Here’s your daily Reinsurance News for Friday 28th October 2016:
AMP Life and Munich Re enter into significant reinsurance arrangement
AMP Life has announced a significant quota share reinsurance agreement with Munich Re, that will see the reinsurer reinsure 50% of $750 million of annual premium revenue of AMP Life’s retail portfolio.
Validus improves combined ratio, increases net income in Q3
Validus Holdings has reported its third-quarter 2016 results, posting a net income of $89.8 million, compared with $66.7 million a year earlier. The firm’s combined ratio also improved in the quarter, to 82.4%.
Swiss Re to reinsure China’s Guangdong province against natural disasters
Reinsurance giant Swiss Re has entered into an agreement to be the sole reinsurer for seven prefectures of Guangdong province, China. Swiss Re will provide reinsurance for losses of up to $350 million from tropical cyclone and excessive rainfall.
Willis Capital Markets & Advisory adds SVP in Europe
Willis Capital Markets & Advisory (WCMA) has announced the appointment of Daniel Ohana as a Senior Vice President in Europe, as it continues to bolster its capabilities in the region.
The Hartford reports increased net income in Q3
The Hartford has announced its third-quarter 2016 results, posting a net income of $438 million, up 15% from the same period last year. The firm’s combined ratio in commercial lines improved to 93.9%, and in personal lines to 100.2%.
Watford Re profits on both underwriting & investment in Q3 2016
Total return reinsurance vehicle Watford Re, owned by Arch Capital Group, recently reported profitability on both the underwriting and investment side of the balance sheet in the third-quarter of 2016.
Arthur J. Gallagher reports organic growth in Q3 2016
Arthur J. Gallagher has reported its Q3 financials, reporting organic growth of 3.4% during the quarter. The firm reported net earnings of $145.7 million in the quarter, as its brokerage unit increased.
RenRe announces several leadership changes within its Finance function
RenaissanceRe Holdings Ltd. has announced a number of important leadership changes within its Finance function, including James Fraser being named SVP, Chief Accounting Officer.
Reinsurer Swiss Re reveals plans for largest ever solar project at U.S. headquarters
Global reinsurance company Swiss Re has revealed its largest ever solar project in Westchester, its U.S. headquarters. Reports claim the project will generate 2 megawatts of power.
Aon Hewitt tells pensions to delay longevity swaps
Retirement and health advisory Aon Hewitt has advised pension schemes to delay any longevity transactions in the current marketplace, as there is a dislocation in pricing.
Sompo Japan reviewing corporate earthquake premiums
According to reports, Sompo Japan Nipponkoa Insurance is reviewing its corporate earthquake premiums, in an effort to tailor them to 948 areas throughout the country.
IAG’s vote to enter China “too expensive and too risky,” – Elizabeth Bryan
The decision by the board of IAG to enter the Chinese market was “too expensive and too risky,” according to Chairwoman of the firm, Elizabeth Bryan.
Swiss Re’s Monica Ningen says Matthew a reminder to insurers
Head of Property Underwriting U.S. & Canada at reinsurer Swiss Re, Monica Ningen, recently described hurricane Matthew as a reminder to the risk transfer world, highlighting the global protection gap.
K-Sure signs reinsurance agreement with the ICIEC to promote expansion
The Korea Trade Insurance Corporation (K-Sure) has signed a reinsurance agreement with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), to assist South Korean firms’ desire to enter Islamic markets.
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.
London Market Group to sponsor research on ‘insurance contracts of the future’
The London Market Group has announced that it will sponsor a project that aims to investigate ‘insurance contracts of the future,’ in an effort to reduce friction and uncertainty.
Belarus Re General Director highlights firm’s international cooperation strategy
The General Director of Belarus Re, Andrey Unton, has discussed the firm’s growth over the last decade and stressed that international cooperation is one of the company’s strategic directions.
Alternative capital from Nephila gives Blenheim flexibility: Peter Scales
It’s been revealed that Nephila Capital will provide the majority of capital for new Lloyd’s of London syndicate Blenheim Syndicate 5886.
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