Here’s your daily Reinsurance News for Friday 17th March 2017:
Major reinsurers combined ratios over 100% on normalised basis: Fitch
Analysis from rating agency Fitch claims that on a normalised basis the combined ratios of some of the largest European reinsurers exceeded 100% in 2016.
Trump’s budget proposes scrapping funding for NFIP flood maps
According to industry reports President Donald Trump’s first proposed budget includes scrapping all funding for the National Flood Insurance Program’s Flood Hazard Mapping Program.
Greenlight Reinsurance Ireland appoints Patrick O’Brien as CEO
Greenlight Reinsurance Ireland DAC, a subsidiary of Greenlight Capital Re, has announced the appointment of Patrick O’Brien as its new Chief Executive Officer (CEO).
China Re reports $845m of written premium for first two months of 2017
Reinsurer China Re has reported $845 million of written premiums for the first two months of the year, underlining the opportunity for re/insurers in China.
Swiss Re Board of Directors proposes election of three new members
Reinsurance giant Swiss Re’s Board of Directors has proposed the election of three new board members, and also the re-election of a number of other members.
Reinsurance helps Microsoft make its cloud data centers greener
Microsoft is reportedly leveraging the reinsurance market to help it access sources of renewable energy while taking on less risk, making its data centers greener.
Guernsey and Beijing sign MoU for captive business expansion
Lyndon Trott, Guernsey’s Finance Chairman, has reportedly finalised a Memorandum of Understanding (MoU) with Beijing Airport Economic Core Zone, to grow its captive business in China.
“Insurance 2.0” an opportunity to build revenue and resilience: Swiss Re
In a recent report reinsurance giant Swiss Re underlined the opportunity for insurers and reinsurers to embrace “Insurance 2.0” and take advantage of the changing economic landscape.
ICA appoints Suncorp CEO President of Council & Chairman of the Board
The Insurance Council of Australia (ICA) has revealed a number of new appointments, including Anthony Day, CEO of Suncorp, as President of the Insurance Council and Chairman of the Board.
Nephila’s Lloyd’s syndicate picks up State National program risks
Nephila Capital’s Lloyd’s of London syndicate 2357 started to pick up risks via the State National program business arrangement in 2016.
Lockton adopts RiskFirst pension risk analytics platform
Brokerage Lockton has adopted RiskFirst’s new web-based risk analytics platform, PFaroe, in an effort to grow its offer of pension plan risk assessment.
Minnesota Senate approves $600 million reinsurance plan
The Minnesota Senate has reportedly approved a $600 million reinsurance programme, designed to help stabilise the state’s individual health insurance market.
Lacson to retire from National Reinsurance Corporation Of The Philippines
According to industry reports the Vice President of the National Reinsurance Corporation Of The Philippines, Jeffrey R. Lacson, has retired.
Indian government agriculture insurance could add 3 million farmers
Weather Risk Management Services (WRMS) has revealed plans to connect 3 million farmers across 150 districts to the Prime Minister’s Crop Insurance Scheme, Pradhan Mantri Fasal Beema Yojana (PMFBY).
Q4 2016 net income up for 1347 Property Insurance Holdings, Inc.
1347 Property Insurance Holdings, Inc. has reported its results for the fourth-quarter of 2016, posting a net income of $1.6 million, compared with $0.6 million a year earlier.
Ironshore expands M&A capabilities with new hires
Ironshore has boosted its Mergers & Acquisitions capabilities with a number of new hires in the Americas to serve Canada and Latin America.
Securis the first ILS manager to license RMS Exposure Manager
Securis Investment Partners is the first ILS and reinsurance-linked investment manager to license the RMS Exposure Manager solution.
Indian insurer takes on country’s largest ever transaction
According to reports from the region, New India Assurance has secured the largest single insurance transaction in India’s history, from Reliance Industries (RIL).
Allianz Australia starts search for new Managing Director
Insurer Allianz’ Australian division has started its search for a new Managing Director, after it was revealed that Niran Peiris will move to Germany to take on a new role.
Global Indemnity announces pricing of $120mn note offering
Global Indemnity Limited has announced the pricing of an offering of $120 million of its 7.875% Subordinated Notes due 2047.
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