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Reinsurance News – Thursday 16th February 2017

16th February 2017 - Author: Luke Gallin

Here’s your daily Reinsurance News for Thursday 16th February 2017:

Qatar Re promotes two to chief underwriting officer positions

Reinsurer Qatar Re has announced two promotions, including Luke Roden to CUO, Short Tail Classes, and Michael van der Straaten to CUO, Long Tail & Speciality Classes.

MS Amlin the first Lloyd’s syndicate to underwrite backed by Flood Re

Specialty insurer MS Amlin has become the first Lloyd’s of London syndicate operator to underwrite homeowners policies backed by Flood Re.

Trump / Brexit uncertainty could sell political risk cover, says Lloyd’s Beale

Uncertainty in financial markets as a result of the UK’s Brexit vote and the presidency of Donald Trump could lead to increased demand for political risk insurance cover, according to Inga Beale, Lloyd’s of London.

Lancashire’s Q4 results beat expectations

Lancashire Holdings Limited has reported its fourth-quarter 2016 results, posting a net operating profit of $45.9 million, slightly up on the $45.8 million reported in 2015. The firm’s combined ratio in the quarter weakened to 79% from 67.1%.

Palomar gets first successful rate filing with AIR U.S. flood model

Palomar has used AIR Worldwide’s U.S. probabilistic flood model to obtain a first-ever successful rate filing for flood, the company recently announced.

World Bank & Africa Re to cap weather index-insurance loss ratios

The World Bank’s Global Index Insurance Facility (GIIF) has partnered with reinsurer Africa Re to provide a facility that aims to cap insurer loss ratios on weather index-insurance schemes in Africa.

RenaissanceRe’s Steve Weinstein named ABIR Policy Committee Chair

Steve Weinstein of RenaissanceRe has been appointed Chair of the Association of Bermuda Insurers and Reinsurers Policy Committee.

Spinnaker sources more coastal risk with Orchid deal

Orchid Underwriters, LLC is to roll out new admitted coastal residential homeowners’ products in Alabama with program and fronting specialist, Spinnaker Insurance Company.

JLT Specialty hires cargo re/insurance broking SVP from Willis

Re/insurance broker JLT’s U.S. division, JLT Specialty USA, as appointed Jim White from Willis Towers Watson as SVP, insurance and reinsurance cargo broking.

Increased reinsurance software demand helped Effisoft grow in 2016

Insurance and reinsurance industry software provider, Effisoft, recorded 6% growth in 2016, driven by increased demand for its reinsurance, risk management and Solvency II software and services.

Munich Re’s insurer HSB hires construction product lead

Munich Re’s specialist engineering and construction insurer, HSB Engineering Insurance (HSB), has appointed Alan Moore as Construction Product Lead.

Kuwait Reinsurance profits down in 2016

Kuwait Reinsurance Company has reported that its profit fell from $3.2 million dinars ($US10.4mn) in 2015 to $2 million dinars (US$6.5mn) in 2016.

Bermuda’s captive market remains the largest

Bermuda’s captive insurance and reinsurance market remains the largest in the world, as a total 776 captive insurers were registered on the island at the end of 2016.

Sapiens to acquire StoneRiver for $102 million

Insurance and reinsurance industry software provider, Sapiens International Corporation, is to acquire StoneRiver for a reported $102 million in cash.

ILS can and will do so much more, say ILS NYC 2017 speakers

Speakers and attendees at Artemis’ first conference in New York, ILS New York 2017 – Future Thinking, said that ILS capital can and likely will do so much more in the risk transfer marketplace.

Argo Pro partners with BlueChip to offer transactional M&A protection

Argo Group International Holdings, Ltd.’s subsidiary, Argo Pro, has partnered with BlueChip Underwriting Services to offer transactional coverage to facilitate M&A activity.

James River doubles Q4 2016 net income

James River Group Holdings today reported its Q4 2016 results, posting a net income of $25.7 million, compared with $12.7 million a year earlier.

Munich Re’s Boiler Inspection and Insurance Co. launches MyHomeWorks™

The Boiler Inspection and Insurance Company of Canada (BI&I), which is part of reinsurance giant Munich Re, has announced the launch of MyHomeWorks™.

Hamilton Re launches Bermuda high school student contest

Bermuda domiciled reinsurer Hamilton Re has launched a contest for Bermuda high school students, in an effort to attract young people to the re/insurance industry.

SIRC 2017 to focus on new partnerships in reinsurance

It’s been announced that the 14th Singapore International Reinsurance Conference (SIRC) will look at “New Partnerships in Reinsurance.”

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