Here’s your daily Reinsurance News for Tuesday 11th April 2017:
Cyclone Debbie insurance losses jump to $660m
Estimated insurance and reinsurance industry losses from the impact of Cyclone Debbie have increased much further in parts of Queensland and New South Wales, totalling AUS$600 million from 41,105 claims.
Reinsurers cover 3/4 of Bahama’s Hurricane Matthew claims
The Bahamas Insurance Association (BIA) has called for the expansion of a national risk management framework, after the impact of hurricane Matthew saw a $300 million foreign currency inflow associated with reinsurance.
India’s GIC Re prepared to move into Iranian market
Leaders of Indian reinsurer GIC Re and the Central Insurance of Iran met recently to discuss deepening insurance and reinsurance relationships between India and Iran.
Diversification highlighted as key strength for Validus by A.M. Best
Ratings agency A.M. Best has underlined the importance of diversification in terms of lines of business, primary and reinsurance business, as a key strength of re/insurer Validus Group.
Andy Faber joins Everest Re from AIG to lead Life Sciences practice
Everest Re has announced the appointment of Andy Faber from AIG as leader of the newly launched Life Sciences practice within the firm’s Specialty Casualty Group.
U.S. legislators continue calls for covered agreement clarity
Legislators in the U.S. continue to ask the Treasury to clarify certain aspects of the proposed covered reinsurance agreement between the U.S. and the EU.
Commercial property & large insurance accounts see rate declines in Q1
There continues to be increasing signs that larger commercial lines and property risks are affected by excess traditional reinsurance capital and the growth of ILS business.
XL Catlin names Bewlay as Global Casualty CUO
Insurer and reinsurer XL Catlin has appointed Nancy Bewlay as Global Chief Underwriting Officer (CUO) of its Casualty insurance business.
Conning forecasts record levels of M&A activity in 2017
Investment management firm Conning predicts a record number of M&A transactions in the distribution end of the market in 2017.
Aon promotes John Bruno to Chief Operations Officer
Insurance and reinsurance brokerage Aon has promoted John Bruno to Chief Operations Officer (COO), effective immediately.
MGA Ascent Underwriting appoints claims director
Managing general agency (MGA) Ascent Underwriting has appointed Mark Bowers, previously of Tokio Marine Kiln, as its Claims Director.
U.S. Risk partners with Aspen to offer specialty marine insurance product
U.S. Risk, LLC has announced a new alliance with Aspen American Insurance Company to offer a specialty insurance product for the marine sector.
Pacific Islands’ reinsurance backed parametric insurance facility expands
In an effort to improve access to catastrophe re/insurance within the Pacific Islands a $29.73 million regional disaster risk finance project backed by reinsurance markets has launched in Fiji.
Chubb names Robic COO, NA, Personal Risk Services
Chubb has announced the appointment of Ana Robic to Chief Operating Officer (COO), North America, Personal Risk Services.
Chinese insurers to focus on fixed-income solutions & overseas expansion
According to reports from the region listed insurers in China are expected to continue their focus on fixed-income products and also expand their overseas investments in 2017.
ILS market transparency questions raised
Artemis recently discussed the transparency of the alternative reinsurance capital and ILS market, as deals shift towards the private and collateralized reinsurance arena.
GCC countries urged to adjust fragmented fintech approach
GCC countries have been called to adapt their fragmented approach to the potential of fintech in order to capitalise on the opportunity.
Nine insurers in China complete blockchain initiative
Nine insurance firms in China have completed a blockchain trial that was established by the Shanghai Insurance Exchange, in an effort to improve credit problems and account settlements.
Gator Re cat bond extended further
According to reports the Gator Re Ltd. catastrophe bond has again had its maturity extended even further.
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