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Reinsurance News – Friday 9th December 2016

9th December 2016 - Author: Luke Gallin

Here’s your daily Reinsurance News for Friday 9th December 2016:

NFIP proposal calls for capital market reinsurance alternatives

A new proposal calls for the use of traditional and alternative reinsurance and risk transfer solutions to support the de-risking of the U.S. government’s National Flood Insurance Program (NFIP).

W.R. Berkley names Kallo President, Berkley Regional Specialty

W.R. Berkley has announced the appointment of Miklos F. Kallo as President of Berkley Regional Specialty, replacing Paul S. McAuliffe.

Mitsui Sumitomo to use NASA satellites for weather derivative sales

Japan’s Mitsui Sumitomo Insurance has partnered with NASA to utilise satellite data to enable it to sell weather derivative and other parametric weather insurance solutions across the globe.

Brit names Matthew Wilson Group CEO

Brit, a Lloyd’s of London insurer, has announced the appointment of Matthew Wilson as Group CEO, effective January 1st 2017, replacing Mark Cloutier.

Insured loss from Northern Sumatra quake expected to be low: AIR Worldwide

According to international catastrophe risk modelling firm AIR Worldwide, insured losses from the M6.5 Northern Sumatra earthquake are expected to be minimal, although widespread damage has left hundreds homeless.

Athene Holdings sets price of IPO of Class A common shares

Athene Holding Ltd. has announced the price of the initial public offering (IPO) of its Class A common shares, at a price of $40 per share.

Validus Re’s Hauhofer named Chairman of the RSA

The CEO of Asia-Pacific at reinsurer Validus Re, Marc Hauhofer, has been named as the new Chairman of the Singapore Reinsurers Association (SRA), replacing Alain Flandrin.

Insurance Ireland to merge with DIMA in 2017

According to reports from the region, the Dublin International Insurance and Management Association (DIMA) is to merge with Insurance Ireland next year, bringing together the country’s domestic and global re/insurance organisations.

Bonanza Re: The lowest relative price in cat bond market history

The $200 million Bonanza Re Ltd. (Series 2016-1) cat bond issuance saw the lowest relative price in the history of the marketplace for a deal with significant exposure to Florida.

Chubb appoints Patrick Suter Head of Digital Product Development, UK & Ireland

Insurer Chubb has announced that Patrick Suter has been appointed Head of Digital Product Development for SMEs in the UK and Ireland.

Alaska calls for fed funding to subsidise reinsurance programme

The Division of Insurance in Alaska is reportedly calling for federal funding to subsidise its reinsurance programme, asking for savings made to be passed back to the region.

ILS NYC 2017 conference – Feb 3rd, New York

A thoughtfully curated annual insurance-linked securities event in New York City from Artemis. Featuring ILS & reinsurance industry leaders speaking on forward-thinking, engaging topics.

New India Assurance IPO could take up to six months after approval

Insurance company New India Assurance has said that it will take about six months to divest its stake via the IPO after receiving government approval.

Law firms highlight potential issues with UK’s draft ILS regulations

A number of international law firms have highlighted some uncertainties and possible shortcomings with the UK government’s proposed ILS regulatory regime.

Taiwan insurance premiums expected to double this year

According to reports from the region the number of premiums collected by Taiwan insurers in 2016 is expected to double.

UAE Insurance Authority calls for pricing review

The UAE Insurance Authority (IA) has called for insurance companies to finalise their pricing review or underwriting performance evaluation for property and liability insurance branches.

Hub acquires broker Medley/Turrentine & Associates

Hub International Ltd. has reportedly acquired the assets of broker Medley/Turrentine & Associates L.L.C., although terms of the deal were not disclosed.

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