Reinsurance News

Reinsurance News – Friday 18th November 2016

18th November 2016 - Author: Luke Gallin

Here’s your daily Reinsurance News for Friday 18th November 2016:

New Zealand quake estimated at up to $3.5bn industry loss

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.

Hannover Re names CEO of Indian branch

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.

Tremor - The modern way to place reinsurance

PCS lowers Fort McMurray insured loss estimate to C$3.98 billion

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.

Peak Re names Christopher Lee Head of Life & Health

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.

African Risk Capacity in $8m parametric insurance payout to Malawi

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 launches Cyber risk Solutions unit

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.

Jubilee oil field FPSO insured loss to rise on continued shutdown

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.

New Zealand quake and Australia storms in November to cost IAG $200 million

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.

Alleghany puts hurricane Matthew loss at up to $75 million

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.

Berkshire Hathaway Specialty Insurance adds EPLI cover to executive first product set

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.

Kelvin Re reinsurance premiums rise in 2016, in line with targets

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.

Sava Re’s profit falls in first nine months of 2016

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.

Monte Carlo Rendezvous Executive Roundtable 2016

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 in $205 million credit risk transfer deal

Fannie Mae has announced another deal from its Credit Insurance Risk Transfer programme, offloading $205 million in credit risk to various insurers.

Hamilton Insurance adds Mark Barrenechea to Board of Directors

Hamilton Insurance Group has added Mark J. Barrenechea, CEO and CTO of Canadian software firm OpenText, to its Board of Directors.

JLT Specialty USA launches investment management cost & volatility model

JLT Specialty USA has launched its proprietary Investment Management Cost & Volatility Analysis (CVA) Model, which is a first for the industry.

Axa sees revenue growth in 2016

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.

Hanover Insurance Group names Mark Keim EVP, Corporate Development and Strategy

The Hanover Insurance Group has announced the appointment of Mark L. Keim as EVP, Corporate Development and Strategy, effective November 21st, 2016.

Thailand working on second phase of RBC framework

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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