Here’s your daily Reinsurance News for Wednesday 1st March 2017:
SCOR expects to save up to EUR 200m from consolidation of legal entities
Global insurer and reinsurer has said that it expects to save up to €200 million from the consolidation and reorganisation of its various legal entities.
China Re expects up to 35% profit dip in 2016 as investment income declines
China Reinsurance Corporation (China Re) has said that it expects up to a 35% profit decline in 2016 on the back of lower investment income.
World Bank hopes for pandemic risk transaction this year
The World Bank recently said that it hopes to complete a transaction this year for the Pandemic Emergency Financing Facility (PEF), as it looks to drive an insurance market for pandemic risks.
Cyber a complex risk but insurers can develop solutions: Swiss Re
Global reinsurance giant Swiss Re has released the first report via its Swiss Re Institute segment, which highlights the increasing complexity with cyber attacks, but stresses that insurers can get a handle on the risk.
Korean Re and IRB Brasil Re sign MUO to boost reinsurance cooperation
Korean Re and IRB Brasil Re recently signed a memorandum of understanding (MOU) in an effort to boost reinsurance cooperation between the pair, and expand Korean Re’s presence in Latin America.
Hannover Re US announces executive changes as CFO retires
Hannover Re US has announced that its Chief Financial Officer (CFO) David Wheat is to retire, and be replaced by Clint Thompson.
Canadian pensions overestimating longevity exposure: Club Vita
Club Vita Canada has warned that certain defined benefit (DB) pension plans in Canada are overestimating their longevity exposure.
Lloyd’s urges re/insurance industry to protect assets from “stranding”
The Lloyd’s of London specialist insurance and reinsurance marketplace has advised the re/insurance industry to take a proactive approach and protect against dangers of global asset-stranding.
CCR signs agreement with French state underlining reinsurer’s role
France’s Caisse Centrale de Reassurance (CCR) and the State of France have entered into an agreement that redefines the reinsurer’s role.
Argo Group adds two to Board of Directors
Global specialty insurance and reinsurance firm, Argo Group International Holdings, has appointed Dee Lehane and Al-Noor Ramji to its Board of Directors.
Ogden rate cut to cost Aviva £385 million
Insurer Aviva has warned that it expects to take a £385 million charge to its full-year 2016 profit as a result of the steeper than anticipated cut to the Ogden discount rate.
Arch Capital board member resigns due to potential conflict of interest
Bermuda domiciled insurer and reinsurer, Arch Capital Group, recently announced the resignation of Deanna Mulligan from its Board owing to a potential conflict of interests.
Munich Re expands SafeBeyond partnership to the U.S.
Munich Re U.S. has expanded its partnership with cloud-based digital asset and legacy management platform, SafeBeyond, bringing the solution to life insurers in the U.S.
State Farm reports huge, 94% profit dip in 2016
State Farm has reported a huge 94% drop in profit for 2016 as car insurance claims increased, dropping from $6.2 billion to $400 million.
Willis names Imran Qureshi head of its U.S. Midwest region
Insurance and reinsurance broker Willis Towers Watson has announced the appointment of Imran Qureshi as head of its U.S. Midwest region.
ILS, the Frankenstein’s monster in the room, or the future?
The President of Alleghany recently likened the world of alternative reinsurance capital to Frankenstein’s monster, but the market’s impressive history suggests otherwise.
GIC Re to hold 15% in credit enhancement fund
State-backed Indian reinsurance company, GIC Re, will hold 15% in the region’s credit enhancement fund, according to reports from BloombergQuint.
Innovation, tech key to insurance market growth in the UAE
Speaking at the Dubai World Insurance Congress, CEO of DIFC Authority Arif Amiri, said that innovation and the adoption of new technology is key to insurance market growth in the region.
Role for insurance-linked securities in cyber risks: Tom Ridge
According to Tom Ridge, Chairman of Ridge Global, the alternative capital and ILS space has a role to play in the world of cyber risks.
BGC Partners acquires Lloyd’s broker, Besso Insurance
BGC Partners, Inc. has announced the acquisition of Lloyd’s of London insurance broker Besso Insurance Group Limited.
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