Here’s your daily Reinsurance News for Tuesday 17th January 2017:
“Too early to see a turn in the market,” says RBC
Analysts at RBC Capital Markets have said that despite rate declines in the global reinsurance market slowing at 1/1, 2017 is too early to see a turn in the market.
XL Catlin names Anne Middleton to lead ceded reinsurance
Insurer and reinsurer XL Catlin has announced the appointment of Anne Middleton as Global Head of Placements, Ceded Reinsurance, within its P&C Underwriting Capital Management unit.
Insurtech Bought By Many raises £7.5m, Munich Re to provide capacity
Insurtech start-up Brought By Many has raised a £7.5 million ($9.5 million) Series A venture round, and it’s been revealed that reinsurance giant Munich Re is one of the backers.
UBS turns more negative on European reinsurance sector
After further price declines at the key January 1st 2017 reinsurance renewals, UBS has said that it’s now more negative on the European reinsurance industry.
Dublin possible new base for Lloyd’s EU subsidiary
According to industry reports the specialist Lloyd’s of London insurance and reinsurance marketplace is seriously considering establishing a subsidiary in Dublin, Ireland, following the UK’s Brexit vote.
Munich Re makes new supervisory board appointment
Global reinsurance giant Munich Re has appointed Renata Jungo Brüngger to the Supervisory Board of Munich Re, effective 3rd January 2017, to replace Wolfgang Mayrhuber.
BIBA calls for continued EU market access after Brexit
The British Insurance Brokers’ Association (BIBA) has called for the UK government to ensure continued EU market access after the UK’s vote to leave the EU.
Markel to provide insurance in Brazil
According to reports from the region insurer and reinsurer Markel is to begin primary operations in Brazil, where the re/insurer already conducts reinsurance business.
Munich Re notes ILS investor discipline in 2016
Global reinsurer Munich Re has highlighted ILS investor discipline throughout 2016, at a time when the market continued to grow in challenging conditions.
Novae names Reeken Patel Executive Director, Group CFO
Novae Group has announced the appointment of Reeken Patel as Executive Director and Chief Financial Officer (CFO), subject to regulatory approval.
India’s re/insurance market poised for growth: Report
A recent report highlights the potential for strong growth in the Indian insurance and reinsurance market in the coming months and years.
ILS NYC 2017 conference – Feb 3rd, New York
A thoughtfully curated annual insurance-linked securities event in New York City from Artemis. Featuring ILS & reinsurance industry leaders speaking on forward-thinking, engaging topics.
Chubb names Alf Müller Property & Tech Lines Director, Continental Europe
Chubb has announced the appointment of Alf Müller as Property and Technical Lines Director for Continental Europe, as the company looks to evolve its offering.
Fibonacci helps RenRe source risk efficiently for investors
Reinsurer RenaissanceRe’s Fibonacci Reinsurance Ltd. special purpose insurance vehicle, helps the reinsurer source risks efficiently for it’s third-party investors, reports Artemis.
Re/insurer appetite for Iranian crude oil shipping risks still low: Report
Despite the removal of sanctions in Iran, insurers, reinsurers and banks still have a lower appetite for Iranian crude oil shipping risks than before the sanctions were applied.
ZimRe Holdings removed from OFAC’s sanctions list
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has removed ZimRe Holdings from its sanctions list, which should make the company attractive to foreign investors.
HDFC Ergo General Insurance raises $51 million for business growth
India domiciled insurer HDFC Ergo General Insurance Co. Ltd. has reportedly raised $51 million via the issuance of non-convertible debentures, which will be used for business growth.
Capital requirements lead to insurer mergers in the Philippines
According to the Insurance Commission of Philippines eight non-life insurers in the region are to merge in order to meet the minimum paid-up capital requirement, while three plan to cease operating, and another two look for new investors to boost their capital.
First takaful insurers begin operations in Nigeria
In what’s a first for the country, two takaful insurance companies have started operations in Nigeria, being Jaiz Takaful Insurance and Noor Takaful Insurance.
Non-life insurers in India report aggregate underwriting loss of $1.1bn in H1 fiscal year
Non-life Indian insurers reported an aggregate underwriting loss of $1.1 billion in the first-half of the fiscal year ending March 31st, 2016.
Want to receive this news by email every morning? Just fill out the form below.
