Here’s your daily Reinsurance News for Wednesday 10th August 2016:
Reinsurance margin attrition ongoing, but slowing: Munich Re
Global reinsurer Munich Re has said that international reinsurance pricing and terms are stabilising, highlighting that while the attrition to reinsurance underwriting margins remains, this is at a slower pace than previously.
Swiss Re names Madzinga MD of reinsurance, Middle East and Africa
Reinsurance giant Swiss Re has announced the appointment of Tavaziva Madzinga as Managing Director and Market Executive of its reinsurance operations in the Middle East and Africa.
Prudential & L&G in fourth longevity reinsurance transaction
Prudential and Legal & General have completed their fourth longevity reinsurance agreement. Prudential has reinsured the longevity exposures associated with a portion of Legal & General’s bulk annuity business, the size of the deal has not been announced.
Endurance launches new series of environmental liability products
Bermuda-based Endurance Specialty Holdings has launched a new range of environmental liability insurance products, which are being offered by subsidiary Endurance Global Risk Solutions.
Jubilee oil field FPSO loss & Euro floods hit ILS fund returns
ILS and reinsurance linked investment funds saw below-average returns of 0.25% in June 2016, with certain ILS and collateralised reinsurance transactions being hit by European flood losses and the Jubilee oil field FPSO loss.
AGCS makes three senior underwriting appointments
Allianz Global Corporate & Specialty (AGCS) has announced several senior underwriting appointments, including Thierry Portevin as Global Head of Property. Chris van Gend has been named Global Head of Engineering, and Tina Baacke has been appointed Global Head of Allianz Risk Consulting.
EMC Reinsurance President, Hallenbeck, to retire
EMC Insurance Cos. has revealed that President of its reinsurance unit EMC Reinsurance Co., Ron Hallenbeck, will retire from the firm after more than 42 years.
Commercial P&C rates down by 3.9% in Q2: CIAB
The Council of Insurance Agents & Brokers (CIAB) has said that commercial P&C rates declined by an average of 3.9% in the second-quarter of 2016, compared with 3.7% in Q1.
State National the “natural conduit between risk & capital,” says CEO
Chairman and CEO of State National Companies, Ted Ledbetter, recently described the company as the “natural conduit between risk and capital,” underlining its valuable fronting services for companies.
Re/insurance industry needs to attract millenials
A recent report that discusses an interview on A.M. BestTV with Swiss Re’s Keith Wolfe, explores the challenges of attracting millenials to the insurance and reinsurance sector, in light of an ageing work force.
Crisis management & political risk insurance market to hit $10 billion by 2018
The market for global crisis management and political risk insurance is expected to reach $10 billion by 2018 as global terror and cyber threats, along with political uncertainty intensifies, says KPMG.
AGCS launches ACCEPT Protect cyber product for North America
Allianz Global Corporate & Specialty (AGCS) has launched a cyber and professional liability solution called ACCEPT Protect, which has been developed exclusively for the North American market.
Insurtech being discussed at the highest levels of global re/insurers
Insurance technology, also known as Insurtech, is reportedly being discussed at the highest levels of global insurance and reinsurance firms, as they try to grasp what the rise of tech will mean for their businesses.
Malaysian insurance sector to undergo biggest transformation since the 90s
Jessica Chew, the assistant governor of Bank Negara Malaysia has said that the Malaysian insurance industry is set to undergo its biggest transformation since the 1990s, as the region looks to improve and expand its insurance capabilities.
Vietnam Ministry of Finance calls for agriculture insurance product development
Nguyen Quang Huyen, the deputy director of the Insurance Authority Agency under the Ministry of Finance of Vietnam, has called for a push in the development of products for the region’s agriculture sector.
Tokio Marine launches fire and auto policies for same-sex couples
According to reports from the region, Tokio Marine & Nichido Fire Insurance has created fire and auto policies that treat same-sex couples as spouses.
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