Here’s your daily Reinsurance News for Friday 10th February 2017:
Zurich claims on Farmers aggregate reinsurance for first time
For the first time ever Zurich Insurance had to claim on its Farmers aggregate reinsurance treaty, as catastrophe losses in 2016 increased to more than $1.3 billion.
Swiss Re plans parametric quake cover using USGS ShakeMap data
Reinsurance giant Swiss Re has announced plans to launch a new parametric earthquake re/insurance product, dubbed Swiss Re QUAKE, that will utilise data from USGS ShakeMap.
Fairfax Financial heads to New Zealand with $197m Tower acquisition
Fairfax Financial Holdings is set to acquire Tower Insurance for $197 million, signalling its entry into the New Zealand insurance market.
Canterbury NZ quake loss costs continue to “develop”
Commentary from relevant insurers suggests that the tail on the Canterbury New Zealand earthquake loss in 2010/2011 continues to lengthen.
Slower third-party capital growth in reinsurance is healthy: A.M. Best
According to analysts at rating agency A.M. Best the slowdown in the entry of alternative reinsurance capital is a healthy response to pressures in the global reinsurance market.
Willis Towers Watson net income down by almost half in Q4
Insurance and reinsurance broker Willis Towers Watson has reported its fourth-quarter 2016 results, revealing net income of $34 million, down on the $66 million reported a year earlier.
Australian insurers increasingly look to life reinsurance
Continued challenges in the Australian life and health insurance business has led a number of Australian primary insurers to increasingly look to life reinsurance opportunities.
Terror coverage demand set to increase in 2017: Pool Re
Insurers and reinsurers could see greater demand for terror coverage across Europe in 2017 as terror threats continue around the world and the terror risk landscape adjusts, according to Pool Re.
XL Catlin launches Shared Services office in Gurgaon, India
Insurer and reinsurer XL Catlin has announced the opening of a new office for its Shared Services business, in Gurgaon, India.
Price adjustment for longevity re/insurance forecasted: Aon
Aon Hewitt has warned that there’s been a sooner than expected reduction in mortality improvement rates, which has led to adjustments to UK longevity insurance and reinsurance capacity pricing.
Swiss Re completes share buy-back programme
Reinsurance giant Swiss Re today announced that it’s completed its 2016 public share buy-back programme, of up to CHF 1.0 billion.
Willis Towers Watson appoints Angelini Head of Strategy, Asia Pacific
Re/insurance broker Willis Towers Watson has announced the appointment of Kevin Angelini as Head of Strategy, insurance consulting and software, Asia Pacific.
Blackstone to acquire Aon Hewitt for $4.8 billion
Blackstone Group has reportedly agreed to acquire Aon’s employee benefits outsourcing unit, Aon Hewitt, for roughly $4.8 billion.
Arthur J. Gallagher targets cyber coverage gaps for manufacturers
Arthur J. Gallagher has launched a new cyber insurance product that targets some of the gaps in existing cyber solutions, a move that could stimulate further demand for reinsurance.
XL Catlin bolsters Hong Kong casualty underwriting team
Stephen Chow has been named as a casualty underwriter in Hong Kong for insurer and reinsurer XL Catlin, reporting to Anna Jzie.
Billion-dollar insured losses from severe U.S. weather in January: Aon
Aon Benfield’s catastrophe risk modelling unit, Impact Forecasting, has said that severe weather and flooding in the U.S. in January is expected to result in a re/insurance industry loss of more than $1 billion.
Validus insurance unit Talbot launches terror facilities
Validus Holdings’ insurance unit, Talbot, has launched three enhanced terror facilities in the Singapore, Latin American and Dubai markets.
Navigators adds Global Leader for Cyber Liability
Navigators has announced the appointment of Jacob Ingerslev to the newly created role, Global Practice Leader for Cyber Liability.
Could take 6-8 months for New India Assurance to list
According to reports from the region it could take as long as six to eight months for New India Assurance to list in the country, after a number of local re/insurers received approval to list.
Eurasia to pay $38mn in compensation for damages from Bishkek Boeing 747 crash
Kazakhstan insurer Eurasia is to provide $38 million in compensation for damages caused by the Boeing 747 plane crash near Bishkek, in January 2017.
Chubb appoints Giles as VP & Regional Head of Direct Marketing, APAC
Chubb has announced the appointment of Marcus Giles as Vice President, & Regional Head of Direct Marketing for its Asia Pacific business.
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