Insurance
Hannover Re lifts COVID loss reserves 43% to US $1.44bn
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…
Read MorePalomar adds aggregate XoL layer, reveals reinsurance recoveries
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…
Read MoreAXIS’ Ben Rubin to depart, triggering “fresh look” at third-party capital
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…
Read MoreBeazley targets more third-party capital, as renewal rates rise 15%
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…
Read MorePerth Hills bushfires declared catastrophe, as losses pass $40m: ICA
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…
Read MoreTriple-I and Milliman forecast: commercial and personal auto and workers comp
By Loretta Worters, Vice President, Media Relations, Triple-I During an exclusive Groundhog Day webinar presented to Triple-I members by Triple-I and Milliman, experts talked about what the insurance industry can expect in 2021. Auto Insurance Report editor Brian Sullivan looked at both personal and commercial auto insurance. “For the first nine months, private passenger auto…
Read MoreReinsurance not “available at any price” – Lockton Re
While reinsurance capacity is abundant and available, enough to dampen rate increases slightly at the January renewals, the continuing existence of uncertainty in the market means that for reinsurance, “Despite plenty of available capital, it is of course not available at any price,” according to Lockton Re’s Ross Howard. Price matters in reinsurance right now,…
Read MoreLodgepine had “terrific” double-digit year in 2020: Markel Co-CEO Whitt
Lodgepine Capital Management Limited, the retrocessional reinsurance ILS fund management unit of Markel Corporation, had a “terrific” year in 2020, delivering double-digit returns on its portfolio which largely avoided any loss impacts during the period. Markel launched the retro reinsurance investment manager in late 2019, bringing a new insurance-linked securities (ILS) strategy to market focused…
Read MoreRates above loss costs & margin expansion: Chubb CEO Greenberg
It’s always worth a look at Evan Greenberg’s comments when it comes to quarterly reporting from global insurance and reinsurance giant Chubb and the latest reporting yesterday holds a wealth of insight into factors that can help to make ILS returns increasingly attractive. We don’t mean the returns ILS funds generate from any business Chubb…
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