Reinsurance News
S&P maintains negative outlook for global reinsurance sector
29th October 2021
According to a report from S&P Global Ratings, the global reinsurance sector has generated weak underwriting results in the past four years, from 2017-2020, with this current year shaping up to also be below-par, leading the ratings agency to stay negative on the industry. S&P noted that the industry continues to ... Read the full article
Carbon Underwriting announces two Data Analytics hires
29th October 2021
Carbon Underwriting has appointed Madu Gadzama as Data Analytics Engineer and Edward Saunders as Data Services Associate as the company continues to develop its data analytics capabilities. Saunders was previously an Assistant Accountant with Creaseys Group and prior to that, he was an IT project coordinator with AXA PPP Healthcare. These hires ... Read the full article
Claire O’Neill joins Hymans Robertson’s Risk Transfer team
29th October 2021
Hymans Robertson, the pensions and financial services consultancy, has appointed Claire O’Neill to further expand its Risk Transfer team. O’Neill joins from Mercer’s Risk Transfer team, where she focused on helping clients reduce the risk in their defined benefit pension schemes through a range of de-risking strategies, including both risk transfer ... Read the full article
Aon falls to $900mn Q3 loss after WTW merger collapse
29th October 2021
Re/insurance broker Aon has posted a net loss of $900 million and an operating loss of $801 million for the third quarter of 2021, after incurring $1.3 billion of charges related to the termination of its planned combination with Willis Towers Watson. But costs associated with the merger collapse disguised what ... Read the full article
Swiss Re CFO cautiously optimistic on 2022 rate improvements
29th October 2021
Swiss Re CFO John Dacey, speaking during a media call this morning, highlighted the reinsurer’s move away from certain lower-layers of risk to help protect earnings while expressing cautious optimism for industry-wide positive rate improvements in the run up to 1/1. Dacey noted how an increased frequency and severity of weather ... Read the full article
Daniel Smyrl named president of Admiral Insurance Group
29th October 2021
W. R. Berkley Corporation has appointed Daniel Smyrl as president of Admiral Insurance Group. He succeeds Curtis Fletcher, who has been named chairman of Admiral. Smyrl joined Admiral in 2002 and most recently served as executive vice president of underwriting. He has nearly 40 years of commercial property and casualty insurance experience in ... Read the full article
Arthur J. Gallagher earnings up 22%, Willis Re takeover on track
29th October 2021
Re/insurance broker Arthur J. Gallagher & Co. has reported 22% growth in net earnings across its brokerage and risk management operations during the third quarter of 2021, ending the period at $275.6 million. Revenues similarly increased by 17% over Q3, moving from $1.50 billion last year to $1.75 billion, with 10% ... Read the full article
Coface 9M net income rises 264% in 2021
29th October 2021
Credit insurer Coface has reported a net income of €190.9 million for the first nine months of 2021, a 264.2% increase from the $52.4 million achieved in the prior year period. A net loss ratio of 25.4% for 9M represents an improvement of 29.8 ppts. The combined ratio, net of reinsurance, stood ... Read the full article
IQUW completes takeover of Agora
29th October 2021
IQUW, the property, commercial and speciality insurer and reinsurer, has completed its previously announced acquisition of Agora Syndicate Holdings Ltd and its subsidiaries. We wrote on October 21st that IQUW intended to purchase Agora and its subsidiaries, the Group responsible for providing underwriting services to Agora, Lloyd’s Syndicate 3268. The acquisition, ... Read the full article
UN partnership has potential for systemic climate change: ICMIF
29th October 2021
Hilde Vernaillen, the Chair of the International Cooperative and Mutual Insurance Federation (ICMIF), has suggested that the ICMIF’s partnership work with the United Nations Office for Disaster Risk Reduction (UNDRR) has the potential to bring about “real systemic change” in combating climate change. During a high-level UN panel discussion as part ... Read the full article
Swiss Re posts solid net income for 2021 on strong P&C reinsurance performance
29th October 2021
Global reinsurance giant Swiss Re has reported net income of USD 1.3 billion for the first nine months of 2021, driven by the strong performance of its property and casualty (P&C) segment which more than offset a COVID-driven loss within its life and health (L&H) business. Overall, Group net income increased ... Read the full article
Inaugural Insurance Stress Test highlights need for reinsurers
29th October 2021
The first General Insurance Industry Stress Test (GIIST) from the Reserve Bank of New Zealand has highlighted the industry’s reliance on offshore reinsurance providers. The GIIST involved the five largest New Zealand incorporated general insurers - representing around 70 percent of the sector. The test was not intended as a pass or ... Read the full article
EXOR and Covéa sign MoU for $9bn sale of reinsurer PartnerRe
29th October 2021
EXOR, the Agnelli family owned investment and holding company and Covéa, a French mutual insurer, have entered into a Memorandum of Understanding (MoU) under which Covéa would acquire global reinsurer PartnerRe for $9 billion (€7.7 billion). We wrote last week that discussions between EXOR and Covéa had reportedly resumed over ... Read the full article
S&P highlights increasing reinsurer reliance on ILS
28th October 2021
A new report from S&P has highlighted reinsurers' increasing reliance on third-party capital to support their retrocession needs. In 2021, reinsurers are reported to have ceded roughly 50% of their exposures at a 1-in-250 return period through collateralised instruments, such as insurance-linked securities (ILS). S&P notes that around 15% of total reinsurance ... Read the full article
Ontario storms claims total $105mn: IBC
28th October 2021
Storms that hit southern Ontario in September have caused $105 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification. Both storms included heavy rain, wind and tornadoes that caused structural damage to many properties. Downed trees left 30,000 properties without power for hours. The storm which took place ... Read the full article