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Reinsurance News – Monday 12th December 2016

12th December 2016 - Author: Luke Gallin

Here’s your daily Reinsurance News for Monday 12th December 2016:

Reinsurance profitability pressure increases: EIOPA

Regulator EIOPA has warned that the reinsurance market can expect rate declines and pressure on profits in the sector to persist, as market headwinds continue to challenge the market.

XL Catlin’s reinsurance segment announces leadership changes

Insurer and reinsurer XL Catlin has announced a number of leadership changes within its reinsurance segment, including the appointment of Charles Cooper as Chief Executive of XL Catlin’s Reinsurance business group.

Beechwood considering sale after client backlash over Platinum relationship

According to industry reports reinsurer Beechwood is in discussions to sell most of, or all of itself, following concerns from some clients about its relationship with hedge fund manager Platinum Partners.

Ex-ante insurance can help close protection gap: Levy, World Bank

Joaquim Levy of the World Bank recently explained how more and more countries are now looking at ex ante solutions in order to better prepare for and respond to natural disasters.

Hiscox Re names David Roache Head of Risk Excess

Insurer and reinsurer Hiscox has announced the appointment of David Roache as head of risk excess at its reinsurance division Hiscox Re.

Trans-Tasman storm & NZ quake to cost IAG $200 million

Australian insurer IAG has said that it has received claims amounting to roughly $200 million from the Trans-Tasman storm and recent New Zealand earthquake.

Zurich to buy Cover-More Group for $551.2 million

It’s been reported that Zurich Insurance Group will acquire Australia’s Cover-More Group for $551.2 million, bolstering the insurer’s presence in the region.

Public-private Chinese reinsurance firm Qianhai Re rated

Ratings agency A.M. Best has assigned a rating of A- to public-private Chinese reinsurance firm Qianhai Re, the fourth reinsurer to obtain approval for launch in China.

Neon Underwriting adds two non-exec directors to Bermuda operations

Neon Underwriting has appointed both Tom Hulst and Gavin Hunter has non-executive directors of the firm’s Bermuda operations, effective immediately.

Catastrophe risk insurance to expand in Iran

Reports claim that catastrophe risk insurance is to become one of Iran’s more lucrative markets following the removal of sanctions, and a need to protect against natural disaster events in the region.

Assured Guaranty discussing potential reinsurance deal with Financial Guaranty

Assured Guaranty is reportedly in talks about a potential reinsurance transaction with financial guaranty insurance company, although reports suggest that an agreement is yet to be made.

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.

AXIS Capital announces $1 billion share repurchase authorisation

AXIS Capital Holdings Limited has announced that its Board of Directors has approved a new $1 billion share repurchase authorisation.

XL Catlin seeks $1bn from Galilei Re Ltd. multi-peril cat bonds

Insurer and reinsurer XL Catlin has returned to the cat bond market and is seeking for $1 billion of capital markets backed reinsurance cover, with two transactions.

BDA disagrees with Oxfam report calling island a corporate tax haven

The Bermuda Business Development Agency (BDA) has refuted a new report from Oxfam that claims that the island is a corporate tax haven.

Spain flooding causes damages above $50 million, likely to rise further

Flooding and heavy rainfall in Spain’s Costa del Sol has reportedly resulted in damages of at least $54 million, and this doesn’t include damages to the worst hit areas.

Qatar insurers exempt from covering floodwater claims

According to a letter from the Qatar Central Bank (QCB) to insurance companies in the region, insurers are exempt from compensating motorists whose vehicles were damaged by flooding.

Cape Berton, Canada Thanksgiving day floods to cost more than $11 million

Reports from Canada claim that flooding on Thanksgiving in parts of Cape Breton likely resulted in damages of more than $11 million.

SMEs in Philippine’s to get greater access to insurance and trade financing

Legislators in the Philippine’s are looking at providing small and medium-sized enterprises, farmers and fisherfolk increased access to insurance solutions and trade financing from banks.

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Public-private Chinese reinsurance firm Qianhai Re rated

Qianhai Reinsurance Co., Ltd., the fourth reinsurer to gain approval for launch in China, has been rated A- by A.M....

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