Here’s your daily Reinsurance News for Friday 18th November 2016:
The magnitude 7.8 earthquake that struck the southern island of New Zealand recently could cost the insurance and reinsurance industry as much as $3.5 billion, according to AIR Worldwide.
Following its R2 phase approval to establish a branch in India, reinsurer Hannover Re has revealed that Mr G L N Sarma will serve as CEO of the new branch, once it’s operational.
Property Claim Services (PCS) has lowered its insurance industry loss estimate for the Fort McMurray, Alberta Canada wildfire, from C$4.67 billion to C$3.98 billion.
Hong Kong domiciled reinsurer Peak Re has announced the appointment of Christopher Lee as Head of Life & Health, replacing Angela Koechli, who is leaving the firm.
The African Risk Capacity (ARC) is set to make an $8 million payout to Malawi after its agricultural season parametric drought insurance cover was triggered by ARC’s model.
W. R. Berkley Corporation has announced the launch of Berkley Cyber Risk Solutions, a new division that’s focused on providing insurance and risk management solutions for cyber exposures.
According to reports, the insurance and reinsurance industry loss for the damage caused to a turret on the Kwame Nkrumah FPSO operating on the Jubilee oil field, is set to rise.
Insurer IAG has said that it expects to take a $200 million hit from two catastrophe events that impacted parts of Australia and New Zealand, which includes the magnitude 7.8 earthquake.
Re/insurer and financial services group, Alleghany, has said that it expects hurricane Matthew to result in a pre-tax loss of up to $75 million, net of reinsurance and reinstatement premiums.
Warren Buffett’s Berkshire Hathaway Specialty Insurance (BHSI) has announced the addition of employment practices liability insurance (EPLI) to its executive first suite of policies.
Credit Suisse Insurance Linked Strategies Ltd.’s rated reinsurance vehicle, Kelvin Re, increased its gross premiums written in 2016 to more than $150 million of catastrophe reinsurance cover.
Slovenia domiciled reinsurance company, Sava Re, has reported that its net profit for the first nine months of the year fell by 1.6% to €22.6 million.
Participants discussed areas where ILS could play a greater role and explored potential features of the space that could facilitate increased influence across the risk transfer world, including weather risk, cyber, and terror.
Fannie Mae has announced another deal from its Credit Insurance Risk Transfer programme, offloading $205 million in credit risk to various insurers.
Hamilton Insurance Group has added Mark J. Barrenechea, CEO and CTO of Canadian software firm OpenText, to its Board of Directors.
JLT Specialty USA has launched its proprietary Investment Management Cost & Volatility Analysis (CVA) Model, which is a first for the industry.
French firm Axa has reported that its property and casualty revenues increased by 3.4% to €25.4 billion during the first nine months of 2016, with the firm’s overall revenue increasing to €75.7 billion.
The Hanover Insurance Group has announced the appointment of Mark L. Keim as EVP, Corporate Development and Strategy, effective November 21st, 2016.
According to reports from the region, Thailand is drafting the next phase of the Risk-Based Capital (RBC 2) framework, which is set to change and improve the country’s insurance industry.
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