Reinsurance News
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
Berkshire Hathaway enters casualty & construction markets in France
28th October 2019
Berkshire Hathaway Specialty Insurance (BHSI), the insurance arm of Warren Buffett’s global insurance and reinsurance company, has commenced underwriting casualty and construction insurance in France. As part of this move, the company also announced the appointments of Olivier Antiphon as Head of Construction and Anne-Sophie Bonifay as Head of Casualty for ... Read the full article
Markel to offer new cyber risk management tool for SMEs
28th October 2019
Re/insurance holding company Markel Corporation has announced the addition of a new risk management tool to its cyber product offering. The tool, called WhiteHaX, simulates cyber security breaches and assesses the readiness of deployed security infrastructure and software. Markel believes the service will be particularly useful for small-to-medium size businesses. "The key to ... Read the full article
AEGIS London launches digital trading division
28th October 2019
Lloyd’s managing agency AEGIS London has launched a digital trading division as the firm looks to build on the success of its online quote-and-bind platform Opal. AEGIS London’s head of digital trading Tom Squires will lead the new division with support from digital trading manager Angus Turner and Phil Lucas, business ... Read the full article
Accredited strikes program underwriting partnership with MG Skinner
28th October 2019
Accredited Surety and Casualty Company, the Florida-based subsidiary of Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings, has entered into a new program partnership with M. G. Skinner & Associates Insurance Agency. The deal will see Accredited become the issuing carrier on behalf of MG Skinner for Directors & ... Read the full article
Arthur J. Gallagher takes minority stake in Indian broker Edelweiss
28th October 2019
Global insurance brokerage Arthur J. Gallagher & Co. has completed its purchase of a minority stake in Edelweiss Insurance Brokers Limited (EIBL), the broking unit of Indian financial services conglomerate Edelweiss Group. EIBL provides a range of both insurance and reinsurance solutions, and benefits from the distribution network of its parent ... Read the full article
Reinsurers optimistic about market outlook, says Appleby’s Brad Adderley
25th October 2019
Optimism is high in the reinsurance industry this year, according to Brad Adderley, partner at offshore law firm Appleby, and there appears to be some confidence that the market’s outlook will improve further. Speaking in an interview with Reinsurance News at Reinsurance Rendezvous event in Monte Carlo this year, Adderley explained ... Read the full article
SCOR confident it can “recoup” on Dorian & Faxai losses
25th October 2019
SCOR executives have said they are confident that the reinsurer will be able to "recoup" on its losses in the Caribbean and Japan due to the relatively short payback periods in both regions. The company released its financial results for the third quarter of 2019 yesterday, which saw “heavy loss ... Read the full article
Aon posts Q3 growth across reinsurance, commercial risk segments
25th October 2019
Global re/insurance broker Aon has reported a 5% organic growth within its Reinsurance Solutions segment for the third quarter, driven by double-digit growth in facultative placements and new business generation in treaty. The reinsurance segment generated $291 million in revenue, compared to $279 million in the prior year quarter. Aon has pegged ... Read the full article
P&C market favourable for smaller, niche players: JP Morgan
25th October 2019
Smaller, niche carriers are particularly well positioned to take advantage of favourable conditions in the property and casualty (P&C) re/insurance market, according to analysts at JP Morgan. In a new report, the firm said it expects smaller players to accelerate their market share gains as larger market leaders retrench in an ... Read the full article
AXA in €620m sale of Belgian banking operations
25th October 2019
French insurance giant AXA has agreed to sell 100% of its Belgian banking operations to cooperative bank Crelan for a total consideration of €620 million. The deal consists of €540 million in cash and the transfer to AXA Belgium of Crelan Insurance, the insurance company of Crelan valued at €80 million. In ... Read the full article
Re/insurers face $2bn loss from Dallas tornado outbreak, says ICT
25th October 2019
The recent outbreak of tornadoes around Dallas County, Texas could result in an industry loss of $2 billion, according to the Insurance Council of Texas (ICT), making it the costliest tornado loss in the state’s history. A total of nine tornadoes impacted the county on the night of Sunday 20th October, ... Read the full article
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