Here’s your daily Reinsurance News for Thursday 20th October 2016:
Buffett’s Gen Re to enter Indian reinsurance market
Gen Re, the reinsurance arm of Warren Buffett’s Berkshire Hathaway, has revealed plans to enter the Indian reinsurance market. According to reports the firm is awaiting regulatory approval and hopes to become operational in the region by year-end 2017.
Insurtech to boost importance of reinsurance capital
As insurtech continues to disrupt the insurance and reinsurance markets, one expectation is that it will help to improve the importance of reinsurance capital, as it supports new business models.
Buffett’s recent moves in reinsurance sector highlight market challenges
Warren Buffett’s sale of stakes in reinsurers Swiss Re and Munich Re and new leadership team at Gen Re is a sign of the challenges in the reinsurance sector, where a price war and M&A activity threatens to further reshape the sector.
Berger & Loeb predict more M&A but warn on number of failed deals
John Berger and Dan Loeb of Third Point Re have noted that conditions are ripe for further M&A activity in the reinsurance space, but stressed the importance of understanding that most deals don’t work out as planned.
Brexit puts $9 billion of premium revenue at risk: IUA
According to a report from the International Underwriting Association (IUA) the UK’s vote to leave the EU puts an estimated $9 billion worth of premium revenue at risk.
Oxbridge Re’s preliminary loss from Matthew up to $9.5 million
Reinsurer Oxbridge Re Holdings has released its preliminary loss estimate following the impact of hurricane Matthew, citing a range of between $6.4 million and $9.5 million.
JLT Re appoints Jong Kuk Moon CEO, JLT Re Korea
JLT Re has announced the appointment of Jong Kuk Moon as CEO of JLT Re Korea, reporting to JLT Re Asia CEO Kenny Moyes, and based in the firm’s Seoul office.
Foreign reinsurers to get second phase of approval for reinsurance license in India in October
According to reports from the region, foreign reinsurance companies that have applied for a license to operate in India are likely to receive their second phase of approval in October.
RGA adds to Board of Directors
Reinsurance Group of America (RGA) has announced the appointment of Patricia L. Guinn to its Board of Directors, increasing the size of the firm’s Board to 12 members.
National Security Group expects loss of between $3.5mn and $4.5mn from Matthew
The National Security Group has released its initial loss estimate following the impact of hurricane Matthew, putting its estimate for gross losses incurred from the event at between $3.5 million and $4.5 million.
National Reinsurance Corp of Philippines names Lacson VP
The National Reinsurance Corporation of the Philippines has announced the appointment of Jeffrey R. Lacson as Vice President, according to industry reports.
On an optimal threshold for terrorism industry loss aggregation
Artemis has explored the optimal threshold for terrorism industry loss aggregation, exploring the basic ingredients that are vital to the process.
Ironshore boosts global M&A prospects with enhanced language capabilities
Ironshore International has expanded its capabilities for global M&A activity by developing a range of marketing materials and policy forms in Mandarin for the Chinese markets.
First fully Shariah-compliant Lloyd’s syndicate a step closer to approval
The first ever fully Shariah-compliant Lloyd’s syndicate, CMA, has moved a step closer to being operational after receiving “in principal” approval from the Lloyd’s Franchise Board.
Q3 2016 Cat Bond Report – Weather risk returns, private deals, market growth
Artemis has released its third-quarter 2016 catastrophe bond and ILS market report, that reveals over $1 billion of issuance from eight transactions during the quarter.
HCI Group gets approval to take-out 27,000 policies from Citizens Property Insurance Corp
HCI Group, Inc. has been approved by the Florida Office of Insurance Regulation to take-out 27,000 policies from Citizens Property Insurance Corporation.
Cooper Gay looking to create network of offices across Latin America
Broker Cooper Gay is reportedly looking to create a network of offices across Latin America, as part of a new strategy that aims to support sustainable growth.
ILS funds face minimal realised loss, some writedowns on Matthew: Milliman
Hurricane Matthew’s impact on ILS funds will vary be individual fund, but Milliman warns that the event could result in minor negative hits to returns in October.
Infrastructure and agricultural damage expected from Typhoon Haima, Philippines
Typhoon Haima has become the second typhoon to strike the Philippines in less than seven days, with heavy damage to infrastructure and the agricultural sector expected in the Northeast of the country.
Allianz Life adds two execs to Allianz Investment Management team
Allianz Life has announced the hiring of two executives to join its leadership team for its Allianz Investment Management (AIM) group, U.S.
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