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Reinsurance News – Friday 17th February 2017

17th February 2017

Here’s your daily Reinsurance News for Friday 17th February 2017:

AIG hopes to renew Swiss Re casualty quota share on better terms for 2018: Hancock

CEO of insurance giant AIG, Peter Hancock, recently said that he his hopeful the firm will be able to renew its casualty quota share reinsurance arrangement with Swiss Re on better terms next year.

Solvency II fuelling increased reinsurance demand: Fitch

International ratings agency Fitch Ratings has said that Solvency II regulatory requirements is driving increased demand for reinsurance protection.

Oroville Dam failure cost highlighted, rainfall forecast means risk could rise

According to data and analysis from CoreLogic, were the Oroville Dam in California to fail completely, a huge $13.3 billion reconstruction cost value (RCV) is at risk covering over 50,000 homes.

Excess capacity is driving down insurance rates: Marsh

On average, global insurance rates continued to decline during the fourth-quarter of 2016, albeit it a moderated pace, and largely driven by the oversupply of traditional and alternative re/insurance capital.

Willis Towers Watson adds two CRB business, Midwest leaders

Insurance and reinsurance broker Willis Towers Watson has appointed Scot Housh and Mark Vila within its Midwest Corporate Risk and Broking (CRB) business.

Need for mitigation spending highlighted after NSW wildfires

Following damaging bushfires in NSW, Australia and heavy floods in the country in late 2016, the Insurance Council of Australia (ICA) has highlighted the need for mitigation against natural disasters.

Lancashire gets consistent Kinesis contribution, bulks up on reinsurance

Lancashire Holdings’ latest financial results reveal that the insurer and reinsurer continues to benefit from the contribution from its Kinesis Capital Management unit.

Concerns highlighted over Indian non-life market performance

Global rating agency A.M. Best has highlighted concerns about the slow performance of the Indian non-life insurance sector, something that reinsurers might need to be wary of.

Global insurance rate declines moderated in Q4: Marsh

Broker Marsh’s Global Insurance Market Index for Q4 2016 shows that insurance rates continued to decline in the quarter, as market challenges remain.

Higher cat losses hit Fairfax profits in 2016

Fairfax Financial Holdings has released its 2016 results, posting an underwriting profit of $575.9 million and an insurance and reinsurance combined ratio of 92.5%. The higher combined ratio and reduced profit was largely due to higher cat losses, says the firm.

New York cyber rules could increase demand, but also potential for loss

Fitch Ratings has said that new cyber security regulations being implemented in New York by the New York Department of Financial Service (NYDFS), could help increase demand for cyber cover, and ultimately reinsurance.

Gator Re loss a $29.5m reinsurance recovery for American Strategic

American Strategic Insurance Corp. has pegged the recovery and payout made under the triggered Gator Re Ltd. catastrophe bond at $29.5 million.

Allianz grows operating profit in 2016

Global insurer Allianz has reported its 2016 financial results, posting operating profit growth of 0.9% to €10.8 billion for the full-year, and an operating profit of €2.8 billion in Q4.

Argo launches M&A transactional risk insurance program

Specialty insurer and reinsurer Argo Group has partnered with BlueChip Underwriting Services LLC, to offer a transactional risk insurance program designed to facilitate M&A.

Tokio Marine Kiln Lloyd’s Syndicates announce latest results

Tokio Marine Kiln Syndicates Limited recently announced its latest results and forecasts, revealing that Syndicates 510, 557 and 308 each recorded profits for the 2014 year of account.

ILS diversification up in 2016, U.S. wind share reduced: Munich Re

ILS and cat bond issuance diversification was seen throughout 2016 as U.S. wind issuance reduce substantially from the previous year, says reinsurance giant Munich Re.

Italy quake damage exceeds $25 billion: Reports

Reports from Italy’s Civil Protection Department claim that the August 2016 earthquake that hit the central region of Italy has caused damages beyond $25 billion.

Profit up at Brit in 2016

Global specialty insurer Brit has reported its financial results for 2016, posting an after-tax profit of $157.6 million, compared with just $15.6 million a year earlier.

Allianz launches €3 billion share buy-back program

Allianz has announced the launch of a share buy-back program with a volume of up to €3 billion, and to last no longer than 12 months.

IAG to establish insurtech hub in Singapore

Australian insurer IAG is reportedly to establish an insurtech hub in Singapore, making it the first Australian firm to launch such a hub in the region.

Navigators grows Q4 profit to $21.6mn

The Navigators Group, Inc. has reported its financial results for the fourth-quarter of 2016, posting a net income of $21.6 million, compared with $17.7 million in the previous year.

South Korea’s POBA pension fund could double ILS allocation

South Korean-based pension fund manager the Public Officials Benefit Association (POBA), is reportedly planning to double its allocation to insurance-linked securities (ILS) business.

Zurich Insurance exec says firm focused in UAE

The CEO of Zurich Insurance for global corporate in the Middle East, said that the company will continue to focus on the United Arab Emirates as its main market in the Gulf region.

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