PartnerRe
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The reinsurer experienced a “notable decrease” of catastrophe losses last year.
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Jon Colello will become president in the management shake-up.
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She succeeds Jonathan Schriber who joined Arch Reinsurance as US division president earlier this month.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Inside P&C news team runs you through the earnings results for the day.
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Inside P&C’s news team runs you through the key highlights of the week.
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Reinsurers have mostly grown since before the Covid crisis, but the type and timing of growth affects value creation,
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Jarrier has been with the carrier for over two decades, most recently as head of worldwide pricing and analytics.
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The non-life underwriting profit for the quarter came to $368mn compared with $313mn in the prior-year period.
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Overall, the carrier posted $408mn of cat and man-made losses in Q3, up from $333mn a year earlier, of which $297mn related to Hurricane Ida and the European floods.
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Axis’ pivot away from property reinsurance comes just as the sector reaches one of the biggest inflection points.
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The carrier booked $45mn Q2 cat losses net of retrocession that included $41mn from Natal Floods and $4mn associated with the Australian floods.
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The former Chubb exec will remain on the board as an independent director, along with president and CEO Jacques Bonneau.
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The French mutual’s CEO Thierry Derez and chief of staff Sylvestre Frezal said the deal is a strategic move to adapt to new forms of risk.
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Ruparelia, a former AIG executive, will be based in London and will join PartnerRe’s executive leadership team.
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The firm posted a combined ratio of 81.3% for its P&C segment and 91.7% for its specialty unit, improving from 97.7% and 94.8% in Q1 2021, respectively.
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The firm posted a combined ratio of 80% for its P&C segment and 72.5% for its specialty unit, improving from 97.6% and 100.2% in Q4 2020, respectively.
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Inside P&C dissects the biggest deals of the year across broking, commercial lines and InsurTech.
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The reincarnated $9bn deal is moving a step closer to completion.
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The executive was speaking at an investor day following the deal to sell PartnerRe to Covea.
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The Bermudian carrier took $188mn losses from Hurricane Ida and $60mn from the European floods.
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However, the deal is low-to-mid ranking in terms of book multiple.
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If the deal does complete this time, the partnership will face a range of pitfalls and challenges.
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The deal price is the same as was agreed in the transaction last year that Covea terminated.
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Sowa spent 17 years with Aspen, including a stretch running Aspen Re North America.
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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The drivers that led to the consolidation in the reinsurance industry might not replicate for a while.
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Former Swiss Re actuarial executive Julie Halper has also joined Toa’s US branch, as its new chief actuary.
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The company grew P&C net written premiums by 47%, while the non-life combined ratio improved 32 points to 89% during the second quarter.
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The changing reinsurance market dynamics are impacting reinsurers' ability to raise rates.
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The executive recently stepped down from Lloyds after steering the bank through the aftermath of the financial crisis.
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The carrier recorded average rate rises of 9% for P&C accounts renewing at April 1.
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His arrival comes in the wake of a series of departures from Validus Re’s specialty reinsurance team.
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The new board member has worked for the Agnelli family for over 20 years.
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The Bermuda reinsurer's net income per share fell 5% to $206mn during the period.
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The ratings agency says it is concerned about the impact of Covid-19 on the insurer and its future operating performance.
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The Covea deal gives PartnerRe EUR500mn of third-party funds as the retro market heads for the rocks.
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The tie-up is part of a EUR1.5bn investment deal between the French mutual and Exor
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The incoming CEO plans growth in retro, cat and property per risk as pricing improves.
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Hannover Re’s Henchoz elected vice-chair of the 12-company-strong forum.
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The executive reports to recently arrived P&C Americas CEO Jon Colello.
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The action follows similar moves by AM Best and Fitch after a proposed $9bn sale was dropped.
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Fitch had earlier trimmed its outlook to negative after the carrier’s takeover by Covea collapsed.
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An earlier positive outlook had reflected an anticipated benefit from ownership by a larger P&C, health and life insurance organisation.
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Covea announced it would no longer be acquiring PartnerRe. The move seems likely to torch its reputation as a potential merger partner and will present challenges for its purported strategic goals.
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The Exor chief reaffirms his long-term commitment to the reinsurer in an internal memo.