Reinsurance News
COVID-19 news
News about the impact of the global COVID-19 coronavirus pandemic and how it affected insurance and reinsurance markets.
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
COVID-19 pandemic is not an insured event, but a reputational one: WTW
7th May 2020
Insurance and reinsurance broker Willis Towers Watson (WTW) highlights an uncertain and pressured outlook for North American commercial insurance buyers in light of the COVID-19 pandemic. In its Insurance Marketplace Realities 2020 Spring Update, WTW predicts large reductions in insurable values but notes that overall, not one line of business predicts ... Read the full article
Talanx reports €313mn COVID-19 related losses in Q1
7th May 2020
Hannover Re parent Talanx has announced first quarter coronavirus-related large losses of €313 million. The coronavirus crisis impacted both underwriting and investments in the first quarter of the new financial year. Large losses in primary insurance and reinsurance rose from €137 million in the same period of the previous year to €435 ... Read the full article
United Insurance falls to $12.7mn loss in Q1
7th May 2020
Property and casualty insurance holding company United Insurance Holdings has reported a $12.7 million net loss for the quarter, down from a net income of $9.5 million in the opening three months of 2019. This decrease was primarily due to unrealised losses on equity securities compared to unrealised gains in the ... Read the full article
RenRe’s casualty & specialty unit reports Q1 underwriting loss on COVID-19
7th May 2020
Bermuda-based insurer and reinsurer RenaissanceRe Holdings Ltd. (RenRe) has fallen to a net loss of $82 million in the first-quarter of 2020, as the ongoing COVID-19 pandemic adversely impacted its net investment result and the performance of its Casualty and Specialty segment. A net loss of $82 million in Q1 2020 ... Read the full article
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