Here’s your daily Reinsurance News for Monday 23rd January 2017:
Swiss Re gets India reinsurance branch license
Reinsurance giant Swiss Re has announced that it will open its new branch in India effective February 1st, 2017, after receiving final approval from the regulator. The reinsurer has also announced that Kalpana Sampat will serve as CEO of the new branch.
Buffett’s Berkshire Hathaway reinsures AIG’s long-tail casualty exposures
Warren Buffett’s Berkshire Hathaway has entered into an agreement with AIG, to provide the insurer with adverse development reinsurance protection for 80% of its long-tail U.S. commercial liabilities, costing AIG a reported $9.8 billion.
Competition, not Brexit, biggest threat to UK re/insurance: CBI/PwC
A survey by CBI and PwC Financial Services released today reveals that competition, not Brexit, is the biggest challenge for re/insurance in the UK.
EU, U.S. reinsurance deal could boost business, but hinder profits: Fitch
Global rating agency Fitch has said that the recently announced EU, U.S. transatlantic reinsurance deal could boost demand for reinsurance business, but also hinder profits.
SCOR provides reinsurance for streamlined longevity hedge
French insurer and reinsurer SCOR has participated in a £300 million longevity swap transaction, providing reinsurance capital to back 80% of the transaction, of which Zurich retained the remaining longevity exposure.
Suncorp increases Canterbury quake claims costs by NZ$112mn
Insurer Suncorp Group has announced further deterioration in its 2010 and 2011 Canterbury earthquake losses, increasing its claims costs provisions by NZ$112 million.
Brexit uncertainty to challenge UK re/insurers: A.M. Best
International rating agency A.M. Best has underlined the challenge that the UK’s vote to leave the EU could create for insurers and reinsurers, as widespread uncertainty remains.
Tennessee wildfire insured losses hit $842 million
Insurance industry losses from severe wildfires that hit Sevier County, Tennessee have increased substantially from initial estimates, with the latest loss estimate being $842 million.
Soft re/insurance market conditions now main obstacle to MGA growth
A recent survey from Castel Underwriting Agencies Limited (Castel) states that the softening re/insurance market conditions have replaced regulation and compliance as the main growth challenge for MGAs.
Challenges and opportunities for insurtech start-ups: A.M. Best
Analysts from A.M. Best recently discussed both the challenges and opportunities for insurtech start-ups as the fintech revolution continues to reshape the finance world.
EU windstorms under investigation, Egon a $100m+ loss
European windstorms’ Egon and Barbara are being investigated by PERILS AG and, Aon Benfield’s catastrophe risk modelling unit, Impact Forecasting, has said that Egon is likely to result in an insurance industry loss of more than $100 million.
Africa Re to lead 40,000 cotton and maize farmers’ reinsurance programme
AXA CS, CICA Re, and Africa Re have been selected by the West African Development Bank (BOAD) and the National Agriculture Insurance Company of Senegal to lead a 40,000 cotton and maize farmers’ reinsurance programme in Senegal.
CATCo reports 8%+ 2016 return, reserves for Matthew & NZ quake
Despite establishing two loss reserves for hurricane Matthew and the New Zealand quake, Markel CATCo has reported an annual return of 8.12% for the ordinary shares of its CATCo Reinsurance Opportunities Fund Ltd. for 2016.
New guidance note on reinsurance for Hong Kong insurers
A new guidance note on reinsurance, and in particular regarding alternative risk transfer transactions, for Hong Kong insurers came into effect January 1st, 2017.
Over 140 re/insurers looking to enter Iran
According to reports Iran’s insurance regulator, the Central Insurance of Iran, has held talks with over 140 foreign insurers and reinsurers that are looking to enter the region after the removal of sanctions in 2016.
Allstar announces partnership with Berkshire Hathaway
Allstar Financial Group has entered into an agreement with Berkshire Hathaway GUARD Insurance Companies, that will see Allstate Underwriters become the exclusive representative for the unit.
More than 70% of Irish businesses have experienced a cyber attack: EY
A recent survey conducted by advisory firm Ernst & Young L.L.P. (EY) has found that over 70% of Irish businesses have experienced a cyber attack, underlining the need for adequate and effective cyber solutions.
Legal & General adds two to pension risk transfer team
Legal & General has announced two appointments within its Pension Risk Transfer business, including Chris DeMarco as MD, UK Pension Risk Transfer (PRT), and Costas Yiasoumi, Head of Core Business, PRT.
Cayman captive insurer registrations almost double in 2016
According to reports growth figures for captive insurance, reinsurance, life and annuity company formations in the Cayman Islands almost doubled in 2016.
Indian insurers reject almost half of crop claims in Haryana
Reports from the region state that insurers in the Indian state of Haryana have rejected almost 45% of crop claims from farmers under the Pradhan Mantri Fasal Bima Yojana.
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