Here’s your daily Reinsurance News for Tuesday 11th October 2016:
Matthew losses to largely fall within catastrophe budgets: Peel Hunt
Analysts from Peel Hunt have said that losses for the insurance and reinsurance industry from hurricane Matthew are expected to fall within the sector’s catastrophe budgets for the second-half of 2016.
Recent deals show reinsurance sector is ripe for M&A: Fitch
Global ratings agency Fitch Ratings has said that recent merger and acquisition (M&A) activity in the space, including Sompo’s proposed takeover of Endurance, shows the reinsurance market is ripe for M&A.
Willis Re names Ronnie Carroll Head of Structured Solutions, Western Europe
The reinsurance unit of Willis Towers Watson, Willis Re, has announced the appointment of Ronnie Carroll as Head of Structured Solutions for Western Europe.
Pool Re launches IFTRIP to promote terrorism re/insurance collaboration
In an effort to promote greater collaboration between the world’s terrorism re/insurers, Pool Re has launched the International Forum of Terrorism Risk Re/insurance Pools (IFTRIP).
Markel names Chris O’Shea Head of Reinsurance Claims
Markel International has announced the appointment of Chris O’Shea as Head of Reinsurance Claims, where he will oversee a portfolio of claims from teams in London, Singapore, and Latin America.
Estimated Matthew loss sees Heritage retain $40mn and call on reinsurance
Heritage has provided an update on its loss estimate from hurricane Matthew, stating that it anticipates estimated losses of under $100 million, of which $40 million will be retained by the company.
Peak Re and NexAssure enter MGA partnership
Peak Re has entered into a managing general agency (MGA) agreement with NexAssure, that will form a new partnership in the extended warranty insurance business.
U.S. commercial P&C sector at a “standoff” – MarketScout’s Kerr
The U.S. commercial P&C sector saw rates decline by an average of 1% in September, the fourth month in a row of -1% average rate decreases, suggesting the market is at a “standoff.”
Peters joins Lemonade from Liberty Mutual as CUO
John Peters has joined Lemonade from Liberty Mutual as the firm’s new Chief Underwriting Officer (CUO). Peters will be responsible for T&Cs, pricing levels, risk management, and reinsurance strategy.
Delta Lloyd rejects proposed takeover from NN Group
Following a proposed takeover of the firm by NN Group N.V., Delta Lloyd has rejected the proposal as it feels the offer undervalues Delta Lloyd, among other factors.
Cat bond index in biggest drop since 2012 on hurricane Matthew
The Swiss Re Global Cat Bond Index declined by its largest amount since 2012 as hurricane Matthew approached towards Florida, as scenarios forecast a potentially significant loss for the re/insurance industry.
Fairfax acquires 80% stake in AMAG for $168 million
Fairfax Financial Holdings has acquired an 80% stake in PT Asuransi Multi Artha Guna Tbk (AMAG) for a reported $168 million. Fairfax plans to integrate AMAG with its Indonesian subsidiary.
Indonesia Re launch to help reduce country’s current-account deficit
Following its launch last week, Indonesia Re is expected to help reduce the region’s current-account deficit, which is reportedly high owing to large dependence on foreign reinsurance.
Q3 2016 Cat Bond Report – Weather risk returns, private deals, market growth
Artemis has released its third-quarter 2016 catastrophe bond and ILS market report, that reveals over $1 billion of issuance from eight transactions during the quarter.
Rich Drab named CEO of Dovetail Insurance
Marsh has announced that Rich Drab as joined the firm as Chief Executive Officer (CEO) of Dovetail Insurance, with a focus on product innovation and client engagement.
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