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Reinsurance News – Friday 20th January 2017

20th January 2017 - Author: Luke Gallin

Here’s your daily Reinsurance News for Friday 20th January 2017:

Lloyd’s get final approval, to launch in India before April renewals

The Lloyd’s of London insurance and reinsurance marketplace has received final approval from the IRDAI to establish a branch in India, and plans to launch before the April reinsurance renewals.

RFIB launches Limehouse MGA to leverage disruptive innovations

Insurance and reinsurance broker RFIB Group has launched an MGA called Limehouse Agencies, which the firm aims to position at the forefront of the disruption facing the re/insurance sector.

InsurTech innovation key to re/insurers survival: Davos WEF 2017

Speaking at the World Economic Forum (WEF) in Davos recently, industry leaders said that insurtech innovation is key to the survival of re/insurers in a rapidly changing landscape.

R&Q to grow U.S. insurer Accredited with reinsurance backing

Randall & Quilter Investment Holdings Ltd. aims to expand its Florida domiciled U.S. domestic insurer Accredited Surety and Casualty Company, Inc., with the help of backing of reinsurers from the Lloyd’s market.

Aon appoints executives to risk and consulting divisions

Insurance and reinsurance broker Aon has announced the appointment of James Platt as COO of Aon Risk Solutions and Michael Moran, as CEO of Aon Inpoint.

GIC Re doubles growth due to government crop insurance scheme

India’s state-backed reinsurer GIC Re has said that it’s been able to double its profits thanks to the implementation of a government-backed crop and weather-index insurance scheme.

Longevity risk over-valued, but access to risk transfer growing: Club Vita

Specialist longevity risk information provider, Club Vita, has said that pension fund longevity risk is over-valued, suggesting that more than £25 billion of the collective deficit of UK defined benefit pensions could be wiped off.

White Mountains said to explore One Beacon sale

Bermuda domiciled insurance and reinsurance holding company, White Mountains Insurance Group, is looking to sell its specialty insurance unit, One Beacon.

W. R. Berkley announces executive hires

W. R. Berkley Corporation recently announced a number of senior executive appointments, including the hiring of Melissa M. Emmendorfer as SVP, underwriting.

Allianz strikes deal to expand offering across Asia

Allianz and Standard Chartered Bank have reached an agreement to distribute Allianz’s insurance solutions across Hong Kong, Singapore, Malaysia, Indonesia and China.

XL Catlin names Klimczak Marine Risk Engineer, APAC

Insurer and reinsurer XL Catlin has appointed Jarek Klimczak as Marine Risk Engineer for Asia Pacific, based in the company’s Singapore office.

Aon close to $4.5 billion sale of employee benefits outsourcing unit

Insurance and reinsurance broker Aon is reportedly close to the sale of its employee benefits outsourcing unit to Clayton Dubilier & Rice LLC for nearly $4.5 billion, according to reports.

ILS NYC 2017 conference – Feb 3rd, New York

A thoughtfully curated annual insurance-linked securities event in New York City from Artemis. Featuring ILS & reinsurance industry leaders speaking on forward-thinking, engaging topics.

Markel appoints Ryan Godfrey Senior Underwriter & Head of Cargo

Markel International has named Ryan Godfrey as Senior Underwriter and Head of the cargo division within its marine, energy, and property operation.

No ratings actions from Brexit vote: A.M. Best

In a special report ratings agency A.M. Best has said that it does not expect to see any ratings actions as a result of the UK’s vote to leave the EU, but that pressures could weigh on UK insurers.

Blue Capital Global Reinsurance Fund returns 8.26% for 2016

The Blue Capital Global Reinsurance Fund recorded an 8.26% return in 2016 in spite of some attrition from catastrophe losses during the year.

Jardine & Clementi added to Lloyd’s Market Association board

The Lloyd’s Market Association (LMA) has announced the appointment of Paul Jardine and Tom Clementi to the LMA Board, with immediate effect.

Chubb names Lambourne Head of Multinational Claims

Chubb has promoted Graham Lambourne to Head of Multinational Claims for Overseas General Insurance, he will be based in the firm’s London office.

British Insurance Broker’s Association calls for end to insurance premium tax increases

The British Insurance Brokers’ Association has asked for the government to commit to no further insurance premium tax increases.

Trump election suggests period of “unprecedented uncertainty” for Bermuda businesses

Business leaders in Bermuda, which includes insurers and reinsurers, have said that the election of Donald Trump will result in a period of “unprecedented uncertainty.”

Private U.S. insurers report $1.7bn underwriting loss in first nine months of 2016

According to a new report by Verisk and the Property Casualty Insurers Association of America, private U.S. P/C insurers recorded a $1.7 billion underwriting loss during the first nine months of 2016.

China to reduce foreign investment restrictions

According to regional reports China is to lower its foreign investment restrictions, making it easier for foreign investors to access the Chinese insurance industry.

CFOs have little recovery plan for numerous operational risks

According to insurer FM Global, a large number of chief financial officers have been faced with various operational risks in the last five years, but have no formal recovery plan.

Gates Foundation to sell $10 billion of Berkshire Hathaway shares

The Gates Foundation is reportedly looking to sell almost $10 billion worth of shares in Warren Buffett’s Berkshire Hathaway.

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