Here’s your daily Reinsurance News for Tuesday 7th March 2017:
Warren Buffett cautions against underwriting at any cost
Berkshire Hathaway’s Warren Buffett warned reinsurers against underwriting business at any cost in his annual letter to shareholders.
AXIS expects $50m Ogden rate hit to UK motor reinsurance business
Insurance and reinsurance firm AXIS Capital Holdings expects a $50 million hit under its UK motor reinsurance book as a result of the Ogden rate cut.
Fidelis names Hinal Patel as CFO to succeed McConachie
Fidelis Insurance has announced the appointment of Hinal Patel as CFO, replacing Neil McConachie.
Swiss Re highlights role of re/insurance in cyber risk
Reinsurance giant Swiss Re has launched its Swiss Re Institute think tank, which highlights the role of insurance and reinsurance in the fight against cyber crime.
Padilla joins MS Amlin from XL Catlin as Senior Underwriter, Latin America
Frank Padilla has left XL Catlin for MS Amlin, and has been appointed Senior International Casualty Underwriter in Latin America.
Bermudian market underwriting takes a hit, but profits remain steady: Fitch
The Underwriting profit of Bermudian re/insurers weakened in 2016 in response to larger catastrophe losses and lower reserve redundancies, according to Fitch Ratings.
Hiscox Re finding opportunities in casualty & speciality lines
Despite tough market conditions insurer and reinsurer Hiscox reported a record profit year in 2016, helped by the strong performance of its reinsurance unit, which found opportunities in casualty and specialty lines.
Sydney and NSW hailstorm costs soar for Australian re/insurers
Insurance claims from a severe summer hailstorm that impacted parts of Sydney and New South Wales, Australia, continue to rise, with the latest loss estimate from the ICA nearing AU$160 million.
Hong Kong targets ILS as important driver of reinsurance growth
As the Hong Kong government looks to improve the region’s reinsurance industry, the country’s Financial Services Development Council (FSDC) has highlighted ILS as an important growth driver.
Sompo Canopius heavy industry team secures capacity increase through Lloyd’s
Sompo Canopius’ heavy industry team recently secured additional capacity for its mining cover from Travelers Syndicate 5000 at Lloyd’s, taking its capacity to up to $30 million.
Marine lines added to London’s PPL trading platform
The London Market Group’s PPL electronic trading platform has added marine lines of business to its services, and will look to add reinsurance business soon.
J.C. Flowers & Co acquires UK General Insurance Group
Investment firm J.C. Flowers & Co recently announced plans to acquire British personal lines insurer UK General Insurance Group.
Atradius’ full-year profit up in 2016
Atradius has reported its financial result for the full-year 2016, revealing that its net profit increased to €211.8 million. The firm’s reinsurance result was down 36% from the previous year to €140.1 million.
Qatar Re raises $450 million with perpetual bond issue
Reinsurer Qatar Re has launched a $450 million debt issuance via a perpetual bond with a yield of 4.95%, a move that will help the firm expand further.
Asian insurance market must embrace the rise of Insurtech
Insurance industry leaders and experts recently discussed the need for the Asian marketplace to embrace the rise of Insurtech in order to innovate and take advantage of opportunities.
Allstate returns with $300m Sanders Re 2017-1 multi-peril cat bond
Allstate has returned to the cat bond market with a new $300 million Sanders Re Ltd. (Series 2017-1) issuance, a U.S. multi-peril transaction.
IRDAI to launch product ‘sandbox’ for general insurers
According to the Indian insurance regulator, the IRDAI, general insurers will soon be able to launch a solution for corporates for a certain period in a defined area, once they’ve informed the regulator.
Citizens seeks early call for Everglades Re II 2015 cat bond
Citizens Property Insurance Corporation reportedly wants to redeem its $300 million Everglades Re II Ltd. (Series 2015-1) cat bond early, to take advantage of market conditions with a new issuance in 2017.
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