Here’s your daily Reinsurance News for Tuesday 7th February 2017:
Munich Re beats target for year, but misses consensus, combined ratio in Q4
Global reinsurance giant Munich Re has achieved its full-year 2016 profit target, but for the fourth-quarter major catastrophe losses hit the firm and it missed target and the P&C reinsurance combined ratio was 101.9%.
Hannover Re expects to beat profit guidance for 2016
German reinsurance firm Hannover Re has issued provisional guidance on its 2016 results this morning, saying that it anticipates beating profit guidance by around 23%.
Trump’s economics mean volatility for Bermudian re/insurers: S&P
Rating agency S&P warned recently that Bermuda domiciled insurers and reinsurers could see their competitive edge diminish as President Donald Trump looks to reform the U.S. tax environment.
Aon warns on longevity reinsurance pricing
Aon Hewitt has warned that longevity reinsurance capacity might well have been overpriced last year, in spite of a decrease in liabilities coming from new mortality data.
Re/insurers facing triple challenge of climate change: IAIS
A recent report by the International Association of Insurance Supervisors (IAIS) explores a range of climate-change related challenges facing insurers and reinsurers.
Generali joins Blockchain Insurance Initiative
Italian insurance giant Generali has announced that it’s joined the Blockchain Insurance Initiative (B3i), a global consortium of leading insurance and reinsurance companies working together on the use of blockchain in re/insurance.
Iain Davie joins QuanTemplate from QBE Re
QuanTemplate Technologies Ltd., a financial technology firm, has announced that Iain Davie has joined the firm from QBE Re, as a Senior Solutions Architect.
Everest Re reports higher premiums and net income for Q4
Bermudian reinsurance firm Everest Re has reported an increase in premiums written and income earned in the fourth-quarter of 2016, generating a 13% return on equity for the full-year.
Cedents, sovereigns could benefit from ILS growth in Asia: Guy Carpenter
Reinsurance broker Guy Carpenter has said that cedents in developing Asian markets could benefit from the expansion of alternative reinsurance market solutions in the region.
Argo closes on acquisition of Ariel Re
Argo Group International Holdings, Ltd., the specialty insurance and reinsurance underwriting firm has announced the completion and closure of its previously announced acquisition of Ariel Re, another global underwriter of insurance and reinsurance business.
ILS appetite for run-off to expand further in 2017: DARAG
The CEO of run-off specialist DARAG, Arndt Gossmann, expects growth in the legacy market in 2017 to be driven in part by the growing appetite for run-off business from third-party re/insurance investors.
Robert Moussaid joins JLT Specialty USA as SVP
JLT Specialty USA has announced the appointment of Robert Moussaid as Senior Vice President (SVP), based in the firm’s Dallas office.
Fidelity & Guaranty Life grows income in Q1 fiscal year 2017
Fidelity & Guaranty Life has reported its results for the fiscal first-quarter of 2017, posting net income of $108 million, up from the $48 million reported a year earlier.
Sale of BTG Pactual’s stake in Brazilian insurer & broker cancelled: Reports
Banco BTG Pactual S.A has said that the sale of its 51% stake in insurer Pan Seguros S.A. and broker Panamericano Administração e Corretagem de Seguros e de Previdência Privada Ltda., to CNP Assurances, has been cancelled.
Demotech says suspends guidance on Florida insurers, could revise ratings
In response to two court decisions on claims procedures and the assignment of benefits (AOB) issue, rating agency Demotech warned that revisions could be coming as soon as March, as it suspends guidance on Florida primary insurers.
Terror insurance policies explored by conference speakers
During a recent Canadian Catastrophe Conference a panel of speakers discussed terrorism coverage and whether available protection actually covers victims for what they lose.
Horace Mann improves underlying P&C combined ratio
Insurer Horace Mann has reported a 1.7% improvement in its underlying property & casualty combined ratio in Q4, however the company’s full-year 2016 income has dropped.
Pru Life UK & GIZ partner on low-cost insurance products in Philippines
Pru Life UK and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) have partnered in an effort to offer low-cost insurance solutions to people with lower incomes in the Philippines.
$5m Alpha Terra Validus I private cat bond launched by AlphaCat
The insurance and reinsurance linked investment unit of Validus Group, AlphaCat Managers, has completed a $5 million Alpha Terra Validus I private catastrophe bond transaction.
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