Here’s your daily Reinsurance News for Monday 24th October 2016:
Munich Re is harnessing the power of Big Data to develop solutions
Reinsurance giant Munich Re is taking advantage of Big Data to improve the modelling and understanding of insurance risks around the world, helping the firm to create new solutions and take advantage of opportunities.
Mitsui takes stake in XL Catlin backed ILS fund manager
Japan domiciled conglomerate Mitsui & Co., Ltd. recently acquired a 15% stake in Bermuda-based reinsurance and ILS linked asset manager, New Ocean Capital Management Limited.
Guy Carpenter study highlights challenges of P&C operating environment
As the challenging market environment persists, during the last five accident years just 40 out of the top 100 U.S. P&C insurance companies reported an underwriting profit, according to Guy Carpenter.
Parametric triggers let CCRIF pay $29.2m in 14 days post-Matthew
Highlighting the benefit a parametric trigger can bring to disaster insurance schemes, the CCRIF SPC was able to pay out all $29.2 million of claims from hurricane Matthew in less than 14 days.
Willis Re and SpatialKey partner on European windstorm app
The reinsurance arm of Willis Towers Watson, Willis Re, has collaborated with SpatialKey Inc. on the launch of a new European windstorm app.
Big Data could see Tweets drive lower insurance premiums: Swiss Re
According to analysis from reinsurer Swiss Re, Big Data could enable services like Twitter to be used to lower insurance premiums for customers, where rates could be determined by “sentiment analysis.”
PERILS updates Wind-Jeannie website
PERILS has announced an update to its “Wind-Jeannie” website, which provides live forecasts of re/insurance industry losses from European windstorms.
China Oceanwide to acquire Genworth for $2.7 billion
Chinese financial holding company, China Oceanwide Holdings Group Co., Ltd., is set to acquire U.S. insurance company Genworth Financial, Inc. for a reported $2.7 billion.
Sandell Holdings lists $53 million of shares on the BSX
The parent company of a Bermudian reinsurer, Sandell Holdings Ltd., has listed $53 million of shares on the Bermuda Stock Exchange (BSX).
Xceedance establishes London branch to access MENA market
Provider of P&C insurance technology, Xceedance, has announced the establishment of an office in London in order to serve the European, Middle East and Africa (MENA) market.
Insurers predict Iranian market opening in 2017
According to reports, a range of international insurers expect an Iranian market opening in 2017, with a number of firms saying they have already secured deals to cover businesses in the region.
New underwriter for Credit Suisse ILS team’s Arcus Syndicate 1856
The Arcus 1856 Lloyd’s of London syndicate, which is backed by the Credit Suisse ILS investment team, has hired a new underwriter in Katie Higgon, that will report to Nicky Payne.
Agriculture Reinsurance Consultants partner with Nucafe to bring insurance to coffee farmers
The Agriculture Reinsurance Consultants is to partner with the National Union of Coffee Agribusinesses and Farm Enterprises (Nucafe) to launch insurance cover for the second Uganda National Coffee festival.
Q3 2016 Cat Bond Report – Weather risk returns, private deals, market growth
Artemis has released its third-quarter 2016 catastrophe bond and ILS market report, that reveals over $1 billion of issuance from eight transactions during the quarter.
Everest Insurance appoints Don Allard Head of Professional Liability
Everest Insurance has announced the appointment of Don Allard as Head of Professional Liability, a division of Everest Specialty Underwriters.
Milliman named ‘Business Partner of the Year’ at awards ceremony
At a recent award ceremony Milliman has been awarded ‘Business Partner of the Year’ for the second consecutive year, underlining the firm’s work in the Middle East and Africa.
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