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Reinsurance News – Monday 6th March 2017

6th March 2017 - Author: Luke Gallin

Here’s your daily Reinsurance News for Monday 6th March 2017:

Sydney hail loss rises, as IAG & Suncorp estimate up to AU$370m

The Insurance Council of Australia (ICA) has said that the final re/insurance industry loss bill from the severe summer hailstorm that struck Sydney and parts of New South Wales, Australia, will likely rise further as evidenced by loss estimates from IAG & Suncorp.

DARAG CEO Gossmann to leave run-off insurer

It’s been announced that the CEO of specialist European run-off insurer DARAG, Arndt Gossmann, is to retire, effective 28th February 2017.

PartnerRe hires Cabrera from Aon Benfield to head up Latin America

Reinsurer PartnerRe has hired Humberto Cabrera from broker Aon Benfield, as Head of Latin America, responsible for leading the firm’s business in the region.

Tornado, hail, wind insured losses in U.S. head for $2bn so far in 2017

According to the latest report from Aon Benfield’s Impact Forecasting unit, re/insurance industry losses from severe convective thunderstorm weather are already approaching $2 billion in 2017.

Pool Re ups retro reinsurance protection to almost £2 billion

The UK government’s terrorism reinsurance scheme, Pool Re, has increased the size of its retrocessional reinsurance programme to nearly £2 billion.

Blockchain prototype improves efficiency and reduces costs for insurers, says PwC

PwC has said that its blockchain prototype for the London Market Target Operating Model (TOM) Innovation Exchange reduces costs and improves efficiency for re/insurers.

Berkshire Hathaway Specialty launches new products lines for Asia, announces appointments

Berkshire Hathaway Specialty Insurance has launched Personal Accident, Corporate Travel and Expatriate Medical solutions in Hong Kong and Singapore, and also appointed product line heads.

Allied World & Fairfax extend merger deadline, Fairfax has option to increase cash consideration

Allied World Assurance Company Holdings and Fairfax Financial have announced an agreement to extend the deadline for their proposed merger, by which Fairfax can increase the cash consideration.

Hong Kong wants to further develop its reinsurance industry

According to reports Hong Kong wants to develop its reinsurance industry as it’s concerned that it’s losing business in the face of stiff competition.

U.S. hurricane tail risk potentially higher than averages suggest: JLT Re

Analysis from reinsurance broker JLT Re claims that future climate scenarios suggest Northeast U.S. hurricane tail exposure is far higher than historical averages claim.

Qatar Re sets price guidance for $450mn perpetual bond

Qatar Reinsurance Company has released an initial price guidance of roughly 5.5% for its planned $450 million perpetual bond, according to industry reports.

France & Iran discuss strengthening of banking & reinsurance relationship

Economic ministers from France and Iran met recently to discuss the expansion of banking and reinsurance ties between the two countries.

Fitch withdraws Thai Reinsurance rating

International rating agency, Fitch Ratings, has withdrawn its rating of Thai Reinsurance as the company has chosen to stop participating in the process.

Dale Underwriting names Mark Channell COO

Dale Underwriting Partners has announced the appointment of Mark Channell as its new COO, reporting to Duncan Dale.

CIRC proposes risk-based approach to investments

According to reports from the region the Chinese regulator, the CIRC, is looking into an industry shake-up that could result in the bigger firms continuing their overseas expansion.

Iran’s insurance market records 75% premium growth

Total insurance premiums in Iran reached $6 billion for the Iranian year ending 20th March 2016, up 75% on the same period in the previous year.

South Korean insurers urged to consider tech when setting car insurance premiums

A top insurance regulator in South Korea has said that local insurers should take into account technological advances when setting premiums for car insurance.

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PartnerRe hires Cabrera from Aon Benfield to head up Latin America

Reinsurance firm PartnerRe has hired Humberto Cabrera, coming from broker Aon Benfield,  to the role of Head of Latin America,...

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