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Reinsurance News

Arthur J. Gallagher acquires Koff & Associates

7th May 2021

Global insurance broker, Arthur J. Gallagher & Co. has acquired California-based Kaneko & Krammer Corp, which does business as Koff & Associates. Founded in 1984, Koff & Associates offers a full spectrum of HR services, including job classification and analysis, compensation studies, compliance, organisational assessments, performance management programs and recruiting services, ... Read the full article

RGA posts net profit of $139mn

7th May 2021

Life reinsurer Reinsurance Group of America (RGA) has reported a net income of $139 million for Q1 2021, compared to a net loss of $88 million for the prior-year quarter. In the first quarter, consolidated net premiums totalled $2.9 billion, an increase of 3% over last year’s first quarter, with a ... Read the full article

Zurich promotes Hayley Robinson to Group CUO

7th May 2021

Global insurer Zurich has promoted Hayley Robinson to the role of Group Chief Underwriting Officer (CUO), reporting to Sierra Signorelli, who was recently named Chief Executive Officer (CEO) for Commercial Insurance. Robinson currently serves as UK CUO and will take on her new role from June 1st, 2021, based in Zurich, ... Read the full article

TransRe’s combined ratio strengthens on lower cat & COVID losses

7th May 2021

Alleghany Corporation has reported a combined ratio of 99% for the first quarter of 2021 against 101.7% for the prior year period, helped in part by a $5 million underwriting gain at TransRe despite the impacts of winter storms in the U.S. and the pandemic. Overall, Alleghany has announced total revenue ... Read the full article

PERILS reports insured loss estimate of AUD $1.055bn for East Coast floods

7th May 2021

Zurich-based catastrophe insurance data provider, PERILS, has reported an initial insurance industry loss estimate of AUD $1.055 billion for the New South Wales and Queensland floods, which occurred in March this year. The East Coast of Australia experienced an extreme period of rainfall from 18th to 24th March, which resulted in ... Read the full article

AIG’s General Insurance unit posts $73m underwriting gain for Q1

7th May 2021

American International Group, Inc. (AIG) has reported net income of $3.9 billion for the first quarter of 2021, driven by an improved performance in both its General Insurance (GI) and Life and Retirement segments. Year-on-year, AIG's net income improved by roughly $2.2 billion from the $1.7 billion reported in Q1 2020. AIG ... Read the full article

Global Indemnity reports $5.4mn net income for the quarter

7th May 2021

Global Indemnity Group has reported net income of $5.4 million for the first quarter of 2020, compared to net loss of $44.6 million in the prior year period. However, adjusted operating income fell to $1.3 million from $10 million in 2020. An underwriting loss of $1.4 million compares to $10.6 million in ... Read the full article

Allstate seeks $400m of reinsurance in Q2 as storms erode cat bond protection

7th May 2021

US primary insurer Allstate is looking to secure a new, $400 million gap fill layer of reinsurance protection in the second quarter of 2021, taking its occurrence reinsurance tower to the largest it has ever been. The insurer has reported that losses from the Q1 winter storms and freezing weather in ... Read the full article

Liberty Mutual’s net income rises by 65% despite $1bn of catastrophe losses

7th May 2021

Liberty Mutual Holding Company Inc. and its subsidiaries has reported an almost 65% rise in net income, year-on-year, to $856 million for the first quarter of the year, despite elevated catastrophe losses. During Q1, the firm's partnership, LLC and other equity method investment portfolio generated $838 million in pre-tax operating ... Read the full article

Guy Carpenter unveils APAC Catastrophe Advisory Group

7th May 2021

Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has named Jeremy Waite as the lead of its newly launched Asia Pacific Catastrophe Advisory Group. The new advisory group is dedicated to the Asia Pacific region and will offer clients direct access to the broker's extensive catastrophe expertise and capabilities, which ... Read the full article

Aspen appoints Markel’s Laurie Shane to lead Outwards Reinsurance

6th May 2021

Bermudian re/insurer Aspen Insurance has announced the appointment of Laurie Shane as its new group head of Outwards Reinsurance and is set to begin her role on June 1. Shane joins from Markel and will report to Brian Tobben, Chief Executive Officer of Aspen Capital Partners. During her time at Markel she served ... Read the full article

Protective reports Q1 net income of $12.9mn

6th May 2021

Property and casualty insurance holding company Protective Insurance Corporation has reported a net income of $12.9 million, a vast improvement compared to its net loss of $22.2 million, for the prior year’s first quarter. Gross premiums written for the first quarter of 2021 increased 8.2% to $145.1 million compared to $134 ... Read the full article

Lockton announces senior leadership appointments

6th May 2021

Global re/insurance broker Lockton has announced that Jordan Burbach, Daniel Denham and Andrew Szot, have joined Lockton's Pacific region. Jordan Burbach has been appointed as Senior Vice President, Producer, having served as a Senior Vice President of Marsh's Global Private Equity and Mergers & Acquisitions Practice for more than seven years. He ... Read the full article

Bridge Specialty Group hires Anurag Batta as COO

6th May 2021

Bridge Specialty Wholesale, a wholly-owned subsidiary of Brown & Brown, has appointed Anurag Batta as Chief Operating Officer for Bridge Specialty Group, where he will be responsible for driving operational transformation and profitable growth. Batta brings over 20 years of strategic and operational leadership experience and deep industry expertise to Bridge Specialty ... Read the full article

Allstate falls to $1.4bn Q1 loss following sale of life and annuity businesses

6th May 2021

US primary insurer Allstate has reported $1.4 billion loss in the first quarter of 2021, compared to net income of $513 million in the first quarter of 2020, driven by the sale of Allstate Life Insurance Company and Allstate Life Insurance Company of New York. The company also sustained gross ... Read the full article

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