Here’s your daily Reinsurance News for Tuesday 22nd November 2016:
Expected to be second-costliest year on record for Japan quake as magnitude 7.4 strikes coast
Japan has been hit by another earthquake, which struck off the coast of the Fukushima prefecture, resulting in a tsunami warning for the region, which has now largely passed. Preliminary the quake was said to be a Magnitude 7.4 event, but this has since been revised to Magnitude 6.9.
Blue Capital reveals hurricane Matthew impact to reinsurance fund
Bermudian reinsurer Endurance’s Blue Capital Management unit, has revealed that it suffered $6.8 million of losses primarily related to Hurricane Matthew during October 2016.
Munich Re’s Karsten Herrmann sworn in as member of TFAC
SVP, Manager Political Risk and Trade Credit, Munich Reinsurance America Inc., Karsten Herrmann, has been sworn in as a member of the inaugural Trade Finance Advisory Council (TFAC).
Nephila Capital’s Velocity MGA to underwrite Texas wind policies
Nephila Capital looks set to take advantage of a new source of Texas wind insurance risk, as its MGA Velocity Risk Underwriters LLC., lines up to take on ex-TWIA homeowners policies.
Autumn statement to reveal more details of UK ILS ambitions
As part of the UK government’s Autumn Statement on Wednesday, it’s believed further information regarding the ambitions of the UK to attract some form of insurance-linked securities (ILS) business to London is to be announced.
Reinsurance giant Munich Re has partnered with app-based insurance provider Wrisk, in a deal that sees Munich Re become the sole carrier for Wrisk’s business underwritten in the UK, Europe and the U.S.
Innovation can remove limits of catastrophe risk transfer strategies: GDI
A discussion paper from the German Development Institute (GDI) stresses that more needs to be done and further innovation is required to enable risk transfer to better protect the world against natural catastrophes.
ABI highlights Asia as key growth area for UK firms
The Association of British Insurers (ABI) has highlighted Asia as a region with strong growth potential for UK firms, identifying eight key countries suited for expansion, which are all in Asia.
CEA to get $500m of reinsurance with Ursa Re cat bond, priced at top-end
The California Earthquake Authority (CEA) is set to achieve its $500 million of reinsurance protection upper target from the Ursa Re Ltd. (Series 2016-1) cat bond deal.
S&P downgrades reinsurer Istmo Re
Global ratings agency Standard & Poor’s (S&P) has downgraded Panama-based reinsurer Istmo Re and its core operating subsidiaries, owing to reduced capitalisation and weaker financial flexibility.
Bonanza Re cat bond pricing drops below guidance
According to industry reports, coupon guidance for the $200 million Bonanza Re Ltd. (Series 2016-1) catastrophe bond issuance, has fallen below the initial range.
Blockchain to create opportunities and disrupt insurance sector: Novarica
Research and advisory firm Novarica, has warned that Blockchain technology creates both a wealth of opportunities and challenges for the insurance sector.
Monte Carlo Rendezvous Executive Roundtable 2016
Participants discussed areas where ILS could play a greater role and explored potential features of the space that could facilitate increased influence across the risk transfer world, including weather risk, cyber, and terror.
Cyber rates falling, insurers expanding coverage
According to reports cyber insurers are expanding their coverage and a recent absence of major breaches has seen rates in the sector decline.
FSB releases 2016 list of global, systemically important insurers
The Financial Stability Board (FSB) has published its 2016 global list of systemically important insurers (G-SIIs), identifying nine insurers as G-SIIs in 2016.
Africa needs global assistance to tackle costs of climate change
The President of the African Development Bank, Akinwunmi Adesina, has called for urgent help from around the globe to assist with the cost of insurance to protect against climate change related catastrophes.
Prudential continues expansion in Chinese market with new branch
Prudential has announced the launch of a new branch in China as it continues to take advantage of the marketplace. The firm has opened a new Citic-Prudential Life Insurance branch in China’s Anhui province.
Rockhill Insurance launches E&S Property Unit for coastal risks
The Rockhill Insurance Group has launched its Excess and Surplus (E&S) Property Unit, which focuses primarily on coastal risks, and is lead by the experienced Tracy Upton.
In what’s the first of its kind in Ghana, Star Micro-insurance Services Limited and the Ministry of Fisheries and Aquaculture Development have signed an agreement to develop an insurance scheme for the country’s fishers.
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