Here’s your daily Reinsurance News for Tuesday 3rd January 2017:
Jan renewals set tone for demanding 2017 in reinsurance: Willis Re
According to reinsurance broker Willis Re the January 2017 reinsurance renewals have set the tone for the year, with further price declines and higher combined ratios expected to reduce profits.
Enstar in $91.5m legacy asbestos & environmental liability acquisition
Insurance and reinsurance run-off specialist Enstar Group has announced a $91.5 million acquisition of Dana Companies, LLC, for its legacy asbestos and environmental liabilities.
Reinsurance prices fall at 1/1 renewal, rates near technical levels: JLT Re
Albeit at a moderated rate than in previous years, reinsurance price declines continued at the key January 1st 2017 renewals, with rates in the sector edging nearer to technical levels, according to JLT Re.
Assurant reports $66 million hurricane Matthew loss, after reinsurance
U.S. insurer Assurant, Inc. has said that it expects to record roughly $66 million of pre-tax catastrophe losses in Q4 2016, net of reinsurance.
Pana Harrison acquires AIH Reinsurance Brokers
Singapore domiciled Pana Harrison has announced the acquisition of AIH Reinsurance Brokers, from Labuan. The deal is subject to regulatory approval, and terms are yet to be disclosed.
Endurance shareholders to vote on Sompo takeover on January 27th, 2017
The shareholders of insurer and reinsurer Endurance Specialty Holdings Ltd. are to vote on the firm’s $6.3 billion takeover by Sompo Holdings, on January 27th 2017.
Aon Hewitt Consulting names Peter Zhang CEO, China
Aon Hewitt has announced the appointment of Peter Zhang as CEO of its consulting business in Greater China, effective immediately.
ITI Reinsurance gets final approval from the IRDAI
The Indian insurance regulator, the IRDAI, has granted final approval to ITI Reinsurance to begin operations in the region, making it the country’s first domestic, private sector reinsurer.
Reinsurers in Kenya to benefit from localisation of marine insurance
According to reports reinsurers in Kenya are expected to benefit greatly from the localisation of marine insurance in 2017, as insurers look to increase capacity to absorb business.
Insurer M&A in China to continue as a long-term trend: A.M. Best
M&A activity among Chinese insurers is expected to continue as a long-term trend and an important part of the region’s economic development, according to A.M. Best.
Outstanding catastrophe bond market ends 2016 at record high of $26.82bn
Artemis has released its Q4 2016 catastrophe bond and ILS market report, which reveals that issuance in the quarter helped the outstanding market end the year at its largest ever size, of $26.82 billion.
Inga Beale made a dame in New Year honours list
Inga Beale, the CEO of Lloyd’s of London, has been made a dame in the New Year honours list, according to industry reports.
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.
UAE insurers respond to M&A speculation
According to reports from the region insurers in UAE rallied earlier in the week in response to speculation that M&A activity could intensify after the merger between the National Bank of Abu Dhabi and FGB.
Asian insurers keen to expand outside of commercial fire and motor
Insurance companies in Asia are looking to enter new business lines beyond commercial fire and motor policies, in an effort to improve revenues.
DHA extends application time for mandatory health insurance scheme
The Dubai Health Authority (DHA) has announced that applications for Dubai’s mandatory health insurance scheme has been extended, although a new deadline is yet to be announced.
ILS listings on the BSX in December surpass $1.5 billion
The Bermuda Stock Exchange (BSX) has explained that during December ILS and catastrophe bond listings were more than $1.5 billion.
Want to receive this news by email every morning? Just fill out the form below.
