Here’s your daily Reinsurance News for Tuesday 8th November 2016:
BTG Pactual close to sale of Ariel Re stake
According to reports talks are underway to sell Grupo BTG Pactual SA’s 50% stake in reinsurer Ariel Re, as it looks to exit a $1.3 billion venture with the Abu Dhabi government’s investment arm. Reports claim that the announcement of the sale could be done as early as this week.
Industry’s future lies between traditional reinsurance & ILS: John Charman
Challenges facing the global reinsurance marketplace suggests the sector needs to evolve at a faster rate than it has before, and Endurance’s John Charman feels the future of the industry is somewhere between the traditional and alternative model.
JLT expects boost from drop in value of the pound
Global insurance and reinsurance brokerage JLT has said that it expects to experience a full-year gain of £16 million from the drop in the value of the pound against the dollar.
Universal buys risk-linked parametric catastrophe insurance cover
Universal Insurance Holdings recently added a layer of protection against catastrophe losses, in the form of a risk-linked contract which looks as though it is parametric in nature.
Munich Re utilises ESA satellite data for nat cat insurance solutions
According to industry reports reinsurance giant Munich Re is utilising data from the European Space Agency (ESA) to assist with the development of insurance products in the face of natural disasters.
Berkshire Hathaway expects immaterial loss from hurricane Matthew
As part of the announcement of its third-quarter 2016 results, Warren Buffett’s Berkshire Hathaway said that it expects that losses from hurricane Matthew “will not be material.”
Federated Mutual intends to acquire Granite Re
Federated Mutual has announced a desire to acquire Granite Re, an A- rated provider of contract surety insurance, according to recent reports.
Everest Re targets growth for Mt. Logan Re as investor interest strong
Insurer and reinsurer Everest Re has said that it is targeting growth of its third-party investor backed collateralized reinsurance vehicle Mt. Logan Re, and is looking to take advantage of continued investor interest.
Tokio Millennium Re adds Richard Bennison to Board of Directors
Tokio Millennium Re has announced the appointment of Richard Bennison to its Board of Directors, as an independent non-executive director, with immediate effect.
Reinsurers should focus on innovation as further disruption likely: Fareed Lutfi
The Secretary General of Emirates Insurance Association, Fareed Lutfi, has warned that reinsurers should be prepared for further disruptions and that companies should focus more on innovation.
Technological innovations a great opportunity for re/insurers
A recent survey from Guy Carpenter reveals that technological innovation is likely to provide the greatest growth opportunity for insurers and reinsurers over the next 12 months.
Karen Clark & Company launches RiskInsight® Version 4.4
Karen Clark & Company has announced the launch of RiskInsight® Version 4.4 (RI4.4), which includes updates to custom model building capabilities, client integration modules, and performance optimization.
EU & U.S. bilateral re/insurance talks ongoing
A joint statement released by the United States and European Union on a bilateral insurance and reinsurance agreement, notes that talks are ongoing but heading in the right direction.
Aon Benfield receives two awards from ACORD
The reinsurance arm of Aon, Aon Benfield, has announced that it recently received a couple of awards from ACORD, being the Leadership award, and the Global Citizen award.
Monte Carlo Rendezvous Executive Roundtable 2016
Participants discussed areas where ILS could play a greater role and explored potential features of the space that could facilitate increased influence across the risk transfer world, including weather risk, cyber, and terror.
R&Q enters into agreement with Law Society of Ireland over run-off arrangement
Randall & Quilter Investment Holdings Ltd recently announced that it has entered into an agreement with the Law Society of Ireland, in relation to run-off obligations of the Solicitors Mutual Defence Fund (SMDF).
AmTrust completes ANV Holdings takeover for $230 million in cash
AmTrust Financial Services, Inc. has announced the acquisition of ANV Holdings B.V. and its affiliates for roughly $230 million in cash.
Global Indemnity completes redomestication to Cayman Islands
Global Indemnity plc has now completed its redomestication to the Cayman Islands, and as previously announced will operate under the new holding company name of Global Indemnity Ltd.
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