Here’s your daily Reinsurance News for Thursday 26th January 2017:
Bottom of the soft reinsurance market remains elusive: Fitch
Analysts at Fitch Ratings have warned that despite the rate of reinsurance rate declines slowing in recent times, the bottom of the current soft market remains elusive.
Reinsurance demand to grow across Europe & U.S. markets: RBC
RBC Capital Markets has predicted demand for reinsurance to grow across Europe and the U.S. in response to Trump administration’s expansion of U.S. economy fiscal policy.
Swiss Re CEO calls for tradable resilient infrastructure asset class
The CEO of reinsurance giant Swiss Re, Christian Mumenthaler, has called for the establishment of a “standardised and tradable” global infrastructure asset class.
SCOR adds senior U.S. life reinsurance hires
French domiciled insurer and reinsurer SCOR has announced the appointment of two SVPs within its life reinsurance business in the U.S.
Asian reinsurance sector to become more competitive in 2017: Aon
Insurance and reinsurance broker Aon expects the Asian reinsurance market to experience growth and become more competitive in 2017.
Climate Index suggests rising frequency of costly weather events
The Climate Change Committee has revealed a new climate index that highlights the increased frequency of more costly weather events in the U.S. and Canada.
Hiscox Re’s healthcare reinsurance team transfers to Ascot, Bermuda
Reports claim that Hiscox Re’s healthcare reinsurance team is transferring to Ascot in Bermuda. Hiscox will continue to do healthcare business in the U.S. and Britain, according to reports.
B3i blockchain re/insurance consortium seeks expanded role
The Blockchain Insurance Industry Initiative (B3i), which is made up of a number of insurers and reinsurers, is looking for members in order to expand its remit.
Trump tax changes could influence reinsurance purchases: Travelers CEO
The CEO of Travelers has warned that any tax rules on offshore reinsurance purchases from the Trump administration could influence how and where insurers buy reinsurance.
Compre completes another run-off acquisition
Insurance and reinsurance legacy specialist Compre has announced another acquisition for 2017, acquiring W&W’s RFP pool legacy reinsurance business.
Lubelli to replace Minali as Generali CFO
Head of corporate finance at Italian insurer Generali, Luigi Lubelli, is to replace departing CFO Alberto Minali, according to industry reports.
International Group won’t renew €100m “fall back” reinsurance in 2017
The International Group of P&I Clubs recently announced that it will not renew its €100 million of fall-back reinsurance protection in 2017.
Helios Underwriting acquires Pooks Limited
Helios Underwriting plc has announced the acquisition of Pooks Limited, a limited liability member of specialist insurance and reinsurance marketplace, Lloyd’s of London.
RLI keeps combined ratio below 90% for fourth consecutive year
RLI Corp has reported its fourth-quarter 2016 financial results, posting net earnings of $32.2 million, compared with $33.9 million a year earlier. The firm reported a combined ratio of 89.5% for the full-year 2016.
Sadis & Goldberg hires pension risk & longevity reinsurance lawyer
Law firm Sadis & Goldberg LLP has hired Gregory Hartmann, a pension risk & longevity reinsurance lawyer to its Corporate and Financial Services Groups.
Trust Re hires new Head of Claims
Bahrain domiciled reinsurer Trust Re has announced the appointment of John Matthews as Head of Claims, effective January 23rd, 2017.
Everest announces partnership to launch workplace safety platform
Everest Reinsurance Holdings’ insurance division has announced a partnership with Glen and Todd Welch to form a strategic partnership that looks at reducing injuries in the workplace, called Salus Systems, LLC.
French insurers must do more on cyber risk protection
The governor of the central bank in France has called on the country’s insurance industry to do more in the fight against cyber crime and to develop better cyber risk solutions.
Life and annuity insurers must focus on industry challenges: A.M. Best
Global ratings agency A.M. Best has said that life and annuity insurers need to focus on the range of issues that have challenged the industry in recent years.
QIC grows gross written premiums by 19%
Qatar Insurance Company (QIC) has reported that it grew its gross written premium by 19% in 2016, to $2.72 billion.
Outlook for MENA insurance market optimistic: Axco
UK insurance data provider, Axco Insurance Information Services (Axco), has said that despite obvious challenges the outlook for the MENA insurance market is optimistic.
China’s P&C sector has good potential: S&P
S&P Global Ratings has said that the Chinese P&C sector has a positive outlook, but the country’s life insurance sector faces product risk.
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