Here’s your daily Reinsurance News for Thursday 23rd February 2017:
Swiss Re misses Q4 consensus, losses & pricing impact full-year result
Reinsurance giant Swiss Re has reported its fourth-quarter 2016 results, revealing that impacts from natural catastrophes and the continued soft market impacted its figures. Net income in Q4 totalled $517 million, compared with $938 million a year earlier.
“Inflection point” nears as reinsurers adapt to “softer for longer,” says S&P
Analysts at Standard & Poor’s (S&P) have warned that 2017 is likely to be an “inflection point” for U.S. P/C sector as claims increase and pricing and reserves fall further.
Swiss Re names Edouard Schmid to Group CUO, as Weber steps down
Group Chief Underwriting Officer of reinsurance giant Swiss Re, Mathias Weber, is to step down from the position and be replaced by Edouard Schmid.
Windstorm Egon insurance industry loss initially put at EUR212m
European windstorm Egon is estimated to have caused an insurance and reinsurance industry loss of €212 million, according to PERILS AG.
Stephen Robb to succeed Peter Porrino as XL Chief Financial Officer
XL Group has announced that Peter Porrino is to step down as CFO and be replaced by Group Controller, Stephen Robb, effective May 1st, 2017.
PartnerRe investment loss triggered by U.S. risk-free rate change
The increase in U.S. risk-free rates pushed PartnerRe to a fourth-quarter net loss as it suffered substantial investment losses on fixed income securities.
Sydney storms could further strain IAG’s peril costs budget
Australia’s Insurance Australia Group (IAG) has received more than 13,000 claims following the severe February 18th Northern Sydney hailstorm. The cost of these claims could further erode the insurer’s already strained 2017 fiscal year budget.
Suncorp looks to beat Fairfax to Tower in New Zealand
Suncorp Group has made a counter-offer to acquire Tower Insurance of New Zealand, looking to beat Fairfax Financial to the deal.
Nephila & Greenlight Re provide United quota-share reinsurance
It’s been revealed that Nephila Capital and Greenlight Re participated in a new 20% quota-share reinsurance arrangement for Florida-focused United Insurance Holdings.
Morocco and Ghana to cooperate on re/insurance
Morocco and Ghana are looking to establish deeper and closer ties on insurance and reinsurance, as the pair signed an agreement designed to make governmental cooperation between the two easier.
Validus Specialty hires cyber underwriters for Talbot unit
Validus Specialty Underwriting Services, Inc. has announced the appointment of a dedicated cyber underwriting team based in New York, writing on behalf of its Talbot Underwriting subsidiary.
AMTrust appoints Underwriting Director of ANV Global Services
Insurance and reinsurance group AmTrust’s ANV Global Services division, has announced the appointment of James Pittinger as Underwriting Director, effective immediately.
RSA Group reports impressive 2016 results with record underwriting profit
RSA Group has reported its results for 2016, posting an operating profit of £655 million, and a record underwriting profit of £380 million.
APEC needs disaster risk financing, ILS should play a role
The 21 member economies of the Asia-Pacific Economic Cooperation (APEC) are due to meet this week to discuss disaster risk financing, insurance and reinsurance, as countries begin to realise the benefits of protection.
Alleghany Corporation reports earnings dip in Q4
Alleghany Corporation has reported its fourth-quarter 2016 results, posting net earnings of $69.5 million, compared with $156.1 million a year earlier.
Aon and SS&C launch one-stop insurance-linked securities platform
Aon Insurance Managers and SS&C Technologies have partnered to launch a one-stop platform for the growing ILS marketplace.
Qatar Insurance shareholders approve capital increase
Qatar Insurance Group’s shareholders recently approved an increase in the firm’s capital to $761 million.
Sun Life names Jeudy CEO, Hong Kong
Sun Life Financial has announced the appointment of Fabien Jeudy as the new CEO of its Hong Kong operations.
Everest Re Board declares dividend
Reinsurer Everest Re has announced that its Board of Directors has declared a dividend of $1.25 per share, payable to all shareholders on or before March 22nd, 2017.
Kuwait government considers establishment of insurance regulator
The government of Kuwait is considering the establishment of an independent insurance regulator, with reports noting plans to establish something this year.
RenRe increases dividend for 22nd year
Bermudian reinsurer RenRe has increased its dividend for the 22nd year running, raising its quarterly payout to 32 cents per share.
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