Reinsurance News

Reinsurance News – Monday 12th September 2016

12th September 2016 - Author: Luke Gallin

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

It’s day two of the 2016 Monte Carlo Reinsurance Rendez-vous, the 60th anniversary of the reinsurance, insurance and more recently insurance-linked securities (ILS) meeting in the south of France.

Here’s all the latest coverage from our sister publication Artemis around the 2016 Monte Carlo Reinsurance Rendez-vous.

Re/insurers can, and should take steps to reduce costs: PwC

The global insurance and reinsurance industry remains incredibly competitive as traditional and alternative capital continues to enter the space, adding pressure to rates, suggesting that market participants must do more in order to reduce costs, and ultimately increase efficiency, according to PwC.

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Interview – Regulation not solvency will cause the next hard market: John Seo, Fermat Capital

A $100 billion catastrophe loss would not cause a significant hardening of reinsurance rates given the industry’s capacity to absorb major losses and strong appetite from the capital markets, thinks John Seo, Co-Founder and Managing Principal at cat bond and ILS specialist investment manager Fermat Capital Management LLC.

No significant growth expected in insurance & reinsurance: Munich Re

Over the next few years reinsurance giant Munich Re does not expect any significant growth in insurance or reinsurance demand, the company’s Board said today, which suggests that with the excess capital sloshing around the market pressure will not ease any time soon.

Big ILS funds actively raise capital, collateralised Re focus grows: Aon

The largest insurance-linked securities (ILS) fund managers are actively raising capital at this time, which increasingly will be diverted to collateralised reinsurance as focus on that product grows, according to broker Aon Benfield.

Tough market, all-time low, but value of reinsurance affirmed: Willis Re

Market conditions are slightly worse in the global reinsurance market compared to this time last year, according to Willis Re CEO John Cavanagh, however the worsening of market pricing and conditions has not materially changed in that time, providing hope that things are stabilising.

Below is the rest of your daily reinsurance news.

Excess capital threatens Bermuda re/insurer performance: Fitch

The abundance of traditional and alternative reinsurance capital that continues to enter the marketplace and drive down pricing, is a threat to the profitability of Bermudian reinsurers, says Fitch Ratings.

Global reinsurance capacity up by 4% in H1 2016: Aon

Reinsurance broker Aon Benfield has said that overall reinsurance capital increased by 4% in the first-half of 2016, to an estimated $585 billion.

Reinsurers resist short-term buying strategies as insurers look to consolidate: Guy Carpenter

Reinsurers appear to be resisting shorter-term aggressive buying strategies as primary players enter a period of consolidation, according to executives at Guy Carpenter.

Greenlight Re looks to expand in Europe and Asia

Investment oriented reinsurer Greenlight Re is looking to expand its capabilities in Asia and Europe, after entering into an agreement with Kattan Associates Limited.

Reinsurance prices falling at slower pace than previously: Munich Re

Reinsurance giant Munich has said that reinsurance pricing continues to fall at a slower pace than previous years, according to reports from the industry.

Barbican announces new leadership structure for Syndicate 1955

Barbican Insurance Group has implemented a new leadership structure for Syndicate 1955. David Slade has been named divisional head of property; Olivier Decombes divisional head of energy, power & utilities; and Andy Caldwell as divisional head of specialty.

RMS launches New Exposure Management Solution

RMS has announced the launch of a New Exposure Management Solution on its RMS(one) Platform, available to all insurance and reinsurance firms and brokers.

Arig announces changes to reinsurance and management teams

Arab Insurance Group (Arig) has announced several changes to its management team, including the retirement of Andreas Weidlich, General Manager, Reinsurance. Nagarajan Kannan, General Manager, Finance & Admin, and Salah Al Maraj, Assistant General Manager, Reinsurance, have also retired.

Tech driving long-term transformation of insurance industry

Reinsurer Swiss Re has said that technology is driving the long-term transformation of the insurance industry, and that price levels are expected to stabilise.

Smaller reinsurance players could see extra market challenges: Fitch

Global ratings agency Fitch Ratings has said that smaller reinsurers could be challenged with extra pressures in the current market environment, as reduced profits and low investment returns look set to continue.

BMS Re acquires Advocate Reinsurance Partners

In an effort to expand its presence in the North American market, BMS Re has announced the acquisition of Advocate Reinsurance Partners, although terms of the transaction are yet to be disclosed.

Marketplace benefits from expanding range of capital sources: Guy Carpenter

Guy Carpenter has underlined how a growing range of capital sources and the awareness “of the benefits better risk syndication” supports the effort to maintain premium rate adequacy and stable capacity.

PERILS expands to Australia, covering multiple catastrophe risks

Provider of industry-wide catastrophe exposure, industry loss data and indices, PERILS AG, has announced its expansion outside of Europe for the first time, extending its market coverage to include a range of Australian risks.

Willis Re upgrades cyber risk modelling tool

Reinsurance broker Willis Re has announced that it has upgraded its cyber risk modelling tool, Prism Re, to cover the exposure of network outage.

Greenberg standing firm over 11-year old reinsurance lawsuit

According to industry reports, ex-AIG Chairman Maurice Greenberg is prepared to fight in order to clear his name in relation to an 11-year old lawsuit that accuses him of hiding the company’s financial troubles from shareholders.

Gator Re secondary cat bond price rises

Regardless of qualifying losses having further eroded the aggregate retention layer beneath the trigger point of the Gator Re cat bond, this week the latest secondary market trading price increased.

UK Gov targets London ILS framework for early 2017

The UK Treasury has reportedly moved to approve new regulation that will enable ILS to be issued in London from next year.

Chinese insurers allowed to trade on Shanghai-Hong Kong Stock Connect

The CIRC, the Chinese insurance regulator, recently announced that mainland insurance companies can trade on the Shanghai-Hong Kong Stock Connect.

Malaysian life insurance sector undergoing positive developments

According to reports from the region the life insurance sector in Malaysia is undergoing positive developments led by its products and services for the rakyat.

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