Here’s your daily Reinsurance News for Tuesday 28th February 2017:
Buffet says Berkshire Hathaway is poised for a market turn
Berkshire Hathaway’s Warren Buffett has said that his insurance and reinsurance firms are ready to take advantage of a turn in the marketplace.
Profitable growth won’t be any easier for re/insurers to achieve in 2017
There’s a view across the industry that achieving profitable growth in insurance and reinsurance in 2017 isn’t going to be easy, as market dynamics suggests that a nearing of the bottom of the cycle won’t translate into more profit opportunities.
Swiss Re targets mid-sized commercial insurance market for growth
Reinsurance giant Swiss Re is expanding the capabilities of its Corporate Solutions unit, to offer commercial insurance solutions to mid-sized corporations.
Growth of reinsurance unit helps JLT record 2% organic revenue growth in 2016
Insurance and reinsurance broker JLT has reported its preliminary full-year 2016 results, posting organic revenue growth of 2%, and organic revenue growth within its reinsurance unit, JLT Re, of 4%.
Arch Re forms Arch Underwriters (Gulf) Limited
Bermuda domiciled reinsurer Arch Re has announced the formation of Arch Underwriters (Gulf) Limited (AUGL), designed to supplement its Gulf Re unit in Dubai.
Actuaries put storm Thomas/Doris Germany insured loss at €100m
Analysis from Germany-based actuarial firm Meyerthole Siems Kohlruss (MSK), claims that storm Thomas, or Doris is expected to result in an insurance industry loss in Germany of around €100 million.
Argo Group announces new agreement with Marine Underwriters of America
Global specialty insurer and reinsurer Argo Group International Holdings, Ltd. has entered into a new re/insurance partnership with Marine Underwriters of America (MUA).
Marine P&I Clubs benefit from cheaper reinsurance
While marine protection and indemnity (P&I) insurers do feel the pressures of the competitive and softened market landscape, they continue to take advantage of cheaper reinsurance capital, says S&P.
SCOR grows longevity reinsurance business in 2016
French insurer and reinsurer SCOR grew its longevity reinsurance book in 2016, driven by a strong fourth-quarter for the segment, and the firm sees continued growth in this region.
Asta invest in new London and Dubai reinsurance MGA, Arma Underwriting
Lloyd’s third party managing agent and MGA investor, Asta, has invested in a new London and Dubai reinsurance MGA, Arma Underwriting Limited.
Markel reports $56.5m of Markel CATCo revenue in 2016
Markel Corporation has revealed that its reinsurance and retrocession linked investment manager, Markel CATCo Investment Management, generated $56.5 million of revenue for 2016.
Ogden discount rate cut to -0.75%, re/insurers expect profit impact
The Lord Chancellor and Justice Secretary, Liz Truss, recently announced a steeper than expected cut to the Ogden discount rate, to -0.75%, a move that is expected to impact UK motor re/insurers.
JLT Re grows ability to broker ILWs with expanded PCS relationship
Reinsurance brokerage JLT Re has expanded its ability to offer industry loss warranty (ILW) products to its clients, growing its relationship with PCS.
IRB-Brasil Re posts record net income in 2016
Brazilian reinsurer IRB-Brasil Re has reported its full-year 2016 results, posting net income of $273 million, an increase of 11% on the previous year and the firm’s highest ever profit.
Neon grows Property Insurance segment with two hires
Insurer and reinsurer Neon has announced the appointment of Sam Yates and Jonathan Powell, expanding its Property Insurance team.
Ironshore Specialty Casualty execs take on new product line responsibilities
Ironshore Specialty Casualty executives, Dawn Puro and Sonny Powers, will assume new product line responsibilities at the firm, effective immediately.
Eclipse Re collateralized note platform launched by Horseshoe and Rewire
Fronting specialist Horseshoe Group and boutique insurance investment banking specialists Rewire Securities LLC, have launched private syndicated collateralized reinsurance note platform, Eclipse Re Ltd.
Enstar’s net earnings increase to $264.8mn in 2016
Enstar Group Limited has reported its full-year 2016 financial results, posting net earnings of $264.8 million, compared with $220.3 million a year earlier.
MS Amlin to acquire Phoenix Underwriters
MS Amlin announced that it recently entered into an agreement to acquire Hong Kong-based managing general agent, Phoenix Underwriters.
Reserve charge hits Maiden Holdings’ Q4 2016 profit
Maiden Holdings has reported its fourth-quarter 2016 results, posting a net loss of $74.7 million, which includes the impacts of a $120.4 million reserve charge.
Allianz launches Allianz Maroc in Morocco
Allianz has announced the launch of its Moroccan subsidiary, Allianz Maroc, which is to focus on digital channels, according to reports.
Q4 2016 net income up for AmTrust Financial
AmTrust Financial Services, Inc. has reported its financial results for the fourth-quarter of 2016, posting net income of $98.7 million, compared with $59.7 million a year earlier.
AIG cut 10,000 jobs in 2016: Reports
It’s been reported that AIG cut 10,000 jobs in 2016 as the firm’s CEO sold business units and cut jobs.
Want to receive this news by email every morning? Just fill out the form below.
