Reinsurance News

Reinsurance News – Monday 5th December 2016

5th December 2016 - Author: Steve Evans

Here’s your daily Reinsurance News for Monday 5th December 2016:

Swiss Re to cut back on P&C, but positive on re/insurance industry trends

Reinsurance giant Swiss Re has said that the long-term outlook for the re/insurance industry is positive, highlighting growth potential in risk pools. The firm also revealed that it will pull back more on P&C.

Peak Re names Christopher Lee Head of L&H

Christopher Lee has been named as Head of Life & Health (L&H) at reinsurance firm Peak Re, overseeing the firm’s medical & L&H reinsurance operations.

PERILS finalises Storm Desmond UK flood loss estimate at £604m

PERILS AG has provided its final industry loss estimate for the UK floods due to storm Desmond in December of 2015, at £604 million.

Richard Winborn to head XL Catlin’s international M&A insurance

Insurer and reinsurer XL Catlin has announced that Richard Winborn will be the firm’s new head of international M&A insurance, a role he previously held for Zurich’s UK business.

Disasters affect sovereign ratings: Moody’s

Moody’s has highlighted how natural disasters can be the direct cause of sovereign rating defaults, underlining the value risk transfer solutions can provide to support sovereign credit worthiness.

Helios acquires new limited liability Lloyd’s member

Helios has acquired Salviscoint ), a limited liability member of Lloyd’s, for £0.8 million in cash, as it continues to expand its capacity in the London market.

China’s insurance sector has risk management difficiencies

A representative of the China Insurance Regulatory Commission (CIRC) has said that insurers in the country are incorrectly prioritising assets over risk management.

Vienna Insurance completes acquisition of AXA’s Serbian subsidiaries

Vienna Insurance Group has announced that it has completed the acquisition of French insurer AXA S.A.’s Serbian nonlife and life insurance subsidiaries, after receiving regulatory approval.

Fukushima disaster to cost more than $201 billion: Reports

According to reports from the region the Fukushima nuclear disaster is now expected to cost more than $201 billion, following increased loss estimates from the Japanese Ministry of Economy, Trade and Industry.

New Zealand insurers start to narrow restrictions zones after November quake

Following the recent earthquake in New Zealand, it’s been reported that insurance companies are starting to narrow restrictions zones as they try to establish where exactly losses are concentrated.

Florida insurers responsive following two hurricanes in 2016

State officials in Florida have said that insurance companies, for the most part, have been responsive in the wake of two hurricanes that caused millions of dollars worth of damage in Florida in 2016.

Japanese life insurers to pursue more overseas M&A in 2017

Japanese life insurers will look for more merger and acquisition opportunities overseas in 2017, continuing the trend of diversifying through M&A according to Fitch Ratings.

Only a cyber catastrophe will show how ready the re/insurance industry is

As concerns about the way cyber risk is underwritten continue to emerge, the sector needs to face a cyber catastrophe for insurers and reinsurers to truly understand how good a job they are doing.

Liberty International Underwriters’ Kench elected VP of Australian Insurance Law Association

AVP, Casualty Claims – Asia Pacific at Liberty International Underwriters (LIU), August Kench, has been elected Vice President (VP) of the Australian Insurance Law Association (AILA).

A thoughtfully curated annual insurance-linked securities event in New York City from Artemis. Featuring ILS & reinsurance industry leaders speaking on forward-thinking, engaging topics.

Claims from Mildura, South Australia hailstorms total $193 million

Hailstorms that struck the Mildura region, South Australia and southern NSW in November have resulted in claims totalling a reported $193 million.

Mainland China spending on Hong Kong insurance products more than doubles in 2016

Mainland China spending on Hong Kong insurance solutions during the first nine months of 2016 more than doubled when compared to the previous year, at $6.3 billion.

Haushofer to succeed Flaindrin as Singapore Reinsurers’ Association chairman

Marc Haushofer, Chief Executive Officer, Asia Pacific of Validus Re will succeed Alain Flandrin, Chief Executive Officer (Asia Pacific) of Partner Re Asia as its Chairman with effect from 1 January 2017.

Outstanding cat bond market hits $26 billion again

For the first time since early April 2016 the outstanding catastrophe bond market has surpassed $26 billion, following the completion of two recent transactions.

Chedid Re CEO receives Achiever of the Year award at 2016 MEA Risk & Insurance event

During the 2016 MEA Risk & Insurance Excellence Awards, Chairman and CEO of reinsurer Chedid Re, Farid Chedid, was named MEA Industry Achiever of the Year.

Lemonade raises another $33m

New York-based insurtech start-up Lemonade has raised $33 million in funding, according to an SEC filing from December 2nd.

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