Reinsurance News

Reinsurance News – Monday 30th January 2017

30th January 2017 - Author: Luke Gallin

Here’s your daily Reinsurance News for Monday 30th January 2017:

OMERS to contribute $1 billion to Fairfax’s Allied World acquisition

Ontario’s municipal employees’ pension plan, OMERS, has agreed to contribute $1 billion to the acquisition of Allied World alongside Fairfax Financial.

Time to re-examine reinsurance as a form of contingent capital: JLT Re

Reinsurance broker JLT Re has said that it’s time for insurers and reinsurers to re-examine reinsurance as a form of contingent capital, in response to reinsurance cession rates remaining near record lows.

Tremor - The modern way to place reinsurance

Endurance shareholders vote in favour of acquisition by Sompo

The common and preferred shareholders of Bermudian re/insurer Endurance Specialty Holdings have voted in favour of its acquisition by Sompo Holdings.

Soft marine reinsurance market savings passed on to shipowners

The softening of global reinsurance rates has resulted in the current, low cost of marine reinsurance, which is starting to result in direct savings for shipowners.

Longevity swaps continue to evolve: Aon Hewitt

According to Aon Hewitt longevity swap structures continue to evolve as pension funds around the world increasingly look to offload their longevity risks.

QBE denies Allianz takeover discussion reports

Australian insurer QBE has denied reports that it has been approached by Germany-based insurer Allianz regarding acquiring the company.

Rating agencies place AIG under review on reinsurance deal & adverse reserve adjusting

Ratings agencies A.M. Best and Fitch recently placed AIG under review citing its recently announced reinsurance deal and adverse reserve adjusting.

U.S. life reinsurance fundamentals remain stable: A.M. Best

The U.S. life reinsurance market remains stable, driven by the defensible positions of the five large reinsurance companies that underwrite the largest proportion of U.S. mortality risks, says A.M. Best.

JLT acquires majority stake in Construction Risk Partners

Insurance and reinsurance brokerage group JLT has acquired a majority stake in Construction Risk Partners LLC (CRP), a U.S. domiciled construction risk and surety broker.

Qatar Re expansion helps QIC diversify internationally

The reinsurance segment of Qatar Insurance Company (QIC), Qatar Re, continues to expand and during the fourth-quarter of 2016 helped its parent company increase its underwriting, globally.

Credit quality of Western EU re/insurers stable despite challenges: A.M. Best

A report from ratings agency A.M. Best states that Western European insurers and reinsurers’ credit quality has remained stable over the last year despite challenging market conditions.

Public-private sector collaboration on nat cats imperative in Canada: McGillivray

Public and private sector collaboration in Canada is vital in order to mitigate the impacts of the increased severity and frequency of natural catastrophe events in the region.

Laura Walton joins Lockton from Willis Towers Watson

Former SVP at Willis Towers Watson, Laura Walton, has been appointed SVP of Lockton’s Seattle office, as the company looks to grow into the Pacific Northwest.

Innovative index re/insurance scheme launches at Davos

Held earlier this month, the World Economic Forum in Davos saw the establishment of an innovative micro-insurance and index-insurance scheme, called the WINnERS project.

ITI Reinsurance writes to the IRDAI, Finance Ministry to seek amendments

India’s ITI Reinsurance is unhappy with rules and guidelines implemented by regulator the IRDAI, and has written to the Finance Ministry and the IRDAI to seek amendments.

42 re/insurers registered in Bermuda in 2016

During 2016 the Bermuda Monetary Authority (BMA) recorded the registration of 42 insurers, which includes two Class 4 reinsurers, down from the 64 reported a year earlier. The BMA also revealed a flurry of SPI registrations in December.

Sompo Canopius appoints Fynn as Mining Engineer

Sompo Canopius AG has announced the appointment of Andy Fynn as a Mining Engineer, reporting to Head of Heavy Industry, Spencer Pearce.

New Lloyd’s Chairman must overcome certain hurdles

A recent article has explored a number of issues and hurdles that the incoming Lloyd’s of London Chairman must overcome, following to departure of John Nelson later this year.

Japanese insurers expand cyber coverage capabilities

According to reports from the region Japanese insurers are now expanding the remit of their cyber insurance policies to include Internet of Things devices.

IRDAI issues draft guidelines on outsourcing activities for insurers

India’s insurance regulator, the IRDAI, has issued draft guidelines on outsourcing insurers’ activities, and is awaiting feedback from the industry.

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