Here’s your daily Reinsurance News for Thursday 15th September 2016:
Reinsurers only profitable due to low catastrophe experience: S&P
Ratings agency Standard & Poor’s (S&P) has said that in more recent times, reinsurers have only managed to remain profitable because of low catastrophe losses and higher reserve releases.
Reinsurers could be entering “danger phase” of reserving: JLT Re
Executives at reinsurance broker JLT Re have warned that reinsurers might be entering a “danger phase” of reserve releases, with reserves being released faster than accident year experience would dictate.
Post-loss reinsurance rate rises will be difficult to sustain: Priebe, Guy Carpenter
The Vice Chairman of Guy Carpenter, David Priebe, feels that the reinsurance space will find it increasingly difficult to sustain price increases after major loss events.
Reinsurers should cut broker fees to reduce costs: Lloyd’s Chairman, Nelson
Chairman of the Lloyd’s of London specialist insurance and reinsurance marketplace, John Nelson, has said that reinsurers should look to reduce broker fees in order to cut costs.
“Mass migration” into specialty lines could amplify rate declines: KBW
Analysts at KBW have warned that a “mass migration” into specialty lines from reinsurers, insurers, and ILS players could “intensify” rate declines.
Tecnocom enters into alliance with General Re
Tecnocom Telecomunicaciones has reportedly entered into an agreement with reinsurer General Re, for the implementation and distribution of its COMPASS solution.
The bottom is in sight: Kathleen Faries, Tokio Millennium Re
Head of Bermuda at Tokyo Millennium Re, Kathleen Faries, has warned that it’s only going to get tougher to continue in the softening landscape, adding that the bottom of the market is in sight.
Crosswinds announces formation of specialty insurer Crosswinds Re
Crosswinds Holdings Inc. has announced the formation of Crosswinds Re, a specialty reinsurer domiciled in the Cayman Islands. The firm also announced that Paul Markey has been appointed as an independent director on the Board of the company.
Broker facilities “casino” underwriting: Victor Peignet, SCOR
The CEO of SCOR Global P&C, Victor Peignet, has revealed that he’s not a fan of broker facilities because there is no “skin in the game.”
Markel UK names Neil Galjaard divisional MD
Markel UK has announced the appointment of Neil Galjaard as divisional managing director. He will be responsible for development and growth of the business.
ILS provides Europe’s major reinsurers with underwriting flexibility: Fitch
The use of alternative reinsurance capital and features of the ILS marketplace provides Europe’s major reinsurers with underwriting flexibility, according to Fitch.
LMA appoints Tom Hamill to lead delegated authority matters
The Lloyd’s Market Association (LMA) has appointed Tom Hamill as senior executive, underwriting, and to lead its delegated authority matters.
Report highlights trends of India’s reinsurance industry
A new report from SynopsisTimetric explores the trends and opportunities in the Indian reinsurance market to the year 2020.
ILS growth to continue at a steady pace: Munich Re’s Blunck
A member of the board of management at Munich Re, Thomas Blunck, feels that the growth of alternative reinsurance capital and the ILS market will continue at a steady pace.
Lack of insured losses from severe August weather in China underlines need for disaster protection
Severe weather conditions in China throughout August caused economic losses of more than $2 billion, of which the majority was not insured, highlighting the need for increased disaster protection in the region.
Paul Silverman to lead Tokio Marine HCC’s primary casualty unit
Tokio Marine HCC recently announced the appointment of Paul D. Silverman to head the firm’s Primary Casualty Division.
EU Parliament votes against RTS for PRIIPs
According to reports, a large majority of the European Parliament has voted against for the “regulatory technical standards (RTS) for the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation.”
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