Here’s your daily Reinsurance News for Thursday 1st September 2016:
Hermine forecast to break Florida’s hurricane drought
Tropical depression 9 has now reached tropical storm status and been named tropical storm Hermine. The storm is tracking towards Florida and expected to intensify to hurricane strength before making landfall, breaking the region’s ten year hurricane drought.
Swiss Re Corporate Solutions obtains licence to offer insurance in Hong Kong
Swiss Re Corporate Solutions subsidiary, Swiss Re International SE, has obtained a licence to offer general insurance in Hong Kong, under a newly licenced entity, Swiss Re International SE Hong Kong Branch (SRI HK).
U.S. catastrophe losses 20% above historical average in H1 2016: PCS
U.S. catastrophe losses in the first-half of 2016 resulted in an insurance industry loss of $13.5 billion, which is 20% above the historical ten-year average, according to PCS.
Munich Re U.S. (Life) names Ed Sunoo SVP, Financial Reinsurance
Munich Re U.S. (Life) has announced the appointment of Ed Sunoo as SVP, Financial Reinsurance. Sunoo joins from an investment bank and brings more than 25 years of industry experience to the role.
Swiss Re Corporate Solutions expands cyber offering in Germany
Swiss Re Corporate Solutions has announced the launch of an advanced cyber risk protection insurance solution in Germany, expanding its cyber offering in the region.
Endurance hires Christopher Sparro as EVP & CEO of US Insurance
Endurance Specialty Holdings has announced the appointment of Christopher Sparro as EVP & CEO of its U.S. Insurance division, effective September 12th 2016.
Cat bond investors as good at paying claims as reinsurers: S&P
A recent report from ratings agency Standard & Poor’s (S&P) explains how catastrophe bond investors are as good at paying claims as traditional reinsurers, despite their fairly short existence.
Major European reinsurers show strong capitalisation & risk management: Fitch
International ratings agency Fitch has released a report that looks at the performance of the four major European reinsurers, underlining their strong capitalisation and risk management.
Peak Re increases size of shareholder funds by $100mn to support growth
Reinsurer Peak Re has revealed that its shareholder funds has grown in size by $100 million to $816.9 million. The company has said that the increase is to support future growth.
Alternative capital both competitor & partner of London market: A.M. Best
A.M. Best has underlined how alternative reinsurance capital is both a challenge and an opportunity for the London insurance and reinsurance market, highlighting the increased use of alternative capital by traditional players.
Excess capital & competition a threat to Bermuda reinsurer profits: Fitch
The operating profits of Bermuda domiciled reinsurers are being impacted by excess capital and heightened competition, according to a report by Fitch Ratings.
Richard Lowery named SVP & Chief Information Officer of W. R. Berkley
W. R. Berkley Corporation has announced the appointment of Richard M. Lowery as SVP and Chief Information Officer, effective immediately.
Peak Re completes 50% stake in Nagico
Peak Re has announced that it has completed its 50% investment stake in Nagico, after it announced the transaction last July and has now received regulatory approval.
Twelve Capital launches re/insurance equity investment fund
Twelve Capital has announced the launch of its equity investment strategy, supporting the firm’s aim to enable investments across the insurance and reinsurance balance-sheet.
DIFC on track to reach 2024 growth targets
The Dubai International Financial Centre (DIFC) continued down its growth path in the first-half of 2016, and is on track to reach its target of tripling in size by 2024.
Markel co-CEOs appointed to Board of Directors
Markel has announced that co-CEOs Thomas Gayner and Richard Whitt were elected to the firm’s Board of Directors on August 30th 2016, and that Michael Crowley has been appointed Vice Chairman of the Board.
Hawaii facing consecutive hurricanes Madeline & Lester
According to reports Hawaii is set to feel the impacts from two hurricanes in just a matter of days, in hurricane Madeline and hurricane Lester.
Talent and regulation needed to develop Africa’s re/insurance industry
The CEO of Allianz Global Corporate & Specialty’s Africa division, Delphine Maidou, has discussed the importance of talent and regulation in the effort to expand and develop the region’s re/insurance sector.
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