Here’s your daily Reinsurance News for Friday 4th November 2016:
IAG adding to NZ quake reinsurance reflects ongoing loss creep
It’s been revealed that IAG New Zealand has extended its reinsurance cover to help pay for claims from the Canterbury quakes, purchasing $900 million of adverse development cover.
Third Point Re sees combined ratio weaken further in Q3
Third Point Re has reported its Q3 2016 results, posting a net income of $72.1 million compared with a net loss of $195.7 million a year earlier. Citing challenging market conditions, the firm recorded a combined ratio of 106.5%, compared with 102.8% in Q3 2015.
Swiss Re shows why investor attraction to reinsurance isn’t going away
During its third-quarter 2016 results, reinsurance giant Swiss Re announced its CHF 1 billion share repurchase programme, which highlights how larger reinsurance players are still able to return excess capital in challenging conditions.
Less favourable underwriting results at Greenlight Re results in A.M. Best rating downgrade
Ratings agency A.M. Best has downgraded the financial strength of reinsurer Greenlight Re to A- from A, which the firm says is driven by less favourable underwriting results.
Argo Group’s net income and GWP up in Q3
Argo Group has reported a net income of $55.2 million in the third-quarter of 2016, compared with $35.3 million a year earlier. The company’s combined ratio remained flat in the quarter, while its GWP increased by 10.2%.
Talbot Underwriting launches NBCR terrorism consortium
Validus Holdings subsidiary, Talbot Underwriting, has announced the launch of a Lloyd’s led consortium for nuclear, biological, chemical and radiological (NBCR) terrorism, in response to market demands.
RenaissanceRe writes fewer managed catastrophe premiums in Q3 2016
Bermudian reinsurer RenaissanceRe revealed in its third-quarter results that it wrote fewer managed catastrophe premiums in the period, declining by 14.8% to $76.9 million.
Q3 net earnings down significantly at Fairfax
Fairfax Financial Holdings has reported its Q3 2016 financials, posting net earnings of just $1.3 million, compared with $424.8 million a year earlier. The combined ratio of the firm’s insurance and reinsurance operations weakened to 91.3%.
Aspen expands Puerto Rico & Caribbean marine presence with Blue waters Insurers takeover
Aspen Insurance has announced the acquisition of Puerto Rico domiciled marine insurance company, Blue Waters Insurers, expanding the firm’s presence in the region.
ASEI Re and Russia’s EXIAR sign reinsurance agreement
PT Asuransi Asei Indonesia (ASEI Re), the Indonesian Insurance Institute, and the Russian Agency for Export Credit and Investment Insurance (EXIAR) have entered into a reinsurance agreement that provides support to companies in joint ventures.
CIFG Holding acquisition boosts Assured Guaranty’s net income in Q3
Assured Guaranty has reported that its acquisition of CIFG Holding Inc. helped its net income increase in the third-quarter of 2016, to $479 million, compared with $129 million a year earlier.
Rates under Affordable Care Act to rise in 2017
According to reports rates under the U.S. Affordable Care Act are expected to go up next year, with three health insurers increasing rates by as much as 41% on average for 2017.
Monte Carlo Rendezvous Executive Roundtable 2016
Participants discussed areas where ILS could play a greater role and explored potential features of the space that could facilitate increased influence across the risk transfer world, including weather risk, cyber, and terror.
Baldwin & Lyons’ reinsurance business (in run-off) produces underwriting loss in Q3
Baldwin & Lyons has reported its third-quarter 2016 results, revealing that its net income fell to $4 million when compared with the same period last year. The firm revealed that its reinsurance business, which is in run-off, produced an underwriting loss of $6.9 million.
Ontario flooding results in $80.6 million insured loss
The Insurance Bureau of Canada has said that recent flooding in the Windsor and Tecumseh area of Ontario has caused damages of roughly $80.6 million.
The Hanover improves combined ratio and boosts operating income in Q3
The Hanover Insurance Group has reported its third-quarter 2016 results, posting an operating income of $78.6 million, up from the $72.2 million recorded a year earlier. The firm’s combined ratio, including the impact of catastrophe losses, improved to 94.2% in Q3.
UK dedicates £2.3 billion to cyber security project
Britain’s Chancellor of the Exchequer, Philip Hammond, has revealed plans for a £2.3 billion cyber security project to improve the security of businesses against the growing threat of cyber attacks.
AmTrust improves GWP and combined ratio in Q3
AmTrust’s third-quarter 2016 results reveal a 14.2% increase in GWP to $2.03 billion when compared with the same period last year. The firm’s combined ratio improved to 91.5% in the quarter.
Kinesis profit commission dips on held collateral from reserves
Lancashire’s third-party reinsurance capital management unit, Kinesis, is awaiting confirmation of loss estimates from earlier this year, and as a result held back on distributing profit commission to Lancashire.
Navigators sees GWP and net income rise in Q3
The Navigators has reported its third-quarter 2016 financials, reporting net income of $22 million, compared with $18.2 million a year earlier. The firm’s GWP in the quarter increased to $374.9 million.
Qatar insurers and reinsurers witness strong aggregate balance sheet growth in 2015
A new report from the Qatar Central Bank (QCB) reveals that insurers and reinsurers that the QCB governs have seen their aggregate balance sheet grow by nearly 30% in 2015.
HCI Group’s net income up in the third-quarter
HCI Group has reported its third-quarter 2016 financial results, posting net income of $11.3 million, compared with $7.4 million a year earlier.
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