Here’s your daily Reinsurance News for Thursday 11th August 2016:
Beazley adds parametric rainfall cover to event cancellation product
London-based insurer and reinsurer Beazley has launched Cancellation Plus in the UK, a parametric rainfall solution that provides event organisers with protection against reduced revenue owing to rainfall occurrence.
AXIS set to increase use of alt reinsurance capital
Insurer and reinsurer AXIS Capital is increasingly seeing the importance of working with alternative reinsurance capital, and is set to increase its utilisation of capital markets sourced capacity.
JLT Specialty USA adds two to M&A team
JLT Specialty USA has announced two new hires within its M&A division, including Howard Rimerman as SVP, New York. The firm also announced the appointment of Steven Smith as VP, Los Angeles.
Africa Re posts solid H1 results despite economic uncertainty
Reinsurer Africa Re has reported its H1 2016 financials, posting an underwriting profit of $13.6 million, up 8% on the same period last year. The reinsurer’s GWP did decline to $328 million in H1, but its combined ratio improved to 95.15%.
Abbey Life seals £1bn longevity swap for Manweb pension scheme
Abbey Life Assurance Company Limited has completed a $1 billion longevity swap deal with a section of the Scottish Power pension fund, the second longevity swap transaction between the pair.
U.S. P/C industry rating activity more positive in H1: A.M. Best
Ratings agency A.M. Best has released a report on the U.S. Property/Casualty sector, stating that upgrades and positive outlooks outpaced downgrades in the period, a reverse from H1 2015.
Allied World Asia-Pacific names Sivanathan VP, Malaysia country manager
Allied World Assurance Company Holdings subsidiary, Allied World Asia-Pacific has announced the appointment of Ramesh Sivanathan as VP, country manager in Malaysia, based in Kuala Lumpur.
Exchange Re authorised as RSPV SCC in Malta
Collateralised reinsurance or cell-based ILS transaction platform Exchange Re, the first of its kind to be launched in Malta, has received official approval to begin operations from the Malta Financial Services Authority (MFSA).
RFIB names James Wilson as head of new M&A insurance unit
Lloyd’s of London insurance and reinsurance broker RFIB has launched a transaction solutions division, and has appointed James Wilson as Head of the new department.
Annuity reinsurance transaction helps Aegon improve Solvency II ratio in Q2
Aegon has reported that its Solvency II ratio increased to roughly 158% in the second-quarter, in part due to its annuity reinsurance transaction with Legal & General. The firm reported underlying earnings of €435 million.
Graeme Rayner joins Pioneer Underwriting from MS Amlin
London’s Pioneer Underwriting has announced the appointment of Graeme Rayner from rival firm MS Amlin, effective October 3rd 2016, subject to regulatory approval.
Zurich reports operating profit growth in Q2, H1 combined ratio improves
Zurich Insurance has reported its second-quarter results, posting a business operating profit of $1.11 billion, up 17% on the same period last year. The firm also revealed that its combined ratio improved to 98.4% in the first half of the year.
Senior management changes announced at The Hanover Insurance Group
The Hanover Insurance Group has announced that EVP, President, Specialty Insurance, Andrew S. Robinson, is set to leave the firm. John Roche EVP, President, Business Insurance, will take on the responsibilities on a temporary basis.
Judge orders State Farm to refund $85 million to policyholders
According to reports State Farm has been ordered by a judge to reduce its homeowners insurance rates by 7% and refund policyholders a total of $85 million for overcharges.
Insurers can learn from gamification and technology adoption: Swiss Re
VP and Strategy & Innovation Manager at Swiss Re, Sophia Van Ngan, has underlined that insurers have much to learn from gamification and the rapid adoption of new technology, highlighted by the recent Pokemon Go phenomenon.
British Columbia municipalities look at earthquake coverage
According to reports, regions of southwestern British Columbia are considering the purchase of insurance in order to quickly repair damage to infrastructure in the event of an earthquake.
Blockchain could transform the re/insurance sector: PwC
PwC has said that the use of blockchain technology could revolutionise the global insurance industry. The firm said that blockchain could reduce costs, grow business and increase efficiency.
July Ontario severe storm causes insured loss of more than $30 million
The Insurance Bureau of Canada (IBC) has said that a severe storm that impacted southern Ontario in July caused an insurance industry loss of more than $30 million, according to data from CatIQ.
Captive insurers remain challenged by soft market landscape: A.M. Best
A recent episode of A.M. BestTV underlines the increased challenges faced by captive insurers in the softening landscape, highlighted by increased scrutiny from regulators.
India’s new crop insurance scheme could result in large insurer growth
Industry officials have said that the introduction of Pradhan Mantri Fasal Bima Yojana (PMFBY) in India, a new crop insurance scheme, could result in huge growth for some insurers in the region.
Industry experts call for Ghanaians to increase insurance takeup
Industry experts in the region have called for Ghanaians to better insure their properties and lives, as a lack of insurance education in the region limits penetration rates.
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