Here’s your daily Reinsurance News for Thursday 6th April 2017:
Cyclone Debbie blows the lid on IAG’s reinsurance cover
Insurance Australia Group (IAG) expects to fully use up its FY17-specific reinsurance cover of $96 million after Cyclone Debbie raised the insurer’s FY17 net natural peril claim cost estimations to $850 million.
Lloyd’s India branch opens, welcomes MS Amlin as first syndicate
The Lloyd’s of London insurance and reinsurance marketplace has officially opened its India branch office, and welcomed MS Amlin as the first syndicate to join the branch.
Commercial insurance rates rise in Q1
Commercial insurance rates have shown signs of rising for the first time in twenty months, according to analysis from MarketScout.
Lloyd’s “structural revolution” forecast, as ILS capital increases share: Analysts
Analysts predict a “structural revolution” for the Lloyd’s of London insurance and reinsurance market as more and more alternative capital is utilised in the marketplace.
PCS launches Global Marine & Energy loss data services
Property Claims Services has for the first time moved away from the property-catastrophe sector with its Global Marine and Energy loss aggregation solution services.
Opportunity for reinsurers to assist life sector transformation: Berenberg
Analysts at Berenberg have highlighted the opportunity for players in the life reinsurance market to support the demands of life insurers with technology.
Cyclone Thomas / Doris insured loss seen at EUR213m by PERILS
Extra-tropical cyclone Thomas is estimated to have caused an industry loss impact to re/insurers of around EUR 213 million, according to PERILS AG.
Willis appoints Thorsten Querfurt to Natural Resources Global Industry Leader
Insurance and reinsurance broker Willis Towers Watson has appointed Thorsten Querfurt as its new Global Industry Leader for Natural Resources.
Liberty Specialty Markets names Paton Head of Continental Europe for Global Financial Risks
Liberty Specialty Markets has announced the appointment of Alexandra Paton as Head of Continental Europe for Global Financial Risks (GFR).
RMS stress tests would see leading banks downgraded when exposed to drought risk
A stress test conducted by risk modeller RMS found leading banks around the world would see credit rating downgrades when tested against exposure to normal drought scenarios.
Apollo Global wants $2.1bn to help Athene Holding expansion through takeovers
Apollo Global Management LLC is looking for $2.1 billion to assist Athene Holding Ltd.’s expansion through Europe via acquisitions.
General insurance premium renewals up in India
India’s general insurance industry saw an increased volume of policies renewed on April 1st 2017, following a 10% to 30% hike in premiums for certain categories.
MNsure CEO underlines benefit of reinsurance in Minnesota market
The CEO of MNsure, Allison O’Toole, recently highlighted the benefits of reinsurance following the just-passed health reinsurance law in Minnesota.
Ledger Investing raise $5m seed round for insurance securitization platform
Insurtech start-up Ledger Investing is in the process of completing a $5 million round of seed funding to build out its insurance risk securitization platform.
Alaska’s insurers hopeful for health reinsurance program approval
Insurers in Alaska are hopeful that President Donald Trump’s administration will approve an application for federally-backed health “reinsurance” program for individual policies.
Fosun bids for majority stake in insurance division of National Bank of Greece
Fosun has reportedly lodged a bid to acquire a majority stake in the insurance unit of Greek lender National Bank of Greece (NBG).
Kilimanjaro II Re cat bond target jumps to $1.25bn for Everest Re
Reinsurance firm Everest Re’s latest Kilimanjaro catastrophe bond issuance could reach up to $1.25 billion, after the firm more than doubled its target for the deal.
Iran insurance industry records 22% growth in 2016
The insurance industry in Iran grew by a reported 22% for the fiscal year ending 20th March 2017, with insurance penetration increasing to 2.1%.
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