Reinsurance News
Mercury General income plummets on investment losses
3rd November 2021
Mercury General has reported Q3 net income of just $1.3 million, compared with $118.9 million for the same period last year, after booking huge realized investment losses for the quarter. Looking at the first nine months of the year, Mercury General’s net income actually improved modestly from $207.9 million to $217.5 ... Read the full article
Lemonade Car launches as insurtech looks to reward low-milage drivers
3rd November 2021
AI-powered insurtech Lemonade has announced the launch of Lemonade Car, a smartphone app designed to leverage telematics in order to reward safe and low-mileage drivers. Lemonade Car is now available in Illinois with an eye on its rollout nationwide. The app promises to measure how much and how safe people drive, as ... Read the full article
AFG posts record P&C earnings in Q3
3rd November 2021
American Financial Group, Inc. (AFG) has posted record earnings of $329 million within its property and casualty (P&C) insurance segment during the third quarter of 2021. The result was $124 million higher and a 60% increase from the same period last year. The company attributed the year-on-year improvement to significantly higher P&C ... Read the full article
Converge US appoints new CEO
3rd November 2021
Ari Lindner, formerly of Munich Re Markets, has been named as the new Chief Executive Officer (CEO) of Converge US LLC, an onshore affiliate of Converge Re II, which is the Puerto Rico-based life and annuity reinsurance company owned by real estate development and investment firm, Lightstone. In his new role, ... Read the full article
Resolution Life agrees to acquire full ownership of AMP Life
3rd November 2021
Resolution Life, an international life insurance group, has reached an agreement to acquire AMP Limited's minority equity stake in Resolution Life Australasia for AUD 524 million. The life insurer entered Australasia via the acquisition of AMP Life from AMP Limited. Under the original agreement, AMP retained a minority equity interest ... Read the full article
Palomar revises Q3 cat loss estimate to $17.5mn
3rd November 2021
Specialty property insurer Palomar Holdings has revised its Q3 pre-tax catastrophe loss estimate, net of reinsurance and prior period development, to $17.5 million. The firm had previously stated an expected loss estimate of between $14.5 million and $15.5 million. It was estimated that 70-75% of its gross losses from these two ... Read the full article
James River confirms $23.9mn net loss for Q3
3rd November 2021
James River Group Holdings, the Bermuda-based insurance holdings company, has reported a net loss of $23.9 million and a combined ratio of 122.1% for the third quarter of 2021. The company’s Q3 results included a pre-tax loss of $29.6 million recognized as adverse loss and loss adjustment expense reserve development in ... Read the full article
Underwriting facility eyes geothermal development in Kenya, Ethiopia
3rd November 2021
The UK Government's financial sector program FSD Africa and Parhelion, a UK-based specialist energy and climate risk finance advisory firm, are to launch an underwriting facility aimed at helping de-risk the early-stage development of geothermal energy projects in Kenya and Ethiopia. Kenya’s power demand is growing 20% faster than GDP, while ... Read the full article
Willis Towers Watson names Michael Brown as Head of New Zealand
3rd November 2021
Global insurance and reinsurance brokerage, Willis Towers Watson (WTW), has announced that interim country leader for New Zealand, Michael Brown, has been appointed as head of the region on a permanent basis. Brown has served as interim country leader since May of this year, having been with WTW for more than ... Read the full article
Climate policy will succeed if business needs are met: Munich Re’s Wenning
3rd November 2021
With the world’s eyes on the COP26 summit in Glasgow, Joachim Wenning, Chair of the Board of Management at Munich Re, has assured that climate policy will succeed if it takes into account the “needs of businesses.” In a new report, Munich Re has called for greater collaboration between the private ... Read the full article
Insurtech Kettle recruits Chief Distribution Officer from Ariel Re
3rd November 2021
Kettle, a reinsurance MGA start-up powered by deep learning technology, has announced the appointment of Amit Shah as Chief Distribution Officer. Shah has over 20 years experience in the industry, and joins Kettle from Ariel Re, where he was Head of Specialty. His previous experience includes working at Argo Re, Guy Carpenter, ... Read the full article
PCS to include worldwide aviation events in specialty lines loss reporting
3rd November 2021
Property Claim Services (PCS), a Verisk business, is expanding its specialty loss lines reporting platform to include worldwide insured aviation loss events. PCS Global Aviation is to focus on events with estimated industrywide insured losses of at least $50 million and, in addition to airline industry losses, will include estimates for ... Read the full article
TWIA may drop broker GC in favour of Willis Re, with Aon preferred for modelling services
3rd November 2021
The Texas Windstorm Insurance Association (TWIA) looks set to pivot towards Willis Re for its reinsurance broking needs following a meeting of its actuarial & underwriting committee. This switch would see TWIA terminate its current broking relationship with broking rival Guy Carpenter. The committee, which is reported to have considered Guy Carpenter ... Read the full article
Argo Group’s underwriting loss narrows in Q3 2021
3rd November 2021
Bermuda-based Argo Group International Holdings, Ltd. has reported net income of $19.8 million for the third quarter of 2021, compared with a loss of more than $25 million a year earlier, as the company's combined ratio improved by 9.8 percentage points in the period. Overall, Argo has returned to profit in ... Read the full article
Conduit Re sees GWP hit $291mn in opening nine months of 2021
3rd November 2021
Recently launched property and casualty reinsurer Conduit Re has announced gross written premiums of $291.2 million for the first nine months of 2021, with the property segment making up 55.9% of that figure. This result marks considerable progress from the $82.6 million GWP announced during this year’s first quarter. Meanwhile, estimated ... Read the full article