Here’s your daily Reinsurance News for Monday 8th August 2016:
Berkshire Hathaway reports $337 million re/insurance underwriting profit in Q2
Berkshire Hathaway has reported its second-quarter 2016 results, revealing that its insurance and reinsurance operations posted an underwriting profit of $337 million, up from the $38 million loss reported a year earlier.
2016 hurricane season forecasts drop slightly on weaker La Niña
The average forecast for activity in the 2016 Atlantic Tropical Storm and Hurricane Season has dropped, after Tropical Storm Risk (TSR) reduced their prediction for the season.
Tokio Marine Egypt General Takaful eyes regional expansion
Tokio Marine Egypt General Takaful has announced plans to expand its services across new regions, including cities along the Upper Egypt, Red Sea, and Suez Canal cities, according to reports.
RFIB hires ILS specialist broker Glenn Jackson in the U.S.
Lloyd’s specialist insurance and reinsurance broker, RFIB Group Limited, has announced the appointment of specialist ILS and reinsurance capital markets broker Glenn Jackson, as Managing Director of RFIB Americas.
Neon hires Olly Reeves as Chief Risk Officer
Specialist Lloyd’s of London insurer Neon has announced the appointment of Olly Reeves as Chief Risk Officer (CRO), effective November 1st 2016.
Insurer and reinsurer Aspen has revealed plans to make greater use of reinsurance capacity as it feels the time is right to make the most of pricing and appetite in the sector.
Regulators approve U.S. health insurance rate increase for 2017
Rising healthcare costs in the U.S. and the termination of the federal reinsurance program are pushing up rates, according to the Department of Financial Services. As a result, regulators have approved a hike in health insurance rates for 2017.
Alt capital & parametric triggers help reduce corporate deductibles
There’s an opportunity for alternative reinsurance capital and features of the ILS market, such as parametric triggers, to help reduce corporate deductibles.
Foreign insurers ask Japanese market to improve risk management
The association of foreign insurers in Japan, FNLIA, has called for collaboration between regulators and insurers to improve risk management in the region.
Insurer and reinsurer Seib joins Qatar’s Nojoom Rewards Programme
Qatar’s Seib Insurance and Reinsurance Company LLC has joined the regional Nojoom Rewards Programme, meaning members can now earn and redeem points with Seib Insurance.
Dubai airport closure to cost a reported $330 million
The recent closure of Dubai airport following the crash-landing of a plane, will cost a reported $330 million, according to reports from the region.
Janashakthi Insurance group expects claims of 4.6 billion rupees from Sri Lanka flooding
According to reports from the region, Janashakthi Insurance group expects to pay claims of roughly 4.6 billion rupees from the recent Sri Lanka floods.
CX Reinsurance accused of preventing payments to Baltimore lead poisoning victims
The Maryland Insurance Administration has launched an “active investigation” into UK domiciled CX Reinsurance Co., after receiving a complaint relating to the firm allegedly conspiring to prevent lead-poisoning victims in Baltimore from recovering damages.
Cat bond spreads tighten in H1 as demand outpaces issuance: Swiss Re
Reinsurance giant Swiss Re has commented on the catastrophe bond market in the first-half of 2016, noting a decline in issuance levels while demand remained strong.
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