Here’s your daily Reinsurance News for Friday 30th September 2016:
Buffett’s Berkshire Hathaway to establish reinsurance branch in India
Warren Buffett’s Berkshire Hathaway has revealed plans to establish a reinsurance branch in India, roughly three years after exiting the region citing regulatory issues.
Hurricane Matthew intensifies, targets Jamaica & Cuba as major storm
According to reports hurricane Matthew has intensified into a Category 2 storm, as it continues its westward track through the Caribbean. Over the coming day the storm is expected to intensify further, and could pose a real threat to Jamaica.
Argo Group makes two new appointments
Argo Group has announced the appointment of Jose A. Hernandez as Head of International Business, and has also named David Harris as Head of Performance for the Group.
Risk free rate hike could see further decline of reinsurer RoE’s: J.P. Morgan
Analysts at J.P. Morgan have warned that while unlikely, any hike in risk free rates could see reinsurer ROEs deteriorate further, as it would likely increase the cost-of-capital for the reinsurance sector.
CNO Financial ends long-term care reinsurance agreements with Beechwood Re
CNO Financial has announced the termination of its long-term care reinsurance agreements with reinsurer Beechwood Re. The termination of the deal sees CNO recapture assets, liabilities and policyholder administration.
Typhoon Meranti insured losses could be as high as $1.15bn: AIR Worldwide
Global catastrophe risk modeller AIR Worldwide has said that the impact of typhoon Meranti on mainland China could result in insurance and possibly reinsurance industry losses of up to $1.15 billion.
Hundreds of entities eager to obtain Chinese insurance licence: CIRC
Following recent reports that some 25 local reinsurers are looking to get established in the Chinese market, the CIRC has said that in 2016 alone more than 200 entities have looked to get an insurance licence in China.
Demand grows alongside overall, global reinsurance capital base: Aon
Demand for reinsurance protection has increased in recent times, narrowing the gap between supply and demand and, at the same time, global reinsurance capital has increased to $585 billion, according to Aon Benfield.
A report claims that the Obama administration wrongly dealt with the transitional reinsurance program, and as a result failed to follow health law.
Solvency II impacts U.S. insurers too: Effisoft USA
According to Effisoft USA, the EU’s new Solvency II regulation that came into effect on January 1st 2016, is also of concern to U.S. insurers, urging them to understand any potential implications.
R&Q Insurance (Malta) Limited has announced that it’s received regulatory approvals for a portfolio transfer agreement relating to specific contracts of legacy exposures that were underwritten by Aviabel S.A.
Lloyd’s names Angela Kelly country manager, Singapore
Specialist Lloyd’s of London insurance and reinsurance marketplace has announced the appointment of Angela Kelly as its country manager in Singapore.
Assured Guaranty Corp. to acquire MBIA UK Insurance
Assured Guaranty Ltd. has announced that its subsidiary Assured Guaranty Corp. has entered into an agreement to acquire MBIA UK Insurance Limited (MBIA UK).
JBA Risk Management opens Asia-Pacific hub in Singapore
Catastrophe risk modeller JBA Risk Management has now opened its Singapore branch as its regional Asia-Pacific hub, in an effort to strengthen its presence in the region.
Political risk cover demand on the rise in India
Demand for political risk cover in India is on the rise according to reports from the region, in response to a rise in global terror incidents around the world.
Want to receive this news by email every morning? Just fill out the form below.
