Here’s your daily Reinsurance News for Friday 27th January 2017:
Normalised catastrophe burden expected for reinsurers in Q4: Deutsche Bank
A more normalised loss experience in the fourth-quarter of 2016 is expected to see European reinsurers use up or exceed their Q4 catastrophe budgets, according to analysts at Deutsche Bank.
Alternative capital claims increasing share of reinsurance demand
RBC Capital Markets recently said that the increase in the utilisation of alternative reinsurance capital and features has taken away some of the demand from the traditional marketplace.
Munich Re to merge health and life reinsurance units
Reinsurance giant Munich Re has announced that it will merge its life and health reinsurance units and has appointed member of its Board of Management, Thomas Blunck, to lead the operation in the future.
Lancashire appoints Andrew McKee CEO of Cathedral Underwriting
Bermuda and London specialty insurer and reinsurer, Lancashire Holdings, has appointed Andrew McKee as the new CEO of its Lloyd’s of London Cathedral Underwriting business.
AXIS opens Miami office for LatAm & Caribbean reinsurance push
AXIS Capital Holdings has opened a new office in Miami that aims to provide direct and facultative reinsurance solutions for the Latin America and Caribbean markets.
RMS targets Risk Modeler 1.0 on RMS(one) for Spring 2017
Catastrophe risk modelling firm RMS plans to reach a “major milestone” this Spring, with the launch of its Risk Modeler version 1.0 on its new RMS(one) platform.
EU financial hubs should take advantage of Brexit: Deutsche Bank CEO
The CEO of Deutsche Bank, John Cryan, has advised European financial hubs to take advantage of the UK’s vote to leave the EU or risk losing out to other jurisdictions around the world.
Italian earthquake loss estimate quadruples
PERILS AG has increased its property insurance and reinsurance industry loss estimate for the earthquakes that struck Central Italy between the 26th and 30th October 2016, from €31 million to €125 million.
Ascot Underwriting’s Bermuda office announces new healthcare team
Ascot Underwriting, an international specialty insurance and reinsurance underwriter, has hired three underwriters to head up its Bermuda-based healthcare team.
New risk models to pressure price adequacy of Asia reinsurance
AIR Worldwide, RMS, CoreLogic, and Impact Forecasting are all expected to release updates for their existing models to better serve Asian markets in 2017, which Aon feels could pressure price adequacy of Asia reinsurance.
Flood and wind most costly natural disasters in U.S. 2016: CoreLogic
Analysis from catastrophe risk modeller CoreLogic reveals that flood and damaging winds caused the greatest losses in the U.S. during 2016.
Lloyd’s welcomes EU/U.S. reinsurance deal
The specialist Lloyd’s of London insurance and reinsurance marketplace has welcomed the recently announced transatlantic reinsurance deal between the EU and the U.S.
A.J. Gallagher increases revenue in Q4 2016
Arthur J. Gallagher & Co. has reported its fourth-quarter and full-year 2016 results, posting revenue of $883.8 million and $3.5 billion, respectively. The firm reported organic growth in its broker segment of 3.6%.
Specialist global re/insurer Hiscox Group appoints chief actuary
Hiscox Group recently announced the appointment of Helen Cooper as new Chief Actuary. She joins the firm from auditing service company KPMG LLP.
O’Riordan named Head of International Property, Sompo Canopius
Steve O’Riordan has been named Head of International Property at Sompo Canopius, with immediate effect.
U.S. law firm expands re/insurance coverage with new office
International law firm Drinker Biddle has announced plans to grow its insurance and reinsurance team with the launch of a new office in Dallas, and the hiring of 23 lawyers from Sedgwick LLP.
Reinsurers might look to re-negotiate after Kaikoura quake
According to reports from the region reinsurance companies in New Zealand may wish to re-negotiate premium rates with insurers in the aftermath of the Kaikoura quake.
Mark Erickson named Regional VP, Central Region of Liberty Mutual Benefits
Liberty Mutual Insurance has announced the appointment of Mark Erickson as Regional Vice President of the central region of Liberty Mutual Benefits.
Cyber crime losses in Europe hit €60 billion in 2016
The European Union’s security commissioner, Julian King, has said that cyber crime losses in Europe reached €60 billion ($65 billion) in 2016.
Property and construction insurance on the rise in Cambodia
Property and construction insurance in Cambodia is rapidly increasing in response to a growing number of high-rise buildings in the region.
PartnerRe to move U.S. offices to Stamford
Reinsurer PartnerRe has announced plans to move its large U.S. offices to Stamford from Greenwich, according to industry reports.
Philippines Finance Secretary thanks foreign support for insurance sector growth
The Philippines Finance Secretary Carlos G. Dominguez III, has praised help it received from Canada for helping it to expand its insurance sector.
Alternative capital hits $75bn, diversification of asset class expands: WCMA
The volume of alternative reinsurance capital in the global reinsurance market reached $75 billion in 2016, and is expected to grow again in the coming months, according to Willis Capital Markets & Advisory (WCMA).
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