Sergio Ermotti has been elected chairman of Swiss Re, succeeding Walter Kielholz who has held the role for 12 years and is due to retire. Mr Kielholz has been appointed honorary chairman to reflect his services to the company that he first joined in 1989. All proposed board members were re-elected at the group’s AGM. Shareholders also approved an ordinary…
Arch Capital said it expects to book pre-tax catastrophe losses of between $180m and $190m for Q1 2021, following winter storms Uri and Viola in February. The losses, which fell across the group’s P&C insurance and reinsurance units, also include a small amount for ongoing exposure to Covid-19 claims, as well as other minor global events in the first quarter.…
Non-life insurers in India reported a 5.2% increase in gross direct premium underwritten for the year ending 31 March 2021, according to figures from the Insurance Regulatory and Development Authority of India (IRDAI). Gross premium for the year totalled INR1.99trn, compared to INR1.89trn for 2019-2020. General insurers, which account for 85% of the market, saw gross premium grow by 3.4%…
All major US commercial lines of business, with the exception of workers compensation, increased year over year, according to first-quarter 2021 results tracked by IVANS Index. The insurance industry’s renewal rate index also reveals that general liability, commercial property, umbrella and workers compensation all saw an increase in average premium renewal rate change in the first quarter compared to Q4…
SCOR increased reinsurance premiums by 14.3% to €600m at 1 April renewal, with rates up 4.3% across the book that is mainly geared towards Asia-Pacific business. As well as pushing through rate increases, which compounded price increases last year, SCOR also said terms and conditions improved. The company’s specialty account has benefited from compound rate increases on large and commercial…
Howden and A J Gallagher are frontrunners for the Willis Towers Watson (WTW) business in Europe that it seems Aon will have to dispose of to gain the EC’s approval for a planned $30bn acquisition of the group, a senior industry source in Germany told Commercial Risk Europe. It is also thought that McGill and Partners, the London-based broker launched…
Bermuda’s AXIS Capital said catastrophes and other weather-related events will cost it an estimated pre-tax net loss of $105m to $115m in the first quarter of 2021. US winter storms Uri and Viola, mainly in Texas, will cost the group an estimated $80m to $90m during the period, AXIS said. AXIS did not give net loss/profit forecasts for the quarter,…
Aon has offered to sell Willis Towers Watson’s (WTW) entire large multinational P&C portfolio in Germany, France, Spain and the Netherlands, as well as Willis Re and the broker’s French unit Gras Savoye to gain approval from EC competition regulators, according to Reuters sources.
Ascot Bermuda has joined the e-trading platform of Ed, the global reinsurance, wholesale and specialty broker. Chris Bonard, CEO of Ed Bermuda, said: “It’s fantastic to welcome Ascot Bermuda to the platform and we look forward to continuing to work closely with them. We are extremely pleased with the enthusiastic reaction of clients to TradEd. It has been growing steadily…
Suresh Krishnan has been appointed as executive vice-president, head of North America specialty accident and health at Chubb.