Global reinsurer reports mixed results
One of the largest global reinsurance companies has reported results for its first quarter.
Swiss Re’s group net income was U$1.2 billion (down from $1.4 billion a year earlier) but premiums rose to $7.9 billion (from $7.6 billion).
Swiss Re's Group Chief Executive Officer, Michel M. Liès, says: "The overall environment remained challenging during the first quarter, in which low interest rates and declining reinsurance prices continued to make their mark on the entire industry. However, our strategic framework helped us navigate these market pressures.”
Group return on equity was an annualized 14.6 per cent (down from 16.1 per cent a year earlier) and in the P&C sector it was 19.1 per cent (22.7 per cent a year earlier). Net P&C premiums were up 5 per cent.
Insurers unite for new insurance innovation platform
Munich Re,
Sompo Insurance and USAA have partnered with tech firm Plug and Play to launch an insurance tech innovation platform. Plug and Play Insurance will give Silicon Valley start-ups access to industry players to offer guidance and insights.
"The US insurance market is extremely complex. Through Plug and Play Insurance, startups targeting this space can gain guidance and insights from experienced industry players, while established insurers get access to innovative technology solutions that can help them remain relevant and competitive. There is enormous value for both sides in partnering," Tony Kuczinski, President and CEO, Munich Reinsurance America, Inc. told Finextra.com
Zurich seeks to strengthen broker relations with key appointment
Zurich Canada has appointed Patrick Healey as Senior Vice President, Distribution and Regional Management, based in Toronto. Healey will join on May 1 and will lead Zurich Canada’s Distribution and Regional Management staff in maintaining an active market presence for brokers, customers and the community.
Prior to this appointment, Healey served as vice president and national segment head for Zurich North America’s Commercial Markets business unit, based in Schaumburg, Illinois.
