Reinsurance News

Everest Re Reports Q1 Net Income of $323M, Up From $293.9M in 2014

Bermuda-based Everest Re Group, Ltd. reported net income of $323.0 million, or $7.19 per diluted common share, for the first quarter of 2015, compared to net income of $293.9 million, or $6.21 per diluted common share, for the first quarter …

XL CEO: ‘Reinsurance Sector Littered With Roadkill’, Playing High Stakes Game

XL Group plc Chief Executive Officer Mike McGavick said that while he shuns casinos unless he’s with his mother-in-law, he’s felt lately like he was sitting at a “high stakes table” as he made insurance deals. McGavick announced a plan …

Insurers May Face Stock Sell-Off as Bond Yields Drop to Record Lows

Allianz SE, Europe’s biggest insurer, was cut to underperform by Jefferies Group as the investment bank warned insurance stocks may face an industrywide sell-off. “If bond yields fall further from here, the sector will likely sell off as investors factor …

Guy Carpenter Unveils New Digital Strategy and Electronic Platform

Guy Carpenter & Company announced a new digital strategy, unveiling an innovative platform – GC Exchange℠ and its suite of electronic solutions, including GC MarketPlace℠ and GCReBID℠. Underlying the strategy is the web-based placement solution, GC MarketPlace℠ that facilitates all …

Hedge Fund-Backed Bermuda Ventures Could Be at Risk From IRS

Investment vehicles set up by Paulson & Co. and Highbridge Capital Management in tax-friendly Bermuda may be under threat from the U.S. Internal Revenue Service. The IRS, in proposed rules published Thursday, said that the favorable treatment enjoyed by insurers …

Aspen Reports Q1 After-Tax Net Income of $128M; Combined Ratio of 88.9%

Bermuda-based Aspen Insurance Holdings Limited reported after tax net income of $128.0 million, or $1.87 diluted net income per share, for the first quarter of 2015, compared with $120.4 million, or diluted net income per share of $1.66, reported for the same period …

Allied World Reports Q1 Net Income of $124.4M; Operating Income of $91.7M

Allied World Assurance Company Holdings, headquartered in Zug, Switzerland, reported net income of $124.4 million, or $1.27 per diluted share, for the first quarter of 2015 compared to net income of $177.0 million, or $1.74 per diluted share, for the first quarter of 2014. The …

Safety National Rebrands Reinsurance Platform: Safety National Re

St. Louis, Mo.-based Safety National Casualty Corp. announced it has rebranded its reinsurance platform as Safety National Re. Safety National Re will continue to offer its existing products and solid financial security, which includes over $1.25 billion in surplus as …

Guy Carpenter Launches Public Sector Specialty Practice

Guy Carpenter has announced the launch of its Public Sector Specialty Practice, utilizing a global team focused exclusively on the unique risk management needs of governmental agencies and entities. “Approximately 73 percent, or $2.7 trillion of natural catastrophe losses globally …

EXOR Shuns Hedge Fund Strategy With $6.4 Billion Buyout Plan of PartnerRe

The Agnelli family’s EXOR SpA, known for investments in cars and soccer, is dismissing the prevailing reinsurance strategies as it seeks to push into the industry with a $6.4 billion takeover. EXOR is shunning the idea that it should take …