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Reinsurance News – Tuesday 6th December 2016

6th December 2016 - Author: Luke Gallin

Here’s your daily Reinsurance News for Tuesday 6th December 2016:

Liberty Mutual to acquire Ironshore from Fosun International

Liberty Mutual has announced the acquisition of Ironshore from Fosun International, a deal that is expected to close in the first half of 2017. The purchase price is subject to closing price adjustments, but estimated to be at roughly $3 billion.

Hurricane Matthew claims reach $729m in Florida

The latest report from the Florida Office of Insurance Regulation states that hurricane Matthew reported insurance and reinsurance claims tally has now reached $729 million, up 20% from the end of October.

Lloyd’s announces new Corporate Operating Model

The Lloyd’s of London specialist insurance and reinsurance marketplace has released details of its new Corporate Operating Model, that will enable it to meet its 2025 vision more efficiently and effectively.

Marc Archambault appointed CEO Life & Health, PartnerRe

Reinsurer PartnerRe has revealed that Marc Archambault will lead the company’s Life & Health business from April 1st 2017, responsible for growing the firm’s business in those segments.

BIBA, GC & R&Q Commercial Risk partner on flood insurance scheme for businesses

A new commercial insurance scheme for businesses, that includes flood risks, has been launched by the British Insurance Brokers’ Association (BIBA), in collaboration with Guy Carpenter (GC) and R&Q Commercial Risk.

Validus Re’s Haushofer named new Chairman of the SRA

Marc Haushofer, the CEO of Validus Re’s Asia Pacific unit, is to become the new Chairman of the Singapore Reinsurers’ Association (SRA), effective January 1st, 2017.

Cyber insurance market to reach $14 billion by 2022: Report

A new report that explores the challenges and opportunities of the cyber insurance industry, claims that the global cyber market is expected to reach $14 billion by 2022.

Andre Keller named as new CIO at XL Group

Following the retirement of Benji Meuli at the end of 2016, XL Group has announced that Andre Keller will be the firm’s new Chief Investment Officer (CIO), effective January 1st, 2017.

Huge scope for alternative capital to expand into re/insurance

Data from reinsurance giant Swiss Re highlights the huge potential for the continued expansion of ILS into insurance risk. Despite the softening landscape both traditional and alternative capital recorded growth in H1 2016.

SCOR Global Life announces several appointments

SCOR Global Life has announced several new appointments, including the promotion of Craig Ford to CEO of Asia-Pacific. Vincent Lepez has been named Deputy CEO, Asia-Pacific, and Dion Russell has been named CEO, SCOR Global Life Australia.

Marsh & McLennan acquires Benefits Resource Group

Marsh & McLennan Agency recently announced the acquisition of Benefits Resource Group (BRG), an employee benefits consulting firm, for an undisclosed fee.

Reinsurance leaders note possibility of rate stabilisation

Reinsurance industry executives, at a recent market event in Bermuda, noted an expectation of rate stabilisation after a prolonged period of declining rates.

W.R. Berkley launches high net worth personal lines brand, Berkley One

W.R. Berkley has launched a new high net worth personal lines brand, called Berkley One, that is expected to launch products in the first-half of 2017.

AXA Corporate launches Energy & Chemicals insurance lines

AXA Corporate Solutions has announced that it’s to launch a new line of business dedicated to the Energy and Chemicals sectors, providing clients with property, liability and construction solutions.

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.

Sequel Impact to help Korean Re manage offshore energy accumulation risks

Korea’s sole domestic reinsurer, Korean Re, has selected re/insurance software specialist Sequel Impact to assist its offshore energy team manage accumulation risks.

ILS a priority for UK Gov post-Brexit, regs to be in place H1 2017

A new regulatory regime for the facilitation of ILS business in the UK is expected to be launched in the first-half of 2017, according to government speakers at a recent event.

Xceedance launches operations centre in Poland

P/C insurance technology firm Xceedance has announced the launch of a new operations centre in Krakow, Poland.

Malta VAT rule change increases reinsurance SPV efficiency

A new law that extends a VAT exemption to include authorised reinsurance special purpose vehicles (RSPV’s) established in Malta, will help the region’s ILS framework remain attractive.

Indian insurance regulator looks to tighten rules on M&A activity

The insurance industry regulator in India is reportedly looking to tighten rules to ensure insurers obtain approval from the regulator before entering into M&A deals to pay non-compete fees.

Asuransi Multi expects moderate premium growth after Fairfax acquisition

Following its acquisition of Fairfax Financial Holdings, insurer Asuransi Multi Artha Guna (MAG) predicts moderate premium income growth in 2017.

FijiCare Insurance to temporarily stop writing property business

The Board of Directors of FijiCare Insurance Ltd have approved a decision that will see the firm temporarily cease to write property insurance, with the cost of reinsurance being a factor.

WTW receives perfect score for LGBT workplace equality

Willis Towers Watson (WTW) has been awarded a perfect score (100%) for the 2017 Corporate Equality Index (CEI), according to reports.

CIRC investigates illegal selling of insurance products in Hong Kong

Chinese insurance industry regulator, the CIRC, recently visited foreign life insurers in Beijing to investigate the illegal selling of insurance products in Hong Kong to mainland Chinese.

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