Here’s your daily Reinsurance News for Thursday 9th February 2017:
Major reinsurers pull back on China underwriting
Three of the world’s biggest reinsurance companies have all pulled back on their China underwriting in response to thinning margins and increasing competition from local players.
London Market Group to add reinsurance to PPL trading platform
The London Market Group recently revealed plans to revamp its electronic trading platform (PPL), and is also keen to expand the lines of business available for trading to include reinsurance.
Aon appoints new reinsurance Global Head of Broking Strategies
Aon Benfield has appointed Jeremy Goodman as Global Head of Broking Strategies with immediate effect, based in New York.
Cost of climate change highlights important role of re/insurance
A new report from the European Environment Agency (EEA) has said that economic losses to the region, driven by climate-related events, could be as much as €190 billion per year by the end of the 21st Century.
U.S. weather & Chile fires lead January Catastrophe losses: Aon Benfield
Insurance industry losses from global catastrophe events in January are expected to be in the billions of dollars, with more than $1 billion coming from severe U.S. weather.
Aspen reports Q4 net loss, 106.7% combined ratio
Aspen Insurance Holdings has reported its fourth-quarter 2016 results, posting a net loss of $71.5 million, which the firm attributes to the repositioning of its Insurance segment. The firm’s combined ratio in the quarter weakened to 106.7%.
Australia’s AMP looks to reinsurance to reduce life business exposure
AMP Ltd, the largest wealth manager in Australia, is reportedly looking to strike another reinsurance deal for its life division as it looks to reduce its exposure.
Stop waiting for a cyber cat bond: Johansmeyer & Welsh
Tom Johansmeyer of ISO and Rick Welsh of Sciemus have said that it’s time to stop waiting for a cyber catastrophe bond and start working towards making it a reality.
Andy Wakefield joins reinsurance broker Ed from Willis Re
Andy Wakefield has left reinsurance broker Willis Re to join brokerage Ed as Managing Director of its Marine and Energy Reinsurance business.
Exchange traded weather derivatives still struggling to gain traction
According to industry speakers at a recent conference, exchange traded weather derivatives continue to struggle to make headway across Europe.
Re/insurers in Middle East see drop in credit ratings: A.M. Best
Insurers and reinsurers in the Middle East have seen a dip in credit ratings in response to lower demand and a sluggish economy.
Blue Capital sees more stable reinsurance pricing at recent renewal
The Blue Capital Global Reinsurance Fund witnessed more stable reinsurance pricing at the key January renewals, despite ongoing market pressures.
Berkshire Hathaway Specialty opens London office, expands exec team
Berkshire Hathaway Specialty has opened a new office in London and appointed a number of executives from Allied World, Travelers Europe and AIG.
Markel improves reinsurance combined ratio in Q4
Markel has reported its fourth-quarter 2016 results, revealing an improved combined ratio of 87% for its reinsurance segment, and a combined ratio of 92% for the group. The firm reported comprehensive income of $667 million.
Suncorp considers selling $1.5bn life insurance unit
Suncorp is reportedly considering the sale of its $1.5 billion life insurance unit as the market remains under significant pressure. The company has also revealed that its New Zealand unit recorded a first-half profit decline of 57%, mainly driven by the Kaikoura earthquake.
Aspen appoints Matthew Botein to Board as Class I Director
Insurer and reinsurer Aspen has announced the appointment of Matthew Botein to its Board of Directors as a new Class I Director.
Cat losses lower Everest’s profit share but Mt. Logan grows in 2016
Everest Re’s Mt. Logan Re collateralised reinsurance sidecar vehicle grew by roughly 9% during 2016, emerging from the 1/1 renewals with AuM of $867 million.
Lloyd’s eyes Luxembourg for post-Brexit EU base: Reports
According to reports the Lloyd’s of London insurance and reinsurance marketplace is looking at Luxembourg for its new EU base post-Brexit.
Indonesia Re increases premiums by 34% in 2016
Indonesia Re, Indonesia’s government-backed reinsurer, reported an increase in gross written premiums of 34.6% to $390 million in 2016.
Novae promotes Dan Trueman to Chief Innovation Officer
Novae has announced that Dan Trueman has been promoted to Chief Innovation Officer, reporting to Chief Underwriting Officer, Rob Forster.
Liberty Specialty to expand Lloyd’s syndicate to include onshore energy & construction
Liberty Specialty Markets has announced that it will grow its syndicate business in Lloyd’s to include onshore energy and construction.
Wildfire a complex peril for insurers and reinsurers
Manuel Chirouze of Guy Carpenter recently highlighted how complex wildfire is as a peril for global insurers and reinsurers, during an industry conference.
AlphaCat’s contribution to Validus grows again in 2016
AlphaCat Managers Ltd. increased its income contribution to Validus Holdings in 2016, in spite of increased catastrophe losses.
Prudential Financial’s net income falls in Q4 2016
Prudential Financial has released its fourth-quarter 2016 financials, posting a net income of $284 million, down on the $735 million reported a year earlier.
Cyber attacks cost Indian organisations revenue
A recent study claims that as many as 30% of Indian businesses that experienced a cyber attack in 2016 lost revenue as a result, highlighting the need for adequate cyber coverage.
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