Here’s your daily Reinsurance News for Thursday 3rd November 2016:
9 month 2016 net income down by $700 million at Swiss Re, combined ratio up
Reinsurance giant Swiss Re has reported its results for the first nine months of the year, posting a net income of $3 billion, compared with $3.7 billion a year earlier. The firm’s combined ratio weakened in the period to 94.8%, compared with 85.7% in 2015.
Aon Benfield names Leonora Siccardi UK Head of Client Services
Reinsurance broker Aon Benfield has announced the appointment of Leonora Siccardi as UK Head of Client Services, based in the firm’s London office, reporting to Maggie Westdale, CFO.
Hedge fund reinsurer Sandell Re joins forces with SOBC for legacy play
Hedge fund reinsurance entity Sandell Re is set to partner with SOBC Corp., a specialist in acquisition and management of legacy insurance and reinsurance liabilities, to establish a joint venture called SOBC Sandell.
Net operating profit up at Lancashire in Q3
Lancashire Holdings has reported its Q3 2016 financials, reporting that its combined ratio came in at 73.8%. The firm recorded operating profit of $40.1 million, while its GPW declined to $108.2 million.
CCRIF working on parametric insurance for Caribbean fisheries industry
The CCRIF SPC is reportedly looking to expand its services and develop a new set of parametric insurance products for the fisheries sector in the Caribbean and Central America region.
Expenses down and profits up at AIG in 2016
AIG’s third-quarter 2016 results reveal a net income of $462 million compared with a net loss of $231 million in the same period last year. The firm also reported that for the first nine months of the year its expenses fell by 12%.
Capsicum Re adds two to Latin America operations
Reinsurance brokerage Capsicum Re has announced the appointment of Marcio Ribeiro and Júlia Nunes to Capsicum Re Latin America Brazil. Ribeiro will head the firm’s facultative division, while Nunes has been made head of operations.
IAG buys $900 million of reinsurance protection to help with Canterbury quake claims
IAG has reportedly purchased $900 million of adverse development reinsurance protection, to assist with payments in relation to the 2010 and 2011 Canterbury earthquakes.
Fed National reports increased GWP and total revenue in Q3 2016
Federated National has reported its Q3 2016 results, posting an increase in its GWP of 24.1% to $161.1 million. The firm reported that total revenues also increased in the quarter to $83.8 million, compared with $72.6 million a year earlier.
Lancashire adds Michael Dawson as a Non-Executive Director
Lancashire Holdings has announced the appointment of Michael Dawson as a Non-Executive Director, effective November 3rd, 2016. Dawson brings more than 35 years of industry experience to the role.
Allstate’s combined ratio weakens to 95.5% in Q3
Allstate has reported its third-quarter 2016 results, reporting revenue of $7.87 billion, so down on the $8.35 billion reported a year earlier. The firm’s combined ratio weakened in the quarter to 95.5%, compared with 93.6% a year earlier.
Monte Carlo Rendezvous Executive Roundtable 2016
Participants discussed areas where ILS could play a greater role and explored potential features of the space that could facilitate increased influence across the risk transfer world, including weather risk, cyber, and terror.
RSA reports financial results, might purchase reinsurance for old asbestos claims
RSA Group’s results for the first nine months of the year reveal that its net written premiums increased by 6% to $5.6 billion. The firm has also revealed that it might purchase reinsurance protection to cover old asbestos claims.
IRDAI moves closer to approving five foreign reinsurers
According to reports the International Regulatory and Development Authority of India (IRDAI) has moved closer to giving approval to five foreign reinsurers, asking each firm to bring in capital of Rs 500 crore.
Anees Ahmad named VP and BDM for AXIS Accident & Health MENA reinsurance business
AXIS Capital Holdings Limited has revealed that AXIS Accident & Health has appointed Anees Ahmad as Vice President and Business Development Manager for its MENA reinsurance business.
Maiden Holdings’ combined ratio deteriorates in Q3, but net income up
Maiden Holdings recently reported its third-quarter 2016 financials, posting a net income of $31.8 million, compared with $22.5 million a year earlier. Although the firm’s combined ratio weakened closer to unprofitability in Q3, at 98.5%.
Value of Alleghany’s investment in Pillar Capital grow in Q3
Alleghany Corporation and its reinsurer TransRe’s investments in ILS manager Pillar Capital’s ILS funds grew in the third-quarter of 2016, according to reports.
IRDAI to establish cyber security framework
The International Regulatory and Development Authority of India (IRDAI) is establishing a cyber security framework that will be implemented in 2017, in an effort to tackle the rising threat of cyber attacks.
Indonesia urged to use cat bonds to back disaster insurance scheme
According to reports, Indonesia has been urged to utilise catastrophe bonds for risk capital to support its disaster risk insurance needs.
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