Here’s your daily Reinsurance News for Wednesday 19th April 2017:
U.S. thunderstorm insured loss hits Q1 record at $5.7bn: Aon Benfield
Data from Aon Benfield’s Impact Forecasting shows that U.S. severe thunderstorms and convective weather in Q1 2017 is expected to have caused re/insurance industry losses of at least $5.7 billion.
Senate urged to let FEMA use more reinsurance for NFIP flood risk
Dean Heller recently called on fellow Senators to consider legislation enabling FEMA to cede more of its risk to global reinsurers.
Katrina type loss would deplete 11 months of EU reinsurance industry earnings: RBC
RBC Capital Markets (RBC) has said that under the current European reinsurance sector dynamics, a hurricane Katrina-type loss would remove 11 months of industry earnings.
Athene targets European run-off market following €2.2 billion capital raise
Athene Holdings is looking to target the European run-off market with a recent €2.2 billion pot of capital raised for opportunities in the region.
Loss costs to shrink homeowners’ margins, but reinsurance prices to stabilise rates
The rise in loss cost inflation among U.S. homeowners insurers will likely reduce margins for the group, but large rate increases may be mitigated thanks to cheaper property reinsurance.
Markel adds ex-Munich Re marine underwriter Fordham to Singapore team
Markel International Singapore recently announced the appointment of Colin Fordham from Munich Re, as a senior marine liability underwriter.
Grinnell Mutual expands with new reinsurance team launch
Reinsurer Grinnell Re has launched a new team, National Reinsurance, in an effort to expand its access to broader reinsurance markets.
Unum to offer stop loss cover for U.S. self-insured firms
Provider of financial protection benefits in the U.S. and the U.K, Unum, has launched a new product that offers stop loss reinsurance coverage for self-insured firms.
New members expected for World Bank Pacific parametric insurance facility
The World Bank is expected to add new member countries for its parametric insurance facility, PCRAFI, with the latest phase of the initiative already encouraging two new enquiries.
Broker Risk Strategies Company acquires Friedman & Friedman Agency
Broker Risk Strategies Company recently announced the acquisition of Friedman & Friedman Agency, although terms of the transaction were not disclosed.
Argo Group reveals first quarter losses
Insurer and reinsurer Argo recently announced an expected loss of $16.5 million in its 2017 first quarter earnings, driven in part by its acquisition of Ariel Re, and other factors.
Windhaven Insurance hires JD Horwitz from Guy Carpenter as new EVP
Windhaven Insurance has announced the appointment of third-party contract broker JD Horwitz from Guy Carpenter, as Executive Vice President for Corporate Development and Reinsurance.
Nat cats cause $1.75 billion of losses in Vietnam in 2016
Natural disasters in Vietnam in 2016 drove losses of roughly $1.75 billion, according to head of the Central Steering Committee on Natural Disaster Prevention and Control, Nguyen Xuan Cuong.
Cincinnati’s thunderstorm losses to erode Skyline Re cat bond buffer
Catastrophe losses experienced by The Cincinnati Insurance Companies in Q1 2017 have reached $106 million, which would have eroded some of the buffering layers and retention beneath its Skyline Re Ltd. (Series 2017-1) private cat bond.
Canadian P/C industry reports 81% underwriting dip in 2016
Canada’s property and casualty insurance industry recorded underwriting income of $484 million in 2016, down roughly 81% from the previous year.
UAE listed insurers’ growth to continue in 2017: S&P
Rating agency S&P Global Ratings has said that listed insurers in the UAE are expected to continue to see growth in 2017, but the drivers of growth are likely to change.
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