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Reinsurance News – Tuesday 29th November 2016

29th November 2016 - Author: Luke Gallin

Here’s your daily Reinsurance News for Tuesday 29th November 2016:

AXIS Capital to acquire aviation re/insurer Aviabel

AXIS Capital has announced the acquisition of general aviation insurance and reinsurance entity Aviabel, which will help the firm expand its presence in the global aviation marketplace.

Willis Re names James Kent as Global Deputy CEO

Reinsurance broker Willis Re has announced the promotion of James Kent from Co-President of Willis Re and President of Willis Re North America, to Global Deputy CEO, Willis Re, with immediate effect.

Hamilton Underwriting to almost double GWP for Syndicate 3334 in 2017

Hamilton Underwriting Limited has received approval to increase its gross written premium for Syndicate 3334 in 2017, to £122.5 million, from the £69.5 million that was approved in 2016.

Canada Life helps Canadian Bank Note to smallest longevity swap

The Canada Life Assurance Company has entered into a streamlined longevity swap with the Canadian Bank Note Company, with the latter transferring $35 million of longevity risk associated with its pensioners.

Earthquake insurance penetration seriously lacking in Japan

A recent report explores the lack of earthquake insurance penetration in Japan, a region that is highly susceptible to earthquakes. A lack of insurance take-up suggests the Japanese government ends up paying for much of the bill.

UK’s ILS ambitions to create new re/insurance solutions: Ben Reid, EY

The UK government’s ambition to establish the region as an ILS domicile could create new products for the insurance and reinsurance industry, according to EY’s Ben Reid.

Chubb names Director of A&H for Germany, Austria & Switzerland

Chubb has announced the appointment of Alexander Hoffmann as Director of Accident and Health (A&H) for Germany, Austria and Switzerland.

China’s protection gap could exceed $46 trillion by 2020

According to recent analysis from Manulife Financial Corporation, China has a protection gap of roughly $18 trillion, which is expected to reach more than $46 trillion by 2020.

Hurricane Matthew won’t move the dial for reinsurers: Universal CRO

Despite hurricane Matthew making landfall on the U.S. coastline and causing losses in the billions of dollars, it’s not expected to have any positive impact on pricing in the global reinsurance industry.

BMA releases Catastrophe Risk in Bermuda report

For the first time, the Bermuda Monetary Authority (BMA) has released a Catastrophe Risk in Bermuda report, which underlines the strong capitalisation of Bermudian insurers and reinsurers.

Insurtech to be part of the traditional insurance landscape: S&P

Ratings agency S&P has said that insurtech is set to become a part of the traditional insurance landscape moving forward, despite continued uncertainty about its influence.

ILS NYC 2017 conference – Feb 3rd, New York

A thoughtfully curated annual insurance-linked securities event in New York City from Artemis. Featuring ILS & reinsurance industry leaders speaking on forward-thinking, engaging topics.

Athene Holding launches IPO that could raise almost $1 billion

Athene Holding Ltd. has announced the launch of an initial public offering (IPO) of its 23,750,000 of Class A common shares, which are expected to be priced at between $38.00 and $42.00. At the high-end, an IPO would raise $997.5 million and value the firm at roughly $7.8 billion.

Tower wants to separate Canterbury quake liabilities from business

Insurer Tower has said that it wants to draw a line under its Canterbury quake liabilities by separating them into another company. This comes after the firm recently announced a $21.5 million full-year loss.

Costs of hurricanes on the rise

As the 2016 Atlantic hurricane season comes to an end, the Guardian newspaper in the UK has reported that hurricanes have become more costly in recent times.

R3 demonstrates application of blockchain in re/insurance

Reports from the Bermuda ILS Convergence Conference held earlier this month note that financial innovation firm R3 demonstrated the potential of blockchain technology in insurance and reinsurance.

Allianz report underlines new risks faced by CEOs

A new ‘Director & Officer Insurance Insights’ report from Allianz Global Corporate & Specialty highlights the increasing risks company CEOs are faced with, which could also impact the company.

Verisk Analytics acquires MarketStance

Verisk Analytics has announced the acquisition of MarketStance, a provider of market intelligence data to the property/casualty industry.

Pacific Prime partners with Bahrain re/insurance broker Protection Insurance Services

Insurance advisory Pacific Prime has partnered with Protection Insurance Services, a Bahrain domiciled re/insurance broker, in a deal that will see both firms expand their operations within the GCC countries and elsewhere in the world.

Helios Underwriting provides quarterly syndicate mid-point forecasts

Helios Underwriting has reported its current mid-point forecasts of its syndicate capacity for both the 2014 and 2015 year of account, based on its Q3 2016 results.

Allianz opens office in Kenya

International insurer Allianz has opened an office in Kenya and plans to offer custom-made insurance solutions in the country, according to reports.

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