Here’s your daily Reinsurance News for Friday 21st October 2016:
PartnerRe acquires Aurigen for $286 million
Bermuda-based reinsurer PartnerRe has announced the acquisition of life reinsurer Aurigen Capital Limited for a total cash consideration of $286 million.
Hurricane Matthew insured loss up to $5bn U.S., $3bn Caribbean: RMS
Catastrophe risk modeller RMS has said that the insurance and reinsurance industry loss from hurricane Matthew could be up to $5 billion in the U.S. and $3 billion for damage caused across the Caribbean.
JLT Re names Graeme Harley MD, Indonesia
Reinsurance broker JLT Re has announced the appointment of Graeme Harley as Managing Director, Indonesia. Harley will be based in the firm’s Singapore office, and move to its new Jakarta office once approval for the branch has been received.
Reinsurers still “in the eye of the storm” – RBC Capital Markets
With rates in the reinsurance sector expected to deteriorate further in the coming months and in light of the ongoing Atlantic hurricane season, RBC Capital Markets feels it’s too early to hold a positive stance on the European reinsurance market.
Travelers’ Q3 net income down, combined ratio up as reserves thin
Travelers has reported its third-quarter 2016 results, posting a net income of $716 million, compared with $928 million a year earlier. The firm’s combined ratio deteriorated in the quarter to 92.1%, as the firm cited lower favourable prior year reserve development.
Verto Syndicate 2689 aims to ease private capital access to Lloyd’s
Newly approved “in principle” Lloyd’s of London syndicate, Verto Syndicate 2689, aims to simplify access to the returns of Lloyd’s underwriting business for private capital, via quote share reinsurance or other syndicates.
AXIS Insurance names Tracey Harrington Cloud SVP
AXIS Insurance has announced the appointment of Tracy Harrington Cloud as SVP, International Distribution and Broker Management, based in the firm’s London office.
Nephila & Velocity approved for fourth Florida Citizens takeout
Nephila Capital is set to participate in another take-out of insurance policies from Florida’s Citizens Property Insurance Corporation, the fourth time the firm has received approval for a takeout.
Unfavourable reserve development contributes to reduced Q3 net income at RLI
RLI Corp’s third-quarter 2016 financial results reveal that unfavourable prior year reserve development contributed to $1.4 million of decreases in underwriting income, which totalled $10.6 million in the period.
PORC evolution lets ILS get closer to ultimate risk buyer: Oliver Schofield
The development and evolution of producer owned reinsurance companies (PORCs) facilitates increased access to the abundance of alternative reinsurance capital, says Oliver Schofield.
EU and U.S. under pressure to finalise reinsurance agreement
According to reports on the matter, pressure is building for the U.S. and the EU to come to an agreement on reinsurance business between the two regions.
Brown & Brown reports 7% revenue increase in Q3 2016
Brown & Brown has released its third-quarter 2016 results, posting revenues of $462.3 million, an increase of 7% compared with the same period last year. Organic revue at the firm increased by 4.3% in the period.
Q3 2016 Cat Bond Report – Weather risk returns, private deals, market growth
Artemis has released its third-quarter 2016 catastrophe bond and ILS market report, that reveals over $1 billion of issuance from eight transactions during the quarter.
Swiss Re’s Olsen highlights importance of risk transfer
In a recent interview Jayne Olsen, Head of Analytics, North America for reinsurance giant Swiss Re, has underlined the importance of insurance and risk transfer.
Somerset reinsurance increases capitalization to $375 million
Somerset Reinsurance recently announced that it has increased its common share capitalization to $375 million, which includes investments from a group of high net worth investors and three strategic investors.
IIABNY names Lisa Lounsbury interim CEO & President
The Independent Insurance Agents & Brokers of New York, Inc. (IIABNY), has announced the appointment of Lisa K. Lounsbury as interim CEO and President.
Profit warning from China Life suggests 60% year-on-year profit decline
In a recent profit warning, China Life, the country’s largest insurer in terms of market value, may have experienced a 60% decline in year-on-year profits.
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