Here’s your daily Reinsurance News for Friday 5th August 2016:
Supply far exceeding demand still in P&C reinsurance: Hannover Re
Reinsurance giant Hannover Re has highlighted the ongoing supply/demand imbalance in the global reinsurance marketplace, citing continued market pressures. However, the reinsurer did note further evidence that a “bottoming out in prices could be discerned.”
Micah Woolstenhulme joins JLT Re from Guy Carpenter
Reinsurance broker JLT Re has announced the appointment of Micah Woolstenhulme from Guy Carpenter, as its Philadelphia-based head of risk and economic advisory.
Just 2% of catastrophe damage in China covered by insurance: Aon Benfield
The latest catastrophe report from broker Aon Benfield’s Impact Forecasting unit, reveals that intense rainfall and flooding in China has resulted in an economic loss of $33 billion, of which just 2% is covered by insurance. The report highlights how convective storms were a driver of losses in July.
Third Point Re’s investments trump underwriting in Q2
Hedge fund backed reinsurer Third Point Re has reported its second-quarter 2016 results, revealing that its asset side of the balance sheet outperformed in the quarter. An increase in the firm’s combined ratio and a technical underwriting loss was offset by increased investment returns.
Essent Group reports solid second-quarter results
Essent Group has reported its Q2 2016 results, posting a net income of $52.3 million, compared with $37.2 million a year earlier. The firm’s reinsurance arm, Essent Reinsurance Ltd., reinsured $123.7 million of risk during the quarter.
P&C reserves won’t always be “reliable source of earnings,” warns JLT Re
Reinsurance broker JLT Re has warned that P&C reserves won’t always be a reliable source of earnings, owing to a spike in the occurrence of deficiencies across the P&C sector, and a moderation in reserve redundancies.
Allianz sees operating profit fall by 17.2% as nat cats dent Q2 performance
Allianz has reported its Q2 2016 results, revealing that its operating profit declined by 17.2% to €2.4 billion, in part owing to higher nat cats in the period. Total revenues fell from €30.2 billion in Q2 2015, to €29.4 billion.
AGCS launches cyber and professional liability cover for North America
Allianz Global Corporate & Specialty (AGCS) has launched a new cyber and professional liability cover exclusively for the North America marketplace, according to reports.
Changes at RenRe Ventures, as Parry starts Morgernstern departs
It’s been announced that Chris Parry, previously a reinsurance capital markets and catastrophe bond specialist at Aon Securities, has started his new role as Managing Director in reinsurer RenRe’s Ventures unit.
Maiden Holdings improves underwriting performance in Q2
Maiden Holdings Ltd. has reported its second-quarter 2016 results, posting flat net operating earnings of $28.4 million. The firm’s net premiums written increased by 3.3% in the quarter, to $650.4 million.
Canada’s economy at risk from major earthquake: Report
A new report has highlighted that a major earthquake in Canada would put the nation’s economy at risk, stating that insurers in the region could cope with claims of up to $30 billion, but anything beyond this would exceed capacity levels.
PartnerRe Board of Directors declares dividend on preferred shares
Reinsurance company PartnerRe has said that its Board of Directors has declared a dividend from June 1st through August 31st 2016, on preferred shares.
Tax reforms in India to have negative impact on insurers
The proposed implementation of a Goods and Services Tax (GST) in India, the country’s largest ever tax reform, is expected to have a negative impact on the region’s growing insurance industry.
Chinese Insurance Regulator calls on insurers to improve risk controls
According to reports from the region, the Chinese Insurance Regulatory Commission has called for insurers to look at their business risks, and improve their risk controls.
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