Here’s your daily Reinsurance News for Monday 12th December 2016:
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.
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.
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.
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.
Insurer and reinsurer Hiscox has announced the appointment of David Roache as head of risk excess at its reinsurance division Hiscox Re.
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.
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.
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 has appointed both Tom Hulst and Gavin Hunter has non-executive directors of the firm’s Bermuda operations, effective immediately.
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 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.
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AXIS Capital Holdings Limited has announced that its Board of Directors has approved a new $1 billion share repurchase authorisation.
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.
The Bermuda Business Development Agency (BDA) has refuted a new report from Oxfam that claims that the island is a corporate tax haven.
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.
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.
Reports from Canada claim that flooding on Thanksgiving in parts of Cape Breton likely resulted in damages of more than $11 million.
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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