Here’s your daily Reinsurance News for Thursday 22nd December 2016:
Execution risks sit on Allied World’s side in M&A with Fairfax Financial
Ratings agency A.M. Best has warned of “inherent execution risks” in the merger agreement between Allied World and Fairfax Financial, citing that the majority appears to sit with Allied World.
Liberty Mutual re-enters capital markets with $160mn collateralised sidecar
Liberty Mutual Insurance recently announced the creation of the Limestone Capital Markets platform, and also a first deal using the vehicle, a $160 million multi-year collateralised reinsurance deal, Limestone Re Ltd.
EY executive Davies named CFO of Legal & General
Senior Partner at accounting and consulting firm EY, Jeff Davies, has been named as the new Chief Financial Officer (CFO) of insurer Legal & General, effective spring 2017.
TWIA could save $28mn by shifting from traditional reinsurance coverage
The Texas Windstorm Insurance Association (TWIA) could potentially saved up to $28 million from shifting its traditional reinsurance purchase to the capital markets.
Brazilian reinsurer Terra Brasis to experience double-digit premium growth: S&P
International ratings agency Standard & Poor’s (S&P) has predicted that Brazilian reinsurance company Terra Brasis Resseguros will see double-digit premium growth in both 2017 and 2018.
XL Catlin lifts target for catastrophe bonds to $1.275 billion
Insurer and reinsurer XL Catlin has increased the target for its Galilei Re catastrophe bonds to $1.275 billion, up from $1 billion.
Ironshore establishes manufacturing industry practice group
Ironshore has launched a manufacturing industry practice group that enables the firm to underwrite protection for traditional manufacturing, with a focus on AI, robotics and digital manufacturing tools.
Skanska sells 100% stake in Scem Reinsurance for €54 million
Skanska has reported that it has sold 100% of its stake in Scem Reinsurance S.A., a Luxemburg domiciled Skanska captive subsidiary, to ArcelorMittal, for a reported €54 million.
Trust Re’s GWP falls in Q3 2016
Bahrain insurer and reinsurer Trust Re saw its gross written premiums fall in the third-quarter to $374 million, compared with $384 million a year earlier.
A.M. Best highlights strategic importance of Sompo Japan Canopius Reinsurance
Highlighting the strategic importance of Sompo Japan Canopius Reinsurance AG to Sompo Japan Nipponkoa Insurance Inc., A.M. Best has affirmed the credit ratings of the reinsurer.
2016 flooding in Vietnam causes more than $1.7 billion of property damages
According to the Vietnamese Central Steering Committee for Natural Disaster Prevention and Control, floods caused property damages of over $1.7 billion in 2016.
A.J. Gallagher acquires Group Insurance Associates
Arthur J. Gallagher & Co has announced the acquisition of Group Insurance Associates, Inc., an employee benefits insurance broker, for an undisclosed fee.
Fairfax deal won’t alter operations at Allied World
According to reports Allied World’s operations will not be altered following its $4.9 billion acquisition by Fairfax Financial.
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Arig’s Takaful Re decision sees A.M. Best upgrade ratings
International ratings agency A.M. Best has upgraded its rating on Arab Insurance Group (Arig) of Bahrain, highlighting the company’s ability to “take strategic decisions” regarding underperforming business, such as Takaful Re.
Weather Risk Management Services to expand services across India
India’s Weather risk Management Services (WRMS) is hoping to expand its footprint to 150 districts from 40, in an effort to increase penetration across the country.
A.M. Best affirms ratings of Gen Re, cites superior risk-based capitalization
Ratings agency A.M. Best has affirmed the credit ratings of General Reinsurance Corporation and its Subsidiaries, citing strong operating performance and consistent superior risk-based capitalization.
Helios Underwriting to acquire Pooks Limited
Helios Underwriting plc has announced an agreement to purchase Pooks Limited, a limited liability member of Lloyd’s of London.
HCI Group Board authorize $20 million stock repurchase for 2017
HCI Group’s Board of Directors has authorized a $20 million stock repurchase program for 2017, subject to market conditions.
Thailand’s life market growth to slow in 2017
The continued low interest rate environment and moderated growth in Thailand’s economy suggests that the country’s life insurance market will experience less growth in 2017.
Korea’s ING Life among 20 firms to go public in 2017
One of Korea’s largest insurers, ING Life Insurance, is among 20 firms expected to go public on Korea’s Kospi market in the latter half of 2017.
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