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Chubb’s Q2 net income improves significantly to $2.27bn

28th July 2021

Global insurance carrier Chubb has reported net income of $2.27 billion for the second-quarter of 2021 against a net loss of $331 million a year earlier, as catastrophe losses fell significantly, year-on-year. Alongside the robust improvement in net income, Chubb's operating income also swelled in Q2 2021, reaching $1.6 billion compared ... Read the full article

Conduit Re posts GWP of $210m for first six months of trading

28th July 2021

Recently launched property and casualty reinsurer, Conduit Holdings Limited, has reported estimated ultimate premiums written of $333.1 million for the first half of 2021, as well as losses related to Winter Storm Uri in the US of $6 million. In May, Conduit Re reported a successful first-quarter of trading with ... Read the full article

Enstar agrees £400m ADC with RSA

28th July 2021

A wholly-owned subsidiary of Enstar Group Limited has signed an agreement with Royal & Sun Alliance Insurance Limited (RSA) to provide adverse development cover (ADC) for certain businesses of RSA and its subsidiaries, in exchange for premium. The ADC will provide £400 million of aggregate cover in excess of a £2.595 ... Read the full article

Peak Re to acquire remaining 50% stake in NAGICO

28th July 2021

Hong Kong headquartered reinsurer, Peak Reinsurance Company Limited (Peak Re), has agreed to acquire the remaining 50% issued share capital of NAGICO Holdings Limited, a leading Caribbean insurance group. Peak Re acquired a 50% stake in the company back in 2016 and this latest transaction is a natural next step, says ... Read the full article

Markel UK partners with Cytora to streamline P&C risk intake

28th July 2021

Specialist insurer Markel UK has partnered with Cytora to deploy the insurtech's platform as the carrier looks to streamline its risk intake across UK property and casualty (P&C) lines of business. This partnership will enable Markel to enhance capacity and accelerate profitable growth, while giving brokers and clients better service. It's expected ... Read the full article

SCOR’s net income rises to €380m; COVID BI claims return

28th July 2021

Global reinsurer SCOR has reported net income of €380 million for the first-half of 2021 and gross written premiums (GWP) of €8.44 billion, representing growth of more than 9% at constant exchange rates. Net income of €380 million is a huge improvement from the income of €26 million posted for the ... Read the full article

CLARA hires Tom Warden as Chief Insurance and Science Officer

27th July 2021

CLARA Analytics, a provider of artificial intelligence (AI) technology in the commercial insurance industry, has appointed Tom Warden as Chief Insurance and Science Officer. Warden is an experienced leader in using data, analytics and AI to solve complex business problems, and will apply his skills to oversee CLARA’s scientific, technological and ... Read the full article

AIR Worldwide updates Japanese earthquake and typhoon models

27th July 2021

Catastrophe risk modelling firm AIR Worldwide has updated its earthquake and typhoon models for Japan to help provide re/insurance companies with a more  comprehensive view of risk in the region. AIR's earthquake model captures the country's seismicity by generating events along known crustal faults, along and within subduction zones, and within ... Read the full article

Increase reported in P&C insurers’ Q1 net income: Verisk, APCIA

27th July 2021

According to Verisk and American Property Casualty Insurance Association (APCIA), private property & casualty (P&C) insurers in the United States saw their net income increase in the first quarter of 2021 compared to the previous year, while their combined ratio worsened. The report noted that insurers’ net income after taxes increased ... Read the full article

Insured losses from Germany floods rise to an estimated €4.5-5.5bn, says GDV

27th July 2021

The German Insurance Association (GDV) has updated its insurance and reinsurance industry loss estimate for the recent flooding that devastated parts of the country to between €4.5 billion and €5.5 billion, of which around two-thirds are for damages in Rhineland-Palatinate. Over July 13th to 18th, major flooding impacted parts of Central ... Read the full article

Global commercial insurance pricing up 15% in Q2, finds Marsh

27th July 2021

Global commercial insurance prices increased 15% in the second quarter of 2021, according to the latest market index report by Marsh. It's reported that this year marks the 15th consecutive quarter of rate increases in the global commercial insurance market. Furthermore, it marks the third consecutive quarter to show a fall in ... Read the full article

LMG adds Patricia Roufca to board of directors

27th July 2021

The London Market Group has announced the addition of Patricia Roufca to its board of directors, representing the market on behalf of the International Underwriting Association. Roufca brings over 15 years of experience within the insurance sector, having worked as Group General Counsel and Director of Strategic Execution at Fidelis Insurance. Prior to ... Read the full article

Brown & Brown reports $129mn increase in revenues during Q2

27th July 2021

Brown & Brown has announced GAAP revenues for the second quarter of 2021 totalling $727.3 million, up $128.5 million from the prior year period. Net income was $139.3 million, increasing $42.5 million, or 43.9%. Compared to the second quarter of the prior year with commissions and fees increased by 21.3% and Organic ... Read the full article

Henan floods to further suppress Chinese insurers’ underwriting: Fitch

27th July 2021

According to Fitch Ratings, the insurance losses from severe floods in Henan province will further suppress the underwriting margin of Chinese non-life insurers in 2021. This will add to most motor insurers’ deterioration in claims after the implementation of comprehensive motor insurance pricing reform in September 2020. The rating agency expects insurance ... Read the full article

Mapfre’s combined ratio falls to 95.1% in H1

27th July 2021

Spanish re/insurer Mapfre has released its H1 2021 results, showing an improved combined ratio of 1.6 points to stand at 95.1%, compared to 96.7% from the year prior. The group’s premiums grew by 6.2% in the first six months of the year, reaching almost €11.7 billion. It also announced its earnings have ... Read the full article

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