Here’s your daily Reinsurance News for Thursday 12th January 2017:
Operating landscape a new reality for reinsurers: A.M. Best
Ratings agency A.M. Best has said that global reinsurers could be faced with a new market reality of lower returns and increased dependency on underwriting profits.
Rating agency & regulatory changes to increase reinsurance demand: Aon
Reinsurance brokerage Aon Benfield has said that regulatory advances and changing rating agency criteria could result in an increased demand for reinsurance protection.
Hedge fund reinsurer Sandell Re’s legacy play makes first acquisition
Hedge fund style reinsurance entity Sandell Re’s joint legacy venture, SOBC Sandell, has completed its first acquisition, of PIA Captive.
Enstar completes reinsurance of QBE’s legacy business
Legacy and run-off re/insurance specialist, Enstar Group, has closed on its previously announced transaction that sees the firm reinsure a legacy book for QBE Insurance Group Limited.
Hannover Re backs insurtech start-up
Reinsurance giant Hannover Re’s U.S. division has announced that it’s backing life insurance technology (insurtech) start-up Ladder, as the trend of reinsurance capital partnering with insurtech start-ups continues.
Weather, natural disaster and climate seen as top global risks: WEF
The 12th edition of the World Economic Forum’s Global Risk Report (WEF) underlines the need for improved risk transfer to tackle top global risks, such as natural disasters, the climate, and weather exposures.
CCR Re launches with portfolio transfer from parent
New reinsurance subsidiary CCR Re has launched with a portfolio transfer from its parent company, Cause Centrale de Reassurance (CCR), a transaction that could create a material volume of premium to CCR.
PwC names Bichard as new UK insurance leader
PwC has announced the appointment of Jim Bichard as its new UK Insurance Leader, a role that will see him take control of a 1,000 strong UK-based practice dedicated on insurance and reinsurance clients.
ITI Reinsurance to begin operations by the end of Jan 2017
Reinsurer ITI Reinsurance is to begin operations in India by the end of January 2017, and plans to launch with a ‘lean look’ and to start slow.
AIG asks government if move from London to Dublin is welcomed
AIG has reportedly asked the government how it would treat an application from the firm to move its European headquarters from London to Dublin, following the UK’s recent Brexit vote.
Hyperion Insurance grows revenue by 45% in 2016
Hyperion Insurance Group has announced its financial results for 2016, revealing that its revenue grew from £299 in 2015 to £434, an increase of 45%.
Kashmir unrest causes losses of roughly $2.3 billion: Indian government
A new report by the Indian government claims that the five-month long unrest in Kashmir caused losses of a reported $2.3 billion, with much of this coming from property losses.
Pardus launches contingency facility
London domiciled independent MGA, Pardus Underwriting, has announced the launch of a contingency facility backed by Lloyd’s security, which is led by XL Catlin, and also hired Wayne Paternoster.
SCOR expands StoneRiver’s LifeSuite® for APAC region
Insurer and reinsurer SCOR has expanded its Paris installation of StoneRiver’s LifeSuite® for use across the Asia Pacific (APAC) region, according to reports.
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.
Important Generali remains Italian: UniCredit’s Jean Pierre Mustier
UniCredit’s CEO Jean Pierre Mustier recently said that it’s important that Italian insurer Assicurazioni Generali remains Italian, following noise that the firm could be involved in M&A with French rival AXA.
Insurers disagree on need for national reinsurer in Egypt
Insurance and reinsurance industry players in Egypt continue to disagree on the need for the establishment of a new national reinsurance company.
Marsh announces quarterly dividend
Marsh & McLennan Companies recently declared a quarterly dividend of $0.34 per share on its outstanding common stock.
Asian insurance market poised for growth in 2017
The Asian insurance market appears poised for growth in the coming months, providing global insurers and reinsurers with an opportunity to expand their footprint.
Tunisia looks to modernise insurance sector with new law
The General Insurance Commission (IGA) of Tunisia is reportedly developing a new insurance law that will modernise the country’s insurance sector and keep it line with international standards.
Specialist team explores agriculture insurance in Oman
A new, specialist team is looking at the potential for agricultural insurance in Oman, including both traditional and alternative protection measures.
CIRC issues price determination guidelines for non-life insurers
China’s insurance regulator, the CIRC, recently issued guidelines governing price determination for non-life insurance companies, that are due to take effect from Feb 1st, 2017.
Indian insurers question new Accounting Standards
Insurance industry players in India have questioned new Accounting Standards (IAS) that are due to take effect from April 2017.
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