Here’s your daily Reinsurance News for Monday 16th January 2017:
EU, U.S. reach agreement on transatlantic insurance & reinsurance market
The European Union (EU) and the United States (U.S.) last week agreed on a deal that aims to boost the $3 billion transatlantic insurance and reinsurance industry.
SCOR makes senior Group appointments
Insurer and reinsurer SCOR has announced a number of senior appointments, including Paul Christoff as Managing Director of the Americas Hub.
Upturn in reinsurance pricing unlikely: Morgan Stanley
Analysts at Morgan Stanley have said that it’s unlikely the global reinsurance market will see any upturn in pricing in the near-term, even in the event of a large loss (~$50bn+).
Swiss Re names Daftari as Country Manager, Germany in Corporate Solutions
Bijan Daftari as been named as Country Manager for Germany in the direct commercial and corporate insurance unit of Swiss Re’s Corporate Solutions division.
Insurance premium growth could lead to greater reinsurance demand in China
The Chinese insurance regulator, the CIRC, has noted a sharp rise in insurance premium growth in China, which could lead to greater demand for reinsurance protection in the region. In fact, the regulator said that premiums in 2016 grew to $449.4 billion.
Aureum Re registers as Cayman Class D for annuities reinsurance focus
A new Class D reinsurer has been registered in the Cayman Islands, in Aureum Reinsurance Company Ltd. (Aureum Re), making it the third Class D reinsurance company to be domiciled in the region.
Speedwell unveils new weather risk transfer platform, weatherXchange
Provider of weather data and analytics to the weather derivatives and weather risk management market, Speedwell Weather, has revealed a new parametric weather risk transfer platform, weatherXchange.
Multi-peril catastrophe model for re/insurance in Vietnam launched
JBA Risk Management has announced the launch of a new multi-peril flood catastrophe model for the re/insurance industry in Vietnam.
Marsh acquires J. Smith Lanier & Co
Marsh & McLennan Agency has announced the acquisition of J. Smith Lainer & Co., a transaction that will add $130 million of annual revenue to the brokers business.
Validus’ AlphaCat grows ILS AuM to $2.7 billion
Validus Holdings’ third-party reinsurance capital management unit, AlphaCat Managers, has increased its insurance linked assets under management to $2.7 billion, as at January 1st, 2017.
Clayton Herbert steps down as Suncorp Chief Transformation Officer
Clayton Herbert, the Chief Transformation Officer of Australian firm Suncorp, is to step down from the position after less than a year, according to industry reports.
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.
Canada’s Desjardins to sell brokerage Western Financial
According to reports from the region Desjardins, a Canadian financial services group, is looking to sell insurance brokerage Western Financial.
Insurtech firm Bought by Many to focus on niche markets
Bought by Many, an insurtech company established in 2012, is reportedly looking to change its business model in an effort to address niche markets that are perhaps ignored by larger insurance players.
Insurance agents in India to receive higher commissions from policy sales from April: IRDAI
The Insurance Regulatory and Development Authority of India (IRDAI) has said that from April insurance agent will get higher commission for the sale of life and non-life insurance solutions.
Canada’s Archway Insurance acquires D.R. Hayman Insurance
Archway Insurance Inc., a Canadian insurance broker, has announced the acquisition of D.R. Hayman Insurance, effective December 31st, 2016.
IRDAI to review Indian life insurance product governance
India’s insurance industry regulator, the IRDAI, has formed a new committee tasked with reviewing the regulations that govern life insurance products in the country, as a result of the changing economic landscape.
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