Here’s your daily Reinsurance News for Friday 14th October 2016:
50% of mid-estimate $5bn Matthew loss to fall to reinsurance: JPM
J.P. Morgan has said that an estimated $5 billion loss from hurricane Matthew would see reinsurers front 50%, or $2.5 billion of the bill.
Swiss Re and Bradesco Seguros to launch commercial insurer in Brazil
Reinsurance giant Swiss Re’s Corporate Solutions unit has joined forces with Bradesco Seguros S.A. to launch a commercial large-risk insurer in Brazil.
CCRIF adds $8m to hurricane Matthew payouts for excess rainfall
The CCRIF SPC is to pay a further $8 million in claims due to hurricane Matthew’s path across the Caribbean, with parametric excess rainfall insurance payouts due for four countries.
Buffett’s Gen Re promotes John Brogan to CEO of Aircraft Risk Unit
Gen Re, the reinsurance arm of Warren Buffett’s Berkshire Hathaway, has promoted John Brogan to CEO of Aircraft Risk Unit, replacing David McKay.
Hurricane Nicole heads to open sea after making Bermuda landfall
After striking Bermuda as a Category 3 storm hurricane Nicole weakened as it tracked towards open sea, with reports of widespread power outages. Initial reports suggest the storm didn’t cause any substantial damage.
Reinsurers yet to exploit opportunities & innovation in relevance fight: S&P
Ratings agency S&P has highlighted the need for reinsurers to innovate and develop strategies that make the most of the opportunities in the sector.
Liberty Specialty Markets names Alvarez head of business development, reinsurance
Liberty Mutual Insurance Group subsidiary, Liberty Specialty Markets, has appointed Miguel Alvarez head of business development, reinsurance.
First Coast Re cat bond price bounces back post-Matthew
First coast Re, a catastrophe bond that had traded at a reduced price due to hurricane Matthew has bounced back, according to reports.
Marsh names Schaper CEO of MGA the Schinnerer Group
Marsh has announced the appointment of Christopher Schaper as CEO of the Schinnerer Group, a managing general agent business subsidiary of Marsh.
Sava Re announces appointments to Supervisory Board
Sava Re has announced that Mateja Lovsin Heric has been appointed Chair of the Supervisory Board, and Slaven Mickovic has been named Deputy Chair.
Asta promotes Brightman to Head of Syndicate Finance
Lloyd’s of London third-party managing agent Asta, has announced the promotion of Peter Brightman to Head of Syndicate Finance.
Q3 2016 Cat Bond Report – Weather risk returns, private deals, market growth
Artemis has released its third-quarter 2016 catastrophe bond and ILS market report, that reveals over $1 billion of issuance from eight transactions during the quarter.
Indian government to relax regulation to attract global reinsurers
According to reports from the region, the Government in India is looking to relax regulatory norms in order to attract global reinsurance companies.
Beazley names Jaramillo head of construction & engineering, Latin America
Beazley has appointed Santiago Jaramillo as head of construction and engineering for Latin America, with a focus on expanding the firm’s Miami office.
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