Here’s your daily Reinsurance News for Thursday 29th September 2016:
CEA policy uptake rises, more risk transfer will be required: Pomeroy
The California Earthquake Association (CEA) has reported a substantial increase in policy uptake in 2016, which suggests that more reinsurance is likely to be needed in the future.
Fort McMurray wildfire more than an “earnings event” – MSA
A new report from the MSA states that the devastating Fort McMurray, Canada wildfire is more than an “earnings event” for certain insurers in the Canadian P&C sector.
Too early to say hedge fund reinsurance model is a failure: A.M. Best
Ratings agency A.M. Best has said that it is too early to call the hedge fund reinsurer business model a failure, despite such entities struggling to perform in recent times.
Aon launches Cyber Enterprise Solution
Aon has launched the sector’s first enterprise-wide cyber solution for all industries, called Aon Cyber Enterprise Solution, a product that aims to offer integrated and comprehensive enterprise-wide protection against cyber threats.
Phoenix takes Abbey Life from Deutsche Bank for £935m
Phoenix Life Holdings Limited has agreed to acquire Deutsche Bank’s Abbey life business, a deal that will provide the bank with a reported £935m ($1.215 billion) in cash.
Willis Towers Watson appoints Marchitello Head of Property Broking, NA
Willis Towers Watson has announced the appointment of Gary Marchitello as Head of Property Broking in North America, reporting to Matt Keeping, Head of Broking, North America.
Retakaful business model in need of review: Malaysian Re President & CEO
Zainudin Ishak, the President and CEO of Malaysian Re, has underlined the need to review the retakaful model, citing that currently it can hinder the profitability of retakaful reinsurers.
Lloyd’s launches terrorism reinsurance solutions for Spanish multinational companies
According to reports Lloyd’s has launched a new terror reinsurance solution for Spanish multinational companies, which is led by Markel and backed by up to seven Lloyd’s syndicates.
Miller hires cat risk modeller Nunes from JLT Re
Miller has hired catastrophe modeller Melissa Nunes from JLT Re as it looks to improve its in-house cat modelling capabilities. Nunes has extensive modelling knowledge, and has worked in the space for more than six years.
New democratic tax bill targets foreign reinsurance transactions
A new tax bill from two democratic taxwriters in the U.S. targets foreign reinsurance transactions. The new bill would postpone insurers’ premiums paid to foreign reinsurers until the transaction has occurred.
Chubb announces new P&C Asia-Pacific appointments
Chubb has announced new appointments within its Asia-Pacific P&C business, including Michael Frazer as Head of Property, Asia Pacific. Michael Peacock has been named Head of Energy & Power, Asia Pacific, and Stephen Hanna has been appointed Energy & Technical Lines Manager for Australia & New Zealand.
Hannover Re US launches new specialist solutions team
In an effort to meet the evolving needs of clients and access new markets, Hannover Re US has announced the establishment of a new specialist team, focused on supporting carriers’ web, mobile and digital strategies.
AzRe Reinsurance plans to increase capital by 25%
The sole reinsurance company in Azerbaijan, AzRe Reinsurance OJSC, has revealed plans to increase its capital by 25% to 50 million manats (AZN) (roughly $30.5 million).
QBE appoints Markus Nordlin Chief Information Officer
International insurer and reinsurer QBE has announced the appointment of Markus Nordlin as global Chief Information Officer, a newly created position.
Former President of reinsurer Gerova Financial convicted of securities fraud
Gary Hirst, the former President of reinsurer Gerova Financial Group Ltd has been convicted of securities fraud by a federal jury in Manhattan.
Tackling Asia’s challenges will redefine value of insurance: MetLife Asia
MetLife Asia’s Zia Zaman has said that by solving the challenges facing the Asian marketplace and economy insurers will likely develop new business models and redefine the value of the re/insurance sector in the region.
Insurance regulatory changes will eventually bring stability to GCC insurers: A.M. Best
Despite the short-term dents in the profitability of GCC insurers owing to regulatory developments, A.M. Best expects that in the longer-term it will bring stability to the sector.
Innovation, expansion, diversification key to ILS growth: Industry leaders
Industry experts and leaders have said that diversification, innovation, and expansion are key to the future growth of the alternative reinsurance marketplace.
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