Reinsurance News
B3i conceptually interesting, but required end-to-end view: Swiss Re execs
29th July 2022
Executives at reinsurance giant Swiss Re have said this morning that while conceptually the Blockchain Insurance Industry Initiative (B3i) remains an interesting opportunity, it didn't seem like it was going to be profitable and required an end-to-end view. It was announced yesterday that B3i has filed for insolvency after failing ... Read the full article
Fairfax Financial announces net loss for Q2 2022
29th July 2022
Fairfax Financial Holdings has announced a net loss of $881.4m in Q2 2022 after net earnings of $1,201.4m in the same period the year before. Concurrently, the firm is reporting increases of 27.5% and 40.5% year on year between Q2 2021 and Q2 2022 in gross written premiums for Odyssey Group ... Read the full article
AXA XL appoints Christopher Lee head of E&S property insurance
29th July 2022
AXA XL, the property & casualty and specialty risk division of AXA, has promoted Christopher Lee to lead its Excess & Surplus property insurance business. Based in New York, Lee will be responsible for the underwriting management of AXA XL's book of E&S property business. He will report to Michele Sansone, Chief ... Read the full article
Claims from Australian flooding hit $5.134bn
29th July 2022
The Insurance Council of Australia (ICA) says that more than $2bn has been paid out to customers impacted by the flooding in February and March that hit south-east Queensland, the Northern Rivers, and other parts of new South Wales. According to the ICA, the latest figures are an increase of 6% ... Read the full article
Liberty Mutual acquires AmGeneral
29th July 2022
Liberty Mutual Insurance has completed its acquisition of Malaysian insurer AmGeneral, following regulatory approval and signing a purchase and sale agreement with AmBank. The merged entity will enter into an exclusive 20-year partnership with AmBank to distribute general insurance products. Subsequently, AmGeneral and Liberty Insurance Berhad operations will merge, and ... Read the full article
Brit posts strong underwriting performance but investments dent H1 result
29th July 2022
Specialty insurer Brit has reported a loss of $186.9 million for the first half of 2022, compared with income of $204.3 million a year earlier, as a negative return on assets more than offset an improved underwriting result in the period. Across the group, Brit has reported H1 2022 gross written ... Read the full article
The Hanover launches Hanover i-on Sensor Program
29th July 2022
Property and casualty insurance company, The Hanover Insurance Group, has announced the launch of its Hanover i-on Sensor Program, aimed to help reduce business losses. According to the announcement, it will offer a robust set of technology-based services to help business and organisation owners prevent workplace injuries, property damage, theft, and ... Read the full article
Cost of severe UK flood events could surge by 2050 – JBA
29th July 2022
The cost of a once-in-200-year flood event could escalate by 42% to £5bn by the middle of the century under an intermediate emissions scenario, according to a new report from JBA Risk Management. The report also finds that, in a scenario in which no actions were taken to ... Read the full article
Swiss Re returns to profit but H1 net income falls on investment result & Ukraine reserves
29th July 2022
Global reinsurance giant Swiss Re has reported a year-on-year decline in net income to $157 million for the first half of 2022, driven mostly by a lower investment result and reserves booked for the war in Ukraine in the first quarter. For H1 2022, Swiss Re has announced that reserves of ... Read the full article
Resilience makes hires within underwriting, claims, distribution & security
29th July 2022
Resilience, an industry leader in cyber insurance and security solutions, has announced five senior executive appointments, as the company continues its global expansion in the UK & Europe. Industry veteran, Simon West has been appointed as Cyber Advisory Lead. West has more than 25 years of global security risk management experience ... Read the full article
Motor insurance premiums lag claims inflation
29th July 2022
UK motor insurance premiums still lag claims inflation, analysts at investment bank Jefferies have reported. Motor insurance premiums were +9.5% higher in June 2022 year-on-year, according to Jefferies’ own tracker, based on monthly ONS data. Yet, while this seems encouraging, new business prices still appear to be lagging claims inflation, reported to ... Read the full article
Eigen’s IDP “makes data useful”
29th July 2022
Eigen Technologies, the intelligent document processing (IDP) provider, says it is helping insurers to make data useful and increase operational capacity. Eigen’s makes “no-code” software, allowing non-programmers to customise it to their needs through a graphical user interface. It extracts data and analyses the wording of contracts, policies, claims ... Read the full article
Sompo anchors additional PIPE investment in Wejo
29th July 2022
Insurer Sompo International Holdings has anchored Wejo’s self-arranged $15.9m private investment in public equity (PIPE) investment in the latter, according to an announcement. According to Richard Barlow, founder and CEO of Wejo - a British connected vehicle data start-up -, Sompo’s new investment will help the company continue to advance its ... Read the full article
Florida’s CFO says policyholders “will get the support they need”
28th July 2022
Florida’s Office of Insurance Regulation has made contingency plans to establish a temporary reinsurance arrangement through Citizens Property Insurance Corporation in the event of a “disruptive” financial rating downgrade from Demotech. Last week, Florida’s CFO, Jimmy Patronis, issued letters to Fannie Mae, Freddie Mac and the Federal Housing ... Read the full article
Donegal Group reports Q2 $8.2mn net loss
28th July 2022
US primary holding company Donegal Group posted a net loss of $8.2 million, compared to a net income of $16.2 million in the prior year quarter. Net premiums earned increased 6.0% to $204.1 million, compared to $192.4 million from Q2 21. At the same time, net premiums written were $218.4 million, a ... Read the full article