Reinsurance News
Brown & Brown posts Q3 revenue growth
29th October 2019
Insurance brokerage Brown & Brown has reported $619.7 million in revenues for the third quarter, up 16.5% against the prior year quarter. The firm also revealed an increase of commissions and fees by 16.5%, while organic revenue was up by 3.4%. Meanwhile net income for the quarter stands at $115.6 million, a ... Read the full article
Cat losses drive down Everest Re profits in Q3
29th October 2019
Bermudian reinsurer Everest Re Group has reported a 47% decrease in net earnings during the third quarter of 2019, primarily due to catastrophe losses stemming from Hurricane Dorian and Typhoon Faxai. Everest Re recorded net income of $104.4 million this year, compared to $198.4 million for the same period last year. This ... Read the full article
Ascot appoints four from Allied World to excess casualty team
29th October 2019
Bermuda domiciled specialty insurer and reinsurer, Ascot Group, has appointed a new excess casualty team, including the addition of Patrick Kenahan as Head of Excess Casualty in Bermuda. Alongside Kenahan, Ascot has also announced that Jason Pugi, Kimberley Pursell, and Michael Watkins have joined as Senior Vice Presidents. The entire team has ... Read the full article
AmTrust adds Steven Moore as PI lead underwriter amid reshuffle
29th October 2019
Property and casualty re/insurer AmTrust Financial Services has appointed Steven Moore lead underwriter of professional indemnity, as the firm moves to restructure the division. Moore will be based in London and report to Bruce Whitmee, Chief Underwriting Officer and Angel Mas, Chief Executive Officer at AmTrust Europe. He brings over 25 years’ ... Read the full article
EverQuote & InsurTech Bold Penguin partner on launch of commercial market
29th October 2019
EverQuote, Inc., an online market for insurance shopping in the U.S., has entered into a new partnership with InsurTech innovator Bold Penguin on the launch of its commercial lines marketplace. Bold Penguin targets increased speed-to-bind for commercial insurance via platforms that enhance connections between all parties, ultimately reducing friction in the ... Read the full article
Sub-Saharan Africa provides reinsurers with a unique opportunity: A.M. Best
29th October 2019
The reinsurance landscape across Sub-Saharan Africa is unique, and while economic and political risks continue to pose challenges for market players, the region is still a long-term opportunity for reinsurers, according to A.M. Best. International financial services ratings agency, A.M. Best, has said that insurance markets across sub-Saharan Africa provides reinsurers ... Read the full article
Louise Nevill joins Marsh JLT Specialty as CEO, UK Marine & Cargo
29th October 2019
Global re/insurance broker Marsh has announced the appointment of Louise Nevill as Chief Executive Officer (CEO) of Marsh JLT Specialty’s UK Marine & Cargo business. Nevill is due to join the firm early next year, arriving from Gard (UK) Ltd, where she has led the marine underwriting team as Vice President. She ... Read the full article
Public-private action key to nat cat resilience in Asia: Swiss Re’s Higginbotham
28th October 2019
Russell Higginbotham, The Chief Executive Officer for Swiss Re’s reinsurance operations in Asia, has highlighted the region’s susceptibility to natural catastrophes as an issue that demands increased resiliency measures from re/insurance players and governmental bodies alike. Asia accounted for 41% of the $222 billion global natural catastrophe protection gap in 2018, ... Read the full article
Reduced cat losses lift Mercury General results in Q3
28th October 2019
Mercury General has recorded an 18.3% increase in net income during the third quarter of 2019, helped by significantly lower catastrophe losses. The company recorded net income of $69.3 million this quarter, compared with $58.6 million for the same period last year. Catastrophe losses came to just $3.0 million, down from $13.0 ... Read the full article
Seeman Holtz acquires New Jersey insurer Geisenheimer
28th October 2019
Seeman Holtz Property & Casualty, LLC has announced the acquisition of New Jersey-based insurer GIA Insurance Agency, LLC (Geisenheimer Insurance Agency). Established in 1972, Geisenheimer provides personal and commercial insurance to clients throughout the US, Canada, Asia, South America, Caribbean, Australia, and Europe. The business is led by founder Alan Geisenheimer and ... Read the full article
Moody’s upgrades AmWINS ratings, outlook stable
28th October 2019
Moody’s Investors Service has upgraded the corporate family rating and first-lien credit facility ratings of AmWINS Group, Inc. and changed its ratings outlook from positive to stable. The corporate family rating was changed from B2 to B1, based on the company’s strong credit metrics, while the first-line credit facility ratings moved ... Read the full article
CNA Financial earnings slump in third quarter
28th October 2019
CNA Financial has released its results for the third quarter of 2019, reporting a 68% slump in net income due to weak earnings across multiple lines. The company recorded net income of $107 million in Q3 2019, compared with $336 million for the same period last year. Looking at the first nine ... Read the full article
Apollo to increase stake in Athene amid $1.55bn alignment push
28th October 2019
Private equity firm Apollo Global Management is set to buy an 18% incremental stake in leading retirement services firm Athene, at a premium, in order to strengthen the strategic relationship and reinforce the alignment of interests between the two firms. The transaction includes a share exchange between Apollo and Athene, purchase ... Read the full article
Aston Lark acquires Lloyd’s broker Protean Risk
28th October 2019
UK insurance broker Aston Lark has acquired specialist Lloyd’s brokerage Protean Risk, the firm’s first purchase since being acquired by the Merchant Banking division of Goldman Sachs in September. Protean Risk focuses on the investment industry, financial services, fintech and technology sectors and has clients ranging from start-ups to international organisations. Peter ... Read the full article
Insurance market could face $192m+ Eutelsat 5 West B satellite loss
28th October 2019
Satellite industry observers are discussing the potential for the EUTELSAT 5 West B geostationary satellite to become a total loss, which could cost the insurance market at least $192 million. We were first to report last week that satellite operator Eutelsat was facing an incident that could threaten a recently ... Read the full article
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