Reinsurance News
National General acquires QBE North America’s National Farmers Union
5th August 2019
National General Holdings Corp. has completed its previously announced acquisition of National Farmers Union Property and Casualty Company (National Farmers Union Insurance) from QBE North America. The purchase price for this deal was $52.8 million subject to customary post-closing adjustments. The firm explains that the change in the closing purchase price ... Read the full article
Berkshire Hathaway reports reinsurance underwriting loss & creep
5th August 2019
Warren Buffett’s property and casualty reinsurance businesses at Berkshire Hathaway have been hit by loss creep from prior year events, which have dented the quarter and half-year, lowering revenues for the unit by almost half. After a first-quarter of 2019 when Berkshire Hathaway suffered from technical losses on the underwriting ... Read the full article
HSCM recruits Validus’ Jeff Sangster as CFO & Head of Strategy
2nd August 2019
Hudson Structured Capital Management Ltd. (HSCM) has announced the appointment of Jeff Sangster, who has been named as Partner, Chief Financial Officer (CFO) & Head of Strategy. Sangster previously served as Executive Vice President and CFO at Validus Holdings, Ltd from February 2013 to August 2018. At Hudson, which does its re/insurance ... Read the full article
Demotech sees Florida insurers as stable, reinsurers as secure in 2019
2nd August 2019
Analysis by Demotech, Inc. on the Q1 2019 financial statements and the 2019/2020 reinsurance programmes applicable to its universe of Florida-focused carriers, suggests a "stable" and "secure" environment. Demotech has now released the results of its review and analysis of year-end 2018 financial information, first-quarter 2019 operating results, and the reinsurance ... Read the full article
Prudential & Phoenix enter inaugural longevity reinsurance agreement
2nd August 2019
The Prudential Insurance Company of America (PICA), a subsidiary of Prudential Financial, Inc. (PFI), has entered into an inaugural longevity reinsurance arrangement with pension insurer, The Phoenix Group covering U.K. retirees. PICA has been very active in the global pension de-risking, or longevity re/insurance market since the launch of its longevity ... Read the full article
ICA increases Townsville flood loss estimate to AU $1.24 billion
2nd August 2019
The Insurance Council of Australia (ICA) has increased its estimates for insured losses resulting from the Townsville floods in February, putting the latest figure at AU $1.243 billion (US $844.2 million). This represents a 19.5% increase from the AU $1.04 billion estimate released by the ICA in March, a number ... Read the full article
Brit profits recover in H1, backed by strong underwriting results
2nd August 2019
Specialty insurer and reinsurer Brit has reported its results for the first six months of 2019, with profits recovering close to 2017 levels thanks to a strong underwriting result and an absence of loss creep. H1 profit was recorded at $120.3 million, after-tax, compared with $139.7 million for the same period ... Read the full article
Allianz reports solid Q2 profitability on improved L&H result
2nd August 2019
Global insurer Allianz has reported total revenue and net income growth for the second-quarter of 2019, as a higher operating result in Life and Health (L&H) more than offset a decline in Property and Casualty (P&C) on the back of a lower investment result. Total revenues increased by 6.1% in the ... Read the full article
U.S. Risk announces purchase of U.S. E&O Brokers
2nd August 2019
U.S. Risk, a Property & Casualty wholesaler and Managing General Agent, has announced the acquisition of U.S. E&O Brokers, a wholesale broker and MGA focused on professional lines coverage for insurance agents. U.S. E&O is headquartered in Houston, Texas, but has additional locations in Connecticut, Colorado and New Mexico. The newly-acquired team ... Read the full article
ICMIF appoints NFU Mutual exec as Chair of Intelligence Committee
2nd August 2019
The International Cooperative and Mutual Insurance Federation (ICMIF), an umbrella body for the global cooperative and mutual insurance industry, has elected Gina Fusco as Chair of its Intelligence Committee. Fusco is Head of Strategy and Marketing at NFU Mutual, and has been a member of the ICMIF Intelligence Committee since April ... Read the full article
Risk Strategies acquires Reiff & Associates
2nd August 2019
U.S. domiciled insurance broker and risk management firm, Risk Strategies, has acquired full service brokerage Reiff & Associates, for an undisclosed fee. Based in New York City, Reiff & Associates has a focus on risk and insurance for firms in the entertainment sector, offering bespoke solutions for theater, television, film and ... Read the full article
Heritage continues to diversify away from Florida, losses dent Q2 result
2nd August 2019
Higher catastrophe and non-catastrophe weather losses combined with a higher expense ratio dented the profitability of Heritage Insurance Holdings, Inc. in the second-quarter of 2019, while the firm continued to diversify away from the state of Florida. When compared with the second-quarter of 2018, Heritage's net income declined by a significant ... Read the full article
Investment gains prop up higher Fairfax earnings in Q2
2nd August 2019
Fairfax Financial Holdings Limited, the insurance and reinsurance holding company, has reported net earnings of $494.3 million for the second quarter of 2019, supported primarily by net investment gains of $448.6 million. Earnings were up from just $63.1 million in Q2 2018, when Fairfax recorded a net loss of $58.2 million ... Read the full article
CLARA names new CEO as Lakshmikanthan becomes Chief Product Officer
2nd August 2019
CLARA analytics, a provider of artificial intelligence-driven (AI) technology in the commercial insurance space, has revealed Gary Hagmueller as its new Chief Executive Officer (CEO), as founder Jayant Lakshmikanthan transitions to the role of Chief Product Officer. Hagmueller brings more than two decades of industry experience to the role and has ... Read the full article
Chubb appoints Marcos Gunn to succeed Juan Luis Ortega
2nd August 2019
Chubb has announced that current Division President, Northern Latin America and Chief Operating Officer (COO) of the Latin America region, Marcos Gunn, has been appointed Senior Vice President (SVP), Chubb Group and Regional President, Latin America. Gunn replaces and will also report to Juan Luis Ortega, who was recently appointed ... Read the full article
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