Here’s your daily Reinsurance News for Thursday 16th March 2017:
NZ insurers see $694m reinsurance recovery for Kaikoura quake so far
According to the Insurance Council of New Zealand insurers in the country are to reclaim NZ$694 million from the global reinsurance market following the 14th November magnitude 7.8 earthquake in Kaikoura.
Fortune Financial requests share of India government premiums
ITI Reinsurance has requested it be given a share of the reinsurance premium currently designated for government-owned GIC Reinsurance in India, in a letter to the country’s insurance regulator, the IRDAI.
Swiss Re announces CHF 1bn share buy-back programme
Reinsurance giant Swiss Re has announced a new CHF 1.0 billion share buy-back programme for 2017, as well as the proposal of a regular dividend of CHF 4.85 per share.
Munich Re board member Ludger Arnoldussen resigns
Member of the Board of Management at reinsurance giant Munich Re, Ludger Arnoldussen, is to leave the firm to seek new challenges after more than ten years with the company.
ADB examines disaster risk financing options for the Philippines
The Asian Development Bank (ADB) is reportedly looking at options for disaster insurance facilities in the Philippines, given its exposure to a range of perils.
Qatar Re capitalisation passes the $1 billion mark
The capitalisation of Bermuda headquartered reinsurer Qatar Re has surpassed the $1 billion mark thanks to its recently completed $450 million perpetual bond debt issuance.
Generali reports record operating result in 2016
Generali has reported its results for 2016, posting a record operating result of over €4.8 billion. The firm reported an operating RoE of 13.5% for 2016.
Higher U.S. interest rates promote pension-risk transfer
A rise in interest rates in the U.S. could stimulate expansion of the pension de-risking transfer business as the transfer of pension obligations becomes cheaper, says a United Technologies Corp executive.
Insurance supervisors must understand and adapt to FinTech: IAIS
In a new report the International Association of Insurance Supervisors (IAIS) has said that insurance supervisors must be prepared for the potential impact of innovative FinTech on the industry.
Willis Towers Watson appoints new Head of Benelux
Insurance and reinsurance broker Willis Towers Watson has appointed Bibi de Vries as its new Head of Benelux (Belgium, Netherlands, and Luxembourg), effective immediately.
Munich Re expands third-party reinsurance capital investor base
Reinsurer Munich Re has expanded its third-party reinsurance capital investor base in its collateralised sidecar and catastrophe bond issues.
Athene Holding’s net income up by 43% in 2016
Athene Holding Ltd. has reported its results for 2016, posting net income growth of 43% or $243 million, driven by higher operating income in the year.
Aeolus distributions to Allied World up again in 2016
Allied World Assurance Company’s (AWAC) relationship with Aeolus Capital Management Ltd. helped the firm offset a decline in operational cash flows in 2016.
LMA to simplify nuclear insurance industry with new model wordings
The Lloyd’s Market Association (LMA) Wording Forum is to make wordings more appropriate for the global nuclear industry, with new model wordings.
Heritage Insurance reports net loss in Q4
Heritage Insurance Holdings, Inc. has reported its results for the fourth-quarter of 2016, posting a net loss of $2.9 million, driven by increased losses, including hurricane Matthew.
Lloyd’s Arcus Syndicate 1856 adds another underwriter
Lloyd’s of London syndicate, Arcus Syndicate 1856, has announced the appointment of experienced property treaty underwriter Sarah Smith.
GCC insurance markets to experience growth: S&P
According to a report from Standard & Poor’s (S&P) GCC region insurance markets are expected to grow in the coming months despite a challenging operating environment.
Asian market helps Prudential to record operating profit in 2016
UK insurer Prudential reported record group operating profit of $5.2 billion in 2016, which was driven by double-digit growth in Asia.
XL obtains license to begin operations in Monaco
Insurer and reinsurer XL Catlin has received approval to issue insurance in the Principality of Monaco through XL Insurance Company SE (XLICSE).
Patrick White acquires 89% of Prepared Holdings
The Chairman and President of Lighthouse Property Insurance, Patrick L. White, has acquired 89% of Prepared Holdings, LLC.
Marsh declares quarterly dividend
Marsh & McLennan Companies, Inc’s Board of Directors recently declared a quarterly dividend of $0.34 per share on outstanding common stock.
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