Reinsurance News

AXA tops list of largest EU insurers ranked by GPW

1st August 2022

When ranked by gross premiums written (GPW) in 2020, AXA tops the list of the largest European insurance companies with USD 115.3 billion. The insurer also recorded USD 80 billion of capital & surplus from 2020. Based on research data from ratings agency AM Best, our directory ... Read the full article

CNA Financial sees fall in Q2 net income

1st August 2022

Chicago-based insurer CNA Financial Corporation has reported a net income of $205 million for the second quarter of 2022, after falling from $368 million from the prior year period. Core income for the quarter was $245 million, compared to $341 million from the prior year quarter. At the same time, net investment ... Read the full article

AM Best puts Fidelis under negative review after MGU launch

1st August 2022

AM Best has placed the financial strength ratings of Fidelis and its subsidiaries under review with negative implications, following last week’s announcement that Fidelis plans to set up a new managing general underwriter. Provided regulatory approval is received, Fidelis MGU will be separated from the existing Fidelis companies and will ... Read the full article

Allianz Commercial prevented £36.8m of insurance fraud in H1

1st August 2022

Allianz Commercial is reporting that it has prevented £36.8m worth of insurance fraud in the first six months of the year, with marked increases in the property and casualty sectors. In a statement, the firm said that the fraud detected in H1 2022 is a 23% increase over the same period ... Read the full article

Acrisure Re enters broking partnership with LEUE & NILL

1st August 2022

Acrisure Re, the reinsurance division of global insurance broker and fintech platform, Acrisure, has entered into a strategic broking partnership with German broker, LEUE & NILL, effective immediately. One of the largest insurance brokers in Germany with more than 500 employees, LEUE & NILL provides a full range of insurance services ... Read the full article

Marco appoints Stefan Habereder as group chief actuary

1st August 2022

European P&C Run-off specialist Marco has said that Stefan Habereder is join the firm as group chief actuary at the beginning of August. Habereder is joining a firm that received RITC Syndicate 1254 permission in February to write business. Back then, Marco Capital was granted ‘in principle’ approval to launch a ... Read the full article

AM Best revises outlooks to negative for WAICA Re

1st August 2022

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good) of WAICA Reinsurance Corporation PLC (WAICA Re). Additionally, the rating agency has also revised the Long-Term Issuer Credit Rating of “bbb-” (Good) of the West African reinsurer. Am Best notes that the credit ... Read the full article

New Zealand claims payouts for extreme weather approaching $200m in H1 2022

1st August 2022

Data released by the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) says that total insurance payments for extreme weather events is already nearing $200m in H1 2022. This compares to last year, when a total of $324m was paid out—an annual record at the time. This new data ... Read the full article

Industry reserves strengthen in 2021: Morgan Stanley

1st August 2022

Industry overall (all lines combined) reserves at YE21 are stronger than at YE20, mainly due to excess in recent accident years, according to analysis by Morgan Stanley. This excess, reflects continued conservatism following the Covid-19 pandemic, analysts noted, which varied by claim and by line. They estimate a cushion of about $14 ... Read the full article

Kinsale Capital Group reports GWP growth of 43% in Q2 results

1st August 2022

Kinsale Capital Group has reported a net income of $27.1 million for the second quarter of 2022, compared to a net income of $35.6 million from the second quarter of 2021. The company also reported a net income of $58.9 million for 1H22, compared to $67.7 million from 1H21. At the same ... Read the full article

Strict underwriting will dominate cyber market – S&P

1st August 2022

Ransomware shouldn't be an existential threat to the cyber insurance sector, thanks to a combination of policyholder education, the provision of services to reduce claim values, and policy rate adjustments, S&P Global Ratings says. Yet making a steady profit from cyber will remain challenging for insurers, S&P believes, ... Read the full article

US MPCI premiums surged 40% to $14.9bn last year

1st August 2022

Premiums in the federal multi-peril crop insurance (MPCI) program surged in 2021 to a record high of $14.9bn, an increase of nearly 40% over the previous year, according to an AM Best report. The new report, US Crop Writers Benefit From Rising Commodity Prices and Innovation, also states that private crop ... Read the full article

Cat models still not fully reflecting climate change, says RenRe CEO

29th July 2022

Commercially available catastrophe models are still not properly reflecting the impacts of climate change as an evolving phenomenon, according to RenaissanceRe’s Kevin O’Donnell. Speaking on an earnings call following the release of RenRe’s Q2 results, O’Donnell addressed a variety issues, including the poor historic performance of cat models. The reinsurer fell ... Read the full article

Coface reports €144.4m income so far this year

29th July 2022

Coface has reported H1 2022 income of €144.4m in its latest results. According to the Paris-based firm, it saw turnover in the period of €895m. The insurer said in a statement that Trade Credit Insurance premiums were growing by 16.1%, growth that was driven by ‘high client activity’ in an inflationary ... Read the full article

Gallagher Re names Kelli Morash EVP in North America

29th July 2022

Global reinsurance broker, Gallagher Re, has appointed veteran Kelli Morash as Executive Vice-President in North America. Morash will be based in Dallas, Texas, where as a senior sales leader, and part of the newly established NA sales vertical, will play a key role in driving new business growth by drawing on ... Read the full article