Here’s your daily Reinsurance News for Tuesday 13th September 2016:
It’s day three of the 2016 Monte Carlo Reinsurance Rendez-vous, the 60th anniversary of the reinsurance, insurance and more recently insurance-linked securities (ILS) meeting in the south of France.
Here’s all the latest coverage from our sister publication Artemis around the 2016 Monte Carlo Reinsurance Rendez-vous.
ILS capital could help to make run-off market more efficient: PwC
The insurance and reinsurance run-off, or legacy transactions market has continued its growth path so far in 2016, a trend that is expected to continue. And as buyers look to access new capital providers it’s expected that pension funds and ILS vehicles will play an increasing role in the market, according to PwC.
Torsten Jeworrek, Munich Re on reinsurance & ILS market trends
While the long-term impact of alternative reinsurance capital and ILS on catastrophe re/insurance profits remains unclear, reinsurers such as Munich Re have an increasingly ability to cooperate with alternative capital to their own benefit, according to Torsten Jeworrek.
ILS leveling out (for now), but that’s a sign of a healthy market: Experts
The growth of the ILS market has been leveling out in 2016 with slower, more incremental increase in capital seen, which is a reflection of a healthy market that manages its capital inflows and seeks to match them to deployment opportunities, according to ILS experts.
On accelerating the transport of risk to capital (ILS + Insurtech)
The reinsurance and broader risk transfer market is increasingly becoming a process of matching risk to the right capital in the most efficient manner possible, with industry trends pointing to a need to accelerate the transport of risk to capital.
The pain is real: Frank Majors, Nephila Capital
The reinsurance pricing cycle is close to bottoming out, according to Frank Majors, co-founder and principal of the world’s largest ILS fund manager Nephila Capital.
Reinsurers need to offer most effective capital at lowest cost: Frankland, Guy Carpenter
The reinsurance industry has been characterised by excess capital and capacity, but the increasing range of potential capital sources has been influencing reinsurance buying dynamics, meaning reinsurers need to be able to access the most effective capital for their clients.
Demand for customised reinsurance growing: Swiss Re
Demand for customised risk transfer solutions are increasing within the reinsurance marketplace, according to reinsurance giant Swiss Re. The trend could result in large reinsurers coming under pressure from influential ILS fund managers, as they look to utilise the specialities and features common in the ILS sector.
Below is the rest of your daily reinsurance news.
Demand for reinsurance increasing: Aon
Reinsurance broker Aon Benfield has said that reinsurance demand has increased over the last 18 months, as growth opportunities emerge, a trend that is expected to continue for the remainder of 2016.
Hannover Re predicts greater price stability in treaty renewals as at Jan 1st 2017
Global reinsurer Hannover Re has said that it expects greater price stability in treaty renewals as at January 1st 2017, as reinsurers look to put an end to further price reductions.
Weakening reinsurance landscape will drive M&A in 2017: Fitch
The continued weakening of the global reinsurance landscape is expected to continue, and will drive further M&A activity in 2017, according to global rating agency Fitch.
Berkshire Hathaway sued by New York bicycle courier firm
According to industry reports Berkshire Hathaway has been sued by a bicycle courier firm in New York, accused of an illegal scheme to cheat employers buying workers’ compensation policies.
Sompo Canopius Re hires Thierry Pelgrin as Head of Continental Europe
Sompo Canopius Re has announced the appointment of Thierry Pelgrin as Head of Continental Europe, effective Novermber 1st 2016, and reporting to Jamie Wakeling, CUO.
AIR Worldwide expands capabilities of terrorism risk model
Catastrophe risk modeller AIR Worldwide has expanded the capabilities of its terrorism risk model, to include scenario testing for the U.S. and 27 other countries.
Companies lined up to join Lloyd’s despite Brexit fears
The Lloyd’s of London specialist insurance and reinsurance marketplace has reportedly lined up a number of companies that want to join, despite the UK’s vote to leave the EU.
Chubb promotes Jamie Keaney to VP & CUO, International Personal Risk
Chubb has announced the promotion of Jamie Keaney to the role of VP and CUO, International Personal Risk services, as the firm looks to expand its international High Net Worth insurance capabilities.
JLT Re names Matthew Carter partner in its London Market & International Division
JLT Re has announced the appointment of Matthew Carter as a partner in its London Market & International Division. Carter joins the firm from Guy Carpenter.
Axis could still partake in M&A despite failed PartnerRe deal: CEO
Axis Capital’s Albert Benchimol recently said that despite the firm’s bidding war for reinsurer PartnerRe, it’s still looking for more partnerships and could attempt another takeover.
Automated vehicles could cut U.S. auto insurer rates by 40%, Aon
Premiums for U.S. auto insurers could drop by as much as 40% once the use of automated vehicles has been fully adopted, and driving ultimately becomes safer, says Aon.
Market Re 2016-5 weather cat bond successfully closed by JLTCM
According to industry reports, JLT Capital Markets (JLTCM) has successfully closed the ground-breaking temperature-linked weather cat bond, Market Re Ltd. (Series 2016-5).
Menora selects Sapiens’ IDIT insurance software suite
One of Israel’s largest insurers and financial groups, Mivtachim Insurance (Menora), has selected Sapiens IDIT insurance software suite, according to reports.
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