Here’s your daily Reinsurance News for Thursday 27th October 2016:
Q3 operating income down for PartnerRe
Reinsurer PartnerRe has reported its Q3 2016 results, posting a net income of $240.3 million and operating earnings of $185 million, declining on Q3 2015’s figure.
XL Group makes senior management changes related to P&C model realignment
XL Group has announced changes to its senior management in relation to planned realignment of its P&C operating model. Paul Brand will lead the firm’s new internal innovation team, Accelerate. Greg Hendrick has been named President, P&C, and Kelly Lyles, Chief Executive Client & Country Management.
Reinsurance segment helps Aspen’s Q3 results
Insurer and reinsurer Aspen has reported its Q3 2016 financials, posting net income after tax of $69.3 million. The firm’s reinsurance segment performed well in the period, offsetting the performance of its insurance unit.
Hurricane Matthew to test collateral mechanisms: Doucette, Everest Re
John Doucette of Everest Re has said that the impact of hurricane Matthew on the insurance and reinsurance industry could test the functioning of some collateral vehicles.
XL Group’s Q3 operating net income increases to $122mn, reinsurance segment grows
XL Group’s third-quarter 2016 results reveal an operating net income of roughly $122 million, an increase on the $71 million reported a year earlier. The firm’s P&C combined ratio also improved in the quarter, to 93.1%, while its reinsurance segment grew by 23.2%.
Hedge fund reinsurer Sandell Re lists in Bermuda
Hedge fund reinsurance entity Sandell Re has listed on the Bermuda Stock Exchange (BSX), as it looks to expand its presence in the region.
AXIS Capital sees operating income more than triple in Q3 2016
AXIS Capital has reported its third-quarter 2016 financials, posting a net income of $177 million, down on the $248 million reported a year earlier. However, operating income during the quarter increased substantially, to $161 million.
AIG increases terror attacks limit to $1 billion
AIG has announced that it recently raised its capacity to cover terror attacks on property to $1 billion, quadrupling its previous limit to cover such events.
RGA increases net premiums and operating income in Q3
Reinsurance Group of America’s (RGA) Q3 results reveal an operating income of $159.4 million, an increase on the $127.1 million posted a year earlier. Net premiums in the quarter increased by 8% on last year, to $2.3 billion.
Italy struck by two earthquakes, damage to infrastructure
Two strong earthquakes struck the centre of Italy yesterday, with reports of damages to buildings and infrastructure. It’s still too early to assess any potential losses for the insurance and reinsurance industry.
SCOR’s P&C combined ratio deteriorates in Q3
Insurance and reinsurance company SCOR has reported its results for the first nine months of the year, revealing that its P&C combined ratio deteriorated to 93%. The firm’s net income fell in the quarter by 11% to €438 million.
Ed to expand in Asia after deal with Indonesian broker, MURE
Recently rebranded Cooper Gay, Ed, is poised to expand its presence across Asia after a deal with an Indonesian broker that will see Ed become the exclusive treaty broker for MIR Insurance Brokers’ reinsurance arm, MURE.
Combined ratio improves and net income up at Arch in Q3
Arch Capital has released its Q3 2016 results, reporting a rise in net income to $247.4 million, compared with $74.5 million a year earlier. The firm’s combined ratio also improved in the quarter, to 88%, from 90.7% a year earlier.
Munich Re executive highlights top three industry challenges
The Chief Underwriting Officer (CUO) of Munich Re Americas’ reinsurance division, Martin Neuhaus, has described supply and demand, cyber risks, and new tech and data as three key challenges facing the sector.
Manila government to review compulsory catastrophe insurance scheme
The Insurance Commission of Manila is to review the region’s proposed mandatory catastrophe insurance scheme, to align the scheme with new priorities in relation to climate change.
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.
Core Logic report highlights number of U.S. homes at risk from wildfire
Core Logic has released new data and a report that claims that 1.8 million homes in 13 Western U.S. states are at severe risk of wildfire.
Berkshire Hathaway GUARDS launches miscellaneous professional liability product
Berkshire Hathaway GUARD Insurance Companies has announced the launch of a new miscellaneous professional liability coverage in New Jersey, with a view to expand across the U.S. by the end of 2016.
Beazley report highlights growing threat of ransomware attacks
Beazley has released a new report that highlights the increasing threat of ransomware attacks, stating that the volume of attacks has risen substantially in 2016.
Former Gen Re exec to establish own insurance boutique, Vocke Law Group
Former President and general counsel at Berkshire Hathaway’s reinsurance unit Gen Re, Damon Vocke, has announced plans to establish his own insurance boutique, The Vocke Law Group.
Solvency of China’s insurance industry improving: CIRC
According to Chinese regulator the CIRC, the solvency of the Chinese insurance sector has improved, with 98% of all insurers meeting solvency standards as at June 30th, 2016.
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