Reinsurance News

Hiscox

Industry returns driven by hard market: Goldman Sachs

23rd November 2022

A new note from Goldman Sachs says that attractive returns within the industry are being driven by a hard market. The firm said that reinsurers have historically been a low-beta and defensive sector that outperformed in terms of uncertainty. This has continued, it said, as the hard market pricing has started ... Read the full article

COP27: Covea, Hiscox & RSA commit to Flood Re’s Build Back Better scheme

14th November 2022

Andy Bord, Flood Re’s CEO, has announced that leading UK insurers, Covea, Hiscox and RSA, have joined the Build Back Better scheme. Launched by Flood Re back in April this year, the Build Back Better scheme is a joint initiative between the UK insurance industry and the UK Government to ... Read the full article

Hiscox Re & ILS falls to loss on Ian, but group sees ‘exciting opportunity’ in reinsurance

2nd November 2022

Specialist insurer Hiscox has announced gross premiums written (GPW) growth of 6.3% to $3.68 billion for the first nine months of 2022 supported by impressive growth within its Hiscox Re & ILS division. Although, this part of the business suffered net losses of $90 million in the period as a ... Read the full article

Hiscox promotes Steven Wilkins to new role

27th September 2022

Hiscox USA, part of the global insurer and reinsurer, has appointed Steven Wilkins to be its new senior vice president and head of casualty. Wilkins made the announcement on LinkedIn. His profile indicates that he has been with the firm since 2013, working in a series of roles. In his new role, ... Read the full article

“European reinsurers underperforming market so far this year” – Goldman Sachs

25th August 2022

A new note from Goldman Sachs says that all four large European cap reinsurers have underperformed the market so far in 2022. The firm said that this was because of higher inflation, higher weather losses, potential Russia/Ukraine losses, and COVID losses. It wrote: “However, we have seen some of these issues and ... Read the full article

Premia enters LPT agreement with Hiscox

17th August 2022

Premia Syndicate 1884 has entered into a loss portfolio transfer (LPT) agreement with Hiscox Syndicate 33. A statement from the firm says that the subject portfolio consists of a diverse mix of business underwritten by Syndicate 33 during Years of Account 1993 to 2018. The transaction is retroactively effective to January ... Read the full article

Hiscox reports solid underwriting performance, but investments drive H1 net loss

3rd August 2022

Global re/insurer Hiscox has fallen to a loss of $107.4 million in the first half of 2022, as a negative investment result more than offset an improved underwriting performance in the period. The loss for H1 2022 compares with profit of $133.4 million a year earlier, with Hiscox highlighting a strong ... Read the full article

Hiscox appoints Stéphane Flaquet as Group Chief Operating Officer

28th June 2022

Specialist global insurer and reinsurer, Hiscox has appointed Stéphane Flaquet as the Group’s Chief Operating Officer (COO) effective from 1st September 2022 and subject to regulatory consents. Flaquet has been with the company since 2010, and has served in a number of different senior roles. Initially he first joined Hiscox as COO ... Read the full article

Appetite for underwriting property cat reinsurance business tightening

1st June 2022

Earnings pressure and ongoing uncertainty around the impact of climate change is reducing the appetite for underwriting property catastrophe reinsurance business, says the newest edition of Aon’s Reinsurance Aggregate (ARA). The study said that while the sector should be ‘applauded’ for dealing with significant volatility over the last five years and ... Read the full article

Climate, victim impact and systemic risk flagged as key terror issues

23rd May 2022

Climate change, victim impact, and systemic risk were among key issues raised at the virtual conference ReCODE. The conference, hosted by the International Forum of Terrorism risk (Re)Insurance Pools (IFTRIP), looked at the key current issues in terrorism insurance. According to IFTRIP, the links between climate change and terrorism were a key ... Read the full article

Cyber attacks driving insolvency fears into businesses: Hiscox

18th May 2022

According to the latest Hiscox Cyber Readiness Report, 20% of businesses across eight countries said that a cyber attack almost rendered them insolvent, a 24% increase compared to last years report. The Hiscox Cyber Readiness Report, now in its sixth year, surveyed over 5,000 businesses in the US, UK, Ireland, Belgium, ... Read the full article

Hiscox reports ‘strong growth’ in premiums in Q1 2022

5th May 2022

Hiscox is reporting ‘strong growth’ in its group gross written premiums for Q1 2022, saying that they rose by 10.3% to reach $1,386.3m. Citing its latest release, the firm said that it had seen ‘excellent growth’ in its reinsurance and ILS business, with gross premiums written up 45.8% to $421m. However, ... Read the full article

Jefferies calculates aviation war losses could hit $1.5bn

29th March 2022

Jefferies has calculated that aviation war losses due to the Russia-Ukraine conflict could reach $1.5bn for the market. A new note from the financial services company points to recent pronouncements from the CEO of Lloyd’s of London that estimated insured losses were to be between 15% and 20% of asset values. ... Read the full article

Hiscox returns to profit in 2021, produces strongest underwriting result in five years

2nd March 2022

Insurer and reinsurer Hiscox has reported profit of $190.8 million for 2021 against a loss of $268.5 million in the prior year, as the company produced its strongest underwriting result in five years. Despite elevated catastrophe activity, Hiscox has reported an underwriting gain of $215.6 million for 2021, compared with a ... Read the full article

Gallagher Re names new executive vice president in North America

24th February 2022

Gallagher Re has hired Megan McConnell to be its new executive vice president in North America. McConnell will begin her new role in Boulder, Colorado at the beginning of March. She will be joining from Hiscox, where she was CUO. Jim Bradshaw, CEO of North America, Gallagher Re, said: “We are ... Read the full article