Here’s your daily Reinsurance News for Thursday 4th August 2016:
Hannover Re’s H1 net income and gross premiums down
Reinsurer Hannover Re has reported its first-half 2016 results, posting a net income of €486.1 million, compared with €531.9 million a year earlier. The reinsurer also reported that gross premiums declined by 3.5% to €8.3 billion, although this is in line with expectations owing to the competitive marketplace.
Suncorp bulks up on reinsurance, sees catastrophe frequency rising
Australian insurer Suncorp announced during its recent earnings release that it enhanced its reinsurance purchase for the 2017 financial year, underlining the increased frequency of medium-sized catastrophe losses.
Nassau Reinsurance completes takeover of insurance business from Universal American
Nassau Reinsurance Group Holdings has completed the acquisition of Universal American’s Traditional Insurance operations. The takeover includes a closed block of life insurance products and roughly 150,000 insurance policies.
Hurricane Earl in Cat 1 Belize City landfall, a Central America flood threat
Hurricane Earl, a Category 1 hurricane made landfall close to Belize city recently, making it the fifth named storm of the 2016 Atlantic tropical storm & hurricane season. The hurricane brought sustained winds of 80mph.
Heritage sees net income fall to $18.4 million in Q2 2016
Heritage Insurance Holdings has reported its second-quarter 2016 results, announcing a net income of $18.4 million, down from the $25.4 million reported a year earlier. The firm’s combined ratio declined to 85.7% in the quarter, and the firm increased its gwp to $177.2 million.
Reinsurance price surge after mega-loss to be smaller: Deutsche Bank
The impacts of a mega loss event on the global reinsurance industry might not be enough for reinsurers to sufficiently push up rates, owing to the wealth of capital, according to analysts at Deutsche Bank.
Reinsurance helps RSA mitigate cat losses in H1
RSA Group has reported that its operating profit increased to £312 million in H1 2016, but that catastrophe losses were £59 million worse than expected. The firm’s CEO said that reinsurance protection limited the losses considerably.
Hedge fund reinsurers benefit from strong investments in July
Hedge fund backed reinsurers Greenlight Re and Third Point Re benefited from improved investment returns in July, helping to boost their year-to-date returns.
Insurers still unsure on total liability from Canterbury quakes: Insurance Council of New Zealand
The Insurance Council of New Zealand has warned that private insurers still don’t have the best idea as to when they might know the full extent of their liability from the 2010-2011 Canterbury earthquakes.
Allstate’s Q2 & H1 results hit by $961 million cat losses
Allstate’s second-quarter 2016 results reveal that the firm was impacted by $961 million of catastrophe losses in the quarter, which saw the firm’s net income for Q2 and H1 decline to $242 million and $459 million, respectively.
Philippine insurers required to double minimum capital levels by end of 2016
According to reports from the region, insurers in the Philippines are required to increase their minimum capital levels to P550 million ($10.6 million) by the end of 2016, which could result in an increased demand for reinsurance.
Cat losses and Flood Re levy hurt Aviva’s H1 underwriting profit
A £55 million increase in catastrophe losses and a £23 million Flood Re levy contributed to a decline in H1 underwriting profits for insurer Aviva, which fell to £165 million.
Insurers prepare for losses from Emirates plane crash-landing
According to industry reports insurers around the globe are preparing themselves for losses following the recent crash-landing of an Emirates plane at Dubai airport.
Prudential reports Q2 results, net income down to $921 million
Prudential Financial, Inc. has reported net income of $921 million for the second-quarter of 2016, down from the $1.4 billion posted a year earlier. The firm reported that retirement gross deposits and sales for the quarter of $8.1 billion, included two new longevity reinsurance arrangements.
China quake causes economic losses of $3.6 million
According to reports from the region a recent 5.4-magnitude earthquake that struck the Guangxi Zhuang Autonomous region of China, has caused economic losses of roughly $3.6 million.
James River Group Holdings reports solid second-quarter 2016 results
James River Group Holdings’ second-quarter results reveal that its net income and net operating income both improved in the period on last year’s results, to $14.6 million and $13.7 million, respectively.
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