Here’s your daily Reinsurance News for Friday 16th September 2016:
The bottom of the softening reinsurance cycle is either very close, or is already here, explained Swiss Re’s CUO Matthias Weber at the 2016 Monte Carlo Reinsurance Rendezvous.
XL Catlin has announced that it will acquire Australian specialty insurance underwriting agency, Brooklyn Underwriting Pty Limited and Brooklyn IT Pty Limited (Brooklyn). The deal is expected to close in the final quarter of 2016.
Analysts at KBW have said that reinsurance pricing at the key January 1st 2017 renewals is expected to come in below the stable levels that a range of re/insurers have forecast.
Fitch Ratings has said that a review of the Solvency II regime and the potential for post-Brexit changes, will likely focus on risks for reinsurers should future UK rules not be considered equivalent, and the capital requirements for annuities.
ROEs in the global reinsurance marketplace are expected to deteriorate further as headwinds persist, while the influence of ILS capital is expected to grow, according to Standard & Poor’s (S&P).
XL Catlin has announced the appointment of Wilson Yeo as Property Manager for Singapore, joining from Allied World Assurance Company.
Losses to exposed collateralised reinsurance contracts from the impacts of super typhoon Meranti on China, aren’t expected to be significant, but is a timely reminder of the potential for ILS in the region, according to RMS. Furthermore, Aon Benfield has said that overall insured losses from the event are expected to be medium to high in the region.
Ratings agency A.M. Best has said there’s evidence that the “very quantitative” approach of the reinsurance and ILS space to underwrite peak catastrophe risks is supporting price discipline.
The Council of Agriculture in Taiwan has said that typhoon Meranti has caused estimated losses of $18.72 million to the Taiwan agriculture industry.
Global reinsurers in Bermuda recently met to brainstorm the use of distributed ledger technology, in order to give the domicile a lead on a potentially disruptive market force.
Chubb has revealed that it has expanded its cyber risk engineering capabilities in the UK and Ireland, as the firm looks to improve its risk management services in the region.
XL Catlin recently announced that Ronnell Agatep has been appointed global head of underwriting at its new retail accident and health insurance division.
Following a reshuffle of senior officials at the China Insurance Regulatory Commission (CIRC), it’s been reported that Zhou Yanli will no longer serve as Vice-Chairman of the organisation.
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