Reinsurance News
SCOR’s 9M net income rises to €339mn despite impacts of nat cats & COVID
27th October 2021
French reinsurer SCOR has reported net income of €339 million in the first nine months of 2021, which represents a year-on-year improvement of more than 151% despite pre-tax natural catastrophe losses of €708 million, net of reinsurance. Alongside the growth in net income, SCOR has reported 10.1% growth in gross written ... Read the full article
Insurtech set for record-breaking 2021 as investment tops $10.5bn, reports WTW
27th October 2021
2021 has now overseen a record-breaking $10.5 billion in insurtech investment raised during the first three quarters, according to a Willis Towers Watson (WTW) report. In fact, a further $12 million will ensure 2021 equals the amount of capital invested during the entirety of 2018 and 2019 combined. WTW’s report states that ... Read the full article
Gallagher looks to develop in Middle East & Africa with energy hire
27th October 2021
Re/insurance broker Gallagher has announced plans to further develop its energy proposition in the Middle East and Africa with the addition of William Peilow as a partner in its Specialty energy team. Peilow joins from Willis Towers Watson (WTW) and brings existing relationships with risk managers, insurance and reinsurance companies in ... Read the full article
AXA XL adds Trinity Pong to Shanghai reinsurance team
27th October 2021
Trinity Pong has joined the AXA XL Reinsurance Asia Team in its Shanghai office as a Senior Underwriter. Pong has spent the previous nine years at Peak Re in Hong Kong. Most recently, she served as a Vice President for Markets, before which she was a Vice President for Analytics. Prior to this, ... Read the full article
Saudi insurer MEDGULF plans 50% capital increase
27th October 2021
Saudi Arabia-based regional insurer the Mediterranean and Gulf Insurance and Reinsurance Company (MEDGULF) has issued a prospectus for a planned 50% capital increase. The company plans to increase its capital to one billion and fifty million (1,050,000,000) Saudi riyals from seven hundred million (700,000,000) riyals, by offering 35 million new ordinary ... Read the full article
Rising prices to support improving reinsurance sector outlook: Fitch
26th October 2021
According to rating agency Fitch Ratings, reinsurers’ plans to continue raising premium rates should contribute to stronger profitability and an improving sector outlook. At September’s Monte Carlo Rendez-Vous and this month’s Baden-Baden Reinsurance Meeting, several insurers discussed how they expected further price rises when contracts are renewed in January, which is largely ... Read the full article
James River warns ahead of possible $26mn Q3 loss
26th October 2021
James River Group Holdings, the Bermuda-based insurance holdings company, has warned that it is expecting to report a net loss of between $23 million and $26 million for the third quarter of 2021. The results, which will be released on November 2nd, are also expected to include a combined ratio of ... Read the full article
Oneglobal names Christina Allen as Head of Financial Lines, Bermuda
26th October 2021
Oneglobal Broking has appointed Christina Allen as Head of Financial Lines in Bermuda, where she will report to Group CEO, Mike Reynolds and will officially join on 4th January 2022. Allen is an experienced Financial Lines broker who recently held the position of Director at Tysers (Bermuda). Prior to this, she ... Read the full article
Tremor launches real time reinsurance placement solution
26th October 2021
Reinsurance pricing and placing platform provider Tremor Technologies has announced a new solution designed for ceded reinsurance teams working across multiple locations. Tremor Blackboard represents a modern collaborative solution capable of plugging directly into the company's established and well-known marketplace with no additional software. The solution allows a ceded reinsurance team to ... Read the full article
Equitable Holdings names new chair
26th October 2021
Equitable Holdings has appointed Joan Lamm-Tennant as independent Chair of the Equitable Holdings Board of Directors. In addition, she has also been elected to the AllianceBernstein Board of Directors as independent Chair, succeeding Ramon de Oliveira, who served as Chair of the Equitable Holdings and AllianceBernstein Boards since March 2019. Lamm-Tennant has ... Read the full article
Market survey reveals anticipation of further reinsurance rate hardening
26th October 2021
Respondents to our latest reinsurance market survey, in collaboration with sister-site Artemis, are optimistic for further rate hardening at the important January 1st 2022 renewals, as pricing remains the key for buyers of protection. Data from the 2021 edition of the global reinsurance market survey is based on ... Read the full article
Sompo Intl. appoints Peter Buckley as Areospace VP
26th October 2021
Bermuda-based specialty re/insurer Sompo International is set to expand its general aviation offering with the appointment of Peter Buckley as Vice President, Aerospace. Buckley brings over 20 years’ experience in the aviation insurance industry to the role and most recently served at Cincinnati Global Underwriting. “As a long-standing market leader in aerospace ... Read the full article
Insurance pricing up 15% in Q3, led by cyber: Marsh
26th October 2021
Global commercial insurance prices increased by 15% in the third quarter of 2021, according to the latest Global Insurance Market Index released by re/insurance broker Marsh. It marks the 16th consecutive quarter of increases, but rates have continued to moderate in many lines of business and most geographies, suggesting that pricing ... Read the full article
Brown & Brown’s Q3 revenue improves to $770mn
26th October 2021
Brown & Brown's revenues for the third quarter of 2021 were $770.3 million, a $96.3 million increase from the prior year quarter. Net income increased $12.4 million to $146.4 million while commissions and fees increased 14.6%; organic Revenue was up 8.5% from the prior year quarter. Income before income taxes for the third ... Read the full article
The Hartford names Michael Garrison as head of Wholesale for Navigators
26th October 2021
The Hartford has named Michael Garrison as head of Wholesale for Navigators, where he will lead the strategic direction, growth, and underwriting for the business. He will report to The Hartford’s head of Global Specialty Adrien Robinson. Garrison brings over 28 years of experience in the insurance industry, having worked in New ... Read the full article