Here’s your daily Reinsurance News for Tuesday 26th July 2016:
Reinsurance losses may be sufficient to install pricing floor: Macquarie
Analysts at Macquarie have said that global catastrophe losses sustained in the second-quarter of 2016 might be enough to establish a pricing floor at the January 2017 renewal.
Catastrophe losses hit Everest Re’s Q2 profits
Everest Re has reported its Q2 results, posting a net income of $155.7 million, compared with $209.1 million a year earlier. The reinsurer also reported catastrophe losses of $105.4 million in the quarter, and a combined ratio of 95.1%.
AIR selected for World Bank pandemic facility
AIR Worldwide has been selected by the World Bank to model the Pandemic Emergency Financing Facility (PEF), and has also revealed some enhancements to its Global Pandemic Model.
W.R. Berkley grows GWP in Q2, operating income flat despite losses
W.R. Berkley has reported a net income of $109 million for the second-quarter, down from the $123 million reported for the same period last year. The firm grew its GWP to $1.94 billion, while its operating income remained flat, at $105 million.
ICAT partners with Neon to provide $10mn of per-risk catastrophe capacity
ICAT has partnered with Lloyd’s of London insurer Neon to provide a further $10 million of per-risk capacity to commercial properties in the U.S. that are susceptible to catastrophes.
JLT Re’s Q2 growth helps Group increase revenue to $619.4 million
Insurance and reinsurance broker JLT has reported its Q2 results, revealing that its reinsurance arm JLT Re increased its revenues by 8% to $127.7 million. The group reported revenue growth of 5%, to $619.4 million.
Everest Re to sell and reinsure crop insurer to CGB Diversified Services
Reinsurer Everest Re has announced that it has signed a letter of intent in relation to the sale of its U.S. crop insurer, Heartland Crop Insurance, Inc., to CGB Diversified Services, Inc. The transaction will see Everest enter into a reinsurance arrangement with CGB.
Study reveals Lloyd’s potential exposure to cyber attacks
A recent study by Adsensa reveals that after reviewing nearly 400 reinsurance contracts underwritten at Lloyd’s, there is potential for large exposures in the event of a cyber attack.
Allianz Risk Transfer & Nephila in second wind farm revenue swap
Allianz Risk Transfer has reportedly closed a second innovative weather hedging revenue management transaction for a wind farm, with Nephila Capital.
XL Group completes Bermuda redomestication
XL Group has completed its redomestication to Bermuda from Ireland, the company has announced. The firm also noted that the new holding company name is XL Group Ltd.
Large wildfires destroy homes in California
Thousands of residents in California were allowed to return on Monday after a devastating wildfire tore through canyons and foothills north of Los Angeles. At least 18 homes are ported to have been destroyed, and reports state one person lost their life.
Club Vita, Legal & General to expand access to longevity risk transfer
Longevity risk information provider Club Vita and re/insurer Legal & General have partnered to expand the reach of longevity risk transfer to a broader range of pension schemes.
P&C insurers’ underwriting margins to erode further in 2016: S&P
A recent report from international ratings agency Standard & Poor’s (S&P) underlines further challenges for the global P&C sector through 2016, suggesting further erosion of profit margins.
Catastrophe insurance schemes can help disaster aid/recovery: Report
The Center for Global Development has underlined the importance of expanding the reach of catastrophe insurance schemes to all corners of the world, to improve disaster aid and recovery.
Flooding in China’s Hebei Province to cost more than $2.4 billion
Reports from the region state that recent flooding in China’s Hebei Province claimed 114 lives and has resulted in economic losses of more than $2.4 billion.
Chubb opens Chicago office & bolsters New York Trade Credit team
Chubb Global Markets has opened a new office in Chicago, U.S., and has also announced the addition of a new underwriter in its New York office, in Brennan Elio, Assistant Vice President, Trade Credit.
Climate-related disasters increases risk of armed conflict: Report
According to a new study that utilises data from reinsurer Munich Re, climate-related natural disasters and extreme weather events are pushing countries into armed conflicts.
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