Here’s your daily Reinsurance News for Tuesday 21st March 2017:
Hannover Re buys into Lloyd’s with Argenta acquisition
Reinsurance giant Hannover Re has announced the acquisition of UK holding firm Argenta Holdings, which owns managing agent Argenta Syndicate Management, Argenta Private Capital, and a pro rata share of the Lloyd’s syndicate Argenta Syndicate 2121.
European cedents purchased more reinsurance in soft market: A.M. Best
Europe’s 20 largest cedents increased their use of reinsurance purchases during the last two years in light of continued soft market conditions, according to rating agency A.M. Best.
Hannover Re shows even top reinsurers need efficient access to risk
Hannover Re’s recently announced acquisition of Argenta Holdings shows that even the largest reinsurance players need access to efficient risk as firms continue to build platforms.
FEMA calls for flood insurance expansion via private markets and NFIP
Roy Wright of FEMA, has called for the expansion of flood insurance protection across the U.S, via the multi-year reauthorisation of the National Flood Insurance Program (NFIP).
XL Catlin appoints Tim McMahon as Global Chief Underwriting Officer
Insurer and reinsurer XL Catlin has announced the appointment of Tim McMahon as Global Chief Underwriting Officer for Property, based in London.
Thunderstorms as high a risk to property as hurricanes: Willis Re
Reinsurance broker Willis Re has said that risks to U.S. property from severe thunderstorms is as high as it is from hurricanes.
Kenya Re reveals plans to move into North Africa
Reinsurer Kenya Re has revealed plans to launch a regional hub in Sudan or Egypt as it targets North Africa as its next growth market.
Neon launches marine and offshore construction consortium
Neon Underwriting has announced the launch of a new marine and offshore construction consortium, designed to meet the demands of shipyard clients.
Securis SPS 6129 increases stamp capacity to $130m for 2017
Securis Investment Partners has grown the size of its special purpose Lloyd’s of London syndicate 6129, so it can now underwrite $130 million of U.S. excess and surplus lines property business in 2017.
Structured reinsurance – the big growth opportunity: Fitch
Rating agency Fitch maintains a negative outlook for the global reinsurance sector, but highlights structured reinsurance as a potential growth area in the coming months.
JLT Re partners with KatRisk for flood risk modeling
Reinsurance brokerage JLT Re has partnered with KatRisk to help bring enhanced flood risk modeling capabilities to its client base.
Argo Group launches 2016 annual report
Argo Group International Holdings, Ltd. has released its annual report for 2016, which highlights the company’s solid performance.
Global re/insurance M&A activity forecast to increase: KPMG
KPMG has said that insurance industry mergers and acquisitions could increase this year after 84% of surveyed companies said they had one to three deals in the pipeline.
China UCF Group backs Hong Kong Life Insurance acquisition
China UCF Group Co. is reportedly backing the acquisition of Hong Kong Life Insurance Ltd. in a deal valuing the insurance firm at $914 million.
Buffalo Re cat bond a “seamless” fit for ICAT reinsurance strategy
Lloyd’s of London ICAT Syndicate 4242 has hailed its recent catastrophe bond issuance, Buffalo Re Ltd. (Series 2017-1), as “seamlessly” fitting within its strategy.
California could pursue its own insurance program
According to industry reports the state of California could leave the National Flood Insurance Program and pursue its own insurance program.
Markel CATCo increases own retro and ILW protection for 2017
Markel CATCo Investment Management has taken further advantage of the soft market conditions to increase its own retro balance-sheet hedging, mostly through the purchase of industry loss warranties (ILW’s) for 2017.
Oman insurers to sell 25% of shares in IPOs
Capital Market Authority (CMA), the stock market regulator in Oman, has approved a request from local insurers to divest a 25% stake owned by promoters, as opposed to the normal 40%, in IPOs.
Taiwan insurance market could lose up to $4.9 billion in 2017
According to reports the Taiwan insurance market could lose up to $4.9 billion in the first quarter of 2017, in response to insurers foreign investment exposure and Taiwanese dollar’s appreciation.
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