Here’s your daily Reinsurance News for Thursday 30th March 2017:
Lloyd’s of London chooses Brussels for EU base
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.
Investments offset underwriting decline at Lloyd’s of London
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 to access property cat business through Novae quota-share
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 to join Everest Re from AIG
Christopher McKeon is to join Everest Re from AIG as the new leader of its Commercial Casualty unit within the Risk Management Group.
Lloyd’s obtains licence to operate as a reinsurer in Nicaragua
The specialist Lloyd’s of London insurance and reinsurance marketplace has obtained a licence to operate as a foreign reinsurer in Nicaragua.
Third Point Re told to “reverse course” on underwriting by A.M. Best
International rating agency A.M. Best recently warned Third Point Re on its underwriting, citing concerns with the company’s underwriting performance in 2016.
UK re/insurance industry will continue to thrive post-Brexit: PwC
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.
$30 million blow to W.R. Berkley results after Ogden rate change
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.
North American P/C re/insurers’ operating earnings continue to fall: Fitch
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.
New marine insurance law fails to benefit Kenya’s declining reinsurance sector
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.
India hit by a number of large catastrophes in 2016: Swiss Re
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.
Surety and health reinsurance are opportunities in Brazil: S&P
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 to pay $400m to settle Orkney Re II & Ballantyne Re cases
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.
Re/insurers’ future in combining risk reduction and transfer: RMS Exceedance conference
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 spending more on earthquake resistance measures than insurance
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.
Unclear if finalised Minnesota health reinsurance plan will be approved: Reports
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 looking for bancassurance partners
Citi is reportedly looking for bancassurance partners to sell general insurance solutions to its wide customer base across the Asia Pacific region.
Chubb expands MENA region underwriting team
As Chubb looks to expand its insurance capabilities in the MENA region, the insurer has hired four new appointments to its MENA underwriting team.
Markel looks to boost trade credit & political risk operation in Canada
Insurer Markel International is looking to develop its trade credit and political risk business in Canada, the company recently announced.
Listed Qatar insurers see profits fall in 2016
Listed insurers in Qatar recorded profits of $390 million in 2016, down roughly 37% of the previous year.
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