Here’s your daily Reinsurance News for Tuesday 25th October 2016:
Additional reinsurance demand seen for January renewal – Hannover Re
Reinsurance giant Hannover Re has said there is likely to be some additional demand for reinsurance capacity from European and German cedants at the key January 1st reinsurance renewal.
Everest Re sees net income rise and combined ratio improve in Q3
Everest Re has reported its third-quarter 2016 results, posting an increased net income of $295.4 million, compared with $88 million a year earlier. The firm’s combined ratio also improved in the quarter, to 85.6%.
Verisk buys Analyze Re, to add new tools to AIR’s model offering
Verisk Analytics has announced the acquisition of Analyze Re, which is to be folded into catastrophe risk modelling firm AIR Worldwide.
Primary players to push back against reinsurance rate increases at 1/1
Industry leaders and experts expect primary insurers to push back against price increases in the reinsurance market at the January renewals, and state that hurricane Matthew’s impact won’t be enough to reverse the trend of falling prices.
Claims data shows Florida hurricane Matthew loss rises to $549m
According to data from the Florida Office of Insurance Regulation claims from hurricane Matthew have now reached $549 million, although the rate of increases has slowed substantially.
U.S. homeowners premiums to exceed $90 billion: Aon
According to an annual study by Aon, U.S. homeowners premiums are set to exceed $90 billion for the first time, as continued market growth is expected in 2016 despite reduced return on equity for insurance companies.
Excess reinsurance capital can benefit society – Guy Carpenter
During the 2016 meeting of the reinsurance industry in Baden-Baden pricing is a key discussion, although some in the sector are noting the positive impact reinsurance and risk capital can bring to society.
IRDAI grants second-phase approval to five foreign reinsurers
The Insurance Regulatory and Development Authority of India (IRDAI) has now given second-phase approval to five foreign reinsurance companies, including Munich Re, Swiss Re, RGA, Hannover Re, and SCOR.
Protectionist practices restrict re/insurance market development
Insurance Europe has said that protectionist restrictions on the entry of foreign reinsurers and insurers in local markets is hindering the development of the market.
Neon Underwriting names Hunt SVP, Property Insurance, Bermuda office
Neon Underwriting has announced the appointment of Dwayne Hunt as SVP, Property Insurance, in the firm’s Bermuda office. Hunt will join the firm on December 1st, 2016.
JLT Re hires new MD for Asia Pacific retrocessional reinsurance
Reinsurance broker JLT Re has announced the appointment of Stephen Punch as Managing Director (MD) for Asia Pacific for Regional Clients and Retrocession.
James Trainor joins Aon’s Cyber Solutions Group from the FBI
A top cyber expert from the FBI, James Trainor, has joined Aon’s Cyber Solutions Group, the company has announced. Trainor joins the firm as an SVP within its Cyber Solutions Group, after 20 years with the FBI.
PERILS updates European windstorm industry loss forecasting tool
Provider of industry-wide European catastrophe exposure, industry loss data and indices, PERILS AG, has updated the underlying loss model of its Wind-Jeannie tool for the upcoming European windstorm season.
Public-private partnerships create opportunities for re/insurers in emerging markets: Axco
Axco Insurance Information Services has released a new report that underlines how public-private partnerships can create opportunities in emerging markets for insurance and reinsurance companies.
Q3 2016 Cat Bond Report – Weather risk returns, private deals, market growth
Artemis has released its third-quarter 2016 catastrophe bond and ILS market report, that reveals over $1 billion of issuance from eight transactions during the quarter.
15% of roof damage from hurricane Matthew preventable: RoyalStar Assurance
Managing Director of insurer RoyalStar Assurance, Anton Saunders, has said that 15% of roof damage from the impact of hurricane Matthew could have been prevented.
IUMI establishes hub outside of Europe for the first time, in Hong Kong
The International Union of Marine Insurance (IUMI) has launched a new overseas hub in Hong Kong, the first time in more than 142 years the organisation has established a hub outside of Europe.
Kuwait’s ministry of Commerce and Industry rejects plans for separate insurance supervisory entity
The Ministry of Commerce and Industry of Kuwait has rejected a proposal that would see the establishment of a separate body to overlook the insurance industry.
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