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Reinsurance News – Friday 3rd March 2017

3rd March 2017 - Author: Luke Gallin

Here’s your daily Reinsurance News for Friday 3rd March 2017:

Pool Re ups retro reinsurance protection to almost £2 billion

UK government and industry backed terrorism reinsurance scheme, Pool Re, has grown the size of its retrocessional reinsurance program to nearly £2 billion.

U.S. hurricane tail risk could be greater than averages suggest: JLT Re

Analysis of climate scenarios in the future suggests that Northeast U.S. hurricane tail risk might be higher than historical averages suggest, according to reinsurance broker JLT Re.

Swiss Re Corporate Solutions names Paul Atkinson Country Head, Japan

Swiss Re Corporate Solutions has appointed Paul Atkinson as Country Manager for Japan, replacing Juerg Stoll who has been named Country Head, Malaysia.

White Mountains appoints Manning Rountree as new CEO

Insurance, reinsurance, and financial services group White Mountains, has announced the appointment of Manning Rountree as CEO, effective immediately.

Arig launches new reinsurance subsidiary, AIM in Dubai

Reinsurance provider Arig has received approval to establish its reinsurance subsidiary, AIM, in the Dubai International Financial Centre (DIFC).

Board changes at Markel CATCo reinsurance funds

Markel CATCo Investment Management recently announced changes to its Boards, including Nigel Barton being elected Chairman of its main investment fund.

Blockchain prototype improves efficiency and reduces costs for insurers, says PwC

PwC has said that its working blockchain prototype for the London Market Target Operating Model (TOM) Innovation Exchange, reduces costs for insurers and reinsurers and improves efficiency.

Re/insurers need to cooperate to realise benefits of Insurtech: Celent

Insurers and reinsurers must cooperate and work together in order to achieve the benefits of Insurtech and drive greater operational efficiency, says Celent.

Insured loss from U.S. catastrophes in 2016 above ten-year average: PCS

Insurance and reinsurance industry losses from catastrophe events in the U.S. in 2016 amounted to $21 billion, above the ten-year average and higher than that seen in 2015, says PCS.

Global Indemnity’s combined ratio weakens in 2016

Global Indemnity has reported its full-year 2016 results, posting an operating income of $35.8 million, compared with $44 million in 2015. The firm’s combined ratio weakened to 98.4% in the period.

Erik Manning leaves Aon Benfield to launch ILS fund vehicle

ILS structuring and broking specialist Erik Manning, is reportedly setting up a new ILS and reinsurance linked investment fund, named Lutece Holdings Ltd.

Enstar appoints new executive to Board of Directors

Managing Director of investment management firm Hillhouse Capital Management, Jie Liu, has been appointed to Enstar’s Board of Directors.

Toby Kayll joins THB from Integro as Managing Director, Marine

Insurance and reinsurance brokerage THB has announced the appointment of Toby Kayll from Integro Insurance Brokers, as Managing Director of its Marine business.

Re/insurers and public sector help to build resilience across Latin America

Guy Carpenter’s Aidan Pope has underlined the importance of partnerships between the public sector and insurers and reinsurers in Latin America, saying that it helps to boost resilience.

Generali names Fabrice Benard Regional Head P&C Retail, Asia

Insurer Generali has announced the appointment of Fabrice Benard as Regional Head of P&C Retail, for Asia. Reporting to Regional Officer Roberto Leonardi, Benard will be based in the firm’s Hong Kong office.

China Re issues debt securities

China Reinsurance Group has reportedly announced the issuance of debt securities, being $800 million worth of 3.375% notes due 2022.

Namibian insurers to pay 18% of income & 20% of overseas reinsurance payments to government

Insurers in Namibia could be forced to pay 18% of their local monthly income and 20% of their overseas reinsurance payments to the government.

Cyber attacks cost UK businesses £30 billion in 2016

Research firm Beaming Ltd. has said that cyber attacks in 2016 cost UK businesses as much as £30 billion, underlining the need for adequate and effective re/insurance solutions.

Winston & Strawn hires ILS experienced lawyer Angus Duncan

Winston & Strawn LLP has announced the appointment of Angus Duncan as a Partner, bringing experience in the cat bond, reinsurance sidecar and broader ILS space.

IRDAI proposes fines for insurers that fail to protect data from cyber breaches

In an effort to improve cyber security the Indian insurance regulator, the IRDAI, has said that companies that fail to adequately protect electronically stored data could be fined up to $750,000.

Marsh & McLennan acquires Blakestad

Marsh & McLennan Agency LLC recently announced the acquisition of Blakestad, Inc., although terms of the transaction are yet to be disclosed.

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Re/insurers need to cooperate to realise benefits of Insurtech: Celent

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