Here’s your daily Reinsurance News for Thursday 10th November 2016:
Reinsurance giant Hannover Re has released its results for the first nine months of the year, posting a group net income of €790 million, compared with €786 million a year earlier. In line with expectations, the firm’s gross written premiums declined by 3.8%, to €12.5 billion.
Reinsurer Munich Re has said that it expects to see a continued trend of rate stabilisation at the key January 1st renewals, as the slowdown of pressure on pricing and terms is expected to persist.
According to reports, in November of this year Beazley has applied for EU licences for its Irish reinsurance business, seeking approval for Beazley Re dac to become a European insurer.
AXA France and Reinsurance Group of America have entered into a €1.3 billion longevity swap and reinsurance transaction, a deal that covers over 15,000 annuitants.
According to reports from the region, the Australian government and the Australian insurance industry are looking to extend to the Asia-Pacific in an effort to provide protection against the threat of natural disasters.
Zurich has reported a business operating profit of $3.4 billion for the first nine months of the year, an increase of 36% on the same period last year. The firm’s combined ratio improved from 101.9% in 2015, to 98.4% in 2016.
Ratings agency Standard & Poor’s (S&P) has said that alternative reinsurance capital, in its many forms, is growing at a faster rate than traditional reinsurance and has made an “indelible footprint” in the market.
Beazley has reported its trading results for the first nine months of 2016, posting gross written premiums of $1.66 billion, up 2% on the same period last year. Year to date, the firm’s investment return comes in at 2%, compared with 1.1% a year earlier.
Markel CATCo has announced the appointment of John Whiley as its new Chief Compliance Officer. Whiley was previously Head of ILS Administration at Prime Management Limited.
According to the CEO of reinsurer RenaissanceRe, Kevin O’Donnell, the UK’s vote to leave the EU is good for Bermuda’s reinsurance sector.
Assicurazioni Generali has reported a drop in profit of 5.6% to €3.6 billion, but did stress that its performance had improved in the first nine months of the year, despite the fall in profit.
GIC Re, India’s state-run and sole reinsurer, sees no threat from the imminent arrival of foreign reinsurance companies in the region, after the IRDAI gave R2 approval to six foreign reinsurers.
A panel at the 2016 meeting of the reinsurance industry in Bermuda, discussed the role technology is playing in the risk transfer world, stressing that it’s changing the face of the industry.
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.
State National Companies third-quarter 2016 results reveal a revenue increase of 13% to $57.9 million, and a 12% increase in premiums earned, to $33.7 million.
According to reports from the region, the mortality protection gap in the Philippine’s is valued at around $300 billion, as many in the region aren’t protected and the industry isn’t focused enough on selling the products.
Novae Group has reported its third-quarter 2016 results, revealing that its gross written premium increased to $714.4 million, a rise of 15.8% when compared with the previous year.
Speakers at the 2016 Dubai Rendezvous have said that the softening marketplace is to continue dominating the sector, but firms must adapt and better understand risks.
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