Reinsurance News

Reinsurance News – Thursday 15th December 2016

15th December 2016 - Author: Luke Gallin

Here’s your daily Reinsurance News for Thursday 15th December 2016:

Reinsurance rates to fall at 1/1, tailored solutions an opportunity: RBC

European reinsurers are expected to witness further rate declines at the key January 1st 2017 renewal season, but may find opportunities for better returns in tailored solutions, says RBC Capital Markets.

Lloyd’s to establish EU subsidiary in the new year in preparation for Brexit

In preparation for Brexit, the specialist Lloyd’s of London marketplace has said that it will establish an EU base in the new year. Lloyd’s is reportedly deciding where in the EU to set-up its subsidiary, and is likely to put a proposal to members in February 2017.

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SCOR grows its cat & mortality contingent capital facility

Reinsurer SCOR has revealed a new three year contingent capital facility, which will provide the firm with €300 million of protection against losses from nat cats and extreme mortality events.

Istmo Re downgraded on “regulatory intervention” by Panama

Panama-based reinsurance entity, Istmo Re, has seen its Financial Strength Rating downgraded to a Non-Rating Designation of E from B by ratings agency A.M. Best, after action by the local regulator.

Swiss Re adopts TCFD’s recommendations for climate-related risks

Swiss Re recently announced that it has adopted recommendations from the Task Force on Climate-related Financial Disclosures (TCFD), which were released yesterday, in London.

XL Catlin launches new terror insurance solution

The insurance division of XL Catlin has announced that it has launched an Active Assailant, Loss of Attraction and Threat (ALT) insurance product, in response to the growing threat of terror events.

Mary O’Connor to lead WTW’s client & business development

Willis Towers Watson (WTW) has appointed Mary O’Connor to lead its client and business development, alongside her current role to co-lead the firm’s global financial institutions industry unit.

Morocco, Nigeria & Kenya fastest growing African reinsurance markets: Report

A recent survey exploring the African reinsurance industry, reveals that Morocco, Nigeria and Kenya are the fastest growing reinsurance markets in the Africa.

XL Catlin adds two to North American M&A Insurance team

Insurer and reinsurer XL Catlin has announced the hiring of Joseph Laws and Michael McGowan as Directors of M&A Insurance, North America.

Egyptian insurers explore renewal of reinsurance contracts for 2017

Insurance companies in Egypt are considering how to renew reinsurance contracts for 2017, as the shortage of hard currencies in the country continues to have an impact.

Munich Re & Next Insurance partner on commercial photographer solution

Munich Re and Next Insurance have announced a partnership that will see the launch of a product that targets commercial photographers.

RenRe Ventures Dutt takes on Treasurer role in exec changes

Reinsurer RenaissanceRe has announced a number of senior executive changes, including President of its Ventures unit, Aditya Dutt, taking on the additional role of RenRe Treasurer.

A.M. Best upgrades credit ratings of ZEP-RE

International ratings agency A.M. Best has upgraded the Financial Strength Rating of ZEP-RE from B+ to B++, and the Long-Term Issuer Credit Rating to bbb from bbb-.

EIOPA report highlights ongoing challenges for re/insurers

A report from the European Insurance and Occupational Pensions Authority (EIOPA) on the financial stability of the re/insurance & occupational pensions sectors of the European Economic Area, underlines continued challenges in the sector.

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.

Reinsurers under spotlight in India for failure to pay service tax

According to reports from India as many as 14 public and private reinsurance companies are being investigated by the Director General of Central Excise Intelligence (DGCEI), in relation to non-payment of service tax.

XL Catlin enhances fine arts & specie solution in Europe

The insurance segment of insurer and reinsurer XL Catlin has enhanced the wording of its all in one solution for collectors, arts and jewellery professionals, the company has announced.

CEA grows risk transfer by 20% to $5.4bn

The California Earthquake Authority (CEA) has increased the size of its reinsurance programme to $5.4 billion, growth of 20% since April 2016.

Hurricane Otto caused $15 million of damages to Costa Rica’s coffee sector

The Costa Rican Coffee Institute has released a report that states that hurricane Otto caused damages of roughly $15 million to the country’s coffee industry.

Two new reinsurers registered in Bermuda in November: BMA

The Bermuda Monetary Authority (BMA) has said that two new reinsurance entities were registered in Bermuda in November, being Bonanza Re and Transportation Reinsurance Underwriting Company of Kentucky.

Demand for insurance on the rise in India

Reports from India claim that demand for insurance is on the rise in response to the demonetisation drive in the country. Gross written premiums for general insurers increased by 29% year-on-year in November.

ILS can help London maintain its competitive edge: City Minister, Kirby

Economic Secretary to the Treasury (City Minister) at HM Treasury, Simon Kirby, has said that the UK’s proposed ILS regulations can help the London marketplace maintain its competitive edge.

ICICI Lombard expects 600 claims from cyclone Vardah

India’s largest non-life insurance company, ICICI Lombard, has said that it expects to receive a total of 600 claims in relation to losses from cyclone Vardah.

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