Here’s your daily Reinsurance News for Friday 13th January 2017:
Reinsurance price deterioration could persist into 2018: Moody’s
Moody’s Investors Service (Moody’s) recently said that it expects pricing in the global reinsurance market to decline by up to 5% in 2017, and possibly decline into 2018.
Lloyd’s market reliant on “declining” reserves: Peel Hunt
After speaking with the Lloyd’s of London marketplace, analysts at Peel Hunt have said that the London market is relying on “declining” reserves for profits in a challenging market.
Growing protectionism in reinsurance brings pitfalls: Markel Asia
Markel Asia has said that growing protectionism in the reinsurance industry could defeat the purpose of reinsurance protection, that is to diversify and transfer risk.
U.S. re/insurance companies rethink M&A in Trump era: Reuters
Insurance and reinsurance companies in the U.S. are reportedly rethinking M&A activity over a fear of being painted “anti-American” by President-elect Donald Trump.
McConachie steps down from CFO role at Fidelis Insurance
Fidelis Insurance has announced that Neil McConachie will step down as Chief Financial Officer (CFO) of the entity, but will remain on the Board of Fidelis Insurance Holdings Limited.
Cincinnati expects Q4 catastrophe losses of up to $85 million
Cincinnati Insurance’s P/C division expects preliminary estimated catastrophe losses of up to $85 million for the fourth-quarter of 2016, the company recently announced.
SCOR targets underwriting efficiency with LifeSuite tech Asia-Pacific expansion
French insurer and reinsurer SCOR hopes to improve the turnaround speed of its life underwriting business in Asia Pacific, with the adoption of the StoneRiver LifeSuite® automated Life underwriting system in the region.
The Navigators appoints Asian leadership team
Specialty insurer and reinsurer The Navigators Group, Inc. has announced the appointment of a leadership team in Asia, which includes the appointment of Jon Doherty as Managing Director.
XL Catlin launches environmental insurance solution in Ireland
Insurer and reinsurer XL Catlin has announced the launch of a new environmental insurance solution in Ireland, which is designed to address the Environmental Protection Agency’s (EPA) Guidance on Financial Provision for Environmental Liabilities.
Argo Surety names David Layman VP, CUO, Contract Surety
Argo Surety, a division of Argo Group International Holdings, recently announced the appointment of David M. Layman, to the newly created role of VP, CUO, Contract Surety.
Pakistan proposes requirements for foreign reinsurers to operate in the country
According to reports from the country, the Securities and Exchange Commission of Pakistan (SECP) has outlined comprehensive requirements for the approval of foreign reinsurers to operate in the region.
Tokio Marine starts testing blockchain-backed insurance solution
Japan’s Tokio Marine & Nichido Fire Insurance Co. Ltd. has started testing a blockchain-based “data insurance policy” for the shipping trade, according to reports.
MS Amlin appoints Steve Ng Ka Chuen as Senior Construction Underwriter, Singapore
MS Amlin has announced the appointment of Steve Ng Ka Chuen, as Senior Construction Underwriter in the company’s Singapore office.
Bahamas First’s reduced Matthew loss estimate reflects low insurance penetration
The President & CEO of insurer Bahamas First, Patrick Ward, recently said that the company’s total hurricane Matthew payout was roughly 20% lower than originally estimated, due to low insurance penetration in the region.
BMS Group highlights the positives from nat cat activity in 2016
In light of all the reports noting increased catastrophe losses in 2016, BMS Group has published an article which explains that U.S. tornado frequency was the lowest since records began, and also looks at the impact of other perils on the insurance industry.
ILS NYC 2017 conference – Feb 3rd, New York
A thoughtfully curated annual insurance-linked securities event in New York City from Artemis. Featuring ILS & reinsurance industry leaders speaking on forward-thinking, engaging topics.
Crawford & Company names new Country Manager for Japan
Crawford & Company recently announced the appointment of Futoshi Suezawa as Country Manager for Japan, effective January 1st, 2017.
Grinnell Mutual Reinsurance selects Guidewire’s InsuranceSuite™
Grinnell Mutual Reinsurance Company has selected Guidewire InsuranceSuite™, Rating Management, Client Data Management, and Business Intelligence for InsuranceSuite, the company has announced.
CII appoints John Bissell as its new COO
Chartered Insurance Institute (CII) has named John Bissell as its new COO, effective January 3rd, 2017.
Online insurance growth to surge in India: Aegon Life
Martijn de Jong, the chief digital officer and chief marketing officer of Aegon Life Insurance, predicts that online insurance penetration in India will increase in the coming months.
Dennis Funa named Philippines’ new Insurance Commissioner
The President of the Philippines, Rodrigo Duterte, has appointed Dennis Funa as the country’s new Insurance Commissioner, replacing Emmanuel Dooc.
Want to receive this news by email every morning? Just fill out the form below.
