Here’s your daily Reinsurance News for Friday 11th November 2016:
Hurricane Matthew U.S. losses only 50% covered by insurance: Aon
Reinsurance broker Aon Benfield’s Impact Forecasting unit has said that hurricane Matthew’s impact on the U.S. coast line is expected to have caused an economic loss of $10 billion, of which just 50% is covered by insurance.
Andrew Case named Managing Director of Talbot Underwriting, Australia
Validus Holdings subsidiary, Talbot Underwriting, has announced the appointment of Andrew Case as Managing Director of Talbot Underwriting Australia.
Reinsurance capacity to remain high at 1/1, rates to stabilise: Hannover Re
Reinsurance giant Hannover Re has said that reinsurance capital levels are to remain high at the key January 1st renewals, but that further rate stabilisation is likely.
Property and casualty players’ 2016 results to take a hit from Fort McMurray wildfire: A.M. Best
Ratings agency A.M. Best has warned that current-year financial results from property and casualty insurers will most likely take a hit from the Fort McMurray, Canada wildfire event.
Hedge fund reinsurance model shows more promise in Q3
The third-quarter and first nine month results of hedge fund reinsurers Greenlight Re and Third Point Re have shown greater promise for the business model.
XL Group names Barbara Luck President of excess casualty unit
XL Group has announced the appointment of Barbara Luck as President of its global excess casualty unit, effective December 1st 2016.
Reinsurers embrace various approaches to ILS participation: Aon Benfield
Continued growth in the ILS space is being supported by reinsurers utilising a growing volume of alternative reinsurance capital through actively managed vehicles and other forms of ILS, according to Aon Benfield.
Beazley appoints new reinsurance underwriter in Specialty Surety Treaty unit
Beazley has announced the appointment of a Miami-based reinsurance underwriter to its Specialty Surety Treaty department, in Stephan Vieira.
Allianz improves net profit and combined ratio in Q3
Allianz has reported its third-quarter 2016 results, posting a net profit of €1.86 billion, up 37% from the same period last year. The firm’s combined ratio improved in the quarter, to 93.5%.
Delta Insurance Company to begin talks over reinsurance renewal in November
According to reports, Egypt’s Delta Insurance Company will begin talks with global reinsurers at the end of November to renew its annual reinsurance programme for 2017.
Inga Beale urges New Zealand to review EQC Act to better understand exposure
The CEO of Lloyd’s of London, Inga Beale, has urged the New Zealand government to review legislation governing privacy and the EQC Act to better understand exposure.
Monte Carlo Rendezvous Executive Roundtable 2016
Participants discussed areas where ILS could play a greater role and explored potential features of the space that could facilitate increased influence across the risk transfer world, including weather risk, cyber, and terror.
Guy Carpenter launches updates to capital modeling tools
Guy Carpenter recently announced the launch of MetaRisk Reserve 5 and MetaRisk 9, in a recent update to its suite of capital modeling tools.
Thai Reinsurance reports net profit rise in Q3
Thai Reinsurance has announced its profit for the third-quarter of 2016, posting a net profit of 132.2 million baht, compared with 120.1 baht a year earlier.
RenRe announces quarterly dividend
Bermuda domiciled reinsurer RenaissanceRe (RenRe) has announced that its Board of Directors have approved a quarterly dividend of $0.31 per common share on its common stock.
La Nina to stay through winter, exacerbate U.S. drought conditions: NOAA
The NOAA has announced that La Nina conditions are officially here and that the event will likely last through winter, and expected to contribute to persisting drought conditions across the Southern U.S.
Kingstone Companies reports solid third-quarter results
Kingstone Companies, Inc. has reported its third-quarter 2016 results, posting a net income increase of 47.5%, to $3.46 million, and a combined ratio of 67.4%, compared with 72.8% a year earlier.
MetLife Board approve $3 billion share repurchase authorization
MetLife has announced that its Board of Directors has approved a $3 billion share repurchase authorization, so the firm can repurchase its common stock.
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