Here’s your daily Reinsurance News for Thursday 6th October 2016:
Hurricane Matthew hits Bahamas, to intensify – Florida outlook worsens
Hurricane Matthew continues to batter the central Bahamas with sustained winds of 115mph, and is expected to intensify again as it tracks towards Florida. The threat of Matthew has seen the ‘live-cat’ market come to life as its track towards Florida, with an increased certainty of what looks to be a major impact. RMS has also said that Matthew could erode aggregate retentions of some cat bonds, increasing their attachment probabilities.
Berkshire Hathaway Specialty Insurance to offer re/insurance in Macau
Berkshire Hathaway Specialty Insurance Company (BHSI) has announced that it has been approved to offer insurance and reinsurance in Macau, and has appointed key positions at its Macau office.
Italy quake insured loss estimated at just EUR34m by PERILS
Further highlighting the protection gap and the need for increased insurance protection in parts of the world, PERILS AG has estimated that the insurance industry loss from the recent Italy quake will be roughly €34 million.
ACR Capital Holdings’ shareholders approve takeover by QFH & SIHC
Major shareholders of ACR Capital Holdings Pte Ltd have approved the 100% acquisition of the firm by Shenzhen Qianhai Financial Holdings Co Ltd (QFH) and Shenzhen Investment Holdings Co Ltd (SIHC).
Customer trust, centricity essential to closing Asia’s protection gap: Peak Re
Reinsurer Peak Re has released a report that explores underinsurance in Asia, citing that customer trust and centricity are essential to closing the gap.
Casualty not out of bounds as alternative capital interest grows: Willis Re
Willis Re has noted that despite lower returns in the global reinsurance industry third-party capital continues to be attracted to the space, citing an expectation that it will move into casualty lines of business.
Aon Benfield enables Unica Insurance to offer flood protection for Canadian peril
Reinsurance broker Aon Benfield’s cat modelling team, Impact Forecasting, has enabled Unica Insurance Inc. to offer a new flood insurance solution called WATERtight™, after Calgary witnessed more than $5 billion in economic losses from floods in 2013.
Printhan Sothinatha named MD of Willis Re Specialty Analytics unit
The reinsurance division of Willis Towers Watson, Willis Re, has announced the appointment of Printhan Sothinathan as Managing Director of its specialty analytics unit.
Prudential Singapore CEO Sheah named Senior Adviser at Prudential Corporation Asia
Prudential has announced that Philip Sheah will step down as CEO of its Singapore office to take over as senior adviser in Prudential Corporation Asia (PCA), to support the firm’s regional growth plans.
BMS Group names Philip Maloney Head of newly established construction unit
Specialist insurance and reinsurance broker BMS Group has announced the appointment of Philip Maloney as head of its newly created construction unit.
Q3 2016 Cat Bond Report – Weather risk returns, private deals, market growth
Artemis has released its third-quarter 2016 catastrophe bond and ILS market report, that reveals over $1 billion of issuance from eight transactions during the quarter.
Brexit could see more business move to Bermuda
The UK’s vote leave the European Union (EU) could result in more business going to Bermuda, with the island already witnessing increased interest from re/insurers with Lloyd’s platforms.
Earthquake in Taiwan a threat to industrial sector
A new report from ratings agency A.M. Best highlights the potential for large losses from earthquakes that impact industrial regions, underlining the need for increased business interruption protection in places like Taiwan that recently experienced such an event.
Marine insurance sector growth in Asia to come from government policy: A.M. Best
It will be government policies in parts of Asia that drive growth in the region’s marine insurance sector, and growth is unlikely to come from traditional sources, according to A.M. Best.
Sun Life looking to expand into Thailand & Singapore
In an effort to improve its position in the region, Sun Life Financial is reportedly looking to expand into the Thailand and Singapore markets.
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