The painful second quarter claims experience left Hannover Re scarred as net income for its property and casualty reinsurance segment dropped 30.4 percent to EUR171.9mn during the second quarter of 2016 as EUR296.6mn of catastrophe losses hit the underwriting result.
Allianz subsidiary Allianz Global Corporate and Specialty (AGCS) has experienced a 97.4 percent decline in operating profits in the second quarter of 2016, to EUR6mn, as heavy cat losses impacted its bottom line.
Berkshire Hathaway's global reinsurance subsidiary General Re (Gen Re) experienced a significant decline in underwriting profit in the second quarter, down to $2mn compared with $107mn in the prior-year period.
Munich Re's net profits for the second quarter of 2016 were down by 9.4 percent on the prior-year period, to EUR974mn ($1.07bn), as the (re)insurer experienced EUR542mn ($600mn) in major losses during the period.
Allianz Global Corporate and Specialty (AGCS) has appointed Thierry Portevin, Chris van Gend and Tina Baacke as underwriting heads across three business areas.
Minova Insurance-owned managing general agency (MGA) Pioneer Underwriters (Pioneer) has appointed Graeme Rayner as group director of underwriting, subject to regulatory approval.
As a cat-heavy quarter takes its toll on (re)insurers' results, it's consolation for some of those in the primary market taking advantage of rock-bottom reinsurance rates to shore up their loss ratios that their strategic purchases will have taken the sting out of some of those catastrophes.
A drilling rig owned by Swiss-headquartered oil and gas contractor Transocean which ran aground off the coast of Scotland on Monday (8 August) could prove to be a total loss of $110mn, Inside FAC has learned.
The ‘two-tier' aviation market that has been in place for some time, continuing into the first quarter of 2016, has become a ‘three-tier' market during the second quarter, according to JLT Specialty.
Japanese insurance giant Sompo Japan Nipponkoa has recorded 41.2bn yen ($403mn) of upfront losses upfront from the Kumamoto earthquake in April, for the three months ending 30 June.
Zurich Insurance Group has bucked the trend of recent quarters, with a 17 percent increase in group operating profits during the second quarter of 2016, to $1.1bn.