Reinsurance News
Safety National hires Steven Anderson as Director of Cyber Underwriting
8th August 2022
Safety National, a multi-line specialty re/insurer and member of the Tokio Marine Group, has appointed Steven Anderson as Director of Cyber Underwriting. He will be based out of Safety National’s Dallas, Texas, office. Anderson brings nearly 30 years of industry experience with him towards the role, which includes extensive insight across the ... Read the full article
Suncorp’s FY22 profit falls as nat cats exceed budget by AUD 101m
8th August 2022
Australian primary insurer Suncorp has reported a 34% decline in net profit to AUD 681 million for fiscal year 2022, as natural hazard costs exceeded budget in the period by AUD 101 million, leading to significant reinsurance recoveries. For the fiscal year ended June 30th, 2022, Suncorp has reported total natural ... Read the full article
R&Q reports 82% increase in gross written premiums
8th August 2022
R&Q is reporting an 82% increase in gross written premiums for the first six months of this year. The firm said in a statement that these had increased from $445m in H1 2021 to $807m in H1 2022. Program Fee Income in this period rose by 105%, said the firm, from ... Read the full article
No quick fixes in turning around a P&C business, says JP Morgan
8th August 2022
Last week's edition of Love Actuary, by JP Morgan, suggests turnarounds in P&C take time, there is no such thing as a very quick fix. The report states that P&C can be a cynical industry, even in the most vanilla products such as Motor Insurance, concluding that turnarounds take 2 to ... Read the full article
Phoenix Group to acquire Sun Life UK for £248 million
8th August 2022
Life consolidator Phoenix Group is set to acquire Sun Life UK, a closed book UK life insurance company, for £248 million, funded from existing cash resources. The deal is expected to deliver c.£470 million of incremental long-term cash generation, with approximately 30% of this cash generation to emerge in the first ... Read the full article
AmTrust Europe appoints two new board members
8th August 2022
AmTrust Europe Limited, a subsidiary of AmTrust Financial Services, has made two new board appointments as it looks to pursue growth in key lines of business. Andrew Bulley has been appointed Chair of AEL's Board and Chair of its Remuneration and Nomination Committee, replacing Robert Stansbury following his retirement. Bulley joined AmTrust ... Read the full article
ICA acknowledge High Court’s request for COVID-19 BI hearing
8th August 2022
The Insurance Council of Australia (ICA) has announced acknowledgement of the High Court’s request to hear arguments on the applications for special leave to appeal the Full Court of the Federal Court of Australia’s recent judgment on the interpretation of policy wordings in business interruption policies during COVID-19. This second BI ... Read the full article
AM Best revises outlooks for Core Specialty’s subsidiaries to positive
8th August 2022
Rating agency AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-“ (Excellent) of StarStone Specialty Insurance Company and StarStone National Insurance Company - both domiciled in Wilmington, DE and collectively are ... Read the full article
Mitsui Sumitomo reported on verge of $400m Transverse acquisition
7th August 2022
Japanese insurance group Mitsui Sumitomo has been reported to be on the verge of a $400 million acquisition of hybrid P&C program and fronting carrier specialist Transverse Insurance Group. Japanese newspaper the Nikkei reported the news and said a deal for the rumoured roughly $400 million acquisition could be announced before ... Read the full article
Berkshire Hathaway reports strong Q2 2022 P&C reinsurance result
6th August 2022
Berkshire Hathaway, the Warren Buffett-run holding company and conglomerate, had another very successful quarter in its P&C reinsurance business in Q2 2022, with the unit driving an improvement in underwriting result across its insurance enterprise. Overall, Berkshire Hathaway delivered a $581 million insurance and reinsurance underwriting result in the second-quarter of ... Read the full article
Arbol forms first captive insurer dedicated to climate risk management
5th August 2022
Insurtech platform and FinTech company Arbol has announced the formation of Climate Risk Insurance Company – the first captive insurance company dedicated to climate risk management. Based in Connecticut, Climate Risk Insurance Company will focus on helping businesses and corporations manage a range of risks, like temperature, rainfall, and catastrophic storms. The ... Read the full article
AXA XL appoints Lead Underwriter for War, Terrorism & Political Violence
5th August 2022
AXA XL has appointed Greg Johnson as lead Underwriter for War, Terrorism and Political Violence (WTPV) business for the Western Region of the US. Within this role, Johnson will be based in Los Angeles, where he will focus on growing the west coast terrorism portfolio, as well as monitoring financial exposure, and building and ... Read the full article
Tokio Marine’s international businesses produce 22% rise in profit in Q1
5th August 2022
Tokio Marine's international businesses produced a profit of JPY66.9 billion for the first quarter of the 2022 fiscal year, representing year-on-year growth of 15%, driven by a 22% rise in profit to JPY68.9 billion within non-life operations. While profit was strong across most of its international entities, in Europe, the firm ... Read the full article
Russia and Ukraine related losses make dent in MS Amlin Q1 results
5th August 2022
MS Amlin, a specialist re/insurer, has reported its fiscal year 2022 first quarter results, which saw a higher net loss driven by the impact of losses related to Russia and Ukraine, and a negative investment performance. For this year’s Q1, MS Amlin reported a net loss of £93 million, compared to ... Read the full article
Olympus Insurance appoints Mindy Barker as Chief Financial Officer
5th August 2022
Gemini Financial Holdings Corporation (GFHC), the parent company of Olympus Insurance Company, has appointed Mindy Barker to the position of Chief Financial Officer. Barker brings more than 30 years of experience towards the role. She brings a wide variety of public and private company experience in a range of finance and business ... Read the full article