Archive for July, 2021

AXIS Capital, the Bermuda-based globally-active insurance and reinsurance company, has reported an increase to its fee income from third-party reinsurance capital management business during the second-quarter and for the first-half of this year.

Specialty insurance and reinsurance group Lancashire Holdings has expanded its property and casualty reinsurance book by 73% in the first-half of the year, while income earned from its third-party capital and collateralised reinsurance  activities rose by 122% in the period.

France headquartered global reinsurance firm SCOR has continued to rapidly expand its property and casualty book in improved pricing conditions over the second-quarter and into the mid-year renewal season.

Commercial property insurance rates continue to rise around the globe, but there has been an evident deceleration in recent months. However, properties exposed to secondary catastrophe perils continue to see above average increases, according to broker Marsh.

German insurance association, the GDV, has raised its estimate of insurance market losses for damage from the recent flooding event to between EUR 4.5 billion and EUR 5.5 billion.

Aon’s CEO Greg Case has called the US Department of Justice “out of step” with the rest of the world’s regulatory regimes, while the Attorney General said that the collapse of Aon’s attempt to acquire rival insurance and reinsurance broker Willis Towers Watson (WTW) was a “victory” for competition and American business.

The recent severe flooding in China’s Henan province is expected to suppress underwriting margins for the China non-life insurance and reinsurance industry in 2021, with total industry losses expected to exceed US $1.25 billion, according to Fitch Ratings.

PartnerRe, the Bermuda headquartered, EXOR owned reinsurance company, has continued to add to its third-party capital under management in the last quarter, lifting the total to $1.1 billion.

The U.S. Federal Emergency Management Agency (FEMA) is planning to sponsor another FloodSmart Re catastrophe bond to provide flood reinsurance to the National Flood Insurance Program (NFIP) and is seeking proposals from potential reinsurance transformer partners.

As Aon’s $30 billion acquisition of rival Willis Towers Watson (WTW) has now collapsed, it leads to questions over how damaging the prolonged merger process may actually have been and whether that presents an opportunity to Gallagher (AJG)?