Here’s your daily Reinsurance News for Thursday 8th September 2016:
Too early to call the bottom for catastrophe reinsurance prices: Moody’s
Analysts at Moody’s Investors Service have said that despite signs of pricing pressures easing across the property catastrophe space, it’s “too early to call the bottom” of the pricing cycle.
XL Catlin extends global property insurance capacity to $400 million
Global insurer and reinsurer XL Catlin has increased its global property insurance capacity to $400 million, an increase of more than 25%.
Realistic reinsurance RoE’s fall to 4.5%, challenges to continue: Willis Re
Willis Re has revealed that the realistic ROE of a group of reinsurers that it tracks fell to 4.5% in the first-half of 2016, as increased cat losses and continued market headwinds add pressure to reinsurer profits.
Hurricane Hermine to have modest impact on P/C market: Fitch
Global rating agency Fitch Ratings has said that Hurricane Hermine is expected to have a modest impact on P/C and catastrophe bond markets, with losses to reinsurers expected to be limited.
Flood & Protection Gap Executive Roundtable 2016
Flood is a rapidly evolving and increasingly costly peril, yet in comparison to perils such as earthquake and windstorm, flood remains significantly underinsured. Executives came together with Artemis to discuss issues surrounding flood insurance and the resulting protection gap.
Willis Towers Watson launches North American Public Entity Practice
Willis Towers Watson has revealed the establishment of a North American Public Entity Practice, under the leadership of Mark Goode.
Swiss Re named industry leader in sustainability
Global reinsurer Swiss Re has announced that it has been named as sector leader across all sustainability dimensions, according to the 2016 Dow Jones Sustainability Indices.
Stabilising prices a false hope for reinsurance profits: Fitch
According to Fitch Ratings, stabilising prices in the global reinsurance market are a false hope for reinsurers, adding that the reduced profitability of reinsurers will be a key industry risk in 2017.
SCOR sees 7% annual premium growth from increased Asia demand
The largest reinsurer in France, SCOR SE, has said that it expects gross premiums to increase by as much as 7% annually over the next three years, driven by increased demand in Asia.
Allianz bolsters Environmental Impairment Liability (EIL) team
Allianz has announced the expansion of its global Environmental Impairment Liability (EIL) team with a number of appointments in the North American and Mediterranean regions.
EU’s large cedants take advantage of market conditions & ILS: A.M. Best
International rating agency A.M. Best has highlighted how the top 20 European cedants are taking advantage of the soft reinsurance market landscape and abundance of alternative and traditional capital.
Peter Borcher named CEO of Allianz X
Allianz Group’s insurance technology unit, Allianz X, has announced the appointment of Peter Borcher as CEO, effective October 1st 2016.
ILS enlarges reinsurance, complements it, says SCOR. But is it in contest?
One of the world’s largest traditional reinsurers, SCOR, has said that the growth and development of the ILS market and its features has helped to enlarge global reinsurance market capacity.
Barbican launches new pricing and underwriting workflow system
Barbican Insurance Group has introduced a new pricing and underwriting workflow system, that aims to improve all operational efficiencies across all stages of the underwriting cycle.
Cooper Gay announces several senior hires in the UK
Cooper Gay has announced a number of senior hires in the UK in order to strengthen its team. Simon Hirst-Marsden has been named head of energy technical upstream; Tony Rastall as divisional director of energy; and Richard Haines as managing director of the energy division.
Lockton launches new London terror product
In partnership with several insurers, Lockton has announced the launch of a new Terrorism Crisis Solutions (TCS) product, in response to the evolving threat of terror events around the world.
Southern Prairies’ July severe storms incur insured loss of over $66 million: IBC
The Insurance Bureau of Canada (IBC) has reported that severe storms that impacted the Southern Prairies in July resulted in insured losses of more than $66 million.
BMS Group launches affinity broking operation focused on Australia & New Zealand
London domiciled insurance and reinsurance broker BMS Group Ltd., has launched a new affinity broking operation focused on Australia and New Zealand.
JLT Specialty USA partners with Western Growers Insurance
According to industry reports JLT Specialty USA has partnered with Western Growers Insurance Services, an alliance that enables Western Growers to offer agribusiness and food clients access to international insurers.
Randall & Quilter announces transfer of Aegon Insurance to R&Q Insurance (Malta)
Randall & Quilter Investment Holdings Ltd. has announced the sanction of the transfer of the business of Aegon Insurance Company (UK) Limited to R&Q Insurance (Malta) Limited.
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