Here’s your daily Reinsurance News for Wednesday 19th October 2016:
Hurricane Matthew to test Florida start-up’s reinsurance: A.M. Best
Ratings agency A.M. Best has said that hurricane Matthew’s impact on Florida and the resulting re/insurance industry loss will be a test for Florida start-ups reinsurance and ability to respond to a major loss event.
AIG to sell certain Latin America & European operations to Fairfax in strategic partnership
AIG has agreed to the sale of certain Latin American, Central and Eastern Europe operations to Fairfax Financial, for a cash consideration of $240 million. The strategic partnership is designed to further focus and improve AIG’s global insurance operations.
Global re/insurers to build blockchain retrocession proof-of-concept
A group of global insurers and reinsurers have partnered to develop a blockchain retrocession proof-of-concept, according to reports. The group consists of Munich Re, Swiss Re, Allianz, Aegon, and Zurich.
FHCF in a strong position with $17.5 billion in liquid assets
A report has highlighted that the Florida Hurricane Catastrophe Fund (FHCF) is in a strong position, holding $17.5 billion in liquid assets, which is reportedly more than enough to meet its statutorily mandated reserves.
Hurricane Matthew reported losses reach $454m in Florida
Insurance claims from the impact of hurricane Matthew more than doubled over two days as claims were filed, reaching $454 million by the end of last week, according to the Florida Office of Insurance Regulation.
Trust Re adds Dr. Cherif Chentir to its Board
Insurer and reinsurer Trust Re has announced that Dr. Cherif Chentir has been appointed to the firm’s Board as a non-executive Director, effective September 2016.
China Re announces nine-month aggregate premium income
China Reinsurance Group has announced its nine-month aggregate premium income as procured from its operating unit, of rmb23.74 billion (roughly $3.52 billion).
QIC accords approval to Qatar Re for non-equity capital raise
Qatar Insurance Company (QIC) has accorded approval to its global reinsurance arm, Qatar Re, to raise capital through a non-equity route.
Private investors acquire United Insurance Company
Cayman domiciled insurer and reinsurer United Insurance Company has been acquired by a group of private investors, led by the Qasha family, details of the deal are yet to be disclosed.
Intermediaries in China set to expand market share
Insurance sector intermediaries in China are expected to witness solid growth in the coming months and years, increasing their market share, according to China International Capital Corp.
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.
Malaysian insurance industry not up to scratch: Governor of the Bank Negara Malaysia
The Malaysian insurance sector has not delivered what has been expected of it, according to the Governor of the Bank Negara Malaysia, Datuk Muhammad Ibrahim, citing large reinsurance outflows and a number of other factors.
Product innovation key to capital markets success: Industry leaders
Product innovation in the alternative capital and ILS space is essential to the market’s development and typically acts as a catalyst for expansion, according to industry leaders.
Adsensa names Jonathan Healy Director of Solutions and Products
Software provider to P&C commercial and specialty lines insurers, Adsensa, has announced the appointment of Jonathan Healy as its Director of Solutions and Products.
IRDAI halts mandatory insurer listing proposal
According to reports from the region, the Insurance Regulatory Development Authority of India (IRDAI) has put on hold a proposal that will see all insurers be required to be listed on the stock market.
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