Insurance

U.S. primary insurance carrier Travelers is now very close to attaching or triggering its $280 million of aggregate reinsurance coverage, after a heavy catastrophe toll from severe weather in the second-quarter added to the companies losses. Travelers reported higher catastrophe losses than the prior year at $854 million pre-tax for Q2 2020. That took its…

Two tropical storms, Gonzalo and Hanna, each of which has broken records as the earliest seventh and eighth named storms to form of the Atlantic tropical storm and hurricane season, are threatening impacts in the coming days. The 2020 Atlantic hurricane season is following true to forecasts for a very active season in terms of…

France headquartered global reinsurance group SCOR said that it expanded its catastrophe reinsurance portfolios at the June and July 2020 mid-year renewal season, while recognising an overall 8.2% price increase across the renewal book. SCOR has been steadily expanding its property and catastrophe portfolios in recent years, as and when pricing and rates allowed. At…

Nephila Capital, the largest dedicated specialist insurance and reinsurance linked investment fund manager, is to appoint an active underwriter for its new specialty lines focused Syndicate 2358 at Lloyd’s. Ross Louden will join the company to take on this role later this year, the company confirmed, after a period of gardening leave on departure from…

Global insurance and reinsurance group Everest Re has added another $160 million to its reserves for claims and losses from the Covid-19 pandemic, with the majority again coming from its reinsurance division. The company said late yesterday that it expects to report $130 million of largely incurred but not reported (IBNR) claims from its Reinsurance…

Australian primary insurance group IAG has added new catastrophe reinsurance protection at the July 1st renewals, increasing its aggregate protection and also capping potential losses with a stop loss cover. IAG has been making relatively heavy use of its reinsurance protection in recent quarters, as catastrophe loss activity in Australia saw it making recoveries across…

U.S. primary insurance carrier Travelers has confirmed that its estimated $400 million PG&E subrogation related recovery will inure to the benefit of its reinsurance panel. Travelers revealed recently that it expects to recognise favorable prior year reserve development related to the wildfires, amounting to approximately $400 million, pre-tax and net of expenses and reinsurance, which…

Beazley, the Lloyd’s market focused specialist insurance and reinsurance underwriter, has continued to expand its market facilities business line which includes its third-party capital backed beta-like market tracking structures. Reporting its first-half interim results this morning, in which it posted a $13.8 million pre-tax loss as impacts from the Covid-19 pandemic dented its performance as…