Here’s your daily Reinsurance News for Tuesday 27th September 2016:
Reserves suggest reinsurance cycle is at an inflection point: JLT Re
Reinsurance broker JLT Re has warned that the reinsurance industry is in “danger of releasing reserves” in spite of suggestions that accident year redundancies are running low.
SCOR disputes that state aid granted to the CCR is compatible with internal market
Caisse Centrale de Reassurance (CCR) said that the European Commission has approved its state-backed reinsurance scheme. Global reinsurer SCOR has disputed that the state aid granted is compatible with the internal market, and will challenge the decision.
Catastrophic norms of the future are in tail risks of today: Mark Carney
Mark Carney, the Governor of the Bank of England and Chair of the Financial Stability Board, has said that the insurance industry has shown “genius” by recognising the potential for increased severity and frequency of catastrophe and weather disasters.
Marsh enters into reinsurance deal with Denmark’s EKF
Marsh recently announced that it has been appointed as the facultative reinsurance broker for Denmark’s export credit agency, EKF.
Rising losses from flooding in Forbes, New South Wales, Australia: ICA
Insurance industry losses from severe flooding in the Central West area of New South Wales are increasing, with the Insurance Council of Australia expecting losses in the “tens of millions of dollars.”
Moody’s upgrades insurance financial strength of SCOR
Moody’s Investors Service has upgraded the insurance financial strength of SCOR SE to Aa3 from A1, and its subordinated debt rating to A2(hyb) from A3(hyb), with the outlook being stable.
ArgoGlobal launches cyber division, appoints Russell Heaton as cyber class underwriter
ArgoGlobal has launched a new cyber division and announced that Russell Heaton has been named cyber class underwriter for the new unit.
Asta names Kalpana Shah as new independent non-exec director
Asta, a third party managing agent at Lloyd’s of London, has announced the appointment of Kalpana Shah as a new independent non-executive director, effective October 1st 2016.
Reinsurance industry ready to transition: Kathleen Reardon
CEO of Hamilton Re, Kathleen Reardon, has said that the reinsurance industry is ready to adapt and transform into a more efficient marketplace.
Geneva Association calls for integrated approach to extreme event management
In response to the rising volume of disaster losses events around the globe, the Geneva Association has called for an integrated approach to the management of climate change and extreme events.
Re/insurance industry needs to be aware of volume of financial and actuarial risk
A report has highlighted that while global property and casualty insurance and reinsurance prices are expected to continue falling, the industry should be concerned with the volume of financial and actuarial risk.
AEGIS President and CEO to retire, Owen Ryan to take on CEO role
AEGIS has announced that President and CEO Alan J. Maguire has decided to retire from the company after 20 years, and will be replaced by Owen Ryan, formerly the CEO of Deloitte Advisory.
E&S underwriters to outperform P/C in 2017: Fitch
Global financial services rating agency, Fitch Ratings, has said that Excess and surplus (E&S) underwriters are likely to outperform the P/C industry 2017, regardless of weakening underwriting profitability.
XL Catlin names Jamie Chambers country manager, Hong Kong
XL Catlin has announced the appointment of Jamie Chambers as country manager for its Hong Kong insurance business. Chambers will be responsible for the company’s insurance operations in the region.
India’s finance ministry to list government-run insurers
According to reports from the region the Indian finance ministry is planning to list government-run insurers, New India Assurance and GIC, with other companies expected to become public in the future.
Insurers in Saudi Arabia continue to have a challenging time: S&P
Despite cheap reinsurance protection, growing businesses and supportive regulation, insurers across Saudi Arabia continue to experience challenging conditions, according to S&P.
ivari selects LOGIQ³ to deliver reinsurance services
ivari has selected reinsurance software provider LOGIQ³ to deliver management and admin services via a strategic outsourcing partnership, utilising LOGIQ³ capabilities in the life reinsurance space.
Want to receive this news by email every morning? Just fill out the form below.
