Here’s your daily Reinsurance News for Tuesday 10th January 2017:
$510m run-off startup Premia launches with Arch & Kelso backing
New Bermudian property & casualty insurance and reinsurance run-off group, Premia Holdings Ltd., has now launched with a $150 million initial capital raise, with backing from Arch Capital and Kelso & Company.
Convergence capital now 18% of reinsurance capacity: A.M. Best
Ratings agency A.M. Best has highlighted continued growth of the convergence space, noting that of the estimated $420 billion of dedicated reinsurance capital at the end of 2016, $75 billion is from the convergence space.
French reinsurer Cause Centrale de Reassurance (CCR) has announced that its subsidiary, CCR Re, is now fully funded and began operations on January 1st, 2017.
Reinsurance returns need to fall further for prices to rise: RBC
Reinsurance sector returns need to fall to below 5% above the risk free rate before causing any significant turn in pricing, according to analysts at RBC Capital Markets.
Marsh announces pricing of $1 billion senior note offering
Marsh & McLennan Companies, Inc. has announced the pricing of a $1 billion senior note offering, which the firm says it will use the net proceeds for general corporate purposes.
Insured Canadian catastrophe damage nears record $5bn in 2016
Insured catastrophe losses in Canada during 2016 amounted to C$4.9 billion (US$3.6 billion), the highest recorded in the region, according to Catastrophe Indices and Quantification (CatIQ).
Trust Re increases authorised capital to $500 million
Bahrain domiciled reinsurer Trust Re recently increased its authorised capital from $200 million to $500 million, and also increased its issued and paid-up capital to $250 million.
Hamilton Re names Matthew Isaly SVP, Head of Information Systems
Hamilton Re has announced the appointment of Matthew Isaly to the newly created role, SVP, Head of Information Systems. Isaly will report to CFO Vanessa Hardy Pickering.
Munich Re returns with $360mn+ reinsurance sidecar
Reinsurance giant Munich Re has returned to the catastrophe bond market with a $360 million+ Eden Re II Ltd. collateralised reinsurance sidecar vehicle.
China remains top priority for Lloyd’s re/insurance market growth
Chairman of the Lloyd’s of London specialist insurance and reinsurance marketplace, John Nelson, recently said that China is the most important market for long-term growth at Lloyd’s.
Insurers take advantage of buyers market at 1 Jan renewals: Aon Benfield
Insurers continued to take advantage of the buyers market environment at the January 1st 2017 reinsurance renewals, securing efficient protection under favourable terms and conditions, says Aon Benfield.
Gulf Insurance Group to acquire AIG unit from Fairfax
According to industry reports Gulf Insurance Group K.S.C.P. expects to obtain legal approval in order to acquire AIG Sigorta A.S. from Fairfax Financial Holdings.
Sawyer named Head of Property at AEGIS London
AEGIS London recently announced the appointment of Toby Sawyer as Head of Property, replacing Alex Powell.
Gator Re notes marked down on broker pricing sheets
The Gator Re Ltd. catastrophe bond notes have now been marked down on the secondary market, as it became apparent that the stricken deal will cause investor losses.
Record economic loss total from inland flooding in the U.S. in 2016
During 2016 the U.S. experienced 15 weather and climate disasters with economic losses that surpassed $1 billion, totalling roughly $46 billion. Four of these were inland flooding events, doubling the previous record for billion-dollar inland flood losses.
ILS NYC 2017 conference – Feb 3rd, New York
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.
JLT Specialty USA names David Turner VP
JLT Specialty USA has announced the appointment of David Turner as Vice President (VP) within its Financial Institutions (FI) Practice.
Asian insurance sector records growth in December
According to the latest Nikkei Asia Sector Purchasing Managers’ Index (PMI), the Asian insurance industry recorded a very active December, reporting growth.
W.R. Berkley names Jo-Marie St. Martin VP, federal gov relations
W.R. Berkley Corporation has announced the appointment of Jo-Marie St. Martin as Vice President (VP), federal government relations, effective immediately.
Vietnam’s insurance market to experience strong growth in 2017
According to reports from the region Vietnam’s insurance industry is expected to record double-digit growth in 2017, with reports suggesting that growth could be as high as 20%.
Iran calls for greater insurance penetration by 2021
Lawmakers in Iran have called for the country’s insurance regulator, the Central Insurance of Iran (CII), to work to increase insurance penetration in the region to 7% by 2021.
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