Here’s your daily Reinsurance News for Monday 22nd August 2016:
Canada Life International Re grows profits and seeks acquisition of Irish reinsurer
Dublin domiciled reinsurer Canada Life International Re reported a 47% increase in after-tax profit to €165 million last year. The company also announced that it’s working on acquiring a reinsurer in the region.
Challenges prompt London Market rethink, efficient capital & tech key: PwC
Recent analysis from PwC notes that challenges in the global reinsurance marketplace, including the abundance of alternative capital, has driven a need for the London Market to rethink its use of efficient capital and technology.
Allstate expects July cat losses of $253 million
The Allstate Corporation recently announced that it expects to incur catastrophe losses of roughly $253 million for July 2016, as a result of 16 events that took place in the month.
Zurich Insurance names Philip Chiu head of Global Corporate in Hong Kong
Zurich Insurance has announced the appointment of Philip Chiu as Head of Global Corporate within its Hong Kong division. Chiu will report to Keith Thomas, CEO Global Corporate APAC.
Risk model expansion to support growth of catastrophe risk transfer
To better expand the reach and influence of catastrophe risk insurance pools, parametric insurance solutions and cat bonds in emerging regions, risk modelling capabilities must be expanded, says the Center for American Progress.
Chubb names Adam Clifford country President for insurance in Singapore
Chubb has announced the appointment of Adam Clifford as country President for its insurance operations in Singapore. The new role will be in addition to his current role as regional head of casualty for Asia Pacific.
Headwinds have created a “complete recipe” for current re/insurance market conditions: John Donnelly
John Donnelly, head of Asia Pacific placement at Marsh, has said that the oversupply of capital and other market headwinds has created a “complete recipe” for the current market conditions faced by re/insurers.
Australian Prudential Regulation Authority conducts stress test on re/insurers
A stress test of Australian insurers and reinsurers by the Australian Prudential Regulation Authority shows that while the impact on the industry would be severe, with sensible management the capital position of industry participants could be restored.
IAG CEO reveals pricing approach
Peter Harmer, the CEO of IAG Group, has revealed that the company will be increasing prices within its commercial portfolio. Adding that while this makes it more challenging to win new business, the firm is comfortable with this approach.
Norway & Iran sign MoU to boost re/insurance cooperation
Norway and Iran have signed a memorandum of understanding (MoU) to increase cooperation between the two countries in insurance, reinsurance, and exchange of business credit information.
QBE Insurance Australia names Moore CUO
Declan Moore has been named CUO at QBE Insurance Australia, a newly created role at the firm. The appointment is effective August 22nd 2016.
Indian re/insurance industry needs talent for expansion
With the Indian insurance and reinsurance industry set for expansion, the region is in need of talent in order to meet the demands of market expansion.
Lottoland renews €100m collateralized jackpot re/insurance cover
The Lottoland Group has renewed its collateralized jackpot winnings insurance protection, with the help of inea GmbH, according to industry reports.
GCC states must develop sustainable development policies to tackle climate change
Scientist and researcher Hilal al Shidi, has said that GCC states must do more to mitigate the impacts of climate change by implementing sustainable development policies.
Cyberwrite aims to assist with cyber insurance underwriting with new platform for re/insurers
Cybewrite, a Tel Aviv-based startup, is developing a platform that assists with the underwriting of cyber insurance policies for insurers and reinsurers.
Taiwan non-life insurers looking to expand holdings on overseas markets
According to reports from the region, domestic non-life insurers in Taiwan are looking to expand their holdings on overseas markets following approval from the Central Bank to operate foreign currency-denominated businesses.
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