Here’s your daily Reinsurance News for Friday 23rd September 2016:
FEMA buys first reinsurance for NFIP, will buy more in 2017
For the first time ever, FEMA has bought reinsurance protection for the National Flood Insurance Program. FEMA has purchased $1 million of reinsurance cover from three reinsurers, a development that could see more flood risk make its way to the reinsurance and capital markets.
Ed appoints Graham Roberts head of A&H division
Newly rebranded Ed, formerly Cooper Gay, has announced the appointment of Graham Roberts as head of its accident and health (A&H) division. Roberts joins the firm from Willis Towers Watson.
Lloyd’s interim results not reflective of “sustainable profitability”
Executives at Lloyd’s of London have revealed that the firm’s recently reported profit increase for H1 was largely due to one-offs, including an increase in investment returns, and foreign exchange gains, neither of which “represent sustainable profitability.”
Swiss Re partners with Sharecare to address financial stress management
Global reinsurance giant Swiss Re has entered into a partnership with Sharecare, that’s designed to assist people with the management of financial stress.
John Lloyd joins Ascot Underwriting as an independent non-executive director
Ascot Underwriting has announced that John Lloyd, former CEO of JLT Specialty, has joined the company’s board as an independent non-executive director.
Guernsey targets special purpose insurer (SPI) rules by year-end
Guernsey is hoping for legislation to take effect by the end of 2016 that will enable the formation of special purpose insurance (SPI) vehicles, as it looks to build on its ILS and collateralised reinsurance activity.
James Shea to lead new Zurich unit
As part of a company-wide revamp, Zurich has created a new division that will combine its global corporate and commercial businesses, and that will be led by James Shea.
Arch Capital announces $450 million public offering of depository shares
Arch Capital Group recently announced a $450 million public offering of depository shares. A total of 18,000,000 depository shares at $25 per share has been priced and underwritten.
Lloyd’s platform remains attractive to all forms of capital: Parry, Lloyd’s
Director of Finance at specialist insurance and reinsurance marketplace Lloyd’s of London, John Parry, has said that the Lloyd’s platform remains attractive to all types of capital.
ELMC Group, LLC, has announced the acquisition of IOA Re, Inc., a MGU headquartered in East Norriton, PA. The company has said that the acquisition will enable further growth opportunities.
ILS continues to expand, will remain a robust market: Ghosh, Moody’s
In a discussion with Artemis, Vice President, Senior Analyst at Moody’s Investors Service, Sid Ghosh, advised that the alternative reinsurance and ILS market will continue to expand and remain a robust marketplace.
Verve Risk Partners launches on Castel’s MGA platform
According to reports, Verve Risk Partners has launched as a cell company on Castel Underwriting Agencies Limited MGA platform, that will see it target US professional and management liability risks.
JLTCM anticipates greater innovation around weather bonds
Following the completion of the innovative weather catastrophe bond, Market Re Ltd. (Series 2016-5), JLTCM has said that it expects to see further innovation around weather bonds in the future.
GIC Re Chairman & MD named as one of India’s most powerful women
Alice G Vaidyan, the Chairman and Managing Director of India’s state-backed reinsurer GIC Re, has been named as one of the top 30 most powerful women in India.
R&Q acquires United States Sports Insurance Company
Randall & Quilter Investment Holdings (R&Q) has announced the recent acquisition of United States Sports Insurance Company (USSIC), for $2.1 million.
AXIS Capital announces two new appointments
AXIS Capital Holdings Limited has announced the appointment of Michiko Kurahashi as Chief Marketing Officer and Joe Cohen as Chief Communications Officer.
Zimbabwe re/insurers struggle to manage economic conditions
Insurers and reinsurers in Zimbabwe continue to struggle to meet capital requirements in the face of economic turmoil across the region.
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