Here’s your daily Reinsurance News for Friday 24th February 2017:
Third Point Re’s Berger to step down as CEO, Bredahl to succeed him
The CEO of Bermuda domiciled hedge fund reinsurer Third Point Re, John Berger, is to step down from the role and be replaced by current President and COO, Robert Bredahl.
Swiss Re binds less renewals as prices decline, business model adjusts
Swiss Re wrote 18% less renewal business at January 1st, 2017, renewing just $$8.5 billion of a possible $10.3 billion, as the firm continues to navigate the soft marketplace.
Lloyd’s “absolutely committed” to Latin America: Inga Beale
The CEO of the specialist Lloyd’s of London insurance and reinsurance marketplace, Inga Beale, has said that the market is totally committed to the Latin America market, highlighting strong growth potential.
Third Point Re posts net income gain in 2016
Reinsurer Third Point Re has reported its fourth-quarter 2016 results, reporting a net loss of $46.7 million, compared with a net income of $42.2 million a year earlier. However, for the full-year 2016 the firm recorded net income of $27.6 million, compared with a loss in 2015.
Swiss Re substantially pulls back from China
Reinsurance giant Swiss Re has substantially pulled back on underwriting in China, and has blamed that market as the driver of an 18% reduction in premium volume renewed on January 1st 2017.
Stephen Robb to succeed Peter Porrino as XL Chief Financial Officer
XL Group has announced that Stephen Robb will succeed retiring Peter Porrino as the firm’s CFO, effective May 1st, 2017.
Greenlight Re falls to underwriting loss in 2016
Greenlight Re has reported its financial results for the final quarter of 2016, posting net income of $49.2 million, and a combined ratio of 99%. For the full-year the firm reported an underwriting loss of $18.8 million.
Two more, including a global reinsurer, await R3 approval from the IRDAI
The Insurance Regulatory and Development Authority of India (IRDAI) has received a further two applications for the establishment of a general insurer, including from a global reinsurer.
Qatar Re’s premium volume and net income up in 2016
Reinsurer Qatar Re expanded its premium volume in 2016 by 8% to $1.25 billion, while net income increased by 52% to $38 million.
Technology to bridge re/insurance protection gap: Geneva Association
Insurance and reinsurance industry think tank, the Geneva Association, has released a new study that shows how technology is streamlining the re/insurance process and how this will help address the global protection gap.
SCOR appoints Rachel Conran to Head of Business Solutions
Insurer and reinsurer SCOR has announced the appointment of Rachel Conran as its new Head of SCOR Business Solutions.
L&G’s U.S. pension risk transfer business approaches $1 billion
Legal & General’s U.S. pension risk transfer business continues to expand and the firm has revealed that since it completed its first transaction it’s now nearing $1 billion of total business volume.
Thai Reinsurance grows profit in 2016
Thai Reinsurance has reported its profit for the full-year of 2016, posting a profit of 302.7 million baht (roughly US$8.6 million), an increase on 2015’s profit.
JLT Re expands Nordics team with two hires
Reinsurance broker JLT Re has further expanded its service offering in the Nordics region, with two new hires to its broking and analytics capability.
New Ocean delivers increased value to XL & investors as assets rise
Throughout 2016 New Ocean Capital Management Limited delivered increased value to its stakeholders, discusses Artemis.
Lloyd’s warns industry of potential for stranded-assets from climate change
In a new report the Lloyd’s of London marketplace has warned that the insurance industry could be faced with asset-stranding on a global scale due to the impacts of climate change.
State National grows Q4 and full-year 2016 revenue by 9%
State National Companies has reported its fourth-quarter 2016 results, posting revenue growth of 9% to $60.1 million. For the full-year revenues also increased 9%, to $217.1 million.
Validus publishes 2016 Loss Development Triangles
Validus Holdings, Ltd. has announced that it’s published its 2016 Loss Development Triangles on its company website.
StoneRiver releases Universal Reinsurance System Version 8.0
Insurance and reinsurance industry software provider, StoneRiver, has released its Universal Reinsurance System (URS®) version 8.0.
IRDAI eases process of hiring Point of Sales Persons
According to reports from the region the IRDAI has made it easier to hire Point of Sales Persons to sell insurance solutions in India.
Wineries and insurers work together to repair tanks after Nov 2016 quake
Wineries in Marlborough, New Zealand have been working with insurers to repair or replace tanks following the impact of the November 2016 earthquake.
India’s state-owned insurers could merge before listing
According to reports India’s state-owned general insurers are set to merge in order to gain a stronger valuation when listed.
CIRC warns firms against risky practices
The Chinese insurance industry regulator, the CIRC, continues to warn firms against using insurance capital for market speculations.
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