Here’s your daily Reinsurance News for Tuesday 18th October 2016:
Reinsurer combined ratios, RoEs to deteriorate further in 2017: Fitch
The combined ratios and RoEs of reinsurers are expected to deteriorate further in the coming months, as a return to more normalised losses exacerbates the softening landscape, says Fitch Ratings.
Majority of insurers’ ratings won’t be impacted by hurricane Matthew: A.M. Best
According to ratings agency A.M. Best, the damage caused by hurricane Matthew is unlikely to have any impact on ratings for the majority of insurers, owing to sufficient capital and reinsurance programmes.
Opportunity in emerging markets, access to reinsurance key: JLT Re
Reinsurance broker JLT Re has highlighted the opportunities in emerging markets, stressing the need to be able to access reinsurance capital.
Aon launches earthquake cat model for Iceland
The catastrophe modelling unit of Aon Benfield, Impact Forecasting, has released a new catastrophe model for Iceland to estimate the impact of earthquakes, the region’s most disastrous peril.
Zurich enters into £50 million longevity swap transaction
Zurich has entered into a £50 million longevity swap transaction, on which Mercer acted as an adviser. The deal saw Zurich retain 25% of the risk, reinsuring the remaining 75% of the risk with Pacific Life Re.
Brazil’s reinsurance market remains resilient despite headwinds: A.M. Best
In spite of ongoing economic headwinds in the country, A.M. Best has said the Brazilian reinsurance market has remained resilient, although the overall operating landscape is not favourable.
Re/insurers continue to assess damage from hurricane Nicole
Insurers and reinsurers continue to assess the impact of hurricane Nicole after it struck Bermuda last week, with reports citing less damage than expected from a Category 3 storm.
JLT Specialty USA announces three new appointments in New York
JLT Specialty USA has announced several new appointments in New York, including Justin Riccio SVP, Kevin Rucinski VP and, Matt Franzese VP.
Orient Insurance in reinsurance arrangement with HDFC Life & Re
According to reports, Orient Insurance has entered into a reinsurance agreement with HDFC International Life & Re, to better meet the needs of the expat sector.
Appleby’s Bell to retire and be replaced by John Wasty
Law firm Appleby has announced that Kiernan Bell, a top lawyer and head of the firm’s dispute resolution team is to retire and be replaced by John Wasty, who also leads the firm’s insurance and reinsurance disputes practice.
AXIS and BitSight enable policyholders to mitigate cyber risks
The professional lines unit of AXIS Insurance, AXIS PRO, in combination with BitSight, are enabling certain policyholders with access to BitSight Security Ratings, in an effort to mitigate cyber risks.
Q3 2016 Cat Bond Report – Weather risk returns, private deals, market growth
Artemis has released its third-quarter 2016 catastrophe bond and ILS market report, that reveals over $1 billion of issuance from eight transactions during the quarter.
CIRC proposes mandatory recording of insurance sales
In an effort to reduce the mis-selling of insurance products, Chinese regulator the CIRC, is working on guidelines that will require the mandatory recording of insurance sales.
Rise in drone use opens up a broad range of risks
The increased accessibility and use of drones around the world opens up a broad range of risk coverages, representing new challenges for insurers and reinsurers, according to A.M. Best.
Paris attempts to lure London business after Brexit vote
According to reports, Paris is attempting to lure London domiciled businesses, including insurers and reinsurers, following the UK’s vote to leave the EU.
A.M. Best affirms “A-” rating of Casiopea Re
Ratings agency A.M. Best has affirmed the financial strength of Telefonica captive Casiopea Re, of “A- (Excellent)” and a long-term issuer credit rating of “a-“.
Retakaful companies allow accounts to be settled in Arab currencies
Arab-based retakaful companies are now allowing Egyptian takaful firms to settle accounts in the currency with which the retakaful companies are established, in an effort to navigate the issue of hard currency shortages in Egypt.
SCOR named Life Reinsurer of the Year at Asian awards ceremony
During a recent awards ceremony in Asia, global insurer and reinsurer SCOR was named Life Reinsurer of the Year, it’s been reported.
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