Here’s your daily Reinsurance News for Monday 26th September 2016:
The first downturn when reinsurers still make cost-of-capital: J.P. Morgan
Analysts at J.P. Morgan have said that despite the softening reinsurance cycle and continued rate declines, the four big European reinsurers could still cover their cost-of-capital.
Munich Re to pull back on Hong Kong and grow Beijing presence
Reinsurance giant Munich Re is reportedly set to reduce its presence in Hong Kong and expand its business operations in Beijing, as part of a regional restructuring effort.
Tullow Oil: Jubilee oil field FPSO hull & machinery loss covered
The operator of the stricken Kwame Nkrumah FPSO on the Jubilee oil field in Ghana, has said that its reinsurers have confirmed that the ventures hull & machinery cover will pay out.
Brit gets approval for launch of new Lloyd’s syndicate
The Lloyd’s Franchise Board has given in principle approval to Brit Limited for the launch of a new syndicate, Syndicate 2988, that is seeking to start writing business from the 1st of January 2017.
Citi completes sale of FRAC to Munich Re subsidiary
Citi has completed the sale of Financial Reassurance Company 2010, Ltd. (FRAC), a special purpose financial insurer, to a subsidiary of Munich Re.
PartnerRe names Marcos Fugise Head of Brazil
Reinsurer PartnerRe has announced the appointment of Marcos Fugise as Head of PartnerRe Brazil, and as the new representative of the firm’s São Paulo office.
Aspen Re names Philip Hough MD, Asia Pacific
Aspen Re has announced the appointment of Philip Hough as Managing Director (MD) for the Asia Pacific region. Hough will report to the firm’s CEO Thomas Lillelund, and will be based in Singapore.
Lloyd’s keen on Asian market expansion
The specialist Lloyd’s of London insurance and reinsurance marketplace has shown its willingness to expand its presence across Asia, as it looks to establish offices in both India and Malaysia in 2017.
Interest in African reinsurance market remains despite economic turmoil
A new report from A.M. Best explores the continued interest in the African reinsurance market despite economic turmoil in the region, and the negative implications this can have on a reinsurer’s financial strength.
Market cycle supports collateralised Re preference: Paul Schultz
There’s been a notable decline in catastrophe bond issuance through H1 2016 and a rise in collateralised reinsurance placements, a trend that is driven by the current market cycle, according to Aon Securities’ Paul Schultz.
The Hanover Insurance Group names Jeffrey Farber EVP & CFO
The Hanover Insurance Group has announced the appointment of Jeffrey M. Farber as EVP and CFO, effective October 1st 2016. From this date Farber will assume the EVP role, and commence his role as CFO from November 4th.
Novae Group CFO Fry to leave firm at the end of October
Novae Group CFO Charles Fry is to step down from the firm’s Board and will leave the company at the end of October. The firm is now looking for a new, permanent CFO, and has announced that Reeken Patel will be named interim CFO.
Fulcher joins Chubb from Willis Towers Watson
Chubb has announced the appointment of Graham Fulcher from Willis Tower Watson as the firm’s new Chief Actuary for overseas general insurance operations.
The price game is over: Luca Albertini, Leadenhall Capital Partners
The CEO of Leadenhall Capital Partners, Luca Albertini, has noted how debates and issues discussed at the 2016 Monte Carlo Reinsurance Rendezvous focused on the quality of the reinsurance panel, and expanding business opportunities.
Insurers must be wary of needs of governments when exploring disaster risk finance
Dr Olivier Mahul, Global Lead of Disaster Risk Finance at the World Bank and the Global Facility for Disaster Reduction and Recovery (GFDRR), has stressed the need for insurers to understand the varied needs of governments when considering disaster risk finance.
Jonathan Gray named consultant of direct & fac property at Advent
Lloyd’s of London insurance company Advent, has announced the appointment of Jonathan Gray as consultant of its direct & facultative (D&F) property unit.
Maria Duffy named VP & Head of E&S Casualty at Everest Insurance
The primary insurance division of insurer and reinsurer Everest, Everest Insurance, has announced the appointment of Maria Duffy as VP, Head of E&S Casualty.
Hong Kong domiciled brokers & insurers urged to embrace fintech
Brokers and insurers in Hong Kong are being urged to utilise and promote the use of fintech among their clients, in an effort to beat competition from foreign rivals such as Singapore.
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