Here’s your daily Reinsurance News for Thursday 2nd February 2017:
Hannover Re increases profit guidance for 2017 to €1bn+
Reinsurance giant Hannover Re has increased its profit guidance for 2017 to more than €1 billion ($1.1 billion), after a strong round of treaty renewals at January 1st, 2017.
Munich Re seeking primary insurance acquisitions: Reports
The CFO of reinsurer Munich Re, Joerg Schneider, in an interview with Handelsblatt daily, has said that the company is open to acquisitions in the primary market if prices were to drop.
Increased cat losses dampen returns for XL Group in 2016
XL Group has reported its Q4 and full-year 2016 results, revealing that increased catastrophe losses throughout the year dampened profits in an already challenging market. The firm reported operating income of $460.7 million for 2016 and a combined ratio of 94.2%.
Aon hires U.S. intelligence expert in Cyber role
Reinsurance broker Aon Benfield has announced the appointment of Craig Guiliano, a U.S. intelligence expert, as Technology Consultant in its Cyber division.
Swiss Re partners with SAP SE on financial reporting for re/insurers
Swiss Re has announced a new partnership and strategic co-innovation initiative with SAP SE, to establish a solution designed to improve financial reporting and steering in insurance and reinsurance.
Re/insurers playing a potentially “dangerous” underwriting game: A.M. Best
Analysts at A.M. Best have said that insurers and reinsurers could be playing a dangerous underwriting game, as terms and conditions could start to loosen in response to increased investment gains.
AXIS Capital’s combined ratio weakened to 96.7% in Q4 2016
AXIS Capital has reported its Q4 2016 financial results, posting net income of $131 million, so slightly down on the $135 million reported a year earlier. The firm also reported increased cat losses of $59 million in Q4, and a combined ratio of 96.7%.
RGA commences India operations
U.S.-based life reinsurance company, Reinsurance Group of America (RGA), has now commenced operations from its Mumbai, India branch.
Kaikoura NZ quake commercial insurance claims reach $900m
Insurance industry losses from the November 2016 Kaikoura, New Zealand quake are being counted, and the Insurance Council of New Zealand has said that more than NZ$900 million of commercial claims have already been filed.
Lloyd’s £300m debt issuance significantly oversubscribed
The Lloyd’s of London insurance and reinsurance marketplace announced a £300 million capital raise on the 24th January 2017, which has so far been oversubscribed with more than £2 billion of orders.
Written managed catastrophe premiums decline further for RenRe
Bermuda’s RenRe reported its Q4 2016 financial results recently, which reveals a reduction in its managed catastrophe premiums and growth in its Upsilon funds.
Rate of re/insurance price softening expected to slow: Peel Hunt
Over the coming months the rate of reinsurance price softening is expected to continue to slow as demand for coverage increases, according to analysts at Peel Hunt.
Reinsurance Broker Ed appoints new Underwriting CEO
Ed, a reinsurance brokerage has announced the appointment of Gary Corke as Chief Executive Officer (CEO) of Underwriting.
Blue Capital reports full-year 2016 profit of $14.3 million
Blue Capital Reinsurance Holdings Ltd. has reported its fourth-quarter 2016 results, posting revenue of $11 million, and profit of $14.3 million for the full-year 2016.
PERILS partners with CatIQ on Canadian loss data
PERILS AG has partnered with Catastrophe Indices & Quantification Inc. (CatIQ) to provide industry loss data for natural catastrophe events in Canada.
Willis Towers Watson names Ken Ross Head of FIINEX, North America
Willis Towers Watson has announced the appointment of Ken Ross as Head of its FINEX North America operations, succeeding Alexis Faber.
Korean Reinsurance plans annual cash dividend
Korean Reinsurance has said that it plans to pay an annual cash dividend of 325 won per share for full-year 2016, stating that the total dividend amount is 37.33 billion won.
Reinsurance market conditions remain tense: IAIS
The International Association of Insurance Supervisors (IAIS) has described the global reinsurance market as “tense” and expects continued competition and market challenges.
Chubb names Sean Ringsted EVP & Chief Digital Officer
Chubb has announced the appointment of Sean Ringsted as Executive Vice President, Chubb Group, and Chief Digital Officer.
Allied World reports Q4 2016 results, profits of $42.4mn
Allied World Assurance Company Holdings has reported its Q4 2016 results, posting a profit of $42.4 million, and catastrophe losses of almost $50 million.
Coalition calls for modernisation of U.S. flood insurance program
A national coalition recently said that the U.S. national flood insurance program is “drowning” in debt, and is in need of modernisation to improve its finances.
Middle Eastern re/insurers remain well capitalised: A.M. Best
A new report from A.M. Best states that insurers and reinsures in the Middle East remain well capitalised, but broader market and economic challenges “overshadow strong balance sheets.”
Navigators appoints Global Practice Leader for Cyber
Navigators has announced the appointment of Jacob Ingerslev, to the newly created position of Global Practice Leader for Cyber Liability.
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