Here’s your daily Reinsurance News for Monday 5th September 2016:
Hermine re/insurance loss estimated up to $500m by Karen Clark & Co
Up to Friday evening hurricane Hermine is estimated to have caused an insurance and reinsurance industry loss approaching $500m, with economic loss approaching $1 billion, according to Karen Clark & Co. Important to note that Hermine's impacts extend beyond Florida to the U.S. northeast coastline, suggesting the potential for a higher industry loss from the storm.
Re/insurers facing a loss after SpaceX rocket explosion
According to reports insurers and reinsurers will be facing a loss from the recent explosion of a rocket, called SpaceX Falcon 9, and its satellite payload that was being prepared for a test firing.
AIG sells remaining shares in Chinese insurer PICC
According to Reuters AIG has now sold the remainder of its stake in Chinese insurer PICC Property and Casualty Co Ltd, as the company continues to rationalise its operations in the face of shareholder pressure.
Samir Shah to lead insurtech risk securitisation start-up Ledger Investing
Ex-Head of Insurance Capital Markets at AIG, Samir Shah, has been revealed as the Chairman and CEO of insurtech risk securitisation start-up, Ledger Investing.
Allianz names Diego Rios CRO, Asia-Pacific
Allianz has announced the appointment of Diego Rios as CRO for Asia-Pacific, where he will be responsible for leading the firm's risk management practices in the region.
North American wildfires and Louisiana floods could see CBI claims and disputes
Fires and flooding in North America and Canada this year could result in contingent business interruption claims and insurance or reinsurance disputes, according to a lawyer.
Nephila Capital & Velocity MGA in third Florida Citizens takeout
Nephila Capital is again working with its MGA, Velocity Risk Underwriters LLC, to effect a third takeout of insurance policies from Florida’s Citizens Property Insurance Corporation.
Peak Re increases Nagico stake to 50%
Hong Kong-based global reinsurer Peak Reinsurance Company Limited has taken a 50% stake in Caribbean focused insurer Nagico.
Drought insurance claims hit Santam
Santam announced that drought had resulted in R231m of claims from farmers in South Africa, with more expected as drought conditions persist.
Proposed Philippines catastrophe insurance scheme halted
Deputy head of the Insurance Commission of the Philippines, Vida Chiong, has said that a proposed mandatory catastrophe insurance scheme for households and micro, small and medium enterprises (MSMEs) has been axed.
Zenkyoren returns to the cat bond market with $250m Japan quake deal
Regular catastrophe bond sponsor Zenkyoren has returned to the ILS market looking for at least $250 million of three-year aggregate reinsurance protection against Japanese earthquake risks.
Swiss Re LatAm CEO positive on Colombia
Axel Brohm the Latin American CEO of Swiss Re Corporate Solutions is positive about the Colombian insurance market, but noted that it does face headwinds.
AXA Asia hires Annie Tay as CRO
AXA Group has appointed Annie Tay as CRO of its Asia unit, reporting to Jean-Louis Laurent Josi, CEO of AXA Asia, according to reports from the region.
ILS can help on Gulf coast offshore asset risks
New regulation is driving a need for increased capitalisation of companies that operate in Gulf of Mexico, AIR Worldwide highlighted the opportunity for catastrophe bonds to assist.
PartnerRe owner EXOR moves to the Netherlands
The Agnelli family is moving the domicile of the EXOR holding company to the Netherlands from Italy, a move they say is a "natural progression."
Indian re/insurers look to nurture internal talent
Skills shortages have forced re/insurers in India to look to internal promotions over hiring, as they find searching for new talent difficult.
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