Here’s your daily Reinsurance News for Tuesday 15th November 2016:
Bermudian insurer and reinsurer Argo Group has announced the acquisition of Ariel Re for $235 million in cash. The deal is subject to regulatory approval but is expected to close in the first-quarter of 2017.
Reinsurance giant Swiss Re is working with six Indian tech start-ups in an effort to tackle business issues in the insurance sector, and improve revenues.
Reinsurance broker TigerRisk Partners has announced the appointment of Patrick J. Denzer as a Partner. Denzer brings a wealth of reinsurance industry knowledge and experience to the role.
Oxbridge Re Holdings has reported its third-quarter 2016 financial results, posting a net income of $3 million, compared with $0.7 million a year earlier. The firm’s combined ratio weakened in the quarter to 42.7%, compared with 24.4% a year earlier. The firm also revealed that it has lowered its loss estimate for hurricane Matthew, to $1.4 million to $3 million.
Fairfax Financial Holdings recently highlighted the benefits that efficient reinsurance capital provides the firm in mitigating the impact of cat losses on the operations of its specialty re/insurer OdysseyRe.
Towers has said that the recent earthquake that struck the Southern island of New Zealand could hit the firm’s profit by a maximum of $7.2 million, with the firm’s reinsurance programme limiting the impact.
Brokerage JLT has revealed that it’s reached an agreement to sell the majority of its Thistle UK business to PIB Group Limited, subject to regulatory approval.
Insurer and reinsurer Aspen has announced that its Aspen Insurance unit has hired Martin Phelan as Head of credit and political risk in Singapore, expanding the firm’s presence in the region.
Talanx has reported its results for the first nine months of the year, posting a net income of €635 million, compared with €488 million a year earlier, growth of more than 30%. Gross written premiums remained stable, at €23.7 billion.
Allied World Assurance Company Holdings has added two to its casualty division in Asia, including the appointment of Daphne Boon as VP, Head of General Casualty, Asia. While Christie Huang Shuying has been named AVP.
Warren Buffett’s Berkshire Hathaway has launched Employment Practices Liability Insurance (EPLI) as part of its Executive First suite of policies.
European run-off insurance specialist DARAG expects its acquisition of ERGO Assicurazioni S.p.A to close by the end of the month.
Monte Carlo Rendezvous Executive Roundtable 2016
Participants discussed areas where ILS could play a greater role and explored potential features of the space that could facilitate increased influence across the risk transfer world, including weather risk, cyber, and terror.
Kenya Reinsurance has expanded its presence and reach with the launch of a new office in Zambia, which aims to serve the entire South Africa marketplace.
CEO of the Insurance Council of Australia, Rob Whelan, has been re-elected to the Global Federation of Insurance Associations’ (GFIA) executive committee.
Michael Popkin of JLTCM has said that the capital markets is in the reinsurance industry for the long haul, and that it’s now increasingly difficult to tell the difference between traditional and alternative models.
A report highlights the need for the Chinese insurance industry to better respond to and prepare for climate risks, in the face of increased natural catastrophe events and a lack of insurance penetration in the region.
A rise in seismic activity in the state of Oklahoma during the past few years has driven discussions on the region’s earthquake insurance market, and while greater insurance take-up rates are evident, more needs to be done.
Chubb has announced the appointment of Steven Reiss as EVP, Real Estate & Hospitality (REH) Industry Practice Leader, based in the firm’s New York office.
According to reports the insurance arm of Pacific Century Group, FWD, has agreed to acquire AIG’s Japan life insurance business, AIG Fuji Life Insurance (AFLI).
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