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Reinsurance News – Monday 9th January 2017

9th January 2017 - Author: Luke Gallin

Here’s your daily Reinsurance News for Monday 9th January 2017:

Global reinsurance capacity hits $595bn: Aon Benfield

Global reinsurance capital hit a new high of $595 billion over the nine months to September 30th, 2016, an increase of 5.3%, according to reinsurance broker Aon Benfield.

Brit grows Versutus sidecar to $110m in 2017 renewal

Specialty insurer and reinsurer Brit has announced the renewal of its Versutus Ltd. reinsurance sidecar vehicle for 2017, increasing its capacity by 33% to $110 million.

Compre acquires UK run-off re/insurance business of AG Insurance SA

Insurance and reinsurance legacy specialist Compre recently announced a decision to purchase the entire run-off re/insurance business of the UK branch of AG Insurance SA.

Alternative capital hits record $78bn, but growth slows: Aon

The volume of alternative reinsurance capital within the global insurance and reinsurance marketplace increased to $78 billion by the end of Q3 2016, according to broker Aon Benfield.

QBE’s Pryce appointed to Lloyd’s Franchise Board

Richard Pryce, CEO for QBE European Operations, has been appointed as a non-executive director of the Lloyd’s Franchise Board, by the Council of Lloyd’s.

ITI Re awaits decision on first preference status from the IRDAI

India’s insurance regulator, the IRDAI, is yet to clarify if newly established domestic reinsurer, ITI Reinsurance, will receive the same first preference privilege as domestic reinsurer GIC Re.

Barbican launches new marine insurance division

The UK insurance arm of Barbican Insurance Group, Barbican Protect, recently reported the launch of a new marine insurance division.

Everest Insurance announces several new underwriter hires

The insurance division of insurer and reinsurer Everest Re Group, has announced several new property underwriting hires, as the firm continues to expand its primary insurance operations.

Elliott closes acquisition of Aeolus controlling interest

Elliott Management Corporation, a multi-strategy hedge fund manager, has completed the acquisition of a controlling interest in Aeolus Capital Management Ltd.

Guy Carpenter advises caution on terrorism coverage in 2017 forecast

Reinsurance broker Guy Carpenter has underlined the challenges and opportunities for insurers and reinsurers with terrorism coverage, stating that new technology and political uncertainty calls for extra vigilance.

Fairfax in talks with OMERS over assistance with $4.9bn Allied World takeover

According to industry reports Fairfax Financial Holdings is in talks with the Ontario Municipal Employees Retirement System (OMERS) to see of the entity will assist with its $4.9 billion takeover of Allied World Assurance.

Insurance premiums could rise in India after increased cyclone activity

An increase in the frequency of natural disasters in India, and in particular cyclones, could lead to a rise in insurance premiums for covering properties, according to reports from the region.

Cyber insurance takeup grew by 50% in Britain in 2016

According to a recent survey by CFC Underwriting Ltd., cyber insurance penetration increased by 50% in Britain in 2016, with a number of respondents citing the “fear factor” as a reason for purchasing cover.

ILS NYC 2017 conference – Feb 3rd, New York

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.

Iran Insurance Company to split into four entities, including a reinsurer

Iran’s sole, fully state-owned insurance company, Iran Insurance Company (IIC), is to split itself into several entities, including a non-life insurer, a life insurer, a reinsurer, and an investment firm.

CBL Corp completes $150 million SFS acquisition

New Zealand domiciled credit and financial risk reinsurance entity, CBL Corporation Limited, has completed its $150 million acquisition of Securities and Financial Solutions Europe SA (SFS), and its claims management business, IMS Expert SA.

Myanmar to allow foreign insurers to enter market in 2017

The Finance Ministry of Myanmar’s Financial Regulation Department recently said that the country will open up its insurance market to foreign insurers in 2017.

CIRC gives approval to two new insurers

The Chinese insurance industry regulator, the CIRC, has granted approval for the establishment of two new insurers, one that will be focused on life insurance and the other on pension business.

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