Here’s your daily Reinsurance News for Friday 22nd July 2016:
Swiss Re reportedly in talks to sell $1bn Admin Re stake
Industry reports notes that reinsurance giant Swiss Re is in talks over the sale of a $1 billion stake in its Admin Re unit, with pension funds and a range of other third-party capital providers the likely candidates.
Insureon launches MGA with $3bn+ of Lloyd’s capacity
Insureon has announced the establishment of Insureon Underwriting Managers, a MGA that will operate under broker Insurance Noodle, and which has secured more than $3 billion of capacity from Lloyd’s Syndicates ahead of its launch.
Q2 European reinsurance profits as much as 58% down: Deutsche Bank
Deutsche Bank has warned that profits for European reinsurers in the second-quarter of 2016 are expected to be down by as much as 58%, suggesting reinsurers’ Q2 catastrophe budgets will likely be exceeded.
Beazley looks to set up reinsurance business in Dublin after Brexit
The CEO of Lloyd’s of London insurer Beazley, Andrew Horton, has revealed that the firm is trying to obtain a European insurance licences for its Irish reinsurance business, as fears of the UK leaving the EU drive plans to redomicile.
Munich Re profits from private, off-market reinsurance deals
Reinsurance giant Munich Re continues to profit from participating in many privately placed reinsurance agreements as possible, enabling the firm to navigate the softening reinsurance landscape.
Cat losses and lower investment income dent Travelers Q2 results
Insurer Travelers has reported its Q2 2016 results, posting an operating income of $649 million, compared with $806 million a year earlier. The firm notes that catastrophe losses were higher in the quarter by $135 million, while investment income fell by $61 million in the quarter.
Markel CATCo hits $3.7bn reinsurance linked assets under management
Markel CATCo has reportedly raised and deployed $500 million of new capital this year, growing its reinsurance retrocession linked AUM to an impressive $3.7 billion, an increase of 16% this year alone.
JLT Re acquires Peru reinsurance broker, Olsa Re
JLT Re has announced that it’s acquired the portfolio of Olsa Re, a Lima, Peru domiciled reinsurance brokerage with a focus on mining, construction, energy, aviation, and oil.
Beazley reports solid Q2 in challenging market
Beazley has reported its second-quarter 2016 results, posting a profit of $150.2 million, so slightly down on the $154.5 million reported a year earlier. The firm increased its GWP by 2% in the quarter, to $1.12 billion.
Swiss Re Corporate Solutions adds two to U.S. Central Region team
Swiss Re Corporate Solutions has named Christine Harman SVP, Head of Casualty, and Gabriel Poppie SVP, Head of Sales, both within its U.S. Central Region.
Brazilian reinsurance firms launch national reinsurance association, AN-Re
A group of Brazilian reinsurance companies has launched a new association, the National Association of Local Reinsurers (AN-Re), in a step to improve the growth prospects of the region’s re/insurance industry.
Marsh names new President of U.S. & Canada division
Marsh has announced the appointment of Martin South as President, U.S. and Canada, based in the firm’s New York office, effective September 1st, 2016.
Euclid Transactional, Swiss Re and Allianz partner on transactional insurance program
Euclid Transactional, LLC has entered into a partnership with reinsurer Swiss Re’s Corporate Solutions unit and Allianz Global Corporate and Specialty, to offer a transactional insurance program.
Aspen Re becomes corporate member of Women in the Boardroom
Reinsurer Aspen Re has joined Women in the Boardroom as a corporate member, it’s been announced. Women in the Boardroom is an international organisation dedicated to advancing women in the workplace.
Chubb launches insurance cover for solar plants in UK & Ireland
According to industry reports, global insurance company Chubb has launched a new insurance product for UK and Ireland domiciled owners of solar plants.
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