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Reinsurance News

Everest increasingly optimistic as market dislocation creates opportunity

6th November 2019

The global re/insurance industry would have hoped for a chance to regroup in 2019 following the volume of losses over the previous two years, but instead, further losses have driven additional market dislocation, which in turn creates opportunity, according to John Doucette, EVP, President and Chief Executive Officer (CEO) of ... Read the full article

Third Point Re reports 217.3% rise in GWP, adds board member

6th November 2019

Hedge fund-backed reinsurer Third Point Re has posted a 217.3% increase in gross written premiums for the third quarter. This $65.3 million increase was primarily driven by a single retroactive reinsurance contract written in the period. Third Point Re reported a Q3 net loss of $15.1 million, compared to a $13.3 million ... Read the full article

Chairman Ed Noonan departs StarStone

6th November 2019

Specialty insurer StarStone has announced the departure of Ed Noonan as chairman and member of the group board. Noonan, who arrived at the firm in April this year, joined from Validus Group, where for 13 years he served as Chairman and Chief Executive Officer. Noonan was President and CEO of American Re ... Read the full article

TransRe results help Alleghany return to profitability in Q3

6th November 2019

Alleghany Corporation has returned to profitability during the third quarter of 2019, helped by positive results from its reinsurance business, TransRe. Alleghany posted operating earnings of $109.8 million in Q3 2019, compared to a loss of $16.0 million for the same period last year. Similarly, the company recorded underwriting profits of $32.8 ... Read the full article

FedNat hits 105.5% CR off nat cats, reinsurance costs

6th November 2019

Florida-based primary insurer FedNat Holding Company has reported a combined ratio for the third quarter of 105.5%, driven by 3.4 points of higher net catastrophe losses and 6.8 points from higher catastrophe reinsurance ceded premiums. The firm in the previous quarter of this year cited “severe and unusual” cat events ... Read the full article

HCI Group’s net income falls to $5.9 million in Q3

6th November 2019

InsurTech HCI Group has announced a decline in net income for the third-quarter of 2019 to $5.9 million, while a decline in underwriting profitability resulted in a combined ratio of 96%, compared with 92% for the same period last year. HCI Group's net income declined in Q3 2019 when compared with ... Read the full article

Tokio Marine HCC appoints Thomas Harmeyer as EVP

6th November 2019

Specialty insurance group Tokio Marine HCC has announced the appointment of Thomas Harmeyer as Executive Vice President (EVP), effective October 1, 2019. Harmeyer joined Tokio Marine HCC in 2003 and most recently served as Executive Chairman for its Cyber & Professional Lines and Public Risk Groups. Previously, he has held positions including ... Read the full article

Assurant falls to Q3 loss despite lower cat impact

6th November 2019

US specialty insurance group Assurant has posted a net loss of $59.5 million for the third quarter of 2019, despite a much smaller impact from catastrophe losses on its Global Housing segment. Assurant’s earnings were down from $48.3 million in Q3 2018, primarily due to charges related to the $124.8 million ... Read the full article

Malta could become alternative to the UK after Brexit: finance leaders

6th November 2019

Malta could develop into an alternative base for UK re/insurers after Brexit, according to leading figures from financial and re/insurance industry bodies in Malta. Speaking at a recent roundtable in London, Matthew Bianchi, Governor of FinanceMalta, said expected the jurisdiction to evolve into an attractive option for re/insurers looking to retain ... Read the full article

Concirrus names Adrian Turner as CFO

6th November 2019

InsurTech Concirrus has appointed Adrian Turner, previously of Guidewire, as its new Chief Financial Officer (CFO), reporting the firm's Chief Executive Officer (CEO), Andrew Yeoman. Turner brings more than two decades of industry experience to the role and joins from Guidewire, where he most recently served as International Finance Director. In ... Read the full article

Flood Re launches Flood Risk Charter

6th November 2019

Flood Re, the UK’s government-backed reinsurance scheme, has launched a Flood Risk Charter alongside the National Flood Forum (NFF) at a Parliamentary event. The charter contains a list of recommendations designed to help communities feel safe in the face of the increasing threat of flooding. It calls for more funding to improve ... Read the full article

Argo CEO Watson steps down with immediate effect

6th November 2019

Specialty re/insurer Argo has announced the departure of Mark E. Watson III as Chief Executive Officer, effective immediately. President of Argo Group US Kevin J. Rehnberg has been named as Interim CEO while Watson will continue as a member of the board and as an advisor until the year’s end to ... Read the full article

AXIS Capital invests in health insurtech firm

6th November 2019

Bermudian insurance and reinsurance firm AXIS Capital Holdings Limited has invested in health insurance-technology firm AXIS Capital participated in the insurtech’s Series B round of funding alongside CNO Financial Group and Second Alpha Partners, a New York-based private equity firm specialising in technology-enabled companies. The investment round brings’s total capital ... Read the full article

Robert Fettman joins Global Insurance Practice at Debevoise & Plimpton

6th November 2019

International law firm Debevoise & Plimpton LLP has announced that Robert Fettman has joined its New York office as Counsel in the Global Insurance Practice. Fettman has represented insurance clients in a range of transactional and regulatory matters, including those related to insurtech such as blockchain, smart contracts, and AI. His representations ... Read the full article

Hannover Re misses CR target as large losses dent Q3 results

6th November 2019

German reinsurer Hannover Re has posted strong growth in its net income over the first nine months of 2019, but its combined ratio (CR) missed targets due to the large losses incurred during the third quarter. At September 30, Hannover Re’s net income for 2019 stood at €1.0 billion, representing a ... Read the full article

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