Reinsurance News
US primary holding company Donegal Group posted a net loss of $8.2 million, compared to a net income of $16.2 million in the prior year quarter. Net premiums earned increased 6.0% to $204.1 million, compared to $192.4 million from Q2 21. At the sa...
Posted: Jul 28, 2022
The latest draft report to the California Catastrophe Response Council and the Legislature on Wildfire Fund Operations states that the fund seems overwhelmingly able to meet its obligations under three different scenarios laid out by experts. The...
Posted: Jul 28, 2022
AXA XL Insurance has appointed Matthew Waters to the new role of Head of US Middle Market. Based in Boston, Waters will report to Joe Tocco – AXA XL’s CEO of the Americas. Within this new role Waters will build out AXA XL’s target midd...
Posted: Jul 28, 2022
Insurance firm Lemonade has finished acquiring Metromile. Under the terms of the deal, Metromile shareholders received 7.3m Lemonade shares, while Lemonade received a business with over $155m in cash, over $110m in premiums, an insurance entity li...
Posted: Jul 28, 2022
The Blockchain Insurance Industry Initiative (B3i) has announced that it has filed for insolvency after failing to raise new capital in recent funding rounds. Formed in late 2016, B3i represented a collaboration between various insurers and reinsu...
Posted: Jul 28, 2022
Florida headquartered insurer Universal Insurance Holdings has reported a 66% decrease in net income over the second quarter of 2022, from $21.9 million last year to just $7.4 million. The company primarily attributed the decline to a higher net l...
Posted: Jul 28, 2022
Cincinnati Financial Corporation has reported a net loss of $808mn for the second quarter of 2022, down from a net income of $703mn for the same period last year. The loss was mainly due to the recognition of a $928mn after-tax reduction in the fa...
Posted: Jul 28, 2022
Spanish reinsurer Mapfre has released its H1 2021 results, showing its combined ratio rose by 3.2 points to 98.3 %, compared to 95.1% from the year prior. Speaking in a results webcast today, Fernando Mata, MAPFRE’s CFO, said: “The objective...
Posted: Jul 28, 2022
Re/insurance broker WTW has posted 3% organic revenue growth for the second quarter of 2022, despite total revenues declining by 3% to $2.03 billion. After posting 2% organic growth in Q1, the broker seems to remain slightly below its target of “m...
Posted: Jul 28, 2022
The volume of insurance M&A deals across Europe rose by 26% from 85 to 110 in the second quarter of 2022 compared to Q2 2021, according to the European Insurance M&A Barometer by FTI Consulting. Despite spiralling inflation and rising inte...
Posted: Jul 28, 2022
Arch is reporting in its Q2 2022 results that it saw net income available to Arch common shareholders of $394.2m, alongside after-tax operating income of $506.5m. In addition, the firm said it had seen gross written premiums of $3,869m in Q2 2022,...
Posted: Jul 28, 2022
Once again, the U.S. led the way in the first half of 2022 with the highest level of weather-related losses, which, globally, reached $65 billion in the period, of which slightly more than 50% were covered by re/insurance, according to Munich Re....
Posted: Jul 28, 2022
Global insurer and reinsurer SCOR has announced several key changes to its Board of Directors. With effect from July 28, 2022, Bruno Pfister, independent director and currently Chairman of the Risk Committee, will take up the chairmanship of the A...
Posted: Jul 28, 2022
Swiss Re Global Business Solutions (GBS) India, an analytics and innovation hub of Swiss Re, and T-Hub an innovation hub and ecosystem enabler, have announced a partnership aimed to improve innovation in the insurtech sector. Based in Hyderabad, T...
Posted: Jul 28, 2022
Everest Re is reporting $386m in net operating income for Q2 2022, alongside 15.3% annualised operating ROE, and net income of $123m. The firm also revealed in a statement that it had over $3.4bn in gross written premiums over the same period, wit...
Posted: Jul 28, 2022
A new report from Lloyd’s and Aon says that the sector most affected by Russia’s invasion of Ukraine will be the energy sector. The report, Ukraine: A Conflict that Changed the World, lays out five plausible scenarios to the industries and geograp...
Posted: Jul 28, 2022
Corvus Insurance, a provider of smart commercial insurance products, has opened a new continental European office in Frankfurt, Germany. The new office will look to underwrite cyber insurance business for both small- and medium-sized businesses (S...
Posted: Jul 28, 2022
French reinsurer SCOR has reported a net loss of €239 million for the first half of 2022, driven by claims related to the drought in Brazil, flooding in Australia and other weather events, the war in Ukraine, and further losses related to the COVI...
Posted: Jul 28, 2022
Fitch has revised African Risk Capacity (ARC) Limited’s outlook to Positive from Stable and has also affirmed its IFS rating at BBB+. The credit rating agency says that this outlook revision reflects ARC Limited’s “strong progress in meeting its d...
Posted: Jul 28, 2022
Moody’s Investors Service has realigned the solvency ratio rating triggers for 22 rated Chinese insurers, following revision to capital measurement under the China Risk-Oriented Solvency System (C-ROSS) second phase. The ratings agency says the ch...
Posted: Jul 28, 2022
San Francisco-headquartered Tech-enabled broker, Newfront has announced the appointment of Courtney Leimkuhler to the Newfront Board of Directors Brining 20 years in the financial services industry, on both the capital formation and risk managemen...
Posted: Jul 28, 2022
Evolve Capital Partners as named Kevin W. McMurchy as its new managing director of insurance financial institutions investment banking. The firm said in a statement that McMurchy will focus on middle-market transactions within the financial servic...
Posted: Jul 28, 2022
The Florida Office of Insurance Regulation (OIR) has made plans to establish a temporary reinsurance arrangement through Citizens Property Insurance Corporation (Citizens) in the event of what it considers to be “disruptive” financial...
Posted: Jul 27, 2022
Colombian insurer Seguros Bolivar has partnered with Swiss insurtech dacadoo to launch Bolivar Conmigo, a free-of-charge wellbeing app that will be available to Colombian residents during the month of July. According to the announcement, Bolivar C...
Posted: Jul 27, 2022
HDI Global Specialty SE, the specialty lines insurer, has appointed John Button as Head of Global Distribution and Business Development for its Global operations. John will report to Richard Taylor, Member of the Executive Board and Chief Marketin...
Posted: Jul 27, 2022