Here’s your daily Reinsurance News for Tuesday 20th September 2016:
Hurricane Hermine insured losses expected below $400m: RMS
Catastrophe risk modeller RMS has said that insurance and reinsurance industry losses from hurricane Hermine are not expected to exceed $400 million.
Lloyd’s and LMA in deal to make ARA’s hurricane loss model available to Lloyd’s managing agents
Lloyd’s of London and the London Market Association (LMA) have announced a new “groundbreaking” deal with provider of U.S. hurricane models, Applied Research Associates (ARA). The deal makes the ARA’s Hurloss model available to subscribing Lloyd’s managing agents.
UK ILS market launch a key 2017 deliverable for LMG
The launch of an insurance-linked securities (ILS) market in the UK is a key deliverable over the next six months for the London Market Group (LMG), as it’s viewed as a critical piece of the London market’s modernisation.
Munich Re names Patrick Sullivan SVP, Integrated Analytics
Reinsurance giant Munich Re U.S. (Life) has announced the appointment of Patrick J. Sullivan as SVP, Integrated Analytics. Sullivan will be responsible for driving data analytics strategy and will work closely with Munich Re clients.
Markus Schmutz (ex-Swiss Re Capital Markets) joins Rewire as partner
Formerly of Swiss Re Capital Markets, Markus Schmutz has joined insurance and reinsurance-linked securities (ILS) distribution and structuring entity, Rewire Securities LLC, as a Partner.
Phoenix Companies rebrands under Nassau Re Company
The Phoenix Companies, Inc. has now introduced its new corporate brand, which aligns Phoenix’s logo with its parent company, Nassau Reinsurance Group Holdings, L.P. (Nassau Re).
AIR puts Louisiana floods insurable loss at up to $11 billion
Global catastrophe risk modelling firm, AIR Worldwide, has estimated that “industry ground-up” insurable losses from the Louisiana floods could be as high as $11 billion.
XL Catlin promotes Jeffrey Loechner to Gulf Coast Territorial Manager, U.S. Marine
XL Catlin recently announced that it has promoted Jeffrey Loechner to the role of Gulf Coast Territorial Manager, U.S. Marine insurance. Loechner joined the firm in 2012 as a Senior Underwriter for Ocean Marine.
LMG releases manifesto for growth and modernisation
In an effort to respond to the changing re/insurance market landscape, the London Market Group (LMG) has released its manifesto for growth and modernisation.
Zenkyoren upsizes cat bond, secures $700m of reinsurance protection
Highlighting the continued appetite for investing in the catastrophe bond space, Zenkyoren’s Nakama Re Ltd. (Series 2016-1) deal has more than doubled in size while marketing, to $700 million.
Neon names Andrew Thornton Underwriter, Solicitor, M&A Tax Insurance
Neon Underwriting has announced the appointment of Andrew Thornton as Underwriter and Solicitor, M&A Tax Insurance, reporting to Dawn Bhoma, head of tax liability insurance.
CATCo adds 3.5% of NAV loss reserve for Jubilee FPSO claims
The CATCo Reinsurance Opportunities Fund Ltd. recently reported the establishment of a loss reserve for potential business interruption, joint hull and machinery claims, resulting from the Jubilee FPSO event.
Allianz highlights benefits and risks with increased use of commercial drones
Allianz has warned that the growth in commercial drone use will bring about a range of new risks, but also multiple benefits, as the range of smaller aircrafts become easier to use and cheaper to purchase.
Verisk Insurance Solutions launches new energy insurance division
Verisk Insurance Solutions has announced the launch of a new energy insurance division that’s focused on transforming risk assessment, rating, and modelling for several business lines.
Kenya Re and CIC Insurance undervalued: Report
A new report from Cytonn Investments claims that Kenya Reinsurance Corporation and CIC Insurance Group are both undervalued, with upsides of 41.6% and 14.4%, respectively.
Atradius acquires 55% stake in Graydon Holding
Atradius N.V. has announced that it’s acquired 55% of the shares in Graydon Holding N.V., a global provider of business information. The acquisition makes Atradius the sole shareholder.
ICICI Prudential Life launches first-ever Indian IPO by an insurer
The first ever initial public offering (IPO) by an insurance company in India was launched recently, by ICICI Prudential Life Insurance, with subscriptions reportedly reaching 15.78% on the first day.
SpatialKey & Impact Forecasting provide re/insurers with valuable, global peril data
Geospatial insurance analytics provider, SpatialKey, and Aon Benfield’s catastrophe risk modelling unit Impact Forecasting, continue to give re/insurers increased access to global peril data.
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