Reinsurance News
Beazley returns to profit as all divisions achieve rate rises in H1 2021
23rd July 2021
Specialist insurer Beazley has reported profit of $167.3 million for the first half of 2021 against a loss of $13.8 million in the prior year period, as the firm achieved good rate increases across all classes, platforms and territories. For the first half of the year, Beazley has reported solid growth ... Read the full article
German insurers well-positioned for 2021 nat cats: AM Best
23rd July 2021
Despite the recent widespread and catastrophic flooding across Germany, AM Best believes the country’s non-life segment has, in general, the ability to absorb such high weather-related losses, as it has shown the discipline in the past to price appropriately for such events. Last week’s flooding impacted parts of Central and ... Read the full article
RenRe reports higher underwriting income, improved CR in Q2 2021
23rd July 2021
Bermuda-based reinsurer RenaissanceRe Holdings Ltd. has announced gross written premium growth to more than $2 billion for the second quarter of 2021, as the company's underwriting income improved year-on-year and combined ratio strengthened to 72.4%. For Q2 2021, RenRe's underwriting income reached $329 million compared with $217 million for the same ... Read the full article
Aston Lark acquires Principle Insurance in Ireland
23rd July 2021
Aston Lark Ireland has announced plans to further strengthen its personal lines insurance capabilities with the acquisition of Principal Insurance Ireland DAC. Based in Dublin, Principal Insurance was established in 2015 and is a leading player in the Irish motorcycle insurance market, with a 30%+ market share. Its 18-strong team, led by ... Read the full article
Aioi Nissay Dowa Europe partners with ibott to provide solutions for mobility sector
23rd July 2021
Aioi Nissay Dowa Europe (AND-E) and its subsidiary Toyota Insurance Services (TIS) have partnered with ibott, a division of Apollo to develop a range of insurance solutions for the shared mobility sector. The companies announced that the partnership will initially be focused within the UK, with plans to extend throughout Europe ... Read the full article
Lloyd’s names Guy Carpenter’s Vicky Carter as Deputy Chair
22nd July 2021
The specialist Lloyd's of London insurance and reinsurance marketplace has named Vicky Carter of reinsurance broker Guy Carpenter as its new Deputy Chair, effective September 1st, 2021. Carter has served as a member of Lloyd's Council since February 2019 and has worked for the Lloyd's marketplace for over 40 years, having ... Read the full article
Intact adds former Partner Re CEO Emmanuel Clarke to Board
22nd July 2021
Intact Financial Corporation today announced the appointment of Emmanuel Clarke to its Board of Directors. Clarke brings over twenty-five years experience working at PartnerRe to the role, and was most recently serving a President and Chief Executive Officer. "We are pleased to welcome Emmanuel Clarke to our Board of Directors at this ... Read the full article
INSTANDA names new Senior Manager, Propositions and Business Development
22nd July 2021
Cloud-based digital insurance platform INSTANDA has appointed Simon Candy as Senior Manager in Propositions and Business Development to support its expansion into the life and health market. Candy will be responsible for identifying new growth opportunities in the market, and as part of this, enhancing INSTANDA’s existing Life and Health proposition ... Read the full article
Allianz announces launch of Global Commercial insurance division
22nd July 2021
Global re/insurer and asset manager, Allianz Group, has unveiled its new Global Commercial insurance division established under Chris Townsend, Member of the Allianz SE Board of Management, enabling a dedicated focus on the property and casualty (P&C) commercial space. Allianz says that its new Global Commercial Group Center represents a significant ... Read the full article
Heritage reports Q2 weather losses of $35mn
22nd July 2021
Super-regional property and casualty insurance holding company Heritage is expecting to incur net current accident catastrophe losses of around $35.5 million in the second quarter. Of this amount, $11 million is represented by net current accident quarter weather losses. Heritage also expects to incur $9.4 in additional ceded premium for the quarter, reflecting ... Read the full article
Tremor’s growth exceeds expectations as all major brokers adopt platform
22nd July 2021
Expansive programmatic re/insurance risk transfer marketplace, Tremor, has now secured agreements with eight major reinsurance brokers representing more than 95% of global placements. Since the introduction of its next generation trading platform, Panorama™ in February, Tremor's growth has exceeded expectations. In June, Tremor reported that insurers leveraging its platform sought ... Read the full article
Guy Carpenter’s revenue rises to $488m in Q2 as MMC reports higher income
22nd July 2021
International insurance brokerage, Marsh McLennan (MMC), saw its consolidated revenue rise to $5 billion in the second-quarter of 2021, supported by an increase in revenue at its reinsurance arm, Guy Carpenter. For Q2 2021, MMC's consolidated revenue spiked by 20% when compared with the prior year period and, on an underlying ... Read the full article
German floods show climate challenge for homeowners insurers: Moody’s
22nd July 2021
Analysts at Moody’s have labelled the recent catastrophic flooding in Germany as a “consequence of climate change,” and warned that German insurers could find it challenging to protect homeowners against climate risk in future without significant price increases. The floods, which impacted the southern part of the German federal states of ... Read the full article
APAC MAT industry expected to grow to $14.5bn in 2025: GlobalData
22nd July 2021
According to data and analytics company GlobalData, the marine, aviation and transit (MAT) insurance industry in Asia-Pacific is projected to grow from $11.2bn in 2019 to $14.5bn in 2025, in terms of written premiums. The report also revealed that that MAT insurance industry in Asia-Pacific is expected grow at a compound ... Read the full article
RLI grows underwriting incoming in Q2 as premiums up 25%
22nd July 2021
US property and casualty insurer RLI Corp. has reported improved underwriting income during the second quarter of 2021, despite an overall decrease in net earnings. Net earnings came to $81.8 million for the quarter, compared to $92.2 million for the same period last year, mostly due to lower unrealized gains. But operating ... Read the full article