Insurance
RenRe’s third-party capital fees rise as inflows continue, investor distributions grow
Bermuda-based reinsurance firm and third-party capital management specialist RenaissanceRe has again reported a rise in the amount of fee income earned through its various third-party capital management and ILS fund activities, also paying out more in distributions to investors as well. RenaissanceRe (RenRe) entered the first-quarter of 2020 with a significantly increased pool of third-party…
Read MoreMunich Re results hit by “manageable” €800m of Covid-19 losses
Reinsurance giant Munich Re has reported a “financially manageable” hit of around EUR 800 million to its first-quarter 2020 results, from losses caused by the Covid-19 pandemic. The reinsurer reported much lower profits for the period with a net result of EUR 223 million across the business for Q1, down on the prior years EUR…
Read MorePandemic could inflate hurricane industry losses by 20%: RMS
Catastrophe risk modelling specialist RMS has said that a hurricane striking the United States while pandemic restrictions remain in place could end up inflating the ultimate insurance and reinsurance industry loss by as much as 20%. RMS looks at post-loss amplification as part of its normal catastrophe risk modelling process and in the case of…
Read MoreMarkel’s recent $90m CATCo investment was in the Aquilo Fund strategy
As we reported recently, Markel Corporation has invested $90 million of its own capital into an investment strategy managed by its retrocessional reinsurance focused investment manager Markel CATCo, to boost capital available to fund investor redemptions. The investment was made at the beginning of the year and Markel explained that as of January 1st 2020…
Read MoreEconomy Starts Reopening Amid New Pandemic Projections
Business interruption insurance and liability issues remain on the front burners as governments begin gradually “reopening the economy” amid scary new projections about the pandemic. Trump Says Task Force Will Wind Down (The New York Times, May 5, 2020) Pennsylvania’s Coronavirus Death Toll More Than Tripled in New Projection (Lehigh Valley Live, May 5, 2020)…
Read MoreHow are consumers perceiving auto insurance during the COVID-19 crisis?
Since people are driving less in the midst of COVID-19 related stay-at-home orders, many auto insurers have responded with premium refunds totaling about $10 billion. How are consumers reacting to these refunds? A May 5 webinar co-hosted by Cambridge Mobile Telematics’ (CMT) VP of Insurance & Government Affairs, Ryan McMahon, and J.D. Power’s VP of…
Read MoreHiscox’s third-party capital dips, but ready to capitalise on rate increases
Insurance and reinsurance firm Hiscox Group has announced a new capital raise to help the company be better positioned for growth opportunities and rate increases across its reinsurance and U.S. wholesale businesses, but at the same time third-party capital support at the firm has dipped. In reporting its first-quarter trading statement, Hiscox revealed that it…
Read MoreTwo-months of retroactive COVID-19 BI claims could wipe out 50% of re/insurer capital
A new report from A.M. Best highlights the potential damage that any legislative moves to force retroactive business interruption claims into the insurance and reinsurance industry could cause, saying that as much as 50% of re/insurer capital could be wiped out with just two months worth of claims. The business interruption questions related to the…
Read MoreAIG’s new Lloyd’s syndicate – a reinsurance sidecar to its private client book
American International Group, Inc. (AIG) officially launched its latest syndicate at Lloyd’s yesterday, with Lloyd’s Syndicate 2019 set to be the largest ever launch in that market with a target for around $1 billion of gross premiums to be written. Not only is it the largest syndicate to launch in the Lloyd’s market, syndicate 2019…
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