Reinsurance News

Reinsurance News – Thursday 17th November 2016

17th November 2016 - Author: Luke Gallin

Here’s your daily Reinsurance News for Thursday 17th November 2016:

Hannover Re to target emerging risks in India in Q1 2017

One of the world’s largest reinsurance companies, Hannover Re, expects to start writing business in India during the first-quarter of 2017, and will focus on emerging risks in the region.

No direct capital requirement for catastrophe risk in BCAR update: A.M. Best

Ratings agency A.M. Best has amended a proposed update to its Best’s Capital Adequacy Ratio (BCAR) that would have seen cat risk become a direct capital requirement, and has also lowered the emphasis on cat tail risks.

Tremor - The modern way to place reinsurance

Robert Vergara resigns as Vice Chairman of National Reinsurance Corp of the Philippines

The National Reinsurance Corporation of the Philippines has announced that Robert Vergara has resigned as Vice Chairman of the firm’s Board.

World Bank helps Vietnam on transfer of natural disaster risks

The World Bank and the Vietnam Ministry of Finance have produced a report exploring the need for a financial protection strategy in the region that utilises risk transfer to better protect the country against natural disasters and climate change.

XL Catlin names Barry Huber Global Practice Leader, PRTC

XL Catlin has announced the appointment of Barry G. Huber as Global Practice Leader for Political Risk & Trade Credit (PRTC) Claims, based in the firm’s New York office.

Neon Underwriting in reinsurance transaction with Enstar

Neon Underwriting has entered into a reinsurance transaction with Enstar to close the 2007 year of account of Syndicate 2468, that relates to its Italian medical malpractice book.

Zurich’s re-underwriting programme benefitting firm

Zurich’s re-underwriting programme is beginning to benefit the firm as evidenced by its third-quarter 2016 results, but the company’s CFO, George Quinn, said that more work is required.

Reports question Swiss Re’s reduction of office space in London

Reports have emerged questioning whether reinsurance giant Swiss Re is looking to move out of London in response to the recent Brexit vote and the apparent reduction of office space, although the firm has said this was just a matter of efficiency.

Chaucer adds two to international property underwriting team

Lloyd’s of London insurer Chaucer has announced two appointments within its international property underwriting team, including John Eggleston as Head of International Property Fac, and Richard Richards as Class Underwriter International Property Fac.

InsurTech Venture Partners raises capital for start-up fund for insurers

InsurTech Venture Partners has revealed plans to raise a reported $87 million to fund entities with tech that would be beneficial to underwriters via a special fund dedicated to insurance companies.

TigerRisk China Partners names Xuejun Wang CEO

TigerRisk Partners L.L.C. has announced the appointment of Xuejun Wang as CEO of its Hong Kong unit, TigerRisk China Partners, effective December 2016.

Monte Carlo Rendezvous Executive Roundtable 2016

Participants discussed areas where ILS could play a greater role and explored potential features of the space that could facilitate increased influence across the risk transfer world, including weather risk, cyber, and terror.

RSA restructures commercial lines division, hires CUO for UK & International

Insurer RSA has unveiled the creation of two new divisions within its commercial lines operation, and also hired Finlay Smith as chief underwriting officer (CUO) for UK & International, effective immediately.

Allianz to consider launching corporate insurance unit in Korea

According to reports from the region, Allianz is looking to expand its presence in the Korean marketplace by launching a branch that specialises in corporate insurance.

Nexus Underwriting launches Nexus Claims

Nexus Underwriting has announced the formation of a new claims company trading as Nexus Claims, that is led by Nexus Group’s Chief Legal Officer, Adam Kembrooke.

Palomar Specialty & Cabrillo Coastal partner on coastal homeowners insurance in Mississippi

Palomar Specialty Insurance Company and Cabrillo Coastal General Insurance Agency, LLC have collaborated to provide Mississippi with coastal homeowners insurance.

Everest Re’s Board approves 9% quarterly dividend increase

Reinsurer Everest Re has announced that its Board of Directors approved a 9% increase to its regular quarterly dividend, to $1.25 per common share.

Munich Re named General Reinsurer of The Year at awards ceremony

Reinsurance giant Munich Re was recently named General Reinsurer of The Year at the Asian Insurance Industry Awards.

Scottish Re reports total net loss of more than $10 million in Q3

Scottish Re Group has reported its results for the third-quarter of 2016, posting a net loss of $10.45 million compared with a net loss of $33.46 million a year earlier. The firm’s net premiums earned increased to $74.494 million.

Validus Holdings announces quarterly cash dividend

Bermudian insurer and reinsurer Validus Holdings has announced that its Board of Directors recently declared a quarterly cash dividend of $0.35 per common share.

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