Reinsurance News
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
A J Gallagher earnings stable in Q3, organic growth up 5.8%
25th October 2019
Global insurance brokerage Arthur J. Gallagher & Co. has released its financial results for the third quarter of 2019, reporting stable earnings when compared with the previous year, as well as organic revenue growth of 5.8%. Net earnings came to $137.1 million in Q3 2019, showing a minor decline from the ... Read the full article
Markel streamlines wholesale team, appoints Hastings to lead
25th October 2019
Specialist insurer Markel International has announced a streamlining of its wholesale business, adding James Hastings as managing director of the unit and splitting into seven divisions. Hastings has been with the firm since 2013, most recently serving as head of the specialty lines division. He will report to president of Markel International ... Read the full article
Verisk & PartnerRe leverage AI to transform life insurance underwriting
25th October 2019
Data analytics provider Verisk has collaborated with Bermudian reinsurer PartnerRe on the development of its new life insurance solutions, which, use advanced voice analytics and artificial intelligence (AI) to transform both underwriting and the customer experience. Under the new partnership, PartnerRe is set to test new tech that is able to ... Read the full article
Cincinnati income down in Q3 despite underwriting improvements
25th October 2019
US primary insurer Cincinnati Financial has reported a significant decrease in earnings for the third quarter of 2019, despite improvements to its underwriting performance. The company reported net income of $248 million for Q3 2019, compared with $553 million for the same period last year. The $305 million difference was primarily attributed ... Read the full article
Nexus aims to become largest specialty MGA in Asia
25th October 2019
Specialty managing general agent (MGA) Nexus Group has announced that it plans to become the largest specialty MGA in Asia, as part of its new vision for the region. “We have an ambitious goal of becoming the largest speciality MGA in Asia and achieving US$50 million in gross written premiums by ... Read the full article
Improved reinsurance market conditions may fade, warns Fitch
25th October 2019
Analysts at Fitch Ratings have warned Bermudian reinsurers that improved reinsurance market conditions and the subsequent positive influence on underwriting results may not last. After a more meaningful shift in pricing at the latest renewals season following disappointing rate movements through 2018 and into early 2019, on the back of consecutive ... Read the full article
Brokerslink adds Middle East regional manager
25th October 2019
Independent broker network Brokerslink has announced the appointment of Osama Abu Ghazaleh as Middle East regional manager, as the firm looks to increase its focus on the region. Both the Middle East and African regions were previously represented by Tiago Mora, until Brokerslink Chairman José Manuel Fonseca announced that the two ... Read the full article
No area of Australia should become uninsurable, says ICA
25th October 2019
No area of Australia should be uninsurable, the Insurance Council of Australia (ICA) has argued, provided governments invest appropriately in permanent mitigation and resilience measures. The ICA rejected the notion that climate change will ultimately prevent some Australians from being able to secure adequate coverage. With extreme weather events such as cyclones, ... Read the full article
Strong P&C result helps to lift Ping An profits in Q3
24th October 2019
Ping An Insurance (Group) of Company of China, Ltd. has continued to see strong growth in the third quarter of 2019, with net profit up 63.2% to RMB 129,567 million (USD 18.3 billion). The result was helped by the strong performance of Ping An’s property and casualty (P&C) segment, which achieved ... Read the full article
Jonathan Poole joins Chubb as Head of Middle Market for UK & Ireland
24th October 2019
Global insurer and reinsurer Chubb has announced that Jonathan Poole is to join the company as Head of Middle Market for the UK and Ireland, effective January 6, 2020. He will arrive from Tokio Marine, where he currently serves as Head of Operations for Tokio Marine Kiln Insurance (TMKI), which was ... Read the full article
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