Here’s your daily Reinsurance News for Tuesday 20th September 2016:
Catastrophe risk modeller RMS has said that insurance and reinsurance industry losses from hurricane Hermine are not expected to exceed $400 million.
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.
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.
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.
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.
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).
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 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.
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.
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 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.
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 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 has announced the launch of a new energy insurance division that’s focused on transforming risk assessment, rating, and modelling for several business lines.
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 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.
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.
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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