AXA XL falls to €843m loss on back of pandemic hit

AXA XL falls to €843m loss on back of pandemic hit

AXA XL falls to €843m loss on back of pandemic hit

AXA XL fell to a €843m loss in the first half of this year as the unit bore the brunt of its parent group’s €1.5bn Covid-19 hit, but accelerating rate increases are expected to continue and may limit some of the damage. AXA XL fell to the loss from a profit of €603m in the first half of last year.…

Munich Re offsets another €600m pandemic loss with strongly rising premiums

Munich Re offsets another €600m pandemic loss with strongly rising premiums

Munich Re offsets another €600m pandemic loss with strongly rising premiums

Munich Re posted a decent profit for the second quarter of this year despite incurring another €600m of Covid-19-related losses to bring its total pandemic hit up to €1.4bn for H1. The company benefited from firming prices in reinsurance, a good investment result, lower than normal natural catastrophe losses and a healthy result from its primary group ERGO. The German…

Liberty Mutual bullish about hardening as it reports big Covid-19 bill

Liberty Mutual bullish about hardening as it reports big Covid-19 bill

Liberty Mutual bullish about hardening as it reports big Covid-19 bill

Liberty Mutual’s second-quarter results were hammered by the combined impact of Covid-19 losses, higher-than-normal catastrophe claims and a significant hit from recent civil unrest in the US. But group chairman and CEO David Long said the insurer’s core combined ratio of 89.1% for the quarter, down 4.6 percentage points on last year, is heading in the right direction on the…

Everest Re sees opportunities for growth on back of strong price increases

Everest Re sees opportunities for growth on back of strong price increases

Everest Re sees opportunities for growth on back of strong price increases

Bermuda-based reinsurance and specialty insurance group Everest Re took a pandemic-related hit of $160m for the second quarter of this year, which helped drag its net profit down to $191m compared to $333m for the same period last year. But the group also reported a healthy rise in both insurance and reinsurance gross written premiums. Its specialty and surplus lines…

AGCS suffers €488m Covid-19 claims in H1 but revenues healthy

AGCS suffers €488m Covid-19 claims in H1 but revenues healthy

AGCS suffers €488m Covid-19 claims in H1 but revenues healthy

Allianz Global Corporate & Specialty (AGCS), the corporate insurance arm of Munich-based Allianz Group, has estimated Covid-19 claims of €488m in the first half of this year as second-quarter results were published. Allianz group has now taken a total Covid-19 hit of some €1.2bn for the first six months of this year, with €500m coming in the second quarter. The impact of…

AIG says rate increases strongest in last 20 years but posts Q2 $7.9bn loss

AIG says rate increases strongest in last 20 years but posts Q2 $7.9bn loss

AIG says rate increases strongest in last 20 years but posts Q2 $7.9bn loss

AIG execs have told analysts that market hardening is the strongest for decades, on the back of Covid-19, and are confident they will not suffer big Covid-19 business interruption (BI) losses, despite racking up hefty pandemic claims in the second quarter that contributed to a tough period. AIG posted a net loss attributable to shareholders of $7.9bn in the second…

CNA’s Robusto says hardening market must continue

CNA’s Robusto says hardening market must continue

CNA’s Robusto says hardening market must continue

Chairman and CEO of US-based international insurance group CNA Financial, Dino Robusto, said the healthy rate increases his firm has secured in recent quarters must be maintained well into 2021 to make up for the long-term negative impact from four years of rate changes below cost trends prior to this hardening market. Mr Robusto’s comments came as he reported “challenging”…

Large firms could also benefit from FCA’s test case, says claimant lawyer

Large firms could also benefit from FCA’s test case, says claimant lawyer

Large firms could also benefit from FCA’s test case, says claimant lawyer

Large corporates may stand to benefit from the Financial Conduct Authority’s (FCA) business interruption (BI) test case, which finished last week in the UK High Court, one of the claimant lawyers told Commercial Risk Europe. It was revealed during the test case hearing that up to 370,000 UK businesses may be covered by potentially responsive BI insurance policies. The fast-tracked case…

Duperreault says Covid-19 remains earnings event despite AIG’s Q2 $7.9bn loss

Duperreault says Covid-19 remains earnings event despite AIG’s Q2 $7.9bn loss

Duperreault says Covid-19 remains earnings event despite AIG’s Q2 $7.9bn loss

AIG posted a net loss attributable to shareholders of $7.9bn in the second quarter of this year, compared with a net profit of $1.1bn for the same period of 2019. The loss included another $458m of estimated Covid-19 losses and $126m for civil unrest. AIG posted an underwriting loss of $343m in the quarter. Brian Duperreault, AIG’s CEO, said however…

Swiss Re says ‘light at end of tunnel’ for Corporate Solutions despite $301m H1 loss

Swiss Re says ‘light at end of tunnel’ for Corporate Solutions despite $301m H1 loss

Swiss Re says ‘light at end of tunnel’ for Corporate Solutions despite $301m H1 loss

Swiss Re sees “light at the end of the tunnel” for its Corporate Solution business and said the unit’s transformation programme is ahead of schedule. Corporate Solutions is in the middle of a turnaround programme after running into trouble in recent years. There was concern among some risk managers that Swiss Re might pull the business and buyers would lose…

1 2 3 39