Here’s your daily Reinsurance News for Tuesday 1st November 2016:
Frankland joins Aon Benfield from Guy Carpenter
Reinsurance broker Aon Benfield has announced the appointment of Nick Frankland as CEO of its UK business. Frankland joins the firm from broker Guy Carpenter, and will be responsible for driving the firm’s UK growth strategies, and will have oversight of the firm’s Global ReSpecialty, Specialities, ReSolutions and UK & Ireland broking teams.
Unfavourable reserves could stimulate reinsurance demand
Unfavourable reserve development could lead to an increased demand for reinsurance protection as reserves continue to diminish while attritional catastrophe losses climb.
Allied World’s net income returns to profit in Q3 2016
Allied World has reported its Q3 2016 results, posting a net income of $68.6 million, compared with a net loss of $51.6 million a year earlier. The firm reported a combined ratio of 96.2% in the quarter.
Blenheim adds more ex-Cathedral staff, confirms Nephila investment
Lloyd’s of London syndicate Blenheim Syndicate 5886 has announced the appointments of a number of ex-Cathedral property underwriting staff, and has also confirmed an investment made by Nephila Capital.
California Supreme Court to debate disaster insurance protection
The California Supreme Court is reportedly set to hear arguments surrounding disaster insurance, and whether the state can impose rules on insurers that aims to protect homeowners against losses from disasters.
Hurricane Matthew claims loss reaches $606m in Florida
The insurance and reinsurance loss from the impacts of hurricane Matthew in Florida has now reached $606 million, according to the latest from the Florida Office of Insurance Regulation.
Sciemus makes three new appointments
Sciemus has announced three new appointments, including Phil Duffin as Director, Space and Aviation. Matthew Cook has been appointed Senior Technical Specialist, Power, and George Paraskeva has been hired as a Cyber Specialist.
Reinsurance & ILS strengthen adaptability of cyber insurance: Welsh, Sciemus
According to Rick Welsh of Sciemus, the type of cyberattack as seen on DNS provider Dyn recently is to become more common place, highlighting the potential for reinsurance and alt capital to assist with the adaptability of cyber insurance to transfer risk.
Indonesian reinsurance markets prepare for regulatory impacts: A.M. Best
A recent episode from A.M. Best TV explores the Indonesian reinsurance marketplace, citing that reinsurance markets in the region are bracing for regulatory changes.
Blue Capital Reinsurance Holdings’ combined ratio up in Q3
Blue Capital Reinsurance Holdings has reported its third-quarter 2016 results, posting a net income of $3.3 million. The firm’s combined ratio increased in the period, to 63.5%, and was driven by higher losses.
Tokio Marine America expands U.S. offering
Tokio Marine Holdings Inc. subsidiary, Tokio Marine America, has expanded its U.S. offering with the addition of marine hull and marine liability coverage.
Typhoon Haima triggers first-ever payout of pilot cat insurance scheme in Guangdong, China
Typhoon Haima, which impacted the Chinese province of Guangdong in October 2016, has triggered the first-ever payout from the pilot catastrophe insurance scheme that covers the region.
MetLife could be about to exit the Indian insurance market: Reports
According to reports MetLife could be about to exit the Indian insurance industry, where it has a 26% stake in a joint venture, but has not looked to increase its holding after new guidelines from the IRDAI.
Lemonade names William Latza Chief Compliance Officer, General Counsel
Recently launched Lemonade has announced the appointment of William Latza as Chief Compliance Officer and General Counsel, after spending 25 years with law firm Stroock & Stroock & Lavan LLP.
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.
Macroeconomic forces impacting prospect of Turkey’s insurance markets: Report
A recent report explores risks in the Turkey insurance market, and claims that macroeconomic factors have contributed to a downgrade in the short-term prospects for the ‘frontier’ insurance sectors in Turkey.
Saudi and UAE insurance markets resilient in spite of economic uncertainty
Despite ongoing economic uncertainty in the region, the Saudi and UAE insurance markets are proving to be resilient, according to Sanjay Jain, insurance leader at EY MENA.
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