Reinsurance News
Marco Serra named CUO of ArgoGlobal Assicurazioni
7th May 2019
ArgoGlobal Assicurazioni S.p.A., a division of insurer and reinsurer Argo Group International Holdings, Ltd., has announced the appointment of Marco Serra as Chief Underwriting Officer (CUO), Italy. Effective immediately, Serra will be based in Rome and will report to ArgoGlobal Assicurazioni Chief Executive Officer (CEO), Giovanni Tucci. He brings more than two decades of ... Read the full article
AIG improves general insurance underwriting performance in Q1
7th May 2019
Global insurer AIG saw its first-quarter 2019 net income decline to $654 million year-on-year, despite an improved performance in its general insurance unit driven by enhanced underwriting fundamentals, expense discipline, and reinsurance actions. Net income fell to $654 million from $938 million a year earlier, while AIG's return on common equity ... Read the full article
Xceedance launches new software, services offering MGA Agility Suite
7th May 2019
Re/insurance service provider Xceedance has announced the launch of its new software and services offering, MGA Agility Suite. Xceedance’s MGA Agilty Suite combines policy-administration capabilities, an underwriting platform, plus distribution & communication tools and is designed to enable both established and startup program administrators, MGAs and MGUs worldwide to deploy a ... Read the full article
P&C, L&H reinsurance drive premium and earnings growth for Hannover Re in Q1
7th May 2019
Reinsurance giant Hannover Re has announced first-quarter 2019 profit of €293.7 million, underpinned by strong performance in its property and casualty (P&C) and life and health (L&H) reinsurance segments. Quarterly profit increased by roughly €20 million year-on-year, while gross premiums expanded by more than 16% to €6.4 billion. The reinsurer was able ... Read the full article
EU General Court confirms legality of French Natural Disaster scheme
7th May 2019
The General Court of the European Union (EU) has backed the natural disaster reinsurance scheme operated by the state-backed re/insurer Caisse Centrale de Réassurance (CCR), as well as the guarantee granted to CCR by the state in this capacity. French reinsurance giant SCOR had in 2016 disputed that the state aid ... Read the full article
Industry reserves continue to weaken in 2018: Morgan Stanley
6th May 2019
Industry reserves continued to weaken in 2018, according to actuarial analysis by Morgan Stanley, which indicated a $9.8 billion deficiency for the P&C industry, representing a year-on-year deterioration of over $5 billion. Morgan Stanley estimates an actuarially reasonable range of reserves between $625.2 billion and $657.7 billion. Industry carried reserves of $631.7 ... Read the full article
Kingstone pegs Q1 cat losses at $5mn, strengthens claims reserves
6th May 2019
Kingstone Companies, Inc. (KICO), the multi-line regional property and casualty insurance holding company, has estimated its Q1 catastrophe losses at $5 million, pre-tax, and announced a number of reforms to help its ailing Claims Department, which include strengthening its claims case and IBNR reserves. Catastrophe losses were attributed to multiple winter ... Read the full article
Chubb renews global prop cat & terrorism reinsurance at April 1st
6th May 2019
Global insurer Chubb has disclosed the terms of its reinsurance buying at the April 1, 2019 renewals, which saw it renew both its global property catastrophe and terrorism coverages. The company explained that the global property cat program, which applies to its North American and International operations, was renewed with modest ... Read the full article
R&Q completes takeover of GLOBAL U.S Holdings from AXA LM
6th May 2019
Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings Ltd. (R&Q) has announced the completion of its acquisition of GLOBAL U.S. Holdings Inc (Global US). Global U.S is an investment vehicle managed by AXA Liabilities Managers SAS (AXA LM), the AXA unit that specialises in the management of legacy insurance ... Read the full article
Ata Khatib appointed CEO of Lockton MENA
6th May 2019
Re/insurance broker Lockton has announced the appointment of Ata Khatib as Chief Executive Officer of Lockton MENA Limited, its business for the Middle East and North Africa regions. Based in the Dubai International Financial Centre (DIFC), Khatib will be tasked with overseeing Lockton’s broking subsidiaries in the area. Khatib helped to set ... Read the full article
Munich Re is becoming “digital, leaner, and more profitable”: Joachim Wenning
6th May 2019
Munich Re is driving digital transformation and reducing complexity as part of a strategy to meet its new medium-term profit target of €2.8 billion for 2020, according to its Chief Executive Officer (CEO), Joachim Wenning. “Munich Re is becoming more digital, leaner, and more profitable,” Wenning said in a letter to ... Read the full article
Berkshire Hathaway suffers Q1 underwriting losses again
4th May 2019
For the second consecutive year, Warren Buffett's reinsurance businesses at Berkshire Hathaway have suffered an underwriting loss for the first-quarter, but the overall performance of the re/insurance segment of the conglomerate rose thanks to investment returns. For Q1 2019, Berkshire Hathaway's re/insurance underwriting income was $389 million, down on the prior ... Read the full article
JLT Re’s Pete Chandler joins BMS as President, US reinsurance
3rd May 2019
Specialist insurance and reinsurance broker BMS Group has announced the appointment of Pete Chandler from JLT Re as President of its US reinsurance operations, effective May 27th, 2019. In his new role, which subject to regulatory approval sees him join the BMS US Board, Chandler will report to Steve Korducki, US ... Read the full article
Swiss Re optimistic about renewal rates at mid-year: CFO, John Dacey
3rd May 2019
John Dacey, the Group Chief Financial Officer (CFO) of reinsurance giant Swiss Re, has said that in all cases, rate movements at the April 1st renewals were adequate for the firm and that it's optimistic about the important June / July renewals season. Swiss Re today reported its financial results ... Read the full article
CRC Group acquires Arkansas-based broker Argenia
3rd May 2019
U.S wholesale broker CRC Group has announced the acquisition of Argenia, LLC, an MGA and surplus lines broker based in Little Rock, Arkansas. CRC explained that the addition of Argenia will compliment its existing capabilities in Arkansas and the surrounding region, building on a previous acquisition that it made in the ... Read the full article
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