Reinsurance News
Marsh partners with Amazon on third-party seller liability cover
10th August 2021
Insurance broker Marsh has been working with online marketplace Amazon on its new digital insurance network designed to provide businesses with product liability cover. Amazon recently introduced new requirements for third-party sellers to obtain product liability cover after reaching $10,00 worth of sales within one month. To help sellers more easily and ... Read the full article
QBE adds AXA XL’s Ian France to lead European property operations
10th August 2021
Global insurer QBE has announced the appointment of Ian France as Head of Property, European Operations. France joins from AXA XL where he was International Property Manager and has previously held senior property roles at XL Catlin and AIG. In his new role, he will be working with each of the property ... Read the full article
Insurers paid out, reserved $10bn in Louisiana from Laura, Delta & Zeta
10th August 2021
The amount of money that insurers expect to pay for the 2020 Louisiana hurricanes continues to grow, as Hurricanes Laura, Delta and Zeta promoted insurers to pay or reserve $10 billion on claims in Louisiana throughout the second quarter of 2021, according to the state’s insurance commissioner Jim Donelon. Policyholders have ... Read the full article
MS Amlin posts £20mn adjusted profit for FY21 Q1
10th August 2021
MS Amlin’s adjusted profit in the first quarter of 2021’s financial year was £20 million, up by £156 million from the prior year period. This increase is reportedly due to the elimination of COVID-19 effects on both the underwriting and investment. Concurrently, the company registered a £49 million net loss, an improvement ... Read the full article
FedNat falls to $50mn net loss in Q2
10th August 2021
Florida based primary insurer FedNat has posted a net loss of $50.4 million for the second quarter of 2021, as its performance was impacted by catastrophe losses such as Winter Storm Uri as well as higher reinsurance costs. The net loss was driven by approximately $34.2 million of current quarter net ... Read the full article
Sompo Intl adjusted profit reaches $128mn in Q1 FY21
10th August 2021
Sompo International has reported an adjusted profit of $128 million in the first quarter of 2021’s financial year, up from the $49 million hit in the prior year period. Meanwhile, gross premium written increased to $2.7 billion from $2.5 billion in the prior year period. This increase was primarily due to rate ... Read the full article
Swiss Re CorSo adds AIG’s Blattner-Hoyle to Global Credit & Surety unit
10th August 2021
Swiss Re Corporate Solutions has appointed Marilyn Blattner-Hoyle to its global credit & surety unit as Global Head of Trade Finance. Effective 18 August, Blattner-Hoyle will oversee origination and underwriting activities across the company’s trade finance portfolio. She will focus on the development of growth opportunities, implementation of our business strategy and ... Read the full article
Tokio Marine’s FY21 Q1 international profits jump $358mn
10th August 2021
Overall profits from the international operations of re/insurance holding company Tokio Marine rose by $358 million to $526 million in the first quarter of 2021's financial year. Year on year, profits rose primarily due to a reversal from COVID-19's effects but was impacted by $133 million in natural catastrophe costs. The firm expects to ... Read the full article
Pension risk transfer markets stabilise after pandemic pullback: L&G
10th August 2021
A new report from Legal & General shows a robust deal pipeline for the second half of the year for both the US and UK pension risk transfer (PRT) markets, following a pandemic-induced slowdown in 2020. The Legal & General Group’s global pension risk transfer businesses, Legal & General Retirement Institutional ... Read the full article
Structured Alpha investigation could hurt Allianz’s future results, warns Moody’s
10th August 2021
According to Moody's, the US Department of Justice (DOJ) investigation of the Structured Alpha Funds managed by Allianz Global Investors US, Allianz’s asset management subsidiary, has raised a risk which could potentially affect the future financial results of the carrier. The US Securities and Exchange Commission (SEC) launched an investigation ... Read the full article
Munich Re’s profit rises to €1.1bn despite higher than expected COVID impact
10th August 2021
Global reinsurer Munich Re has announced profit of €1.1 billion for the second quarter of 2021, as profits improved in both its property and casualty (P&C) and life and health (L&H) reinsurance segments despite ongoing losses related to the COVID-19 pandemic. The company's reinsurance operation contributed €951 million to the consolidated ... Read the full article
“The relationship aspect of our business is timeless”: AM RE’s Dijak
9th August 2021
Dan Dijak, Head of Underwriting at AM RE Syndicate says that, amid challenging market conditions, the key to the company’s success is nurturing long-term, predictable relationships with clients. “We believe that the relationship aspect of our business is timeless,” Dijak told Reinsurance News during a recent interview that focused on finding ... Read the full article
Rokstone appoints Ian Green to head Power Generation division
9th August 2021
Rokstone, the international speciality re/insurance MGA, part of Aventum Group, has announced the appointment of Ian Green to run a Global Operational Power Generation facility. Green will join Rokstone on October 1st to head up the newly formed Power Generation division. Formerly Director of Energy and Natural Resources for Occam Underwriting, he ... Read the full article
Marsh appoints WTW pair to newly-created leadership role
9th August 2021
Insurance broker Marsh has announced the appointments of John Atkinson and Michael Pokora to co-lead a new Senior Housing and Long-Term Care Practice for the US and Canada. Based in Chicago, they will report to Jeffrey Alpaugh, Marsh’s US and Canada Growth and Industry Leader. This is a newly-created dual leadership role ... Read the full article
Acrisure Re appoints Craig Darling to lead new unit in Florida
9th August 2021
Acrisure Re, the reinsurance division of Acrisure, has appointed Craig Darling to lead a newly launched business in Florida as EVP and Office Head. Darling is based in Melbourne, Florida and will report to Acrisure Re CEO, Simon Hedley. He will manage both property and casualty lines of business in Florida as ... Read the full article