Reinsurance News
Aon acquires ERN to drive cat modeling & consultancy in LatAm
9th November 2022
Global professional services firm, Aon, has acquired ERN (Evaluación de Riesgos Naturales), a Mexico-based leader in risk assessment modeling. The acquisition will help drive and expand Aon’s catastrophe modeling and consultancy capabilities in Latin America. Founded in 1996, ERN has developed modeling capabilities that are specific to Latin America and backed by ... Read the full article
Jens Warkentin named head of Talanx Group’s Retail Germany Division
9th November 2022
Germany’s Talanx Group, the parent of reinsurer Hannover Re and HDI Global, has announced Jens Warkentin will join Talanx AG’s Board of Management, becoming head of the Retail Germany Division and CEO of HDI Deutschland AG, as Dr Christopher Lohmann steps down to pursue a career change. Talanx states that the ... Read the full article
Corebridge Financial reports net income of $2.4 billion for Q3
9th November 2022
Corebridge Financial has reported a net income of $2.4 billion in Q3 following the completion of its initial public offering in September, in which parent company AIG sold approximately 12.4% of its common stock. This compares to a net income of $1.4 billion in the prior-year quarter, with Corebridge stating that ... Read the full article
HCI Group reports $51.5mn net loss in Q3 results
9th November 2022
HCI Group has reported a net loss of $51.5 million in the third quarter of 2022, compared to a net loss of $4.9 million from the third quarter of 2021. At the same time, the company’s net loss for the year so far currently stands at $57.3 million compared to a ... Read the full article
Ageas reports €111m net result for Q3
9th November 2022
Brussels-headquartered multinational insurer Ageas, has reported a group net result of €111 million for the third quarter of 2022. At the same time, for the year so far, Ageas’ net result sits at €567 million. The company specified that both of these figures exclude RPN(i), a financial instrument held by Ageas used ... Read the full article
Aviva reports GWP growth of 10% in Q3 to £7.2bn
9th November 2022
Aviva has reported general Insurance gross written premiums are up 10% to £7.2bn in the third quarter of 2022, compared to £6.5bn for the same quarter last year. The firm notes UK GWP are up 7% to £3.9bn and Canada GWP are up 8% at constant currency to £3.0bn, while combined ... Read the full article
Lemonade Q3 premiums increase but loss grows
9th November 2022
A letter from Lemonade to its shareholders says that in-force premiums (IFP) with the firm have risen 76% year on year to reach $609m in Q3 2022. The insurer said that (IFP) stood at $347m in Q3 2021 and at $189m in Q3 2020. Gross earned premiums over the same periods ... Read the full article
COP27: MMC partners with Arsht-Rock to mobilise insurers on climate
9th November 2022
Marsh McLennan (MMC) has entered into a partnership with the Atlantic Council’s Arsht-Rockefeller Foundation Resilience Center (Arsht-Rock) to help mobilise the insurance and reinsurance sectors in support of the UN’s Race to Resilience campaign for climate resilience. The partnership will seek to showcase innovative disaster risk reduction initiatives that move communities ... Read the full article
Heritage sees $48.2m loss in Q3
9th November 2022
Heritage has reported its Q3 2022 results, saying that it saw a net loss in the period of $48.2m, compared to one of $16.4m in the same three months in 2021. Despite the losses, the firm still said that its gross written premiums had gone up 11.1% between Q3 2021 and ... Read the full article
Climate change moving faster than expected, with more severe impacts: IFoA & CCAG
9th November 2022
According to a joint report from the Institute and Faculty of Actuaries and the Climate Crisis Advisory Group, climate change has been underestimated and is progressing more quickly than anticipated, with severe impacts already being felt by millions globally at current levels of warming. The climate emergency report suggests that greenhouse ... Read the full article
Conduit Re reports strong premium income growth in Q3
9th November 2022
Conduit Re says its Q3 2022 results show strong premium income growth, with balance sheet strength and underwriting focus putting it in ‘an excellent position’ in ‘exceptional’ market conditions. The firm said in a statement that it had seen $600.9m of estimated ultimate gross premiums written for the nine months ended ... Read the full article
SCOR reports 9M net loss amid nat cat claims of €907m and strengthening of P&C reserves
9th November 2022
Global reinsurer SCOR has reported a net loss of €509 million for the first nine months of 2022, as natural catastrophe claims increased to €907 million while the firm took a number of meaningful actions on its balance sheet during the period, including strengthening its P&C reserves. The 9M 2022 P&C ... Read the full article
Interest rate impact on re/insurers depends on accounting methods: AM Best
9th November 2022
Substantial increases in interest rates globally have significantly affected the balance sheets of some insurers this year, though the impact will depend on the accounting methods employed, suggests AM Best. The rating agency notes that insurers in countries using a market value approach saw material declines in available capital from unrealised ... Read the full article
SCR ratio reduction unlikely to have significant impact: GlobalData
9th November 2022
Solvency capital requirements for UK insurers may be relaxed in the near future following the September 2022 mini budget, but according to GlobalData, findings have shown that leading UK insurers are not coming close to the existing limits. GlobalData stated that as part of the mini-budget, the current Solvency Capital Requirement ... Read the full article
AXA XL expands Lawyer’s E&O offering with cyber insurance option
9th November 2022
AXA XL, the property & casualty and specialty risk division of AXA, has added Cyber Suite, a cyber and security insurance coverage as an option to its Lawyers' Errors & Omissions (E&O) insurance program. According to the announcement, this move aims to help lawyer firms minimise the high financial cost and ... Read the full article