Here’s your daily Reinsurance News for Tuesday 14th March 2017:
Warren Buffett’s Berkshire Hathaway should buy AIG
Meyer Shields of Keefe, Bruyette & Woods recently said that Warren Buffett’s Berkshire Hathaway should buy insurance giant AIG.
Flood risk privatisation back on the U.S. political agenda
The U.S. Housing and Insurance Subcommittee recently met to discuss the NFIP and potential reforms, including the opportunity to transfer more flood risk to the private market.
Mexico said planning cat bond market return in 2017
The Mexican government is reportedly planning to sponsor another catastrophe bond and is seeking bids from firms that can help facilitate the issuance of a bond.
Fairfax to pay more cash for Allied World
Fairfax Financial Holdings has increased the cash consideration component of its offer to acquire Allied World by $18 per ordinary share, taking the total cash consideration to $28 per ordinary share.
Indonesia issues operating license for new reinsurance brokers
The Financial Services Authority of Indonesia (OJK) has granted operational licenses to reinsurance brokers PT JLT Reinsurance Brokers and PT Inare Proteksi International.
RMS adds agricultural risk models for India and China
Global risk modeller RMS has announced the expansion of its offering with the addition of new India and China agricultural risk models.
Minnesota House passes new GOP reinsurance programme bill
The Minnesota House has approved a new GOP reinsurance programme of nearly $400 million, that aims to protect health insurers from some of their exposures and stabilise the market.
Oxbridge Re’s net income declines to $2.6mn in 2016
Reinsurer Oxbridge Re has announced its results for 2016, posting net income of $2.6 million, compared with $4.6 million a year earlier. The firm attributed the decline to the impacts of hurricane Matthew.
AXIS cedes $40m of premiums, $10m of losses to Ventures Re in 2016
AXIS Capital Holdings Limited ceded $40 million of premiums and $10 million of losses to its Ventures Re third-party capital reinsurance unit in 2016.
Aggregation of U.S. storm losses could threaten reinsurance programmes: RMS
Catastrophe risk modeller RMS has warned that reinsurance programmes in the U.S. could be at threat from high losses as a result of damages from early year storms.
Continental Re posts increased profit in 2016
Continental Reinsurance has reported its results for 2016, posting a profit before tax of 4.65 billion naira (roughly US$14.7mn), compared with 2.92 billion naira (roughly US$9.2mn) a year earlier.
Hong Kong government urged to support reinsurance industry growth
Reinsurers in Hong Kong continue to lose business to Chinese firms and international players, leading the Financial Services Development Council (FSDC) to call on the government to better support the local reinsurance industry.
Barbican appoints Sullivan Class Underwriter, Downstream Energy
Barbican Insurance Group recently announced the appointment of Marc Sullivan as a class underwriter for downstream energy, effective immediately.
Pacific Alliance cat bond progress being made
Latin American trade bloc, the Pacific Alliance, has once again been debating the issuance of a joint catastrophe bond, with progress reportedly being made with the assistance of the World Bank.
AIA has announced the appointment of Ng Keng Hooi as its new CEO, replacing Mark Tucker, who is to become the new Chairman of HSBC Holdings.
Insurance claims in Saudi Arabia hit new high in 2016
Insurance claims in Saudi Arabia in 2016 reached the highest ever, at $6.3 billion, growth of 10% when compared with the previous year.
Australia offers life insurers and superannuation bodies best practice guidance
In an effort to improve pricing and industry sustainability, the Australian life insurance and superannuation bodies recently issued guidance for Group Insurance Data.
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