Here’s your daily Reinsurance News for Tuesday 16th August 2016:
Arch Capital acquires United Guaranty from AIG for $3.4 billion
Arch Capital has acquired United Guaranty Corporation and AIG United Guaranty Insurance (Asia) from AIG, for a reported $3.4 billion.
Expect re/insurers to keep writing, even below cost-of-capital: Glaser, MMC
Dan Glaser, the President and CEO of Marsh & McLennan expects insurers and reinsurers to keep underwriting even when returns are below their cost-of-capital.
Romieh named VP, Business Development Manager, MENA Reinsurance at AXIS Accident & Health
AXIS Capital Holdings Limited has announced that Christian Romieh has been named VP, Business Development Manager, MENA Reinsurance of subsidiary AXIS Accident & Health.
Public-private sector support to boost innovation & demand: Munich Re
Reinsurance giant Munich Re has said that public and private partnerships combined with innovation should be embraced by re/insurers to stimulate demand.
ArgoGlobal acquires renewal rights for Allied World’s Asia marine hull business
ArgoGlobal has acquired the renewal rights for Allied World’s marine hull operations in Asia, the company has announced. The firm revealed that the transaction completed on August 5th, 2016.
Reinsurance broker Apex Insurance to establish subsidiary in Egypt
Reinsurance brokerage Apex Insurance has been given the green light from the Egyptian Financial Supervisory Authority to establish a subsidiary in the region.
Oxbridge Re’s net income down in Q2 2016
Oxbridge Re Holdings Limited has reported its second-quarter 2016 results, revealing that its net income declined to $872,000 compared with Q2 2015. For the six months ending June 30th 2016, the firm reported a combined ratio of 66.6%, compared with 26.5% a year earlier.
Beechwood Re to fully unwind ties to Platinum Partners
According to reports from the region, reinsurer Beechwood Re is to fully unwind all ties to hedge fund Platinum Partners after concerns about the reinsurer’s ability to meet its obligations.
QBE’s Equator Re increases assets and invests in hedge funds
Reports claim that Equator Re, the Bermuda-based reinsurer of QBE, has increased its assets and is pumping money into hedge funds for the first time, in an effort to improve returns in challenging conditions for its parent company.
CIRC looks to tighten licensing of insurance intermediaries
Reports from the region note that the Chinese insurance regulator, the CIRC, is looking to tighten the licensing of insurance intermediaries in the country.
IRDAI considering similar disclosure norms for listed and unlisted insurers
The Insurance Regulatory and Development Authority of India (IRDAI) is considering a push for similar disclosure norms for both listed and unlisted insurers in an effort to improve transparency.
Korean Reinsurance Company Chairman’s daughters inherit stake in firm
South Korea’s sole reinsurer, the Korean Reinsurance Company, has revealed that the daughters of Chairman Won Hyuk-hee have inherited his 3.17% stake in the company.
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