Here’s your daily Reinsurance News for Thursday 28th July 2016:
Aspen reports combined ratio of 100.7% as cat losses rise in Q2
Aspen has reported its second-quarter 2016 results, revealing that catastrophe losses of $65.1 million contributed to a decline in the firm’s combined ratio to 100.7%. The firm reported net income of $64.9 million for the quarter.
Harrington Re advances “21st century” capital management for AXIS
Axis Capital has said that the launch of its total-return reinsurer startup Harrington Re, is part of the firm’s “21st century” approach to managing capital, aided by third-party capital.
XL Group’s Q2 2016 profit falls by more than 50%
XL Group Ltd. has reported an operating net income of $106.4 million for the second-quarter, down from the $246 million reported a year earlier as catastrophe losses in the period increased to $240 million.
JLT Re names Chandler EVP & Managing Broker, North America
Reinsurance broker JLT Re has announced the appointment of Pete Chandler as EVP, Managing Broker in North America. He will be based in the firm’s San Francisco office, effective August 8th 2016.
Arch Capital reports solid Q2 results in challenging marketplace
Arch Capital has reported its Q2 2016 results, posting an operating income of $140.6 million, so slightly up on the $140 million reported a year earlier. The firm reported that it grew its GWP to $1.3 billion.
DaVinci Re continues to perform for investors despite catastrophe losses
DaVinci Re, RenRe’s third-party backed rated sidecar vehicle was again profitable in the second-quarter in spite of being impacted by catastrophe losses, underlining the benefits it brings to the reinsurers balance sheet.
Capsicum Re adds three to cyber team
Reinsurance brokerage Capsicum Re has announced the appointment of Patrick Bousfield, Jane Palmer and Alice O’Dwyer-Smith within its cyber team, to be based in the firm’s London office.
Mt. Logan Re hit by some cat losses in Q2, but broadens investor base
Everest Re’s third-party collateralized reinsurance sidecar type vehicle, Mt. Logan Re, experienced some catastrophe losses during the second-quarter, but continued to grow its investor base.
$183 million of Ecuador quake claims settled
According to the insurance federation of Ecuador, Fedeseg, insurers have paid out $183 million in claims in relation to the earthquake that struck the country in April of this year.
Argenta Underwriting names Picton Energy Underwriter, Asia Pacific
Argenta Underwriting Asia Pte Ltd, a Singapore domiciled subsidiary of Argenta Holdings plc, has appointed Ian Picton Energy Underwriter, Asia Pacific, the company has announced.
Solar storm space weather could cause $330bn insured loss: Research
A recently published report from the University of Cambridge Centre for Risk Studies explores the potential for extreme space weather to impact the U.S. economy, citing that an extreme space weather event could cause insured losses of $330 billion.
Jeff Lange joins QBE North America as SVP, Regional exec, Midwest
QBE North America has announced the appointment of Jeff Lange as SVP, Regional Executive, Midwest Region. Lange will be based in the firm’s Chicago office, the company said.
Market Re 2016-5, first temperature cat bond since 1999 launched
For the first time since 1999 a catastrophe bond has come to the market that covers temperature related weather risks, from Allianz Risk Transfer, as shown by the Artemis Deal Directory.
Ironshore to be spun off through IPO
The property and casualty insurance arm of Fosun International, Ironshore, is to be spun off in an IPO on either the New York Stock Exchange or the Nasdaq market, according to reports.
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