Here’s your daily Reinsurance News for Tuesday 24th January 2017:
AIG deal big enough to risk Berkshire underwriting profit: Credit Suisse
The recently announced adverse development reinsurance agreement between Berkshire Hathaway and AIG is big enough to jeopardise underwriting profit in Warren Buffett’s P&C business, warns Credit Suisse.
Re/insurers exposure to higher claims inflation rising: UBS
Global insurers and reinsurers’ risk of being exposed to higher claims inflation is on the rise as companies focus on longer-tail lines of business and reserves decline, says UBS.
Recent severe weather losses in the hundreds of millions: Impact Forecasting
Re/insurance industry losses from severe convective weather and tornadoes in the southeast of the U.S. in recent days is expected to reach the hundreds of millions, and possibly higher, according to Aon Benfield’s Impact Forecasting unit.
AIR gets casualty risk modelling ability with Arium acquisition
Catastrophe risk modelling firm AIR Worldwide is to benefit after its parent company, Verisk Analytics, announced the acquisition of Arium, an independent liability risk modelling firm.
SCOR & ChainThat test blockchain proof-of-concept for reinsurance
French domiciled re/insurer SCOR and start-up ChainThat have been working together on the testing of a blockchain based proof-of-concept for digitalising some reinsurance market processes.
Suncorp exceeds catastrophe budget again
Australian insurer Suncorp has once again exceeded its catastrophe budget, after reporting a number of major claims in the second half of last year.
Ireland’s regulatory landscape favourable for UK insurers post-Brexit
According to reports it’s no surprise that numerous UK-based re/insurers are looking to establish an office in Dublin following last year’s Brexit vote, as the region has key regulatory advantages.
XL Catlin gets IRDAI approval to open India branch
Insurer and reinsurer XL Catlin has received final approval from the IRDAI to establish a reinsurance branch in India, which the firms says will open in Mumbai before the April 1st, 2017 renewals.
Thailand seeks foreign re/insurance investors after relaxing legislation
Thailand’s Ministry of Finance recently announced that it’s relaxed certain legislation in an effort to attract foreign insurance and reinsurance investors to stabilise its marketplace.
VIG Re adds new board director
Tomasz Rowicki has been named as the new Board Director of reinsurer VIG Re, as the company looks to bolster the experience of its Board.
Generali acquires 3% Intesa Sanpaolo’s share capital
Italian insurer Assicurazioni Generali has acquired 3.01% of Italian bank Intesa Sanpaolo’s share capital, which reports state stop the bank from acquiring a large share of the general insurer.
Foreign affiliate reinsurance tax could reduce re/insurance supply in the U.S. – report
A new report explores the dangers and challenges of foreign affiliate reinsurance tax on U.S. consumers access to re/insurance business, claiming that it could reduce reinsurance supply.
Brown & Brown grows revenue by 7.1% in Q4 2016
Brown & Brown, Inc. has reported its fourth-quarter 2016 financial results, posting revenues of $443.6 million, up 7.1% on the same period in 2015. The firm’s net income declined by 0.7% to $57.7 million, in Q4.
Munich Re’s Head of Comms named Partner at Brunswick’s Munich office
Head of Communications at global reinsurance giant Munich Re, Christian Lawrence, has been named as a Partner at Brunswick Group’s Munich office.
Generali names regional officer for Asia
Assicurazioni Generali has announced the appointment of Roberto Leonardi as regional officer for Asia, responsible for growing the company’s P/C, and life insurance operations in the region.
Cyber crime up 40% year-on-year in the UK
According to data from the UK Office for National Statistics cyber attacks in the UK are on the rise, increasing by 40% year-on-year, underlining the need for improved cyber risk re/insurance solutions.
Twelve Capital sole investor in $20m R&Q Re private debt deal
Insurance and reinsurance linked investment manager Twelve Capital was the sole investor in a $20 million private debt issuance from R&Q Re (Bermuda) Ltd.
StarStone in joint venture partnership with Malakite Underwriting
Specialty insurer StarStone, a unit of Enstar Group, has entered into a joint venture partnership with Malakite Underwriting Partners.
Risk Strategies Company acquires brokerage UHP
Risk Strategies Company has announced the acquisition of University Health Plans (UHP), a brokerage focused on student health insurance programmes.
TMK adds Unmanned Aerial Systems insurance to digital exchange
Tokio Marine Kiln (TMK) has announced the addition of Unmanned Aerial Systems (UAS) insurance to its One TMK digital exchange.
$200m Leo Re funded by PGGM administered pension fund PFZW
According to reports the $200 million Leo Re Ltd. collateralised reinsurance sidecar deal was funded by Dutch pension fund manager PGGM, on behalf of the PFZW.
Number of Chinese insurers and brokers prepare for IPO in 2017
Reports from China claim that a number of the country’s insurers and insurance brokers are preparing for an initial public offering (IPO) in 2017.
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