Here’s your daily Reinsurance News for Tuesday 4th October 2016:
Florida, U.S. east coast now face risk of hurricane Matthew landfall
Hurricane Matthew is now a severe threat to Haiti, Cuba and the Bahamas, with winds of 145mph, but updates continue to see the storm tracking closer to Florida, suggesting that it could make landfall on the U.S. east coast.
NN Group to transfer Irish reinsurance business portfolio to Canada Life
NN Group is reportedly set to transfer its Irish reinsurance business portfolio to Canada Life, a transaction that is expected to result in a loss of roughly €25 million ($28 million).
PCS designates first two Turkish catastrophe events, both terror related
Property Claim Services (PCS) has now designated its first two Turkish catastrophe events under its PCS Turkey catastrophe loss aggregation and industry loss estimation service. Both of the events were related to terrorism.
Intact Financial estimates Q3 cat losses of $170 million
Canadian P&C insurer Intact Financial Corporation has announced that it expects losses in the third-quarter of 2016 from catastrophe events to total roughly $170 million, pre-tax.
Seraina Maag named CEO of Hamilton USA
Hamilton Insurance Group has announced that subsidiary Hamilton USA has appointed Seraina Maag to the position of CEO.
Qatar Re gets approval to establish Singapore branch
Qatar Re recently announced that it has received approval from the Monetary Authority of Singapore (MAS) to establish a branch in Singapore, which will be led by Micky Lee.
JLT Re names John Speckman SVP
Reinsurance broker JLT Re has announced the appointment of John Speckman as SVP in Stamford, Connecticut. The firm notes that Speckman will join its Workers’ Compensation and Programs practice.
Brokers shouldn’t be impacted over Berkshire’s workers’ comp products
According to an industry executive, disputes surrounding Berkshire Hathaway’s Applied Underwriter associates over particular workers’ compensation solutions should not impact relevant brokers.
Rejal to head liquid alternatives (including ILS) at Willis Towers Watson
Willis Towers Watson has appointed Sara Rejal to the newly created role of Head of Liquid Alternatives, in the firm’s investment consultancy and advisory business.
First Africa Reinsurance Pulse released, highlights market’s potential
At the 21st African Reinsurance Forum held earlier this year, the first-ever Africa Reinsurance Pulse report was released, which explores the region’s reinsurance industry and potential growth prospects.
Q3 2016 Cat Bond Report – Weather risk returns, private deals, market growth
Artemis has released its third-quarter 2016 catastrophe bond and ILS market report, that reveals over $1 billion of issuance from eight transactions during the quarter.
Brit and Edgewater Holdings partner on cyber offering
Specialty insurer and reinsurer Brit has teamed up with Edgewater Holdings to offer cyber coverage via the Employment Practices Risk Management Association (EPRMA).
Bailey named Head of Capital Markets, Aon Securities, London
Aon Securities has announced the appointment of Darren Bailey as Head of Capital Markets (Capital Markets Team – Aon Securities), as the firm looks to rebuild its EU-based ILS focused team.
Mapfre acquires majority stake in insurer Asuransi Bina Dana Arta Tbk
Mapfre has acquired a majority stake in Indonesian insurer Asuransi Bina Dana Arta Tbk (ABDA) for €92.3 million ($102.8 million). Mapfre now holds a 51% stake in the firm.
NUS and Lloyd’s Register Foundation launch institute to enhance understanding of risk in Asia
In an effort to enhance the understanding of risk in Asia, the National University of Singapore (NUS) and the Lloyd’s Register Foundation, have launched the Lloyd’s Register Foundation Institute for the Public Understanding of Risk.
Obama admin illegally depriving taxpayers of billions in reinsurance fees
The Government Accountability Office has reportedly claimed that the Obama Administration is illegally preventing taxpayers from claiming their share of billions of dollars of reinsurance fees from the Affordable Care Act.
Mercer names Mustafa Faizani Market Leader & CEO of IMETA region
Mercer has announced the appointment of Mustafa Faizani as Market Leader & CEO for its India, Middle East, Turkey and Africa (IMETA) region.
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