Here’s your daily Reinsurance News for Tuesday 18th April 2017:
Swiss Re sets up Singapore reinsurance entity to be Asian HQ
Reinsurer Swiss Re has established a legal entity in Singapore that will also serve as the firm’s Asian headquarters.
2017 an “environment of cautious optimism” for U.S. & Bermudian M&A: Deloitte
Analysts at Deloitte have described the M&A outlook for this year as an “environment of cautious optimism,” as it expects U.S. and Bermudian re/insurers to plan for, but delay final execution.
Cat bond market hits record at $27.7bn, as 2017 issuance passes $4bn
Data from the Artemis Deal Directory reveals that catastrophe bond issuance so far in 2017 has resulted in the outstanding market reaching a new all-time high of just under $27.7 billion.
Andy Bord named permanent CEO of Flood Re
The UK’s government-backed flood reinsurance scheme, Flood Re, has appointed Andy Bord as its permanent CEO.
Technology – shifting global awareness and perception of re/insurance: Swiss Re
The CEO of reinsurance at Swiss Re, Moses Ojeisekhoba, has said that technology is shifting global perception and awareness of insurance and reinsurance.
Reinsurance backed geothermal risk transfer expands to Germany
Daldrup & Söhne AG is now the first company in Germany to use an innovative integrated drilling risk insurance model that’s backed by a reinsurance structure.
Marine underwriters face growing challenges: IUMI
The International Union of Marine Insurance (IUMI) has highlighted that marine insurers in 2016 faced increasing challenges as energy claims rose against a reducing premium base.
Brown & Brown’s Q1 2017 revenue up by nearly 10%
Brown & Brown has reported its first-quarter 2017 results, posting quarterly revenues of $465.1 million, up almost 10% on the same period last year.
India’s general insurance sector to experience strong growth
The general insurance industry in India is expected to expand by 32% in the 2016-2017 financial year, driven largely by crop and motor insurance growth.
ERGO on the hunt for new life insurance partner in India after Avantha Group withdraws
Insurer ERGO is reportedly looking for a new partner for its life insurance business in India, after The Avantha Group has decided to withdraw from a previously signed joint venture agreement.
Munich Re US (Life) launches new underwriting training programme
The US Life division of reinsurer Munich Re has introduced a new underwriting training initiative, which offers an extensive and comprehensive video library.
Cincinnati Insurance expects Q1 cat loss of $106 million
Cincinnati Insurance Companies’ property casualty group expects a Q1 2017 pretax catastrophe loss of roughly $106 million.
Christchurch fires insurance payouts near $18 million
According to reports from the region almost $18 million in insurance has paid out in New Zealand after two large fires in the Christchurch area.
Crop insurance driving non-life market in India
India’s non-life re/insurance industry recorded 32% growth in premiums during the last fiscal year ended 31 March 2017, thanks largely to increasing uptake of crop coverage.
Cyclone Cook insured loss could be in the tens of millions of dollars
The Insurance Council of New Zealand has said that insurance industry losses from Cyclone Cook could reach the tens of millions of dollars.
India to tighten insurance broking laws
India’s insurance regulator IRDAI is tightening brokerage regulation, including capital requirements, and laws to maintain independence of firms.
USAA lifts Residential Re 2017-1 cat bond target to $450m
USAA has grown the size of its new Residential Reinsurance 2017 Ltd. (Series 2017-1) cat bond by 50%, up to as much as $450 million.
Lebanese insurance sector must work to promote M&A activity
The MENA region CEO and Chairman of Allianz SNA, Antoine Issa, has said that the dynamics of the Lebanese insurance sector do not promote mergers and acquisition activity.
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