Here’s your daily Reinsurance News for Thursday 13th April 2017:
Swiss Re sees its cyclone Debbie loss at US$350m, industry at $1.3bn
Reinsurance giant Swiss Re has revealed that it expects an estimated loss from Cyclone Debbie of roughly $350 million, and has put the insured market loss at around $1.3 billion.
Positive signs as loss-hit U.S. renewals experience rate increases
Some signs are emerging that the reinsurance market is largely nearing the bottom of the softening pricing cycle, with certain cat loss hit U.S. nationwide property accounts experienced rate increases this month.
Michael Leahey joins AXIS Re from XL Catlin
AXIS Re has announced the appointment of Michael Leahey from XL Catlin, as Vice President and Deputy Head of Catastrophe Underwriting for Europe, Israel, and Middle East and North Africa (MENA).
Quota shares most efficient reinsurance option under Solvency II: Scor
Global insurer and reinsurer SCOR has said that quota shares are the most efficient form of reinsurance for insurance companies’ capital optimisation under Solvency II.
Strong growth for UK group life market: Swiss Re
Swiss Re’s latest Group Watch report highlights solid growth in the UK group life market, with the number of people covered by Group life schemes now beyond 12 million.
Consolidation to remain a key trend in EU re/insurance: A.M. Best
Rating agency A.M. Best has predicted another active year for consolidation in the reinsurance market, despite 2016 being an active year for M&A.
PCS issues first Turkish catastrophe loss estimate for terror related events
Property Claim Services (PCS) has now issued its first industry loss estimate for cat events under its PCS Turkey catastrophe loss aggregation and industry loss estimation service.
Energy market continuing to soften: Willis
Global insurance and reinsurance broker Willis Towers Watson expects the energy market to continue to soften in response to high competition and excess re/insurance capital.
Australia’s Terrorism Insurance Scheme revised for extended cover
Recent amendments designed to extend Australia’s Terrorism Insurance Scheme coverage have been approved with effect from 1st July, 2017.
R3 and ACORD launch centre of excellence for distributed ledger tech
R3 has partnered with ACORD for the launch of Centre of Excellence for distributed ledger technology (DLT) for the global insurance industry.
NN Group acquires 79.9% stake in Delta Lloyd
In a joint statement NN Group and Delta Lloyd have announced that the former has acquired a 79.9% stake in Delta Lloyd.
CIRC exec warns of compound risks threatening insurers
Chen Wenhui, the Vice Chairman of the Chinese insurance industry regulator, the CIRC, has warned of a number of compound risks facing the country’s insurance sector.
North American cat bond issuance up to $1.9 billion in Q1 2017: PCS
Analysis from PCS reveals that North American catastrophe bond issuance increased in the first-quarter of 2017, to $1.9 billion.
Allianz names Kuik Head of Corporate Development, APAC
Allianz has hired Julia Zheng Kuik from insurer AIG as Head of Corporate Development for the Asia Pacific (APAC) region.
PRA’s 2017 stress test to identify use of ILS and alternative capital
The 2017 general insurance stress test from the UK’s Prudential Regulation Authority (PRA) division of the Bank of England will reportedly identify the use of alternative capital.
Sumitomo Mitsui & BNP Paribas unit partner on low-cost insurance in Japan
Sumitomo Mitsui Trust Bank is working with BNP Paribas Cardif to develop low-cost insurance solutions for Japanese clients.
GCC countries urged to develop national resilience framework
In response to the growing number of catastrophe events around the world, GCC countries must adopt a national resilience framework.
Sequant Re to receive another investment
Sequant Re, the collateralized reinsurance start-up underwriter and investments firm, has received another $200k investment from holding company Premier Diversified Holdings Inc.
Bahama First and Government look to increase insurance penetration
Insurer Bahama First is to work with the local government in an effort to increase insurance penetration in the region, by making coverage more efficient and affordable.
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