Here’s your daily Reinsurance News for Tuesday 14th February 2017:
Reinsurance price declines to continue into 2018, benefiting insurers
Prices in the global reinsurance sector are expected to continue declining into 2018, suggesting primary insurers stand to benefit from cheaper risk capital.
Watford Re’s total return from investments, not underwriting in Q4 2016
Watford Re, the total return reinsurance vehicle, delivered a positive total return in the fourth-quarter of 2016 thanks to its investment performance.
SCOR makes senior promotions across Global Life business
International insurer and reinsurer SCOR has announced several appointments within its Global Life reinsurance business unit, promoting staff from within the company.
Higher cat losses hit Argo Group’s Q4 profits
Argo Group International Holdings, Ltd. has reported its Q4 2016 results, posting a net income of $32.9 million, compared with $41.2 million a year earlier. Higher cat losses saw the firm’s combined ratio weaken to 98.8%.
Reinsurance to limit effect of Ogden rate change for UK motor insurers
Analysts at Berenberg have said that reinsurance capital is expected to limit the impact of potential rate changes to the Ogden discount rate.
Convective storm losses accelerate in 2017: Aon Benfield
Aon Benfield’s Impact Forecasting unit has warned that insurance and reinsurance industry losses from convective storms in the U.S. appear to be accelerating in 2017.
Christopher Gray joins Sompo Canopius Re from Swiss Re
Christopher Gray has joined Sompo Canopius Re from Swiss Re, as its new head of Protection & Indemnity (P&I) reinsurance.
Arch Capital increases net income in Q4 2016
Arch Capital Group Ltd. has reported its fourth-quarter 2016 results, posting an increased net income of $62.4 million. However, the firm’s combined ratio weakened to 90.7% in the quarter.
Ironshore marshalling new capacity for energy middle-market risks
The specialty casualty unit of Ironshore has expanded its energy coverage capacity with a new oil and gas facility, called Ironshore Energy Solutions.
NSW wildfire loss estimates at AU$20 million and rising
The Insurance Council of Australia (ICA) has put the insured loss estimate from recent bushfires in New South Wales at AU$20 million and rising.
AIG to merge Japanese P/C units
AIG is reportedly set to merge its Japanese property/casualty units following the sale of its life insurance business in Japan.
ARPC Chair to step down after current term
Joan Fitzpatrick, the Chair of the Australian Reinsurance Pool Corporation (ARPC), has announced that she will not seek reappointment when her current term ends.
Embracing third-party capital a key driver of success for re/insurers
Rating agency A.M. Best has said that embracing the wealth of alternative reinsurance capital and features could be a key driver of success for re/insurers.
Re/insurance CEOs highlight threats to growth in PwC survey
Insurance and reinsurance industry CEOs are now more concerned about threats to industry growth than leaders in any other industry, according to a recent survey by PwC.
Arch Insurance hires new VP of Business Development for Travel, U.S.
Arch Insurance Group has announced the appointment of Greg Johnson as Vice President of Business Development for Travel in the U.S.
Capital markets role in pandemic risk transfer to expand
The expanding reach and influence of alternative reinsurance capital has an opportunity to improve pandemic risk coverage, reports Artemis.
Greenberg agrees to $9 million settlement in accounting fraud case
Former CEO of AIG, Maurice Hank Greenberg, has agreed to pay $9 million to settle a 12-year old reinsurance accounting fraud case.
Cincinnati grows cat bond and collateralised re cover
The Cincinnati Insurance Companies has substantially increased the size of its catastrophe bond and collateralised reinsurance protection.
A.M. Best revises Kenya Re’s outlook to negative on capital
International rating agency A.M. Best has revised the outlook for reinsurer Kenya Re to negative from stable.
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