Investments

Global reinsurance firm Hannover Re has become the latest to add a significant increase to its estimate of losses from the COVID-19 pandemic, lifting its total reserved for claims related to the coronavirus by roughly 43% to US $1.44 billion. Previously, Hannover Re had pegged its loss reserves for the COVID-19 pandemic at EUR 700…

Palomar Insurance Holdings, the speciality California-based insurer that provides largely catastrophe exposed property products, has expanded its aggregate reinsurance protection with a new purchase, but also revealed some recoveries under other reinsurance contracts from the end of last year. Palomar has added a new $25 million aggregate excess of loss reinsurance cover that incepts from…

AXIS Capital, the Bermuda-based globally-active insurance and reinsurance company, is to part ways with its current Global Head of Risk Funding Ben Rubin, who will leave the company for sector focused private equity investor Stone Point. Rubin has worked at AXIS Capital for almost 8 years and as Global Head of Risk Funding managed the…

Beazley, the Lloyd’s market focused specialist insurance and reinsurance underwriter, fell to a $50.4 million loss for 2020, with a combined ratio of 109%, but targets a more profitable year in 2021 with no additions to its COVID-19 pandemic claims in the fourth-quarter. The company is bullish on the forward-potential for its largely third-party capital…

The Perth Hills bushfires, which continue to burn to the north east of Perth, Western Australia, has now been declared a catastrophe, as it continues to destroy structures and losses from claims are estimated to have reached $40 million, according to the Insurance Council of Australia. The fires, which have been burning since Monday and…