Here’s your daily Reinsurance News for Friday 2nd September 2016:
Reinsurance is on the edge of profitability
There’s an expectation that a normalised year for catastrophe losses could see some reinsurers begin to report unprofitability, as the series of market headwinds persists.
Tokio Marine in talks to acquire RHB’s general insurance unit
Tokio Marine Holdings is reportedly in talks to acquire RHB’s general insurance unit, a deal that also includes an agreement to distribute the insurer’s products through the Malaysian entity.
Hurricane Hermine insured losses expected to be manageable
The insurance and reinsurance industry loss from hurricane Hermine is expected to manageable following its expected impact on Florida, according to Keefe, Bruyette & Woods (KBW).
Liberty Specialty names Caprez Claims Manager
Liberty Specialty Markets (LSM) has announced the appointment of Gion Caprez as Claims Manager for Swiss markets, effective September 1st 2016, and based in the firm’s Zurich office.
Robert Schaetti to join Everest Re as Head of Casualty Underwriting
Everest Re Group has announced that Robert Schaetti is set to join the firm’s Zurich office as Head of Casualty Underwriting. Schaetti joins the firm from reinsurer PartnerRe.
Brexit could result in London losing re/insurance business: Fitch
Following the UK’s vote to leave the EU, the London insurance and reinsurance market could lose business, unless the UK government can negotiate continuity of passporting rights.
Markel names Timothy Foister Energy Underwriter, Singapore
Markel International (Singapore) has announced the appointment of Timothy Foister as Energy Underwriter, based in the firm’s Singapore office.
Cathedral Underwriting reveals two new appointments
Lancashire Holdings has announced appointments at syndicates 2010 and 3010 of Cathedral Underwriting Limited, including John Spence as senior aviation underwriter at Syndicate 3010. Jon Barnes will now lead the underwriting of the property treaty reinsurance account for Syndicate 2010.
Two foreign reinsurers get green light to establish China branch
Two foreign reinsurance companies have been given the preliminary green light to establish subsidiaries in China, according to recent reports from the region.
Third Point Re’s Spiegel resigns from Board of Directors
Third Point Reinsurance has announced that William Spiegel will resign from the firm’s Board of Directors from the 1st of September, 2016.
Trust Re’s H1 2016 profit down by 59% on last year
Reinsurer Trust Re has reported its H1 2016 results, citing tough market conditions as detrimental to its performance. The firm’s profit dropped year-on-year by 59%, to $13.2 million.
Marsh MGA Schinnerer Group names Schaper CEO
Christopher Schaper has been named as the CEO of Marsh MGA, the Schinnerer Group, effective immediately, according to industry reports.
Vario Partners hires Heads of Research & Investment
Specialist risk advisor, Vario Partners, has added two new hires to its team in preparation for the January 2017 renewal. Markus Gesmann has joined Vario Partners as Head of Research and Modelling, and Michael Kontaratos will join the firm from J.P. Morgan.
Berkley Re Direct President takes on president of Berkley Program Specialists role
W. R. Berkley Corp. has announced that President of Berkley Re Direct, Gregory A. Douglas, has now taken on the additional responsibility of president of Berkley Program Specialists.
Marsh acquires Benefits Advisory Group
Marsh & McLennan has announced the acquisition of Benefits Advisory Group, a U.S. benefits consulting firm, terms of the deal are yet to be disclosed.
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