Here’s your daily Reinsurance News for Monday 7th November 2016:
Operating profits up at Berkshire Hathaway in Q3, but underwriting profit falls
Warren Buffett’s Berkshire Hathaway saw operating profits increase by 6.6% in the third-quarter of 2016, totalling $4.85 billion, and reports suggest that Buffett is now holding more cash than ever before. However, underwriting profits during the quarter fell by nearly a third on the same period last year.
Lloyd’s receives R1 approval to launch India branch in 2017
Specialist insurance and reinsurance marketplace Lloyd’s of London has received R1 approval from the India regulator to establish a branch in the region that will enable it to provide onshore reinsurance services in 2017.
SpaceX explosion satellite loss to cost insurers $196m
Reports from the Tel Aviv Stock Exchange claim that the insurance claim for the destruction of an Amos 6 satellite will total $196 million, which is perhaps lower than some initial estimates.
Endurance reports solid Q3 results, net income and combined ratio improve
Endurance Specialty Holdings has reported its Q3 2016 results, posting net income of $313.1 million, compared with $219.9 million a year earlier. The firm’s combined ratio also improved in the quarter, to 87.3%.
Aon launches new cyber solution to meet demands of EU regulation on data protection
Insurance and reinsurance broker Aon has launched a new cyber solution, called Aon’s EU Data Protect, in response to EU regulation on data protection.
Willis Towers Watson reports 2% revenue increase in Q3
Willis Towers Watson has reported its third-quarter 2016 results, revealing that its revenue increased by 2% to $1.78 billion. The firm’s investment, risk & reinsurance unit reported revenues of $299 million in the quarter.
Reinsurance backs World Bank parametric Pacific catastrophe facility
The Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI) has been renewed for its fifth season, the World Bank has announced. The renewal sees the scheme enter into phase II, which includes the establishment of a captive insurer.
Hiscox grows GWP in the third-quarter to £1.858 billion
Hiscox has reported its third-quarter 2016 financials, revealing that its GWP increased to £1.858 billion, compared with £1.536 billion a year earlier. The company’s reinsurance unit reported an increased GWP to £466.8 million.
AM RE announces appointment of Chris Clark as non-executive chairman
AM RE Syndicate LLC has announced the appointment of Chris Clark as non-executive chairman, effective March 2017. Clark will bring a wealth of insurance and reinsurance industry expertise to the role.
Higher catastrophe losses impact Liberty Mutual’s Q3 results
Liberty Mutual has reported its third-quarter 2016 results, reporting a net income of $455 million, compared with a net loss of $427 million a year earlier. However, the firm’s combined ratio weakened and its operating profit fell due to higher catastrophe losses.
SCOR shows commitment to diversity and professional equality
Global insurer and reinsurer SCOR has shown its commitment to diversity by signing a global charter on professional equality between men and women around the globe.
Monte Carlo Rendezvous Executive Roundtable 2016
Participants discussed areas where ILS could play a greater role and explored potential features of the space that could facilitate increased influence across the risk transfer world, including weather risk, cyber, and terror.
Kenya Re expands with launch of regional Zambia office
Kenya Re is set to expand its offering and enter the South African marketplace with the launch of its new office in Zambia, which will be based in Lusaka City.
Hamilton Captive Management collaborates with Steel City Re
According to industry reports, Hamilton Captive Management has engaged with Steel City Re to offer tailored reputational risk underwriting services for its captive insureds.
Credit Suisse’s Humboldt Re on track to beat premium target in 2016
Credit Suisse’s rated reinsurance company Humboldt Re Limited is on track to beat its target for 2016 premiums underwritten, according to industry reports.
EMC’s combined ratio weakens, and net income falls in Q3
EMC Insurance has reported its third-quarter 2016 results, posting net income of $4.1 million, compared with $11.2 million a year earlier. The firm’s combined ratio weakened to 102.9% in the quarter.
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