Here’s your daily Reinsurance News for Monday 31st October 2016:
Aon reports 4% organic revenue growth in Q3
Aon has reported its third-quarter 2016 results, revealing that revenue was flat at $2.7 billion, while the firm reported organic revenue growth of 4%. The firm’s reinsurance unit, Aon Benfield, recorded organic revenue growth of 1%.
Swiss Re backs $350m Guangdong, China parametric disaster insurance
Reinsurance giant Swiss Re has signed an agreement to reinsure a parametric disaster insurance pilot providing $350m of protection against tropical cyclone and excess rainfall, for the Chinese province of Guangdong.
McCafferty to leave Flood Re, named CEO of Axa Insurance
Former CEO of Flood Re, Brendan McCafferty, has been named as CEO of Axa Insurance, intermediated and direct, effective 13th February, 2017.
Continental Re sees profits rise in 2016
Continental Reinsurance has reported its results for the first nine months of 2016, posting a profit of 5.03 billion naira, compared with 2.07 billion naira a year earlier.
AlphaCat assets hit $2.62bn, revenues for Validus grow with ILS scale
Insurer and reinsurer Validus continues to see growth in assets under management at its AlphaCat Managers Ltd. third-party reinsurance capital unit, reaching $2.62 billion as at 1st October 2016.
SCOR adds two in central Group Finance functions unit
Global insurer and reinsurer SCOR has announced two new appointments within its central Group Finance functions, including Ian Kelly as Head of Investor Relations, and Bertrand Bougon as Head of Group Ratings & Capital and SCOR SE Finance Director.
Lloyd’s Japan President, Ferguson, discusses market’s role in the region
The President of Lloyd’s Japan, Iain Ferguson, has discussed the market’s history in the region and its ability to develop specialist solutions for business risks in the region.
NZ gov should take advantage of efficient reinsurance capacity to fix EQC: Swiss Re
Swiss Re’s Asia Pacific head of Property Casualty Facultative, Mike Mitchell, has said that the New Zealand government should start fixing the Earthquake Commission (EQC) Act while reinsurance “is relatively freely available.”
Reinsurance allocation primed for growth at Future Fund
The Australian sovereign wealth investment fund, the Future Fund, confirmed that it’s added a second manager to its reinsurance portfolio, which it says will facilitate expansion of this exposure.
AmTrust to acquire AmeriHealth Casualty Insurance for $90mn
AmTrust Financial Services has announced an agreement to acquire AmeriHealth Casualty Insurance Company, for roughly $90 million in cash.
Disruptive innovation, technology supports alt capital expansion: Walkiewicz, WCMA
Innovation and technology has the potential to help expand the influence and reach of alternative reinsurance market features and capacity, according to Rafal Walkiewicz of WCMA.
UAE insurers witnessing 10% annual cyber insurance growth
According to Tariq Zietoun of Abu Dhabi National Insurance Company, insurance companies in the region are experiencing annual cyber insurance growth of 10%.
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.
Indian government would consider measures to allow investment in start-ups
According to reports from the region, the Indian government would consider measures that would allow pension funds and insurers to invest in start-ups.
Allianz Malaysia to acquire HCBS Amanah Takaful
Reports have revealed that Allianz Malaysia has received approval to acquire HSBC Amanah Takaful (Malaysia), although terms of the deal are yet to be disclosed.
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