Here’s your daily Reinsurance News for Monday 27th February 2017:
Re/insurance set for lower returns as higher-yielding assets mature: Warren Buffett
Berkshire Hathaway’s Warren Buffett has again said that reinsurance industry returns will be lower in the future than in the past 10 years.
SCOR makes changes to retrocession reinsurance leadership
Insurer and reinsurer SCOR has announced changes to its retrocession reinsurance division, revealing that Emmanuel Fierens is to replace Augustin Gas and take charge of the unit.
European windstorm Thomas/Doris could be costliest of season
Impact Forecasting, the catastrophe risk modelling unit of reinsurance broker Aon Benfield, has said that European windstorm Thomas (or Doris) could be the most damaging of the winter 2016/17 storm season.
Poor year forecast for Lloyd’s of London underwriters
Analysts at RBC Capital Markets have predicted another year of falling returns and challenges for underwriters in the Lloyd’s of London marketplace.
Berkshire Hathaway grows underwriting income in Q4 but investment income dips
Berkshire Hathaway has reported its Q4 2016 results, posting an insurance underwriting income of $548 million, and an insurance investment income of $889 million. Compared with $306 million and $1.03 billion a year earlier, respectively.
Swiss Re to add ex-Allianz exec Jay Ralph and Joerg Reinhardt to Board
Reinsurance giant Swiss Re has announced that Jay Ralph and Joerg Reinhardt have been proposed for election to the Board of Directors.
Endurance’s net income falls to $20.1 million in Q4
Endurance Specialty Holdings Ltd. has reported its Q4 2016 financials, posting an increased GWP within its reinsurance segment of 43.3% to $119.5 million. Overall, the firm reported net income of $20.1 million in Q4, compared with $91.4 million a year earlier.
JLT Re expands Nordics team with two hires
Reinsurance brokerage JLT Re has announced two new hires within its broking and analytics unit for the Nordics region, as the firm continues to grow its presence in the region.
Hiscox reports record profit in 2016
Insurer and reinsurer Hiscox has reported its full-year 2016 results, posting a record profit of £354.5 million. The firm noted that its ILS and reinsurance businesses performed well in the year.
Reinsurance ensures Western Pacific’s Canterbury policy holders receive first payouts
Reinsurance capacity is enabling some Western Pacific Insurance Limited policy holders to receive their first payouts from the 2010 and 2011 Canterbury, New Zealand earthquakes.
We’re not a market tracking reinsurer – Qatar Re
Reinsurer Qatar Re is pitching itself as a reinsurer that doesn’t follow market norms, describing itself as a player that is able to pick and choose its specialist opportunities in order to outperform the sector.
Aspen expands capital market activities with Peregrine Re
Aspen Insurance Holdings has grown its capabilities in the capital markets through its recently announced Peregrine Reinsurance Ltd. vehicle.
Mulligan resigns from Arch Capital Board
Arch Capital Group Ltd. has announced that Deanna Mulligan has resigned from its Board of Directors owing to a potential future conflict of interests.
Discount rate change to impact Novae’s 2016 profits
Following the Lord Chancellor’s announcement to review the discount rate for personal injury claims to -0.75%, Novae Group has said this will impact its results owing to its motor reinsurance exposure.
TransRe Capital Partners grows sidecar assets to $500m
According to Alleghany President Weston Hicks, TransRe Capital Partners now has roughly $500 million in its collateralised reinsurance sidecar.
Direct Line expects profit to fall after change in the discount rate
Direct Line Insurance Group has said that it expects its profit before tax to fall after a change in the discount rate.
ILS fronting specialist State National grows program services in 2016
State National Companies saw revenues from its Program Services unit increase by 7.9% in 2016, the company recently announced.
Turkey insurance sector’s GWP up by 30% in 2016
The Insurance Association of Turkey has said that the local insurance market’s GWP increased 30% to more than $11 billion in 2016.
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