Here’s your daily Reinsurance News for Monday 3rd October 2016:
Hurricane Matthew intensifies, targets Haiti, Jamaica, Cuba, Bahamas as major storm
Hurricane Matthew intensified into a Category 4 storm with sustained winds of 130mph, as it continues its track westward through the Caribbean.
TransRe names Zheqiang Xie Head of North Asia business
Reinsurer TransRe has announced the appointment of Zheqiang Xie to Head its North Asia business operations. Xie will be responsible for expanding the firm’s business in the region.
Jubilee oil field business interruption loss is covered: Tullow Oil
Operator of the striken Kwame Nkrumah FPSO on the Jubilee oil field, Ghana, Tullow Oil, has revealed that its insurers have confirmed that the company has a recoverable claim to make under its BI policy.
JLT Re appoints John Brodsky SVP
JLT Re has announced the appointment of John Brodsky as a Senior Vice President (SVP) in Seattle. With a focus on building the firm’s casualty practice, Brodsky will form part of JLT Re’s workers’ compensation unit.
Leadenhall adds U.S. operation, hires Brian Weatherholtz
Insurance and reinsurance linked investment manager, Leadenhall Capital Partners, has established a U.S. operation that the firm says will be led by newly appointed Brian Weatherholtz, a veteran in the ILS space.
German firms defend Deutsche Bank over recent financial strength concerns
In light of recent reports and concerns of the financial strength of Deutsche Bank, leading firm’s in Germany, including reinsurance giant Munich Re, have defended the lender.
Sidecars to let investors access pension & longevity risk: Kessler, Prudential
Prudential’s Amy Kessler has said that insurance or reinsurance sidecar vehicles are expected to be put to work to enable investors to co-invest alongside re/insurers in the longevity risk transfer market.
Excess capital and low interest rates a challenge for re/insurers: Munich Re America
Munich Re America’s Michael Quigley and Stephan Hochburger have discussed the challenges and opportunities in the reinsurance sector, citing excess capital and the low interest rate environment.
Tokio Marine Kiln to write liability business from Hong Kong with appointment of Kin Lau
Tokio Marine Kiln has announced the appointment of Kin Lau as Head of Regional Liability at the firm’s Hong Kong office. The appointment sees the firm begin writing liability business from the region.
PartnerRe announces redemption of $250mn of outstanding 6.875% Senior Notes
Reinsurer PartnerRe has announced the redemption of $250 million of its outstanding 6.875% Senior Notes due 2018, the redemption date will be November 1st, 2016.
Q3 2016 Cat Bond Market 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.
Canada wildfire shares characteristics of New Zealand quakes and Thai floods: NICC President & CEO
President and CEO of the National Insurance Conference of Canada (NICC), Joel Baker, has said that the Fort McMurray wildfire event shared many characteristics of the 2011 Thai floods and New Zealand quakes.
Amendment to Namibia Reinsurance Corporation Act will impact all insurers
According to reports, changes made by the government to the Namibia Reinsurance Corporation Act that ensures a portion of every insurance policy is ceded to the reinsurer, will impact all insurers.
ILS can increase efficiencies & reduce costs for reinsurers: Aon
The use of alternative reinsurance capital and ILS structures can increase efficiencies and lower costs for reinsurance companies, according to Aon.
Oman and Iran sign insurance MoU
The Central Authority of Insurance of Iran (Bema Markazi Iran) has signed a memorandum of understanding (MoU) with Oman’s Capital Market Authority (CMA), to promote the exchange of information between the insurance sectors.
Kenya Re expands Niko-Fiti campaign
Kenya Re has expanded its Niko-Fiti campaign to include the blind, deaf and mentally challenged, according to recent reports from the region.
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