Here’s your daily Reinsurance News for Tuesday 9th August 2016:
Munich Re Q2 profit down to €974 million as nat cat losses rise
Global reinsurer Munich Re has reported its second-quarter 2016 results, posting a consolidated profit of €974 million, down from the €1.075 billion reported a year earlier. The reinsurer says it’s on track to meet its annual target of €2.3 billion, despite natural catastrophe losses of €335 million in Q2.
PartnerRe hires Jörg Bruniecki, formerly of Munich Re
Bermuda domiciled reinsurer PartnerRe has announced the appointment of Jörg Bruniecki as Head of Global Client & Broker Management. Bruniecki formerly held a similar role at reinsurer Munich Re.
RMS highlights huge catastrophe insured loss potential for global ports
Recent analysis from catastrophe risk modelling firm RMS highlights the growing catastrophe exposure faced by ports across the world, underlining the ten ports that are the most vulnerable to losses from a 1-in-500-year event.
JLT Specialty names Kathryn Carroll SVP
JLT Specialty USA has announced the appointment of Kathryn Carroll as SVP, with a focus on energy and financial institutions, and to be based in the firm’s New York office.
United Security Assurance enters into reinsurance contract with Alpha Re
United Security Assurance Company of Pennsylvania has announced the completion of a reinsurance transaction with Alpha Re. The deal sees United Security cede its long term care and home health care insurance operations from 2014 to Alpha Re.
Legal & General H1 profits up, keen to expand longevity reinsurance business in U.S.
Legal & General has reported its H1 2016 results, posting that its profit after tax increased by 22% to £667 million. The firm also noted that it plans to expand its longevity reinsurance business into the U.S.
Impact of Sri Lanka flooding more negative than 2004 tsunami
The President of the Insurance Association of Sri Lanka, Dirk Pereira, has said that recent flooding in the region has had more of a negative impact than the tsunami of 2004.
ArgoGlobal Dubai hires Abdul-Latif Bousaleh as Head of Accident & Health Underwriting
ArgoGlobal has announced the appointment of Abdul-Latif Bousaleh as Head of Accident and Health Underwriting, ArgoGlobal Dubai. Effective immediately, Bousaleh will report to ArgoGlobal Dubai’s CUO, Lina Hantas.
Insurers push for end to commercial P&C rate decline, 1% down in July
U.S. commercial P&C rates declined by an average of 1% in July with insurers increasingly eager to put a stop to further rate declines, a trend that could positively impact rates in the global reinsurance market.
State National reports solid Q2 results in tough market
State National Companies has reported its second-quarter 2016 results, revealing that its total revenues increased by 6% to $49 million. The firm’s net income also grew in the quarter to $10 million.
Chubb launches innovative personal accident insurance benefit for China’s Suning
Chubb has announced the launch of a new innovative personal accident insurance benefit to customers of Suning, a large retail brand in China.
Argo Group’s Bermuda charity donations hit $1.25 million
According to reports from the region, Argo Group International Holdings has made donations to Bermuda charities of a total $1.25 million, over the last eight years.
Three new Chinese insurers receive approval from the CIRC
The China Insurance Regulatory Commission (CIRC) has revealed that three new insurers have been given approval to operate in the country, as the region looks to improve its re/insurance capabilities.
Medical Protection Society deepens relationship with Sapiens
Medical Protection Society has expanded its relationship with insurance and reinsurance software provider Sapiens, after selecting the firm to provide professional services.
Brazil hit by rise in cyber attacks since the start of the Olympics
According to reports, cyber attacks have been on the rise in Brazil since the start of the Olympics, underlining the need for improved cyber insurance and reinsurance solutions as the threat of attack increases.
Cat bond & ILS market conditions favourable for an active H2: Swiss Re
Reinsurance giant Swiss Re has highlighted that conditions in the cat bond and ILS market are favourable for an active second-half of the year, after issuance levels declined in Q2.
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