinds are on the horizon. Highlighted most recently by the devastating impacts of typhoons Faxai and Hagibis this year and typhoons Jebi and Trami ... Read the full article
More rate improvements ahead after market pain in 2019: AXIS CEO Benchimol
1st November 2019
AXIS Capital is anticipating ongoing insurance and reinsurance pricing increases into the 2019 renewals and beyond, according to its Chief Executive Officer (CEO), Albert Benchimol. Speaking during the firm’s third quarter earnings call, Benchimol explained that rates remain inadequate in many lines, and should be spurred on by the further “pain” ... Read the full article
AIG posts Q3 income boost off lower cat losses
1st November 2019
Insurance giant AIG has posted a Q3 net income of $648 million, up significantly from the $1.3 billion loss reported in the prior year quarter. This improvement is partly driven by a $929 million pre-tax net realised gain compared to a $511 million loss in the prior-year quarter, as well as ... Read the full article
David Capdevila named CEO of Atradius, as Unda departs
1st November 2019
Trade credit insurer Atradius N.V. has announced that David Capdevila has been appointed as its new Chief Executive Officer (CEO), effective from January 1, 2020. He will succeed Isidoro Unda, who is set to depart the company after 12 years as Atradius CEO. The appointment was approved yesterday at a meeting of ... Read the full article
Investment losses hit Fairfax in Q3 but underwriting profit up
1st November 2019
Fairfax Financial Holdings Limited has reported a dip in net earnings to $68.6 million for the third-quarter of 2019, primarily as a result of a $96.7 million loss on investments, compared with a gain of $41.2 million in the prior year quarter. The Canada-based firm's net earnings fell by almost 55% ... Read the full article
Argo announces new US reporting structure
1st November 2019
Specialty re/insurer Argo has announced a new reporting structure for the Americas aimed at maintaining operational excellence and providing additional senior leadership to the region. The new structure will be led by three newly appointed executive vice presidents, all of whom will report to Kevin Rehnberg, president, group Chief Administrative Officer ... Read the full article
RMS estimates Typhoon Hagibis industry loss at up to $11bn
1st November 2019
Global risk modelling and analytics firm RMS has estimated that insured losses stemming from Typhoon Hagibis in Japan will be between US $7 billion and $11 billion. The estimate includes property damage and business interruption caused by wind and flood to residential, commercial, industrial, marine, and automobile lines, and accounts for ... Read the full article
Ironshore appoints Leahy president of IronPro
1st November 2019
Bermuda-domiciled holding company Ironshore has announced the appointment of Thomas F. Leahy, Jr as president of IronPro, its professional and management liability division. Effective November 1, Leahy will be responsible for overseeing all aspects of marketing, underwriting and distribution of IronPro professional and management liability lines to retail and wholesale markets. He ... Read the full article
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