Here’s your daily Reinsurance News for Wednesday 12th October 2016:
Alternative capital could fill capacity gaps left by reinsurance M&A: Fitch
In the event of an increased volume of M&A activity in the reinsurance industry and any resulting capacity void, Fitch Ratings feels alternative reinsurance capital could expand and fill the gaps.
Aon Risk Solutions to acquire risk manager, Stroz Friedberg
The global risk management division of Aon, Aon Risk Solutions, has announced an agreement to acquire risk management firm Stroz Friedberg, to create a powerful and comprehensive cyber risk management advisory.
Hurricane Nicole takes aim at Bermuda, forecast to strengthen
According to reports hurricane Nicole is now a strong Category 1 storm and has set a path for a close encounter with Bermuda, after taking a winding route over a fairly small area of the Atlantic.
Britain’s financial services ecosystem could be damaged by Brexit: Lloyd’s
Chairman of the specialist Lloyd’s of London insurance and reinsurance marketplace, John Nelson, has said that Britain’s financial services ecosystem will be “severely damaged” if the country mishandles the Brexit situation.
P&C re/insurers wary of increased cat losses in 2016
Insurers and reinsurers in the global P&C space are reportedly expecting increased catastrophe losses in 2016, as hurricane Matthew adds to losses in the first-half of the year, and with the chance of further losses in the final months of 2016.
Hurricane Matthew loss above $10 billion will see reinsurers pay more: Fitch
Fitch Ratings has said that should insurance and reinsurance industry losses from hurricane Matthew surpass $10 billion more of the loss will be borne by reinsurers than primary players.
Hamilton USA names Michael Garceau COO
Hamilton USA has announced the appointment of Michael Garceau as Chief Operating Officer (COO), effective October 17th and reporting to Seraina Macia, CEO.
Catalina Holdings UK completes AGF Insurance acquisition
Catalina Holdings subsidiary, Catalina Holdings UK, has completed the acquisition of AGF Insurance Ltd from a subsidiary of Allianz SE, after receiving approval from the Prudential Regulation Authority.
Federated National expects hurricane Matthew losses, net of reinsurance, of below $18.45mn
Federated National Holdings has revealed that it expects aggregate gross liabilities from hurricane Matthew to total roughly $77 million, and that its losses, net of reinsurance, shouldn’t surpass $18.45 million.
MENA Re selects synergy2 for its re/insurance operations
MENA Re Underwriters Ltd has selected insurance solution synergy2 to support its insurance operations, including its reinsurance business.
Beazley adds Natalie Nelson to fidelity and crime underwriting team
Beazley has announced the appointment of Natalie Nelson as a fidelity and crime underwriter within its Chicago, U.S. office, strengthening its fidelity and crime team in the U.S.
Q3 2016 Cat Bond Report – Weather risk returns, private deals, market growth
Artemis has released its third-quarter 2016 catastrophe bond and ILS market report, that reveals over $1 billion of issuance from eight transactions during the quarter.
Risk Strategies Company to acquire TSG Financial
Risk management and brokerage firm, Risk Strategies Company, has announced that it will acquire TSG Financial, a full service employee benefits and financial services entity.
ILS aids integrated approach to managing extreme events: Geneva Association
The Geneva Association (GA), an insurance industry think tank, has highlighted the need to reduce the financial impact of catastrophe events across the globe, an area where alternative capital can play an important role.
Proposed tax regulation to hurt Philippine insurance companies
Following an increase in capital requirements as the result of newly proposed tax regulation, insurers in the Philippine market will be faced with yet another difficult challenge to overcome.
Singapore launches national cybersecurity strategy
Singapore has announced the launch of national cybersecurity strategy after a year of consultations with entities and experts from both the public and private sector.
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