Reinsurance News
The Hanover announces cat losses of $90m for Q3
20th October 2022
Property and casualty insurance company The Hanover Insurance Group has announced a preliminary estimate for third quarter catastrophe losses of approximately $90m, before taxes, or 6.8 points of net earned premiums. In a statement, the firm said that the estimate is approximately $22m above the company's pre-tax third quarter catastrophe assumption, ... Read the full article
Chubb names Bill Hazelton Head of North America Industry Practices
20th October 2022
P&C insurance company Chubb has appointed Bill Hazelton as Executive Vice President, Head of North America Industry Practices. In this newly created role Hazelton will focus on providing extensive industry-focused insurance coverages, risk engineering and claims services to customers across targeted practices in North America. These include Real Estate & Hospitality, ... Read the full article
Potential insured flood losses pushed above NFIP’s median: Morgan Stanley
20th October 2022
The scope and intensity of Hurricane Ian have pushed potential insured flood losses above the median with reinsurers and auto carriers on the hook, according to analysts at Morgan Stanley. Cat model estimates for Hurricane Ian's flood-based insured losses are at an average of $11 billion, which is ~3x the median ... Read the full article
Amazon a “serious threat” to UK price comparison sites
20th October 2022
With the recent launch of the Amazon Insurance Store, Amazon could become a “serious threat” to the ‘big four’ price comparison sites of household insurance - Compare the Market, Go Compare, MoneySuperMaket, and Confused.com - ruling the UK market, according to GlobalData. Amazon’s reputation for digital expertise and value in the ... Read the full article
Inver Re names Chris Carney as Head of Commercial Operations
20th October 2022
Inver Re, The Ardonagh Group’s reinsurance broker, has announced the appointment of Chris Carney to the new role of Head of Commercial Operations. Carney holds over three decades of insurance experience, including time spent at Marsh UK as COO of the Markets Division, and at Willis UK as Executive Director of ... Read the full article
Guy Carpenter’s Q3 revenue up 7% as Marsh McLennan reports solid set of results
20th October 2022
Global brokerage Marsh McLennan (MMC) has reported a solid set of results for the third quarter of 2022, supported by underlying revenue growth of 7% at its reinsurance arm, Guy Carpenter. Across the business, MMC's consolidated revenue in Q3 2022 increased by 4%, or 8% on an underlying basis to $4.8 ... Read the full article
Blunck to succeed Jeworrek as Chair of Munich Re’s Reinsurance Committee
20th October 2022
The Supervisory Board of Munich Re has announced that it has appointed Dr Thomas Blunck as the Chair of the Reinsurance Committee of the Group’s Board of Management with effect from January 1, 2023. Blunck will succeed Dr Torsten Jeworrek, who will be stepping down from the Board of Management of ... Read the full article
William Degnan named Chief Claims Officer at Universal
20th October 2022
Universal Insurance Holdings has announced the appointment of William Degnan as Chief Claims Officer. Degnan was previously Executive Vice President, Claims of Alder Adjusting Corporation, Universal’s wholly owned claims adjusting subsidiary. As Chief Claims Officer, Degnan will continue to lead enterprise-wide claims processing and adjusting, overseeing over 300 professionals and multiple third-party ... Read the full article
Bleak outlook for Europe as inflation to remain high in 2023: Munich Re
20th October 2022
According to a report from Munich Re, inflation is set to remain high in 2023, leading to a bleaker economic outlook for Europe as mixed crises are causing unprecedented levels of complexity in the business environment for re/insurers worldwide. Thomas Blunck, a Member of the Board of Management, commented, "The outlook ... Read the full article
CFC hires George Beattie to be new head of innovation
20th October 2022
Specialist insurance provider CFC has hired George Beattie to be its new head of innovation. The firm said that Beattie, in his new role, will be leveraging its technology and data science. He begins in January 2023 and joins CFC from Beazley where he has lead the incubation underwriting function for ... Read the full article
Investors seek to instate new Argo directors to “unlock value”
20th October 2022
Activist investors are seeking shareholder support to elect two new directors to Argo’s Board in order to address what they label as “years of underperformance and poor decision-making” at the company. Capital Returns Master, Ltd., a Cayman Islands exempted company, and other participants want to see the new directors approved at ... Read the full article
Allstate to recover 45% of $671m Hurricane Ian loss from reinsurers
20th October 2022
US primary insurer Allstate has announced that it expects to incur a net loss between $675 million and $725 million for the third quarter of 2022, largely due to the impacts of Hurricane Ian. Catastrophe losses for the third quarter, net of reinsurance, are estimated to be $763 million, pre-tax. Gross catastrophe ... Read the full article
Reinsurance rate rises to accelerate at January renewals: Jefferies
20th October 2022
A recent report from Jefferies suggests it is "inevitable" that reinsurance prices will not only rise at the upcoming January renewals, but will also accelerate their momentum year-on-year. Jefferies attributes this assessment to a high level of catastrophe losses and underlying margin weakness. In the report, the firm added, "Our confidence in ... Read the full article
RenRe pegs hurricane Ian loss at $540m, expects Q3 net loss
20th October 2022
Bermuda-based reinsurer RenaissanceRe Holdings Ltd. has announced estimated catastrophe losses of $650 million for the third quarter of 2022, of which the majority, or $540 million relates to hurricane Ian. Alongside Ian, losses from other catastrophe events in the quarter, as well as the aggregated losses associated with these and other ... Read the full article
Everest Re estimates $730m of Q3 catastrophe losses, $600m from Ian
20th October 2022
Global insurance and reinsurance group Everest Re has pre-announced an estimated $730 million of catastrophe losses for the third-quarter of 2022, $600 million of which are related to hurricane Ian. For hurricane Ian, Everest Re said that its loss estimate is based on an insurance industry-wide loss pick of approximately $55 ... Read the full article