News
News
While presenting a sharp drop in profit for 2017 due to heavy natural catastrophe losses, Swiss Re CEO Christian Mumenthaler and chief financial officer David Cole praised the reinsurer’s diversification strategy away from P&C reinsurance which Swiss Re wants to further develop. 26 February 2018
Insurance
Warren Buffett’s Berkshire Hathaway, which owns substantial insurance and reinsurance operations, posted record quarterly and annual results for 2017 – mainly fuelled by the big cuts to US corporate income tax, signed in by President Donald Trump last year. 26 February 2018
Insurance
The supervisory boards of Deutsche Rückversicherung and the Association of German Public Insurers (VöV) appointed Frank Schaar as CEO of both companies with immediate effect. 26 February 2018
Insurance
Catastrophe losses stemming mainly from the three the hurricanes and wildfires that hit the US last year cost Berkshire Hathaway some $3 billion and led to heavy underwriting losses in its re/insurance units. But Warren Buffett, the company’s chairman, was quick to stress that such years are rare and prior to 2017 the company had recorded 14 consecutive years of underwriting profits. 26 February 2018
Insurance
Swiss Re CEO Christian Mumenthaler hinted at the benefits of a potential deal that would see Japan’s SoftBank acquiring a stake in the reinsurer during the full-year 2017 results presentation. 26 February 2018
Insurance
Federated National Holding Company (FNHC) has acquired the interests in Monarch Delaware Holdings (MDH) held by its joint venture partners and the repayment of debt, according to a Feb. 22 press release. 23 February 2018
Insurance
Gabi, which provides a free, online "personal insurance shopper," has raised $9.5 million in Series A funding, led by Canvas Ventures, to accelerate its nationwide expansion in the US in 2018. 22 February 2018
Insurance
American International Group (AIG) has been loss-making for the last two years, but the reported 2017 net loss of $6.08 billion hides improvements on the operating side as a more in-depth look into the numbers reveals and CEO Brian Duperreault is working on getting the insurance giant back on a growth path. A changed reinsurance cover structure is also part of the plan. 22 February 2018
Insurance
Specialist insurer Hiscox is withdrawing from aviation hull and liability underwriting due to market conditions pressuring rates. 21 February 2018
Insurance
AM Best has downgraded Kenya Reinsurance Corporation due to concerns over the effectiveness of its enterprise risk management (ERM) in the face of expected business growth and increasingly sophisticated competition. 21 February 2018
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