Here’s your daily Reinsurance News for Tuesday 2nd August 2016:
Lloyd’s puts Index on hold, as Brexit takes priority
The Lloyd’s of London specialist insurance and reinsurance marketplace has announced that it will delay the launch of an index for diversified insurance risks, as it seeks to gain a better understanding of the impacts Brexit might have.
Munich Re completes takeover of Piraeus Bank’s ATE Insurance
Greece’s biggest lender, Piraeus Bank, has completed the sale of its ATE Insurance operation to reinsurance giant Munich Re for $100.49 million (€90mn).
Global Parametrics appoints ex-World Bank exec Hector Ibarra to CEO
Global Parametrics, a new start-up that aims to sell parametric and index-based risk transfer solutions to unprotected organisations, has hired Hector Ibarra as its CEO.
Blue Capital Re’s net income down to $6.9 million in H1
Blue Capital Reinsurance Holdings has reported its second-quarter and H1 2016 results, posting a net income of $6.9 million, compared with $10.9 million a year earlier. The firm reported a combined ratio of 82% in Q2, compared with 43.1% in Q2 2015.
At XL size matters in reinsurance, but so does selecting the right capital
XL Group has said that it feels size does matter as a provider of reinsurance capacity, but also stressed that choosing the correct source of capital is key when selecting how to manage risks.
Greenlight Re reports $63 million net loss in Q2, terminates poorly performing business
Greenlight Re has reported its Q2 2016 results, posting a net loss of $63 million for the quarter, compared with a net loss of $39.6 million for the same period last year. The firm revealed that it’s terminated construction defect contracts that it notes were bringing down performance.
Maryland rainfall a 1-in-1000 year event: Meteorologists
Meteorologists have said that the recent intense, and devastating rainfall that impacted Elliot City, Maryland, U.S., was a 1-in-1000 year event. The occurrence of such events underlines the need for catastrophe re/insurance solutions against high severity, unprecedented events.
WAICA RE increases GWP and profits in 2015
Sierra Leone domiciled reinsurer WAICA RE has reported solid growth for 2015, revealing that its profit before tax increased by 53%. The firm’s GWP grew by 39% to $33.5 million, compared with $24.2 million in 2014.
Blockchain holds potential for insurance market: Z/Yen, PwC
New research from financial tech think tank Z/Yen and PwC, under the Long Finance project, states that the insurance market is well suited to the capabilities of blockchains.
Swiss Re report explores the recent return of mutual insurers
Reinsurer Swiss Re has released its latest Sigma report, that explores the recent recovery of the mutual insurance sector. The report highlights the need for mutuals to embrace technology in the space.
Watford Re extends reach, buys 50 state admitted carrier
Watford Re subsidiary, Watford Specialty Insurance Company, has acquired a shell insurance company that has admitted insurance licenses to operate in all 50 U.S. states and the District of Columbia.
Flooding in Luxembourg to cost insurers up to $10 million
According to reports from the region, the Luxembourg insurance association has said that recent flooding in the country is expected to cost insurers up to $10 million (€11mn).
Singapore insurer launches accelerator programme for innovation
NTUC Income, one of the largest insurers in Singapore, has launched an accelerator programme that aims to stimulate business innovation in the region’s insurance sector.
Turkey’s insurance sector reports solid growth in H1 2016
The Insurance Association of Turkey has reported that the country’s insurance sector increased its premiums by 35.5% in the first-half of 2016, to $6.9 billion.
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