Reinsurance News
New Bermuda reinsurer 777 Re completes first reinsurance transaction
2nd August 2019
Newly established Bermuda-based reinsurer, 777 Re Ltd., has completed a $307 million annuity block reinsurance transaction with a U.S. insurer. 777 Re is headquartered in Hamilton, Bermuda and was founded with capital led by Miami-based investment firm, 777 Partners. The reinsurer acquires both active and run-off blocks of life insurance and ... Read the full article
Swiss Re’s Jason Busti joins AXIS Re as President of North America
1st August 2019
Bermuda domiciled re/insurer AXIS Capital Holdings Limited has announced that Jason Busti has joined its reinsurance arm, AXIS Re as President of North America, based in New York. He joins the firm after 22 years with reinsurance giant Swiss Re, and in his new role, will be a member of the ... Read the full article
Underwriting improvements help RSA to maintain steady profits
1st August 2019
UK commercial insurer RSA Group has reported an increase in underwriting profit during the first half of 2019, which helped to keep the company’s overall underlying profit steady at £292 million. Underwriting profit was recorded at £181 million in H1 2019, compared with £171 million for the same period last year. ... Read the full article
Chubb names Ortega EVP, Chubb Group & President, Overseas General Insurance
1st August 2019
Insurer and reinsurer Chubb has revealed that Juan Luis Ortega is to succeed Juan Andrade as Executive Vice President (EVP), Chubb Group and President, Overseas General Insurance, effective immediately. Ortega is currently Senior Vice President (SVP), Chubb Group and Regional President of Latin America, and in his new role will report ... Read the full article
Hiscox Re & ILS announces leadership reshuffle
1st August 2019
Global re/insurer Hiscox has announced two new appointments within its Hiscox Re & ILS division, following the recently announced appointment of Megan McConnell as CUO, Hiscox USA. With McConnell relocating to Manhattan, Andrew Dolphin has been named as her successor as Director of Underwriting - London, subject to board and ... Read the full article
Universal’s income down 17% in Q2, as loss ratio climbs
1st August 2019
Florida-based property and casualty insurer Universal Insurance has released its results for the first half of 2019, reporting a 16.8% decrease in income before taxes. Income slipped by $10.3 million to $50.9 million in Q2 2019, compared with $61.2 million for the same period in the previous year. Looking at the first ... Read the full article
Lloyd’s Lab selects third cohort of insurtechs for accelerator program
1st August 2019
Lloyd’s Lab, the innovation accelerator launched by the Lloyd’s market last year, has announced the third cohort of insurtech firms selected to take part in its 10-week program. The 11 successful teams were selected from more than 130 applications around the world, and will begin working in the Lab from September ... Read the full article
Everest Re names Chubb’s Andrade as CEO elect, replacing Adesso
1st August 2019
Bermudian reinsurer Everest Re has announced that Juan C. Andrade has been appointed as Chief Operating Officer (COO), before taking over as President and Chief Executive Officer of the company from January 1, 2020. He will succeed outgoing CEO Dominic J. Addesso, whose retirement was announced back in January 2019. Andrade ... Read the full article
AXA grows revenues by 4% in H1, boosted by AXA XL results
1st August 2019
Global re/insurer AXA has reported that its gross revenues increased by 4% to €57.9 billion in the first half of 2019, boosted by growth in its recently integrated AXA XL division. AXA XL recorded gross revenues of €10.4 billion for the first six months of the year, representing an increase of ... Read the full article
Capital One cyber breach may have affected other major companies, say researchers
1st August 2019
It's been reported that the alleged hacker behind the Capital One data breach may have also hit other major companies, which if true, could result in the largest cyber loss event the insurance industry has ever seen. On July 29th, 2019 Capital One said that an individual accessed its IT systems, ... Read the full article
Generali profits up by 7.6%, with positive results across all segments
1st August 2019
Italian insurance giant Generali has reported that its operating result grew by 7.6% to €2.7 billion during the first half of 2019, driven by positive developments across all of its business segments. Operating results improved from €2.5 billion in H1 2018, while net profit also rose 6.4% to €1.3 billion this ... Read the full article
Higher loss and LAE pushes UPC Insurance to net loss in Q2
1st August 2019
Property and casualty insurance holding company, United Insurance Holdings Corp. (UPC Insurance), has reported a net loss of $2.9 million for the second-quarter of 2019, driven mostly by an increase in loss and loss adjustment expenses (LAE) when compared with the same period in 2018. Quarterly net income declined by almost ... Read the full article
James River announces 20% jump in net income, management shift
1st August 2019
James River Group Holdings, Ltd.'s second-quarter 2019 net income increased by 20% to $20.3 million when compared with the second-quarter of 2018, while its Group combined ratio improved to 95.2%. Adjusted net operating income improved from $17.6 million in Q2 2018 to $20.2 million in Q2 2019, while the year-to-date 2019 ... Read the full article
Willis Towers Watson acquires specialist M&A broker Risk Capital Advisors
1st August 2019
Willis Towers Watson said this morning that it has acquired Risk Capital Advisors, a leading mergers & acquisitions broking specialist focused on business in Australia, New Zealand and South Africa. Adding to its specialist insurance and reinsurance broking capabilities and broadening its reach globally, has been part of the strategy for ... Read the full article
Chaucer names Head of Underwriting for Dublin business
1st August 2019
Chaucer, the specialty international re/insurance group, has announced the appointment of Jonathan Sutcliffe to the newly created role of Head of Underwriting at Chaucer Insurance Company DAC in Ireland. Sutcliffe will assume a leadership role in the overall direction and management of the business, which trades as Chaucer Dublin. His responsibilities will ... Read the full article
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