Reinsurance News
Suncorp
Bushfire losses to rise but remain manageable, says Moody’s
9th January 2020
Moody's Investors Service has warned of a dent to profits from the ongoing bushfires ravaging parts of Australia, but says that the strong fundamentals of the region's property and casualty (P&C) insurers suggests that losses will be manageable. As of January 7th, 2020 the Insurance Council of Australia (ICA) had ... Read the full article
Suncorp appoints Steve Johnston as Group CEO
11th September 2019
Australian primary insurer Suncorp Group has announced the appointment of Steve Johnston as Group Chief Executive Officer (CEO), effective immediately. He succeeds Michael Cameron, whose departure was announced back in May 2019. He held the role for nearly four years. Johnston has been serving as acting CEO of Suncorp since that ... Read the full article
Suncorp’s net profit falls to AUD 175mn in 2019
7th August 2019
Suncorp has announced its results for the full-year 2019, revealing that its net profit (after-tax) declined by 83.5% year-on-year to AUD 175 million, driven by an AUD 899 million net loss on the sale of its Australian Life Insurance businesses. At just AUD 175 million, the Australian insurer's net profit (after-tax) ... Read the full article
Suncorp announces CEO departure
28th May 2019
The Chief Executive Officer (CEO) and Managing Director of Suncorp, Michael Cameron, is set to leave the company after nearly four years in the role. The Chairman of the Australian insurer, Christine McLoughlin, noted that while Cameron had made a "significant contribution", now was the "right time for change." Cameron had held the ... Read the full article
Townsville flooding triggers Suncorp’s aggregate reinsurance program
14th February 2019
Australian primary insurer Suncorp Group has revealed that catastrophe losses resulting from the recent flooding in the city of Townsville, Queensland have triggered its Natural Hazards Aggregate Protection (NHAP) reinsurance program. The company explained that, while it is still too early to estimate the gross costs of the flooding, its losses ... Read the full article
Suncorp to increase reinsurance spend by $200mn after cat losses dent results
14th February 2019
Suncorp Group, the Australian primary insurer, has announced that it plans to purchase an additional AUD $200 million (US $142 million) of natural perils reinsurance cover in FY 2020 after catastrophe losses of $580 million dented the Group’s profits in 1H 2019. The insurer reported net profit after tax of $250 ... Read the full article
Suncorp says Sydney hail storm losses will trigger reinsurance
3rd January 2019
Suncorp Group, the Australian primary insurer, has announced that its losses from the recent severe hail storm that struck the Sydney area of the country will surpass its retention and trigger a reinsurance claim. Previously, Suncorp had said it was too early to accurately estimate the number of claims it would ... Read the full article
Sydney pummelled by hail, leaving Suncorp & IAG to claim on reinsurance
21st December 2018
A widespread and destructive hail storm has swept through Sydney resulting in over 25,000 filed claims and pushing insured losses high enough for two of Australia’s largest insurers to trigger their reinsurance. The hail, which caused extensive damage to property and motor vehicles across Sydney and the Central Coast on Thursday ... Read the full article
Suncorp to sell Australian life insurance business for $725mn
10th August 2018
As part of its FY18 results, Suncorp has announced that it has entered into a non-binding Heads of Agreement to sell its Australian life insurance business to TAL Dai-ichi Life Australia for approximately $725 million. As part of the proposed transaction, Suncorp will enter into a 20-year strategic alliance agreement with ... Read the full article
ANZ, Suncorp, IBM collaborate on blockchain solutions for re/insurance
30th April 2018
ANZ and Suncorp New Zealand have announced plans to collaborate with IBM on developing blockchain solutions for the re/insurance market in New Zealand (NZ). The parties aim to leverage distributed ledger technology to help make data transfer and payment reconciliation processes between brokers and re/insurers faster and more transparent. The collaborative project ... Read the full article
Suncorp sees loss from Melbourne hail storm as high as $170m
8th January 2018
Australian insurer Suncorp has revealed that it expects to suffer a loss of between $160 million and $170 million from the severe storm and hail that struck the Melbourne, Victoria region in December, which has taken the firm past its natural catastrophe budget for the first-half of the year. Suncorp said ... Read the full article
Suncorp increases Tower bid, attempts to secure acquisition
26th June 2017
Australia and New Zealand based insurer Suncorp Group is trying to seal its acquisition of the remaining shares in Tower Insurance of New Zealand with an increased bid. Back in February, Prem Watsa’s Fairfax Financial made an all cash offer at $1.17 per share, so valuing Tower at $197 million, ... Read the full article
Cyclone Debbie likely to hit international reinsurers
27th March 2017
International re/insurers are preparing for the impact of cyclone Debbie, which is expected to hit Australia's North Queensland coast as a Category 4 storm on Tuesday morning local time, with reinsurance cover likely to cover some of the loss. Currently a Category 4 storm, cyclone Debbie is expected to make landfall between Cape Upstart ... Read the full article
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