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Reinsurance News – Thursday 1st December 2016

1st December 2016 - Author: Luke Gallin

Here’s your daily Reinsurance News for Thursday 1st December 2016:

NZ quake to cost re/insurers up to NZ$5bn, business interruption key

New Zealand’s Reserve Bank has said that the recent magnitude 7.8 earthquake that struck the Kaikoura area of New Zealand could result in an insurance and reinsurance bill of as much as NZ$5 billion (almost US$3.6 billion).

IUA identifies four Brexit priorities

The International Underwriting Association (IUA) has outlined four priorities from Brexit negotiations for London insurers, which includes access to the single market, legal considerations, tax issues and uncertainty around the transition process.

Fitch turns negative on U.S. P&C sector

According to international ratings agency Fitch Ratings, the outlook for the U.S. property & casualty insurance sector is now negative, reflecting the challenging operating environment.

Geoff Riddell named non-executive chairman, Neon Underwriting

Neon Underwriting has announced the appointment of Geoff Riddell as non-executive chairman, effective February 2017. Riddell will replace John Mumford and joins the firm from Pool Re.

Weather interconnections insufficient to affect reinsurer capital reqs: Study

A new study by the Met Office that was commissioned by Lloyd’s of London, supports the idea that independence in re/insurers’ internal models for weather events throughout the world is appropriate.

Equinix partners with Lloyd’s and LMA to enhance Oasis Loss Modelling Framework

Equinix has collaborated with Lloyd’s of London and the Lloyd’s Market Association (LMA) to enhance a catastrophe risk modelling solution, the Oasis Loss Modelling Framework.

Ireland prepares for influx of re/insurers after Brexit vote

Ireland is reportedly working and preparing to welcome a range of UK insurers and reinsurers in the aftermath of the UK’s vote to leave the EU.

Nat cats can impact a country’s sovereign rating: Moody’s

Global ratings agency Moody’s has warned that the damages caused by natural catastrophes can impact a country’s sovereign rating, with emerging economies far more exposed.

Endurance launches new Excess Casualty product for commercial transport clients

Endurance Specialty Holdings has announced that its U.S. Insurance division has introduced a new Excess Casualty solution for commercial transportation clients.

Arthur J. Gallagher announces promotions

Arthur J. Gallagher has announced a number of new promotions within its P&C brokerage unit, including James S. Gault to Chairman of the division. Thomas J. Gallagher will assume the role of President of the unit.

ILS NYC 2017 conference – Feb 3rd, New York

A thoughtfully curated annual insurance-linked securities event in New York City from Artemis. Featuring ILS & reinsurance industry leaders speaking on forward-thinking, engaging topics.

FAIR records premiums of $57.6 million in 2015

The Federation of Afro-Asian Insurers and Reinsurers (FAIR) received premiums totalling $57.6 million in 2015, and continues to be an important part of the ongoing cooperation between Afro-Asian insurance markets.

Guy Carpenter survey reveals biggest threat to growth for re/insurers

Reinsurance broker Guy Carpenter has explored what could present the biggest growth challenges for insurers and reinsurers, which sees regulatory and rating agency changes top the bill for the next 12 months.

Banco Sabadell & Mapfre reveal partnership in Mexico

Spanish bank Banco Sabadell and insurance entity Mapfre are to partner in Mexico to make available Mapfre’s Mexico insurance solutions and the financial services of Banco Sabadell available to clients of both units.

Willis explores the modelling of a windstorm

Insurance and reinsurance broker Willis has published a report that details the modelling of a windstorm, providing insight into the approach of assessing such an exposure.

NambaRe increases paid dividend to Ministry of Finance

According to reports from the region, Namibia National Reinsurance Corporation (NambRe) has paid a dividend to the Ministry of Finance of N$3.5 million, an increase from the N$2 million declared for the 2015 financial year.

A.M. Best to increase granularity of its impairment statistics

International ratings agency A.M. Best has revealed that its Impairment Rate and Rating Transition Study, moving forward, is to include more granular impairment statistics.

Indian insurance industry to reach $80 billion in premiums next year

The Indian insurance industry is expected to see a substantial increase in premiums next year, to a reported $80 billion, according to an India Insure Risk Management & Insurance Broking Services report.

Wildfire activity impacts parts of Tennessee

Guy Carpenter has reported that wildfire activity has caused severe impacts to parts of Sevier County, Tennessee, and also the Gatlinburg and Pigeon Forge areas. At least 15,653 acres have been consumed by the event.

Willis Research Network wins Lloyd’s Science of Risk award for nat cats

The Willis Research Network has been awarded the Lloyd’s of London Science of Risk Prize, in the category of natural hazards.

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