Here’s your daily Reinsurance News for Thursday 2nd March 2017:
2016 U.S. catastrophe frequency the highest since 1980: PCS
Catastrophe frequency in the U.S. in 2016 was the highest since 1980 according to PCS, with 43 events incurring insured losses of around $21 billion.
Higher reinsurance costs expected after Ogden rate cut: Fitch
International ratings agency Fitch has said that insurers can expect higher reinsurance costs as a result of the recent cut to the Ogden discount rate.
Reinsurers take bulk of Bahamas hurricane Matthew loss, raise rates
Insurance firms in the Bahamas have reportedly passed on the bulk of their hurricane Matthew losses to the international reinsurance industry.
XL expects $75m Ogden Rate hit on UK motor reinsurance book
Global insurer and reinsurer XL Catlin has announced that it expects the recent cut to the Ogden discount rate to result in an impact of around $75 million.
Elevated loss trends hit Liberty Mutual’s Q4 profit
Liberty Mutual Holding Company has reported its fourth-quarter 2016 results, posting net income of $143 million, down $268 million on the previous year. The firm attributed the decline to “elevated loss trends within U.S. personal and commercial auto liability.”
ILS can add loss-absorbing capacity for cyber risks: Swiss Re
Reinsurance giant Swiss Re has released a new report on the cyber market via its Swiss Re Institute think tank, which highlights the potential for alternative capital to play a role in the cyber insurance market.
JLT announces executive changes, including appointment of Group COO
Insurance and reinsurance brokerage JLT has announced the appointment of Mike Methley as Group COO, and also revealed a number of other leadership changes.
Generali’s Lombard elected Chairman of EcoFin Committee, Insurance Europe
Eric Lombard, the Chairman and CEO of Generali France, has been appointed Chairman of the Economic & Finance (EcoFin) Committee of Insurance Europe.
Chile raises limit on foreign investment for re/insurers
The central bank in Chile has raised the limit on foreign investment for insurers and reinsurers to $30 million from the previous $20 million.
CCR signs agreement with French state underlining reinsurer’s role
Reinsurer Caisse Centrale de Reassurance (CCR) and the State of France have entered into a new agreement that underlines the role of the state-backed reinsurer.
Talbot Underwriting names David Morris Active Underwriter
Validus Holdings, Ltd. subsidiary, Talbot Underwriting, has announced the appointment of David Morris as Active Underwriter, replacing James Skinner.
Willis Towers Watson completes OAAGC takeover
Insurance and reinsurance broker Willis Towers Watson has now completed its acquisition of French aviation broker, OAAGC.
Hiscox Re ILS joins Hedge Fund Standards Board as signatory
Hiscox Re Insurance Linked Strategies Ltd has joined the Hedge Fund Standards Board, an organisation that aims to set standards for the industry, as a signatory.
Report highlights potential shortcomings of organisations’ cyber controls
A report from Novae Group and the University of Oxford warns that insurance and reinsurance protection alone might be insufficient to manage the growing threat of cyber attacks.
Ariel Re to use Xuber software across Lloyd’s and Bermuda platforms
Reinsurer Ariel Re has announced that it will implement the Xuber for Reinsurers software platform across its Lloyd’s and Bermuda businesses.
2017 could be the year of the cat bond, says Swiss Re’s Klugman
According to Judy Klugman of Swiss Re Capital Markets, 2017 could be a strong year for issuance in the global catastrophe bond market.
IAIS discussing potential new rules beginning 2019
The International Association of Insurance Supervisors (IAIS) has reportedly began discussing potential changes to rules and the inclusion of new rules and guidelines starting in 2019.
AmTrust completes AmeriHealth Casualty takeover
AmTrust Financial Services has completed the acquisition of AmeriHealth Casualty Insurance Company for a reported $92.8 million in cash.
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