Here’s your daily Reinsurance News for Tuesday 31st January 2017:
$200bn loss won’t floor London re/insurance market
A catastrophe stress test of London insurers and reinsurers reveals that a $200 billion loss scenario could significantly reduce the market’s capital base, but is unlikely to cripple the marketplace.
Aspen suggests unprofitable fourth-quarter
Aspen Insurance Holdings has provided an update on the performance of its insurance and reinsurance segments during the fourth-quarter, which reveals the Group is expecting to report an unprofitable quarter.
Validus acquires crop insurance agent for $127.5m
Insurer and reinsurer Validus Holdings has acquired the U.S. Crop Risk Services business from Archer Daniels Midland Company, for £127.5 million.
European re/insurers to gain more leverage in 2017
According to a report from rating agency Moody’s the financial leverage for European re/insurers is expected to increase in 2017 as firms make the most of low-interest rates and capital optimisation.
JLT Re appoints Pang as Managing Director of JLT Re Philippines
Reinsurance broker JLT Re recently announced the appointment of William Pang as Managing Director for JLT Re Philippines, subject to the relevant regulatory approval.
Analysts’ thoughts on EU reinsurers’ use of cat budgets in Q4 vary
Reinsurance market analysts have expressed differing views on the catastrophe budgets of European reinsurers during the fourth-quarter of 2016, with some saying that budgets will be exceeded and others taking an opposing view.
RGA’s full-year 2016 net income up to $701 million
Life reinsurer RGA has reported its fourth-quarter 2016 results, posting net income of $190 million, up from the $163 million reported a year earlier. For the full-year 2016 the firm reported an increased net income of $701 million.
Iran seeks foreign investors in reinsurance, to divest from Amin Re
After the Iranian government revealed plans to divest 14% of its shares in Amin Re by March 20th, the country will be looking for more private capital in reinsurance.
Wade and Hayes appointed to Neon’s Lloyd’s Managing Agency Board
Neon Underwriting has announced the appointment of Michael Wade and Simon Hayes to its Lloyd’s Managing Agency Board, as Non-Executive Directors.
Lloyd’s Market Association appoints new property panel chairman
Lloyd’s of London recently announced the appointment of Nick Jones as Chairman of Lloyd’s Market Association’s (LMA) Worldwide Property Panel.
ILS market saw more frequent loss events in 2016, we review the year
A range of reinsurance linked investment and insurance-linked securities (ILS) funds saw more frequent loss events in 2016, Artemis reports.
U.S. P&C industry to report combined ratio of 100.3% in 2017: A.M. Best
Rating agency A.M. Best predicts a challenging year for the U.S. property & casualty insurance sector, stating that it expects the industry to produce a combined ratio of 100.3%, in 2017.
Leadenhall Capital Partners appoints Lam to management board
Leadenhall Capital Partners recently announced that it has added Ly Lam to its board of management, as a representative of MS Amlin.
NFIP selects Marsh as data service provider
The National Flood Insurance Program (NFIP) has selected Marsh’s Torrent Technologies, Inc. as its data service provider, according to industry reports.
Iran’s regulator to ban insurers from accepting reinsurance risks
Central Insurance of Iran (CII), the Iranian regulator, is expected to ban general insurers from accepting reinsurance risks for the fiscal year beginning 21st March, 2017.
Kenya loses up to $240mn a year to foreign marine insurance companies
Industry reports cite that Kenya loses between $192 million and $240 million a year in marine insurance premiums that are ceded to foreign insurance companies.
A.J. Gallagher acquires Eagle Insurance Agency
Arthur J. Gallagher has announced the acquisition of Eagle Insurance Agency L.L.C., a U.S. domiciled insurance broker.
A.M. Best launches Best’s Statement File – Solvency II
International financial services rating agency, A.M. Best, has released an online database of the Solvency and Financial Condition Report (SFCR) filings, called Best’s Statement File – Solvency II.
Bangladesh gov to prepare database for insurance industry
Insurance and reinsurance industry organisations and regulators in Bangladesh will work with the government to prepare a detailed insurance industry database.
Topa Insurance and ARC partner on StormPeace solution in Florida
Topa Insurance Co. has partnered with Assured Risk Cover (ARC) and announced the launch of StormPeace, an insurance solution for Florida aimed to protect against hurricane losses.
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