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Reinsurance News – Wednesday 14th December 2016

14th December 2016 - Author: Luke Gallin

Here’s your daily Reinsurance News for Wednesday 14th December 2016:

Current year underwriting not profitable at Lloyd’s: Beale & Nelson

Inga Beale and John Nelson, the CEO and Chairman of the specialist Lloyd’s of London insurance and reinsurance marketplace, have said that current accident year underwriting in the market isn’t profitable.

Bentley to lead new Global Strategic Advisory unit at Guy Carpenter

Guy Carpenter has announced the launch of a new Global Strategic Advisory unit, that includes a range of its business capabilities. Furthermore, Rob Bentley will re-join the firm as President of the new division.

Global reinsurance outlook still negative: A.M. Best

Ratings agency A.M. Best has maintained its negative outlook for the global reinsurance sector citing “continued market challenges.” The longer the outlook persists the more likely the market is to see negative rating pressures.

RenRe announces several changes to executive management team

Reinsurer RenaissanceRe (RenRe) has announced changes to its executive management team, including the promotion of Sean Brosnan to SVP, CIO. Aditya Dutt will assume the responsibility of Treasurer, and Todd Fonner is to leave the firm.

A.M. Best maintains stable outlook for U.S. life reinsurance market

The outlook for the U.S. life reinsurance industry remains stable, according to international ratings agency A.M. Best, despite the U.S. life/annuity sector recently being revised to negative.

United adds quota share & renews aggregate catastrophe reinsurance

United Insurance Holdings has added a new quota share reinsurance programme effective December 1st 2016, and also renewed its aggregate catastrophe reinsurance protection.

EQC and private insurers to simplify claims process for Kaikoura quake

The New Zealand Earthquake Commission (EQC) and a group of private insurers have reached an agreement that aims to simplify how insurance claims are resolved for those impacted by the Kaikoura Earthquake.

Conrad Brooks promoted to General Counsel at AXIS Capital

AXIS Capital has revealed that it has promoted Conrad Brooks to General Counsel, replacing Richard Gieryn Jr who is to retire from the company after 14 years.

U.S. tax reforms must take care not to damage the reinsurance industry

With the U.S. government apparently set to reform the tax system, it’s been noted that any reforms must take care not to be detrimental to the reinsurance market.

Global risks could cost economy $1.17 trillion in 2017: Report

A report released earlier this month by the Cambridge Centre for Risk Studies claims that risks could cost the global economy as much as $1.17 trillion in 2017, expected to rise further the following year.

Fermat & Hudson Structured lead on $79.5m private debt for Heritage

Fermat Capital Management and Hudson Structured Capital Management have been involved in a private debt issuance for U.S. insurance group Heritage Insurance Holdings, Inc.

Marsh to acquire Brazilian broker AD Corretora de Seguros

According to reports, insurance and reinsurance broker Marsh is to acquire Brazilian insurance broker AD Corretora de Seguros, for an undisclosed fee.

Beazley Product Solutions adds new environmental underwriter

Beazley unit, Beazley Product Solutions, has added Tim Foy as an environmental underwriter, based in the company’s Philadelphia office. Foy joins the firm from XL Catlin.

ILS NYC 2017 conference – Feb 3rd, New York

A thoughtfully curated annual insurance-linked securities event in New York City from Artemis. Featuring ILS & reinsurance industry leaders speaking on forward-thinking, engaging topics.

Cyber attacks cost businesses $280 billion: Report

Underlining the urgent need for adequate cyber re/insurance solutions, a new report claims that cyber attacks will cause damage to businesses amounting to $280 billion.

Nicaragua gets $1.1m parametric CCRIF payout for hurricane Otto

Highlighting the benefits of a parametric insurance solution, Nicaragua as received a $1.1 million payout from the CCRIF SPC after the impacts of hurricane Otto.

Maskapai Reinsurance Indonesia to raise $41 million from rights offering in 2017

Indonesian reinsurer, Maskapai Reinsurance Indonesia, is planning to raise $41 million from a rights offering in 2017, aiming to sell up to 130 million new shares as it looks to improve its capital position.

Chubb anticipates higher operating earnings

Chubb expects to see higher operating earnings per share than originally anticipated following its acquisition by ACE roughly a year ago.

Fairfax to launch C$450 million Senior Notes Offering

Fairfax Financial Holdings Limited has announced that it plans to launch a C$450 million Senior Notes Offering, which will be offered through a syndicate of dealers.

Indian insurers prepare for claims after damage caused by cyclone Vardah

As cyclone Vardah made landfall in southern India on Monday 13th December, insurers in the region are preparing for claims for damages suffered.

MENA region in need of robust risk management culture

Institutional organisations across the MENA region have been urged to improve their efforts at developing a robust risk management culture.

China’s CIRC to introduce measures that push insurers back to basics

China’s insurance regulator, the CIRC, has confirmed that it will introduce measures that ensures the main business and focus of insurance companies is insurance business.

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