Here’s your daily Reinsurance News for Thursday 8th December 2016:
Global ratings agency Standard & Poor’s has warned that reinsurers are going to find it increasingly difficult to meet cost-of-capital requirements in the softening landscape.
Insurance and reinsurance broker Aon is reportedly exploring the sale of its benefits outsourcing unit for $5 billion, and is working with Morgan Stanley on the potential sale.
Munich Re and Guy Carpenter have helped the Credit Guarantee and Investment Facility (CGIF) finalise its first reinsurance treaty, which runs until the end of 2017.
TransRe’s Gregory Richardson, in a discussion at the 2016 Artemis Monte Carlo Roundtable, underlined the huge benefits with fully privatising risk, suggesting that the opportunity is larger than seen with cyber and terror.
Impact Forecasting, the catastrophe modelling unit of Aon Benfield, has released its November catastrophe report, which shows that earthquakes in New Zealand and Italy caused economic losses in the billions of dollars.
Kurt Karl, reinsurer Swiss Re’s Chief Economist, has said that re/insurers operating in the Asian marketplace may find opportunities to increase penetration.
The increased need for efficiency in the risk transfer industry along with the rise of technology will drive innovation and further market disruption, according to GC Securities’ Des Potter.
A proposed reform of the U.S. National Flood Insurance Programme (NFIP) has been announced, which could present greater opportunity for Bermudian reinsurers to shoulder more of the risk.
China’s first ever reinsurance company launched under a public/private partnership, Qianhai Reinsurance Co Ltd, officially began its operations on Wednesday 7th December 2016.
Plans to establish a new national reinsurance company in Egypt have been revived by insurer Misr Insurance Holding, which has officially taken over the lead in a bid to establish a reinsurer.
The recent Operational Re catastrophe bond issuance from investment bank Credit Suisse, helped the entity reduce its risk weighted assets (RWA’s) by 1.25 billion Swiss Francs.
New Zealand domiciled insurer Fmg Insurance Ltd. has said that it expects to receive claims of at least USD$29 million from the most recent earthquake that hit the country.
Reinsurance broker Aon Benfield’s catastrophe risk modelling unit, Impact Forecasting, has revealed that wildfires in Tennessee and Israel, and the quake in New Zealand were among the costliest catastrophe events in November.
A thoughtfully curated annual insurance-linked securities event in New York City from Artemis. Featuring ILS & reinsurance industry leaders speaking on forward-thinking, engaging topics.
Thomas Miller Specialty has partnered with insurer HDI to launch a set of offshore marine and energy products by 2017. The deal sees Thomas Miller enter into a global insurance partnership with HDI.
KPMG has added several actuarial partners based in Hong Kong, including Paul Melody and Marco Warmelink from Willis Towers Watson, and Michael van Vuuren from EY in London.
The first meeting of the Sustainable Insurance Forum took place in the U.S. recently, aimed at promoting cooperation on critical sustainable insurance challenges.
International ratings agency A.M. Best has said that ongoing and increased market volatility is driving negative rating outlook for the U.S. life/annuity industry.
According to reports from the region, Iran’s state-owned insurer, Iran Insurance Company (IIC), is struggling to cope in a seemingly shrinking market share and increased debts.
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