Reinsurance News
Coronavirus news
Coronavirus news coverage of relevance to reinsurance and insurance markets.
All of our Covid-19 coronavirus news, analysis and insight related to insurance and reinsurance market impacts can be found below.
The coronavirus Covid-19 pandemic of 2019-20 resulted in significant disruption and threatened losses widely across the insurance and reinsurance markets.
Canadian government mandates reinsurance product for private credit insurers
11th May 2020
Members of the Receivables Insurance Association of Canada (RIAC) have collaborated on a new reinsurance product that provides additional credit capacity to private credit insurers in Canada amid the COVID-19 pandemic. RIAC members Export Development Canada (EDC), Euler Hermes, Atradius, Coface Canada, and The Guarantee Company of North America have partnered ... Read the full article
White Mountains reports $132 million Q1 loss
11th May 2020
White Mountains Insurance Group, Ltd. has reported a loss of $132 million for the first-quarter of 2020, driven by net realised and unrealised investment losses. At a loss of $132 million, White Mountains' overall result in Q1 2020 declined from income of $284 million in the same period in the previous ... Read the full article
Athene reports Q1 loss, sees COVID-19 mark-to-market impacts as transitory
11th May 2020
Athene Holding Ltd. has reported a net loss of $1.1 billion for the first-quarter of 2020, primarily as a result of a decline in the fair value of reinsurance assets due to COVID-19-induced widening credit spreads. A net loss of $1.1 billion compares with net income of $708 million recorded in ... Read the full article
UK reinsurance backstop to be finalised within days: reports
11th May 2020
A UK government scheme to provide a reinsurance backstop for trade credit insurers during the pandemic is expected to be finalised “within days,” according to reports from Sky News. Ministers began discussing a possible new scheme with insurers last month to prevent the widespread withdrawal of cover across sectors such ... Read the full article
Investment challenges push down HCI’s Q1 net income to $0.5 million
11th May 2020
HCI Group has reported that its first-quarter 2020 net income declined to $0.5 million as the company experienced $4.8 million of net unrealised losses on equity securities, $2.2 million of net realised losses on investment sales, and $3 million of reductions in the estimated value of limited partnership investments. The company ... Read the full article
At times of distress, the stability of the insurance industry is vital: IAIS
11th May 2020
The International Association of Insurance Supervisors (IAIS) has highlighted the essential role of insurers at this time of distress, providing protection against "heightened uncertainties created by the pandemic." As the implementation of lockdown and social distancing measures accelerated and intensified across much of the world, it became clear that the COVID-19 ... Read the full article
Cyber market to face COVID-19 challenges: Fitch
11th May 2020
Economic fallout caused by the coronavirus (COVID-19) pandemic will likely test recent premium revenue trends and claims experience in the US cyber insurance market, according to Fitch Ratings. Analysts noted that cyber insurance continues to be a small but profitable market, representing a modest portion of premium risk for individual p/c ... Read the full article
Argo driven to Q1 loss by Covid-19 pandemic claims
8th May 2020
Argo Group International Holdings, Ltd., the Bermuda based insurance and reinsurance company, fell to a first-quarter loss to start the year, as claims from the Covid-19 pandemic dented its performance. Argo has reported a net loss of $18.8 million for the first-quarter of 2020, but having suffered $26.2 million of claims ... Read the full article
Swiss Re outlook revised to negative by S&P as underwriting deteriorates
8th May 2020
S&P Global Ratings has revised its outlook to negative from stable on global reinsurance giant Swiss Re and its core subsidiaries, citing uncertainty around its underwriting performance. At the same time as revising the outlook on Swiss Re, S&P has affirmed its 'AA-' issuer credit and insurer financial strength ratings on ... Read the full article
Third Point Re delivers underwriting profit, but Covid-19 hits investments
8th May 2020
Bermuda headquartered Third Point Re, the reinsurer linked to hedge fund manager Daniel Loeb, delivered an underwriting profit in the first quarter of this year, but fell to a net loss due to the Covid-19 pandemic effects on its investment portfolio. Third Point Re appears to have turned a corner in ... Read the full article
Turbulent investment landscape pushes PartnerRe to $433mn Q1 loss
8th May 2020
Bermuda-based reinsurer PartnerRe has announced a net loss of $433 million for the first-quarter of 2020, as COVID-19-induced financial market volatility and fading equity markets significantly impacted the company's investments in the period. PartnerRe's Q1 2020 net loss compares with net income of $497 million a year earlier, and includes net ... Read the full article
COVID-19 concerns see Moody’s turn negative on SCOR
8th May 2020
Moody's Investors Service has affirmed SCOR’s Aa3 insurance financial strength rating as well as its debt ratings and the ratings of its subsidiaries. The outlook has been changed to negative from stable because Moody's believes the group is more vulnerable than other Aa3 peers in a stress scenario of higher mortality ... Read the full article
Enstar posts $516.8mn Q1 loss as COVID-19 dents investment portfolio
8th May 2020
Enstar Group Limited recently announced a net loss of almost $517 million for the opening quarter of 2020, driven by $612.6 million of unrealised investment losses owing to COVID-19 related financial market turmoil. Enstar's sizeable Q1 2020 net loss compares with net earnings of $358.8 million reported in the first-quarter of ... Read the full article
S&P upgrades CCR Re despite potential COVID-19 impacts
8th May 2020
S&P Global Ratings has affirmed its 'AA' long-term insurer financial strength and issuer credit ratings on state-backed CCR in France, and raised its ratings on CCR Re to 'A' from 'A-', while the outlook for both companies is stable. Over the past two years, CCR Re has reported a steady improvement ... Read the full article
Amid COVID-19, there’s an opportunity to offer “necessary” protection: L&G Re CEO, Olunloyo
7th May 2020
While it’s impossible to predict the long-term impacts of the COVID-19 pandemic on the pension risk transfer (PRT) space, for expanding life re/insurer L&G, there’s an opportunity to offer necessary life-time protection during these unprecedented times. This is according to the Chief Executive Officer (CEO) of the firm’s reinsurance hub L&G ... Read the full article
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