The specialist Lloyd’s of London insurance and reinsurance marketplace expects to approve business plans that will enable the market to write roughly $15 billion of new business in 2021, according to Chief Executive Officer (CEO), John Neal. In the latest of Aon’s series of fireside chats with industry experts and leaders, Global Chairman of the… Continue reading Lloyd’s Targets $15B of New Business, 13% Growth in 2021: CEO Neal
Tag: reinsurance
Analysts Advise Beazley to Secure More Reinsurance
Analysts at investment banking group Jefferies have advised Beazley to proactively purchase additional reinsurance, after an upward revision in its COVID-19 losses caused share prices to plummet. Beazley doubled the estimated cost of its COVID-19 claims last week from $170 million to $340 million, mainly due to further event cancellation losses. Jefferies notes that there… Continue reading Analysts Advise Beazley to Secure More Reinsurance
Capiscum Re to Rebrand As Gallagher Re
Capiscum Re announced that it will trade as Gallagher Re with effect from 1 October 2020, in a bid to fully align with Gallagher’s global insurance broking operations. The specialist reinsurance broker launched in December 2013 through a strategic partnership with Gallagher and has since gone on to become the fifth largest reinsurance broker in… Continue reading Capiscum Re to Rebrand As Gallagher Re
Lloyd’s to Exit U.S. Admitted Market, Focus on Reinsurance and E&S
Insurance and reinsurance marketplace Lloyd’s of London has announced that it plans to strengthen its focus on the US reinsurance and excess and surplus (E&S) markets. As part of this strategy to focus on its core markets, Lloyd’s will relinquish its admitted licences in the US Virgin Islands (US VI), Kentucky and Illinois. Together, these… Continue reading Lloyd’s to Exit U.S. Admitted Market, Focus on Reinsurance and E&S
Willis Re: COVID-19 Claims So Far Likely to Be Manageable; Reinsurers De-risking
Willis Re, the reinsurance business of leading global advisory, broking and solutions company Willis Towers Watson, has published a COVID-19 Impact Report. Many insurance companies will end up holding more risk than anticipated relative to their balance sheets, the report states. They are likely facing three options: retain current strategy, de-risk, or hedge. The solvency… Continue reading Willis Re: COVID-19 Claims So Far Likely to Be Manageable; Reinsurers De-risking
Sompo International Targets London & Euro Growth, but Exits Lloyd’s for Efficiency
Sompo International, the Bermuda headquartered specialty property and casualty insurance and reinsurance provider, is exiting the Lloyd’s market, saying that while it aims for significant growth in London and Europe it feels a consolidated company market platform is the way to go. The move will see Sompo International halt all underwriting within the Lloyd’s of… Continue reading Sompo International Targets London & Euro Growth, but Exits Lloyd’s for Efficiency
Swiss Re to Propose 5% Increase in Regular Dividend
Swiss Re today published its 2019 Annual Report, Sustainability Report and the agenda for the upcoming Annual General Meeting of shareholders (AGM) on 17 April 2020. Swiss Re’s capital position remains very strong, with a Group SST ratio at 232% as of 1 January 2020, above its 220% target. Based on this and confidence in… Continue reading Swiss Re to Propose 5% Increase in Regular Dividend
Munich Re Doesn’t Expect Significant Impact from Coronavirus Pandemic
Munich Re doesn’t expect the coronavirus pandemic to have a material impact on its results for this year but said that, should the virus continue to spread, the effects could be stronger. “From today’s perspective, Munich Re does not expect the consequences of the coronavirus to have any overall material effect on the annual result,”… Continue reading Munich Re Doesn’t Expect Significant Impact from Coronavirus Pandemic
Berkshire Hathaway’s Reinsurance Division Falls to Loss in 2019
Berkshire Hathaway’s insurance earnings dipped in 2019 as reinsurance related businesses suffered and dragged that segment of the Warren Buffett owned conglomerate to a loss for the year. The Berkshire Hathaway Reinsurance Group fell to an underwriting loss of -$1.472 billion for 2019, worse than 2018’s -$1.109 billion. Impacting the insurance and reinsurance related businesses… Continue reading Berkshire Hathaway’s Reinsurance Division Falls to Loss in 2019
Major Reinsurers and Brokers Complete Complex Placements on B3i’s Blockchain Platform
B3i Services AG, a 2-year-old company entirely owned by members of the insurance industry, announced that 30 contracts of reinsurance have been concluded on its platform, including some of the world’s most complex Catastrophe Excess of Loss (XoL) reinsurance treaties. A total of 9 insurers, 4 major brokerage firms, and 8 reinsurers participated in… Continue reading Major Reinsurers and Brokers Complete Complex Placements on B3i’s Blockchain Platform