Reinsurance News
Greenlight Re reports Q3 net loss as nat cats hamper underwriting operations
3rd November 2022
Greenlight Re has announced a net loss of $18.5 million for the third quarter of 2022, stating that Hurricane Ian loss, while manageable, overshadowed the significant progress the company has made in its underwriting operations. This has widened somewhat compared to a net loss of $13.9 million in Q3 of 2021. ... Read the full article
Challenges of the moment shouldn’t distract from climate targets: Mumenthaler
3rd November 2022
Christian Mumenthaler, Group Chief Executive Officer at Swiss Re, has urged for more collaborative action from public and private sector interests towards meeting climate targets and reversing the harmful impacts of climate change. Writing as part of a recent blog post for Swiss Re, the CEO acknowledged that the immediate focus ... Read the full article
Kemper reports a net loss of $76.2m in Q3
3rd November 2022
Kemper Corporation has reported a net loss of $76.2 million for the third quarter of 2022, compared to a net loss of $75.3 million for the third quarter of 2021. Total revenues for Q3 of 2022 decreased $67.0 million, or 5%, to $1,377.6 million, compared to Q3 of the previous year, ... Read the full article
Allstate reports $694mn net loss in Q3 results
3rd November 2022
Allstate has announced a net loss of $694 million for the third quarter of 2022, compared to a net income of $508 million in the prior year quarter, primarily due to an underwriting loss and equity valuation declines. The company’s adjusted net loss for the quarter was $420 million, compared to ... Read the full article
SiriusPoint shuts offices in property cat restructure, after Q3 loss
3rd November 2022
SiriusPoint has announced plans to close three offices from which it underwrites property catastrophe reinsurance and reduce its footprint in two more, as it looks to restructure its underwriting platform following a net loss of $98 million for the Q3 period. The company reported an underwriting loss of $47 million for ... Read the full article
Hannover Re & Munich Re planning alternative investment joint-venture
3rd November 2022
Hannover Re and Munich Re, two of Europe's big four reinsurance companies, are awaiting regulatory approvals for an alternative investment joint-venture, designed to increase the diversification of a combined private equity portfolio, while likely leading to better terms and conditions on new investments. On a recently held earnings call to ... Read the full article
Apprehensive outlook for energy & insurance industries: WTW
3rd November 2022
According to a report from the global advisory, broking and solutions company, WTW, both the energy and the insurance industries have a lot to be apprehensive about heading into the January renewals, as global geopolitical and economic uncertainties continue to intensify. A number of factors have contributed to this new “apprehensive ... Read the full article
Chubb hires Turberville from AGCS to lead Hull for Global Markets division
3rd November 2022
Chris Turberville has decided to leave Allianz Global Corporate & Specialty (AGCS) to join global insurer Chubb as its new Head of Hull for Chubb Global Markets, the firm's London Market wholesale and specialty business including its Lloyd's platform. In his new role, Turberville assumes responsibility for the management, oversight, and ... Read the full article
Lancashire Holdings sees gross written premiums up by 34.3%
3rd November 2022
Lancashire Holdings has released its result for the first nine months of this year, saying that gross written premiums grew by over a third in this time to reach $1.3bn. A statement from the firm also said that it expected to see net losses from Hurricane Ian in the region of ... Read the full article
Markel prepared to walk away from poorly priced business: Co-CEO Whitt
3rd November 2022
Markel Co-CEO Richie Whitt has asserted that his company is “prepared to walk away from business that is not adequately priced” as it contends with inflationary pressures and a volatile investment market. Markel reported a comprehensive loss of $367.4 million for the third quarter of 2022, due mainly to investment ... Read the full article
AXA XL Re nat cat reduction continues to offset revenue growth
3rd November 2022
Global insurer AXA has reported that its gross revenues increased by 2% to €78.4 billion over the first nine months of 2022, as strong growth across the company’s commercial and personal lines business was offset by a reduction in natural catastrophe exposure for AXA XL Reinsurance. Overall property and casualty (P&C) ... Read the full article
Chedid Re launches brokerage services in France
3rd November 2022
Chedid Re has announced that its Paris office has received a license to conduct insurance and reinsurance brokerage activities in France, extending the network of Chedid Re Global Operations. Farid Chedid, Chairman and Group CEO of Chedid Capital, described the launch of Chedid Re in France as a “milestone in the ... Read the full article
Hannover Re posts rise in net income despite large losses exceeding budget for 9M 2022
3rd November 2022
German reinsurer Hannover Re has reported group net income growth of 1.7% to €871 million for the first nine months of 2022, despite the firm's net large losses coming in above budget for the period at €1.484 billion. Alongside slight growth in net income, Hannover Re's 9M 2022 operating profit rose ... Read the full article
AXA XL Insurance names Brian O’Neill head of Crime and Crisis Management
3rd November 2022
Brian O'Neill has been named head of AXA XL's Crime and Crisis Management business, part of AXA XL Professional insurance division, in North America. The role was formerly held by Greg Bangs, who has announced his retirement. According to the announcement, O'Neill will be responsible for developing core underwriting strategies and ... Read the full article
NZIA launches public consultation on Target Setting Protocol V1.0
3rd November 2022
A public consultation period for Version 1.0 of the Net-Zero Insurance Alliance (NZIA) Target Setting Protocol has been launched. The Alliance has described it as the first of its kind for re/insurance underwriting portfolios. The Protocol outlines NZIA’s recommended approach to target-setting and reporting, as well as how it is expected ... Read the full article