Here’s your daily Reinsurance News for Thursday 30th March 2017:
The Lloyd’s of London insurance and reinsurance marketplace has chosen Brussels, Belgium as its European Union base, and aims to be ready to underwrite business there from January 1st, 2019 renewals.
Sompo Holdings Inc. has announced the completion of its acquisition of Endurance Specialty Holdings Ltd, and revealed a rebranding and rearrangement of its commercial insurance and reinsurance in Bermuda.
Lloyd’s of London announced its 2016 results today, posting a decline in its underwriting profitability as its combined ratio weakened to 97.9%, while its pre-tax profits remained flat at £2.1 billion.
Fidelis Insurance has secured access to property catastrophe reinsurance business from the Lloyd’s market via a quota-share arrangement with Novae Group.
Christopher McKeon is to join Everest Re from AIG as the new leader of its Commercial Casualty unit within the Risk Management Group.
The specialist Lloyd’s of London insurance and reinsurance marketplace has obtained a licence to operate as a foreign reinsurer in Nicaragua.
International rating agency A.M. Best recently warned Third Point Re on its underwriting, citing concerns with the company’s underwriting performance in 2016.
PwC commented on the triggering of Article 50, saying that the UK and London insurance and reinsurance industry can still thrive in a post-Brexit world.
W.R. Berkley Corporation expects a $30 million pre-tax and $22 million net blow to its Q1 operating results after the recent cut to the UK Ogden rate.
Low investment yields, underwriting deterioration and an increase in catastrophe losses in 2016 will further pressure the profitability of North American property/casualty (P/C) re/insurers, says Fitch.
A new maritime insurance law in Kenya does little to benefit local reinsurance companies and instead favours local insurers, according to industry experts close to the matter.
Several large disasters in India in 2016, including heatwaves, monsoons and other catastrophes, made India the second worst hit region in the world, according to Swiss Re.
Ratings agency S&P has highlighted the opportunity for reinsurers in Brazil, underlining potential in the local surety market and in health reinsurance provision.
J.P. Morgan will pay $400 million in cash as a settlement of legal cases related to its management of the investment accounts for the Scottish Re life securitization transactions, issued by Orkney Re II Ltd. and Ballantyne Re plc.
Speaking at the recent RMS Exceedance 2017 conference, insurers and risk modelers suggested that reinsurers’ stand to benefit from combining risk reduction and transfer.
Japanese businesses are spending more money on earthquake-resistant buildings than business interruption or earthquake riders as part of their fire insurance cover, says Fitch.
Minnesota lawmakers have reportedly finalised a $542 million reinsurance plan aimed at stabilising the health insurance market, but it remains unclear if the bill will be signed.
Citi is reportedly looking for bancassurance partners to sell general insurance solutions to its wide customer base across the Asia Pacific region.
As Chubb looks to expand its insurance capabilities in the MENA region, the insurer has hired four new appointments to its MENA underwriting team.
Insurer Markel International is looking to develop its trade credit and political risk business in Canada, the company recently announced.
Listed insurers in Qatar recorded profits of $390 million in 2016, down roughly 37% of the previous year.
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