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Reinsurance News – Friday 16th December 2016

16th December 2016 - Author: Luke Gallin

Here’s your daily Reinsurance News for Friday 16th December 2016:

Enstar launches total return reinsurer KaylaRe

Insurer and reinsurer Enstar Group has launched a new total return reinsurance entity named KaylaRe Ltd., in partnership with Hillhouse Capital Management, Ltd. & Stone Point Capital LLC., which launches with $620 million of equity capital.

International Group cites “favourable” marine reinsurance market renewal

The International Group of Protection & Indemnity Clubs has highlighted a favourable marine reinsurance market renewal, citing favourable pricing conditions that it was able to take advantage of.

RMS

2016 re/insurance industry disaster losses put at $49bn by Swiss Re

Insurance and reinsurance industry losses from disaster events in 2016 are expected to total roughly $49 billion, up 33% on 2015, according to reinsurance giant Swiss Re.

RGA CEO joins Sun Life Financial board

The CEO of Reinsurance Group of America (RGA), Greig Woodring, along with Stephanie Coyles, has been appointed to the Board of Directors at Sun Life Financial.

Neon Underwriting could establish Dublin business post-Brexit

The CEO of Lloyd’s of London specialist insurer Neon Underwriting, Martin Reith, has said that the company could look to establish a Dublin business following the UK’s vote to leave the EU.

China Reinsurance Group’s China P&C unit records over $4 billion of premium income in 2016

According to industry reports China Reinsurance Group recorded premium income of rmb28.88 billion (roughly $4.15 billion) within its China Continent Property & Casualty Insurance unit from January 2016 through November.

HCI Group names Harmsworth Senior Vice President of Finance

Florida-based insurance and reinsurance holding company HCI Group, has announced the appointment of Mark Harmsworth as its senior vice president of finance.

Indian insurers flooded with claims after cyclone Vardah

Insurers operating in India have received claims worth a reported Rs 200 crore following the impacts of cyclone Vardah that passed the Chennai coast on December 12th 2016.

Tokio Marine Management acquires 50% stake in eSentry Underwriting

Tokio Marine Management Australasia has expanded its presence in the Australian marketplace, by acquiring 50% of underwriting agency eSentry Underwriting.

Fitch plans to withdraw ratings on Thai Reinsurance

International financial services ratings agency, Fitch, is planning to withdraw the ratings on Thai Reinsurance on January 16th 2017.

Stonestep secures XL Innovate funding for microinsurance scheme

Stonestep has revealed that it recently received $4 million in funding from XL Innovate to enable it to deliver microinsurance as a service to the world’s emerging consumers.

BP Marsh acquires further £4 million stake in Nexus Underwriting

BP Marsh & Partners PLC recently announced that it has acquired a further 6.9% stake in Nexus Underwriting Management, amounting to £4 million.

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.

V K Sharma named Chairman of India’s LIC

The Indian government has named V K Sharma as the Chairman of Life Insurance Corporation (LIC), the largest insurance company in India.

Kenya looks to boost marine insurance penetration

Kenya is planning on establishing a task force to increase the penetration of local marine insurance solutions by importers, with less that 10% currently being insured locally.

Essent & PCLender partner on streamlined MI origination

Essent Guaranty, Inc and PCLender have partnered to make Essent MI available to lenders through PCLender’s Loan Origination System (LOS).

CIRC looks to tighten control on insurers’ stock investments

China’s insurance regulator, the CIRC, is to set new rules that looks to tighten control over insurers’ stock market investment activities.

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International Group cites “favourable” marine reinsurance market renewal

The International Group of Protection & Indemnity Clubs cited the "current favourable state" of the marine reinsurance market at its...

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