Arch, Everest Re reveal Q3 2021 numbers

Dixie

Bermuda-headquartered insurers Arch Capital Group and Everest Re Group have announced their third quarter results – one of them reporting a loss while the other sees a dip in earnings.

First off, Arch’s net income available to common shareholders fell from US$408.6 million in Q3 last year to US$388.8 million this time around. Available after-tax operating income (or excluding the results of Watford Holdings), meanwhile, grew from 2020’s US$120.3 million to US$294.7 million in the quarter ended September 30.      

In terms of operating segments, both the insurance and reinsurance operations suffered underwriting losses. The group’s consolidated (including the mortgage segment)

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Singapore’s NTUC Income makes first overseas forays

Dixie

The partnerships involve Income’s digital insurance-as-a-service (IaaS) model to strengthen its partners’ businesses. According to Income, its partners will benefit from its expertise in digital product innovation and technology.

This comes amid increasing volume of digital transactions in Southeast Asia, spurred by the COVID-19 pandemic. Income predicts that around 80% of the region’s population will become digital consumers by the end of the year.

The market size for digital insurance is projected to reach US$7.6 billion by 2025, according to a study by Google, Temasek and Bain & Company. This signals the huge potential of digital financial services in Southeast

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Sedgwick fortifies board of directors

Dixie

Sedgwick has named Charles Brooks and Christine LaSala as the newest independent members of its board of directors.

As members of the board, both Brooks and LaSala will provide strategic counsel, using their career experience to help guide Sedgwick’s strategy, change management, mergers and acquisitions, leadership diversity, financial and client performance, regulatory and compliance activity and risk assessment.

Brooks serves as the chief information officer and executive vice president of operations at Kemper Corporation. He has also held senior leadership positions at ACE Limited (Now Chubb Limited), Aetna, Travelers, Accenture and Prudential Financial. Brooks previously served as a captain in

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AXIS Capital reports Q3 results

Dixie

AXIS Capital Holdings has announced its financial results for the third quarter. The company reported net income available to common shareholders of US$47 million (approx. SG$63.22 million), or US$0.56 per diluted common share. That’s compared to a net loss of US$73 million, or US$0.87 per diluted common share, for the third quarter of 2020.

Net income available to common shareholders for the nine months ended Sept. 30 was US$391 million, or US$4.59 per diluted common share, compared to a net loss of US$146 million, or US$1.73 per diluted common share, for the same period last year.

Operating income for Q3

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