Here’s your daily Reinsurance News for Wednesday 19th April 2017:
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.
Dean Heller recently called on fellow Senators to consider legislation enabling FEMA to cede more of its risk to global reinsurers.
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 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.
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 International Singapore recently announced the appointment of Colin Fordham from Munich Re, as a senior marine liability underwriter.
Reinsurer Grinnell Re has launched a new team, National Reinsurance, in an effort to expand its access to broader reinsurance markets.
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.
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 recently announced the acquisition of Friedman & Friedman Agency, although terms of the transaction were not disclosed.
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 has announced the appointment of third-party contract broker JD Horwitz from Guy Carpenter, as Executive Vice President for Corporate Development and Reinsurance.
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.
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.
Canada’s property and casualty insurance industry recorded underwriting income of $484 million in 2016, down roughly 81% from the previous year.
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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