Here’s your daily Reinsurance News for Wednesday 15th February 2017:
AIG reserve charge to be offset by NICO adverse development reinsurance
AIG has reported its fourth-quarter 2016 results, posting a $2.79 billion after-tax operating loss as a result of a huge $5.6 billion Q4 reserve charge. The reserve charge is expected to be offset by its adverse development reinsurance deal with Berkshire Hathaway.
Jay Nichols to depart AXIS, Ekberg to head reinsurance on interim basis
The CEO of AXIS Re, Jay Nichols, has resigned from his position and will remain in a transitional role until March 31st, 2017. Jan Ekberg will succeed Nichols as interim CEO of AXIS Re.
High hopes for Indian reinsurance: Munich Re
Reinsurance giant Munich Re expects to see substantial and sustained growth in the Indian reinsurance market, driven by growth in construction, energy, liability and agriculture business.
RMS hires ex-McKinsey exec Pritula
International catastrophe risk modeller RMS has appointed Mike Pritula, formerly of McKinsey, as its new President.
High U.S. tornado activity manageable for EU reinsurers in Q1: RBC
Tornado activity in the U.S. so far in 2017 has been elevated, but despite the expectation of higher losses, RBC Capital Markets feels EU reinsurers’ catastrophe budgets will manage.
Jim George named Global Head of Claims, Swiss Re Corporate Solutions
Swiss Re Corporate Solutions has announced the appointment of Jim George as Global Head of Claims, succeeding Nicola Parton.
EEU to establish common reinsurance model for Commonwealth countries
The Eurasian Economic Union (EEU) is looking to establish a common reinsurance structure for Commonwealth countries, according to reports.
AIR gets approval for Colombia earthquake model
Catastrophe risk modeller AIR Worldwide’s Colombia earthquake model has been approved by the country’s insurance regulator, enabling the data to be used by domestic insurers and reinsurers.
Opportunity for re/insurers to innovate cyber solutions: Allied World Research
Allied World Research has urged insurers and reinsurers to do more to tackle the growing threat of cyber attacks, adding that the cyber insurance market will reach $14 billion by 2022.
Ed appoints new Head of International Property and Casualty
Reinsurance broker Ed has announced the appointment of Namik Gulsun as head of international property and casualty, in what’s the latest in a series of hires at the firm.
Reinsurance performance helps Arig return to profit in 2016
Bahrain domiciled reinsurer Arig reported net profits of $9.2 million in 2016, compared with a loss of $4.4 million in the previous year. The company attributed its solid performance to its reinsurance book.
JBA opens U.S. office with new models for flood risk
JBA Risk Management has launched its first U.S. office in response to demand for sophisticated U.S. flood risk assessment for insurers and reinsurers.
Barbican Insurance has bolstered its cyber team with two new appointments, naming Graeme King as new business group leader, and Richard Spotswood as underwriting manager.
Deloitte & Zurich partner on cyber resilience service
Deloitte has entered into a partnership with Zurich’s North America division to offer services that aim to assist clients’ understanding of cyber risks.
“Significant” volume of ILS capital waiting on the sidelines: Peel Hunt
Analysts at Peel Hunt have said that following the next large loss event there is a substantial volume of alternative reinsurance capital waiting on the sidelines to enter the Lloyd’s of London marketplace.
IAIS names Jonathan Dixon as new Secretary General
The International Association of Insurance Supervisors has appointed Jonathan Dixon as its new Secretary General, succeeding Yoshihiro Kawai.
Florida clarifies state nexus requirements for reinsurer
Florida has clarified guidelines for a nonresident reinsurer to establish nexus in the state for corporate tax purposes.
China insurance premium growth to slow in 2017: CIRC
The Chinese insurance regulator, the CIRC, has said the premium growth in the country will be slower in 2017, driven by tighter regulations.
Allied World boosts onshore construction team in Australia
Allied World Assurance Company Holdings recently announced the appointment of Karsten Buescher as AVP, Onshore Construction, Australia.
Japan’s Dai-ichi Life considers fintech use for life insurance business
According to reports from the region, Japanese insurer Dai-ichi Life is considering incorporating fintech into its life operations following its investment in bitFlyer.
Report highlights potential of tech disruption in insurance
A new report by the Korea Insurance Research Institute (KIRI), claims that by 2022 Artificial intelligence (AI)-based chatbots could be selling insurance products.
UAE Insurance Authority to issue new regulations to drive sector growth
In an effort to drive growth in the region’s insurance industry, the UAE Insurance Authority is planning to issue a number of new regulations in 2017.
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