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Reinsurance News – Monday 21st November 2016

21st November 2016 - Author: Luke Gallin

Here’s your daily Reinsurance News for Monday 21st November 2016:

Performance “really matters” for reinsurance ratings: Holzberger, A.M. Best

According to A.M. Best’s Chief Rating Officer, Stefan Holzberger, the capitalisation of reinsurers in the softening marketplace wont’ be the main driver of ratings, but instead it’s the performance of reinsurers that “really matters.”

British re/insurers call on government to assist with foreign expansion post-Brexit

The Association of British Insurers (ABI) has underlined the need for governmental support in expanding the region’s re/insurance market to places like India and China, following the EU referendum.

Reinsurance execs welcome rate stabilisation

Executives from the global reinsurance industry that met in Bermuda earlier in the month, welcomed the current, and expected continuation of rate stabilisation in the sector.

James Barbuti to lead XL Catlin’s Multinational Casualty Insurance unit

XL Catlin has announced the appointment of James Barbuti to lead the firm’s Multinational Casualty Insurance unit, which is part of XL Catlin’s Global Risk Management Division.

Lloyd’s starts discussions on Iran market expansion

Industry reports claim that Inga Beale, CEO of the specialist Lloyd’s of London insurance and reinsurance marketplace, has met with leaders in Iran to discuss the expansion of Lloyd’s in the region.

Hiscox promotes Justin Bowen to CUO, European operations

Insurer and reinsurer Hiscox has announced the promotion of Justin Bowen from deputy CUO for Hiscox UK and Ireland, to CUO for its European operations.

1347 / Maison to look to alternatives, cat bonds an option

After struggling to find adequate pricing and capacity for its top and drop and aggregate reinsurance contract in the traditional marketplace, 1347 Property Insurance Holdings (PIH) is to look elsewhere in the future, citing cat bonds as an option.

NZ quake to damage large insurers underwriting performance: A.M. Best

Ratings agency A.M. Best has said that claims from the recent New Zealand earthquake are likely to damage the underwriting performance of some large insurance companies, although it’s not yet taking any actions on ratings.

Tokio Marine’s half-year profit up by almost 84%

Tokio Marine has reported its half-year 2016 results, revealing that profits increased to roughly 213 billion yen ($1.95 billion), an increase of roughly 84% on the same period last year.

Zurich increases cost-cutting target to $1.5 billion

Zurich Insurance has revealed that it’s raised its cost-cutting target from $1 billion to $1.5 billion by the end of 2018, and has also cancelled plans to eliminate jobs.

Chubb Global Markets names Richard Bayman Deputy Aviation Underwriter

Chubb Global Markets has announced the appointment of Richard Bayman as Deputy Aviation Underwriter, as the firm looks to further strengthen its aviation division.

IRDAI to establish standards & data security for insurance industry

India’s insurance regulator, the Insurance Regulatory and Development Authority of India (IRDAI), is to establish standards for data security within the insurance sector.

AIG’s International Finance Centre Seoul sale to cushion loss from Fuji Life sale

American International Group Inc. (AIG) has announced that it expects to take a loss of about $430 million on the deal to sell Fuji Life in Japan, but also expects to make a $300 million gain on its deal to sell the International Finance Centre Seoul in South Korea.

LOGiQ³ Group and msg global partner on InsurTech development

LOGiQ³ Group and msg global solutions have announced a joint venture called Cookhouse Lab, which offers professionals the ability to collaborate to establish the technology consumers now demand in the insurance sector.

Monte Carlo Rendezvous Executive Roundtable 2016

Participants discussed areas where ILS could play a greater role and explored potential features of the space that could facilitate increased influence across the risk transfer world, including weather risk, cyber, and terror.

IAG launches $300 million capital note offer

Insurance Australia Group (IAG) has launched a capital note offer, which have an issue price of $100. The firm has announced an offer of capital notes to raise $300 million.

BroadRiver raises $366 million for life settlements fund

BroadRiver Asset Management, L.P, an alternative investment specialist, has successfully raised $366 million for its life settlement fund, BroadRiver II.

Atlantic Canada flooding to cost insurers over $100 million: CatIQ

The Insurance Bureau of Canada (IBC) has reported that flooding in Atlantic Canada last month resulted in insured damages of more than $100 million, according to CatIQ.

White Mountains Board approve up to 500,000 common share repurchase

White Mountains Insurance Group, Ltd. recently announced that its Board of Directors has authorised a share repurchase up to an additional 500,000 common shares.

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