Here’s your daily Reinsurance News for Friday 3rd February 2017:
Hannover Re increases sidecar use at 1/1, secures additional retro cover
At the recent January 1st renewals Hannover Re increased its use of its K-Cessions retrocessional sidecar vehicle, purchased additional retro cover for large nat cats, and also saw growth in its structured reinsurance business.
Validus reports net income decline in Q4 2016
Validus Holdings has reported its fourth-quarter 2016 results, posting net income of $7.8 million, compared with $69 million a year earlier. The firm reported a combined ratio of 84.2% for the full-year 2016, despite higher cat losses.
XL grows reinsurance book despite reduced pricing
During the fourth-quarter of 2016 XL Group substantially grew its reinsurance division GPW, by 159.5%, despite industry returns being down.
Challenging for Western EU reinsurers to deploy excess capital: A.M. Best
A report from rating agency A.M. Best claims that Western European reinsurers are struggling to deploy excess capital in the current marketplace.
Guy Carpenter growth helps Marsh to a profitable Q4
Marsh has reported its fourth-quarter 2016 financials, revealing that its reinsurance brokerage unit, Guy Carpenter, recorded revenue of $222 million, up 3% on the previous year. Overall, Marsh reported revenue of $1.6 billion in Q4.
ACR completes acquisition of ACR Malaysia and ACR ReTakaful
Reinsurance company ACR Capital Holdings has announced the completion of its acquisition of Asia Capital Reinsurance Malaysia and ACR ReTakaful Holdings.
Strategic capital activities at AXIS, including Harrington Re, pay off
During the fourth-quarter of last year AXIS Capital has reported an increase in fee income earned via its strategic capital partners, which includes Harrington Re.
Everest Re announces new Insurance Claims Operation leader
Reinsurer Everest Re has appointed Megan Watt as the new leader of Insurance Claims Operation, joining the firm from insurer AIG.
Blue Capital Re beats, underwrites higher rate-on-line portfolio for 2017
Blue Capital Reinsurance Holdings beat analysts estimates in the fourth-quarter of 2016, and also reported that business written for 2017 is expected to produce a higher net rate-on-line for the portfolio.
Beazley’s profit up in 2016, combined ratio weakens
Beazley’s full-year 2016 results show that the firm recorded a combined ratio of 89%, compared with 87% in 2015, and that its profit before-tax increased to $293.2 million.
Charles Taylor opens Latin America captive office, hires Arch Re exec
Charles Taylor recently announced that it has opened an office in Panama and appointed Alvaro Ortiz, formerly of Arch Reinsurance, Bermuda, to lead the new office.
Hawaii seeks parametric disaster insurance program for hurricane risk
Legislation has been put forward in Hawaii that aims to establish a parametric disaster insurance pilot program to transfer the region’s growing hurricane risk.
Chubb announces death of ACE founding chairman, John Cox
According to a statement from Chubb the founding chairman of ACE, John R. Cox, has passed away.
Weather risk transfer a billion dollar opportunity for wind power
A new report from GCube Underwriting highlights the significant financial impact wind speed volatility can have on wind energy stakeholders across the world, suggesting an opportunity for re/insurers and ILS players.
Gulf Re goes into run-off, ratings removed by A.M. Best
A.M. Best has withdrawn the credit ratings of Gulf Reinsurance Limited (Gulf Re), a Dubai domiciled firm that went into run-off in November 2016.
APPARINDO reveals new Board for 2016 – 2019
The Association of Indonesian Insurance and Reinsurance Brokers, APPARINDO, has announced the appointment of its new Board of Council for 2016 through 2019.
Swiss Re collaborates with SAP to improve re/insurance reporting tools
Reinsurance giant Swiss Re has partnered with SAP SE to develop a solution that addresses complex issues related to financial steering and reporting of insurers and reinsurers.
Julianna Muir named SVP, Head of Strategy & Innovation, Hamilton USA
Hamilton Insurance Group has announced that Julianna Muir has been appointed Senior Vice President (SVP), Head of Strategy and Innovation, Hamilton USA.
Drinker Biddle adds eight new partners including re/insurance expert
Drinker Biddle & Reath LLP has added eight new partners to the firm, which includes Michael R. Halsband, who has extensive insurance and reinsurance industry experience.
Retroactive A&E reinsurance deal pushes The Hartford to Q4 loss
The Hartford has reported its fourth-quarter 2016 results, posting a net loss of $81 million, driven by a $423 million charge in relation to a retroactive reinsurance agreement covering asbestos and environmental (A&E) liability risks.
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