Here’s your daily Reinsurance News for Thursday 18th August 2016:
H1 insured cat losses up to $31 billion in 2016: Swiss Re
Reinsurance giant Swiss Re has said the natural and man-made catastrophe losses in the first-half of 2016 cost insurers roughly $31 billion, a rise of 51% as events took place in regions with high insurance penetration.
Q2 cat losses above expectations of reinsurers: RBC Capital Markets
Increased catastrophe losses in the second-quarter of 2016 resulted in some reinsurers incurring losses above expectations, according to analysis from RBC Capital Markets.
Endurance launches environmental liability insurance product range
Endurance Specialty Holdings Limited has announced the launch of a new range of environmental liability insurance solutions, which includes both primary and excess coverage for property portfolios or single sites.
Florida insurers increase catastrophe reinsurance cover again: Demotech
Primary insurers in Florida have again increased their use of catastrophe reinsurance protection for the 2016 hurricane season, increasing their 1-in-100 year hurricane protection, according to Demotech.
Aon reveals findings from UK motor insurance market study
Reinsurance broker Aon Benfield has released findings from its latest UK motor insurance study, revealing that an average 15% of an insurer’s motor claims that exceed £1 million will reach a Periodic Payment Order (PPO) settlement.
Reinsurers utilising ILS & retro to mitigate profit deterioration: S&P
In order to mitigate the impacts of the softening market and profit deterioration, reinsurers are utilising alternative reinsurance capital structures and the retrocession market, says S&P.
Watford Specialty eyes program business growth with Professionals Direct acquisition
Subsidiary of Bermuda domiciled reinsurer Watford Re, Watford Specialty Insurance Co., is looking to expand its program business with the acquisition of Professionals Direct Insurance Co. from The Hanover Insurance Co.
Fort McMurray wildfire insurance loss up slightly to C$4.7bn: PCS
Property Claim Services (PCS) recently increased its insured loss estimate from the Fort McMurray, Alberta Canada wildfires, from C$4.63 billion to C$4.67 billion.
La Nina transition could increase H2 cat losses: Aon Benfield
The latest reinsurance market report from broker Aon Benfield claims that a transition into a La Nina phase by the second-half of 2016 could result in increased global catastrophe losses.
Chubb appoints new head of P&C for Asia Pacific
Chubb has announced the appointment of Jason Keen as head of its Property and Casualty division in the Asia Pacific, succeeding Paul McNamee.
Reinsurance company Everest Re has announced that its Board of Directors has declared a dividend of $1.15 per share to all shareholders, payable on or prior to September 21st 2016.
QBE creates CUO position, while CEO Plant steps down after one year
QBE has announced that CEO Tim Plant has stepped down from his position after just one year, and will be replaced by interim CEO Pat Regan. The firm also announced the appointment of Declan Moore as CUO, a newly created position.
Evolving threats challenge political risk & crisis management insurance market
A recently published report from KPMG highlights the challenges with the political risk and crisis management insurance industry, as evolving threats continue to reshape the sector.
Korean Reinsurance Company CEO 8th highest paid Korean financial exec in H1 2016
According to reports from the region Won Jong-gyu, the CEO of the Korean Reinsurance Company, was the 8th highest paid executive in the region’s financial sector in the first-half of 2016.
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