Here’s your daily Reinsurance News for Monday 13th March 2017:
FEMA to build on “cornerstone” NFIP flood reinsurance placement
The Federal Emergency Management Agency (FEMA) will reportedly look to build on its “cornerstone” flood reinsurance placement, in an effort to better protect the NFIP.
Ogden rate cut could raise reinsurance pricing & demand: Moody’s
Analysts at Moody’s have said that the recent cut to the Ogden discount rate in the UK could result in increased reinsurance pricing and demand.
Pool Re hopeful to include terror-related cyber for property cover: CEO, Enoizi
UK government and industry backed terrorism reinsurance scheme, Pool Re, is hoping to extend its coverage to include cyber attacks on property, according to its CEO, Julian Enoizi.
CEA to put Lloyd’s syndicates on level playing field for reinsurance renewals
The California Earthquake Authority (CEA) is reportedly to to put Lloyd’s of London syndicates on a level playing field for its reinsurance renewals.
Prudential & Rothesay Life strike $1.2bn longevity reinsurance deal
Prudential Financial and Rothesay Life have entered into a $1.2 billion longevity reinsurance transaction, the sixth longevity reinsurance deal between the pair since 2011.
At least ten insurers signal post-Brexit move to Ireland
According to reports from the region at least ten insurers in the UK are looking at establishing their base in Dublin following the UK’s vote to leave the EU.
Reinsurer profitability dependent on attritional loss activity: KBW
The profitability of reinsurance companies is expected to remain under pressure in the coming months, but returns could be better than in 2016 if attritional losses from cat events remain low.
U.S. tornadoes, Euro storm Zeus drive insured cat losses this week: Aon
Aon Benfield’s Impact Forecasting has highlighted a number of severe weather events during last week that are expected to drive insurance industry losses, including European windstorm Zeus.
FedNat lowers hurricane Matthew loss, so reinsurance takes less
Federated National Insurance (FedNat) has announced a decline in its loss from hurricane Matthew, compared to its initial estimate, meaning that reinsurance capital has taken a reduced share.
XL Catlin promotes Strack to Global Risk Management, regional leadership role
Re/insurer XL Catlin has announced that Angie Strack has been promoted to Senior Vice President and Underwriting Manager of Global Risk Management, North Central Region.
Romania’s national insurance pool could expand reinsurance cover
Romania’s national disaster insurance pool, PAID Romania, is considering whether to extend its reinsurance programme as it assesses the sufficiency of its premium and reserve strength.
Pacific Life Re strengthens Asia unit with two hires
Pacific Life Re has announced the appointment of Navarat Kriausakul and Nuttanate Pongpipatpaiboon within its Asia operations.
Liberty International Underwriters launches GFR cover in the U.S., names Egnell SVP
Liberty International Underwriters has announced the appointment of Alexandre Egnell as SVP, with responsibility for the firm’s new Global Financial Risk (GFR) cover in the U.S.
RFB raises tax for nonresident admitted reinsurers in Brazil
The Brazilian Tax Authority (RFB) has announced new guidelines that ensure nonresident reinsurers operating in Brazil through representative offices face the same tax laws as reinsurers incorporated in Brazil.
Two new Indonesian reinsurance brokers start operations
Reinsurance brokers PT JLT Reinsurance Brokers and PT Inare Proteksi International received operational licences from the Financial Services Authority (OJK) recently and began operations last week.
Non-life insurers yet to settle 24% of 2015 Nepal quake claims
According to reports from the region, non-life insurers are yet to settle 24% of claims from the 2015 Nepal earthquake.
UAE insurance sector to grow by 10% this year
The UAE insurance industry is expected to grow by 10% to $13 billion this year, growth of around 10% from last year.
NAICOM approves 2015 financial accounts of 48 African insurers
The National Insurance Commission (NAICOM) has announced that it has approved the 2015 financial accounts of 48 out of the 54 insurers in Africa.
China Pacific invests in guarantee insurance company venture
China Pacific Insurance is reportedly investing 510 million yuan in a guarantee insurance company venture with three other firms.
Nigerian insurers search for foreign investment and partners for M&A
The National Insurance Commission in Nigeria is preparing to enforce a Europe-adopted risk base supervision model, which has led market participants to search for foreign partners for M&A.
Great West Life Co reports lower net earnings in 2016
Great West Life Co reported lower net earnings in 2016 than in the previous year, with its return on equity falling to its lowest for the last five years.
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