Insurance Archives - Page 92 of 239

P/C Insurers Remained Profitable In 2020’s First-Half Despite Challenges

Dr. Steven Weisbart The U.S.’s property/casualty (P/C) insurers turned in a profitable performance in 2020’s first-half even as the industry’s net income dropped 26 percent compared to 2019’s first-half, according to Dr. Steven Weisbart, Chief Economist, Insurance Information Institute (Triple-I). “The first half of 2020 was by most measures financially successful for insurers writing P/C…

COVID & business interruption to elevate rated paper preference: RenRe CEO

The experience of the reinsurance market with COVID-19 and business interruption, as well as the expectation that uncertainty will persist over the eventual industry loss impact of the pandemic, will all combine to elevate the preference of cedents for rated paper, RenaissanceRe’s CEO believes. Kevin O’Donnell, speaking during his firms third-quarter earnings call yesterday, believes…

PCS designates hurricane Delta as first Mexico catastrophe event

Property Claim Services (PCS) has designated recent hurricane Delta’s impacts on the Yucatan region as the first catastrophe event under its recently launched PCS Mexico industry loss data aggregation and index reporting services. PCS teamed up with Asociación Mexicana de Instituciones de Seguros (AMIS) to launch the PCS Mexico service just over a year ago.…

Nephila writing cat reinsurance a cleaner, more efficient option for Markel: Execs

Placing ILS fund manager Nephila Capital as the single point of entry to the property catastrophe reinsurance market for Markel Corporation is seen as a “cleaner option” for the company and also a way of generating operational efficiencies, Markel senior executives said yesterday. It was recently announced that Nephila Capital, the largest dedicated insurance-linked securities…

Hurricane Zeta may move aggregate cat bond prices: Plenum

The impacts and eventual insurance market losses from hurricane Zeta’s landfall on the Louisiana Gulf Coast is not expected to result in any direct losses to catastrophe bonds, but may move the price on certain aggregate cat bonds, according to Plenum Investments. Zurich-headquartered catastrophe bond and insurance-linked securities (ILS) focused investment manager Plenum said that…

AXIS reports decline in third-party capital fee income & cessions

AXIS Capital, the Bermuda-based globally-active insurance and reinsurance company, has reported a decline in the level of fee income earned through the use of third-party and insurance-linked securities (ILS) capital for the third-quarter, some of which is likely down to catastrophe losses experienced and shared with its investors. At the same time, the level of…

Hurricane Zeta’s Cat 2 landfall another attritional re/insurance event

Hurricane Zeta made landfall in Louisiana with 100 mph sustained winds yesterday evening, having intensified as it approached the Gulf Coast, against meteorologists earlier expectations. The hurricane, now the fifth major tropical storm to impact Louisiana in what has been a tiring year of weather for the state, had originally been forecast to have little…

CPA Mutual transfers accountants liability insurance to Camico

Camico, one of the biggest providers of liability insurance for accountants, has reached an agreement with another major insurer, CPA Mutual, to transfer CPA Mutual’s Accountants Professional Liability Insurance program to Camico, effective Jan. 1, 2021, as accountants’ policies renew. Original Article Posted at : https://www.accountingtoday.com/news/cpa-mutual-transfers-accountants-liability-insurance-to-camico

Climate-change driven catastrophe frequency evident in Q3 results

Leaders in the insurance and reinsurance industry are acknowledging that the third-quarter of 2020 has seen a particularly high number of catastrophe and severe weather loss events, with some noting the influence of climate change. In reporting his firm’s quarterly results yesterday, the CEO of Bermuda reinsurance firm RenaissanceRe pointed to climate change as a…