Reinsurance News
Diversification key in offsetting hardening reinsurance market: Lemonade
18th November 2022
In Lemonade's Q3 earnings call, Co-Founder and Co-CEO, Shai Wininger, and CFO, Tim Bixby, outlined the firm's approach to the current hardening reinsurance market, alongside how it will keep pace with high inflation. Wininger suggested that despite reinsurance companies having several rough years, this doesn't mean that they'll change Lemonade's business ... Read the full article
Tokio Marine HCC sees net premiums written increase 36% in Q2 results
18th November 2022
Tokio Marine HCC has reported a 35.6% increase in net premiums written in its Q2 2022 financial year results to JPY 367.5 billion ($2.63bn). Net premiums earned saw an even larger increase year over year of 46.8%, totalling JPY 327.4 billion ($2.34bn) compared to JPY 223 billion ($1.6bn) in 2021. Tokio Marine ... Read the full article
Oxbridge Re appoints Dwight Merren to new director role
18th November 2022
Oxbridge Re has appointed Dwight Merren as a director within the firm, according to a form filed with the US’s Securities and Exchange Commission (SEC). The form says that Merren is joining as Kris Persaud departs the company, following his resignation. Oxbridge Re acknowledged within the form that Merren is directly ... Read the full article
Lloyd’s syndicates to generate “respectable” returns despite Ian: Argenta
18th November 2022
Analysts at Lloyd’s managing agent Argenta believe that Lloyd’s syndicates could still provide “respectable” returns to capital for underwriting members for the 2022 year, despite the impacts of Hurricane Ian. The comments came as part of Argenta’s analysis of Lloyd’s syndicate forecasts for the 2020 and 2021 years of account, which ... Read the full article
Sompo Intl. underwriting profits up 57% on steady top-line growth
18th November 2022
Specialty property and casualty (P&C) re/insurance provider Sompo International has reported that its underwriting profits increased by 57% to $367 million for the first half of the 2022 fiscal year. As a result, its revised forecasts for the full-year are now up 43% to $610 million compared with 2021, including the ... Read the full article
Chubb increases stake in Huatai Insurance Group to 83.2%
18th November 2022
Chubb Limited has received regulatory approval from the China Banking and Insurance Regulatory Commission to increase its ownership in Huatai Insurance Group Company Limited from 47.3% to 83.2%. In November 2019, Chubb announced that it had increased its ownership in Huatai Insurance Group Company from 30.9% to 46.2%. Chubb noted that ... Read the full article
Q3 reporting highlights up to $50bn gap from disclosed Hurricane Ian losses: JP Morgan
18th November 2022
The total claims amount relating to Hurricane Ian, based on data from major European, American, and Bermudian insurers, are near the $20 billion mark, but with the largest industry loss estimates from the storm at around $70 billion, there could be a gap of roughly $50 billion from the losses ... Read the full article
AXA XL announces regional leader promotions for D&O underwriting teams
18th November 2022
AXA XL Insurance's Professional Liability team has announced that it has built out its regional underwriting management structure, by promoting five to Region Leader positions. The firms new Regional Leaders include Rob Martin, Ed Perry, Katie Konfala, Cara Hardacker, and Brendan Carpenter. AXA XL's enhanced Directors & Officers regional teams now include, Rob Martin who joins Greg McCoy and Jason Hawkins with ... Read the full article
SCOR sees ratings downgrade from S&P
18th November 2022
S&P has downgraded SCOR SE’s long-term issuer credit and financial strength ratings to ‘A+’. In moving SCOR from its previous rating of ‘AA-‘, S&P cited weak results at this point in 2022, along with droughts in Brazil, high natural catastrophe losses, and reserve strengthening in the property and casualty segment, along ... Read the full article
“Frenzy” of deals yields mixed outcomes for transactional risk insurers: Lockton
18th November 2022
Dealmakers continued with a “frenzy” of transactions over the latter half of 2021 and into 2022, leading to both positives and negatives in the transactional risk market, according to the latest market update from re/insurance broker Lockton. PwC figures show a 24% increase in deal activity from 2020, and Lockton Transactional ... Read the full article
European reinsurers see earnings drop in first nine months of 2022: Fitch
18th November 2022
A new report from Fitch Ratings says that the earnings of Europe’s four main reinsurers fell over the first nine months of this year, compared to the same period in 2021. The firm said that this was because of higher natural catastrophe losses, weaker investment returns, and reserve strengthening. On average, ... Read the full article
RPS outlines energy insurance industry impact of OPEC+ output cut
18th November 2022
Analysts at Risk Placement Services (RPS) have outlined the effects on the energy insurance industry following the OPEC+ meeting in early October where it agreed to a 2 million barrel per day (BPD) oil output cut. RPS notes that the decision was made due to many factors, though one thing that's ... Read the full article
Guernsey Finance appoints Business Development Representative for the Insurance Sector
18th November 2022
Guernsey Finance has appointed William Lewis Business Development Representative for the Insurance Sector. According to the announcement, this is the first time a sector-specific Business Development Representative has been appointed, with objectives directed by both Guernsey Finance and the Guernsey International Insurance Association (GIIA). The firm has said that this new appointment ... Read the full article
Africa Specialty Risks partners with Société Centrale de Réassurance
18th November 2022
Pan-African (re)insurer Africa Specialty Risks (ASR) has entered a partnership agreement with Moroccan reinsurer Société Centrale de Réassurance (SCR). A joint statement said that the pair will be combining capacities to write multi-business line coverage across Africa and the Middle East, with the joint capacity being led by the ASR team ... Read the full article
Green Shield announces $6.6m investment by Bindley Capital Partners
18th November 2022
Green Shield Risk Solutions, provider of risk mitigation strategies for catastrophe prone properties, has announced a $6.6 million investment to support the expansion of its risk mitigation solutions. According to the announcement, the investment supports Green Shield's focus on accelerated growth through risk mitigation and loss avoidance in the US Property ... Read the full article