Reinsurance News
HCI Group’s net income falls to $5.9 million in Q3
6th November 2019
InsurTech HCI Group has announced a decline in net income for the third-quarter of 2019 to $5.9 million, while a decline in underwriting profitability resulted in a combined ratio of 96%, compared with 92% for the same period last year. HCI Group's net income declined in Q3 2019 when compared with ... Read the full article
Tokio Marine HCC appoints Thomas Harmeyer as EVP
6th November 2019
Specialty insurance group Tokio Marine HCC has announced the appointment of Thomas Harmeyer as Executive Vice President (EVP), effective October 1, 2019. Harmeyer joined Tokio Marine HCC in 2003 and most recently served as Executive Chairman for its Cyber & Professional Lines and Public Risk Groups. Previously, he has held positions including ... Read the full article
Assurant falls to Q3 loss despite lower cat impact
6th November 2019
US specialty insurance group Assurant has posted a net loss of $59.5 million for the third quarter of 2019, despite a much smaller impact from catastrophe losses on its Global Housing segment. Assurant’s earnings were down from $48.3 million in Q3 2018, primarily due to charges related to the $124.8 million ... Read the full article
Malta could become alternative to the UK after Brexit: finance leaders
6th November 2019
Malta could develop into an alternative base for UK re/insurers after Brexit, according to leading figures from financial and re/insurance industry bodies in Malta. Speaking at a recent roundtable in London, Matthew Bianchi, Governor of FinanceMalta, said expected the jurisdiction to evolve into an attractive option for re/insurers looking to retain ... Read the full article
Concirrus names Adrian Turner as CFO
6th November 2019
InsurTech Concirrus has appointed Adrian Turner, previously of Guidewire, as its new Chief Financial Officer (CFO), reporting the firm's Chief Executive Officer (CEO), Andrew Yeoman. Turner brings more than two decades of industry experience to the role and joins from Guidewire, where he most recently served as International Finance Director. In ... Read the full article
Flood Re launches Flood Risk Charter
6th November 2019
Flood Re, the UK’s government-backed reinsurance scheme, has launched a Flood Risk Charter alongside the National Flood Forum (NFF) at a Parliamentary event. The charter contains a list of recommendations designed to help communities feel safe in the face of the increasing threat of flooding. It calls for more funding to improve ... Read the full article
Argo CEO Watson steps down with immediate effect
6th November 2019
Specialty re/insurer Argo has announced the departure of Mark E. Watson III as Chief Executive Officer, effective immediately. Watson’s retirement follows news that Argo had been subpoenaed by The US Securities and Exchange Commission over compensation practices for its executives. Before that, the re/insurer was locked in a messy back-and-forth ... Read the full article
AXIS Capital invests in health insurtech firm HealthCare.com
6th November 2019
Bermudian insurance and reinsurance firm AXIS Capital Holdings Limited has invested in health insurance-technology firm HealthCare.com. AXIS Capital participated in the insurtech’s Series B round of funding alongside CNO Financial Group and Second Alpha Partners, a New York-based private equity firm specialising in technology-enabled companies. The investment round brings HealthCare.com’s total capital ... Read the full article
Robert Fettman joins Global Insurance Practice at Debevoise & Plimpton
6th November 2019
International law firm Debevoise & Plimpton LLP has announced that Robert Fettman has joined its New York office as Counsel in the Global Insurance Practice. Fettman has represented insurance clients in a range of transactional and regulatory matters, including those related to insurtech such as blockchain, smart contracts, and AI. His representations ... Read the full article
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
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