Here’s your daily Reinsurance News for Wednesday 20th July 2016:
With some business lines in the reinsurance marketplace no longer meeting everybody’s cost-of-capital, discussions of market discipline have become increasingly common in the space, discusses Artemis.
Warren Buffett’s Berkshire Hathaway unit, Berkshire Hathaway Specialty Insurance, will begin insuring representations and warranties in mergers for corporates, and has hired Robert Underhill as part of the new unit.
Markel CATCo has established a loss reserve specifically for its exposure to the Alberta, Canada wildfire event for its stock exchange listed ILS fund.
Allied World has reported its second-quarter 2016 results, which reveals that its reinsurance segment decreased by 4% to $166.5 million. Overall, the firm reported net income of $153.4 million, compared with $9.5 million a year earlier.
Analysts at J.P. Morgan have warned that the high level of catastrophe activity in the second-quarter will likely result in losses that exceeds reinsurers budgets.
CatIQ has reported that storms that impacted parts of Ontario, Saskatchewan and Manitoba in June has caused an insurance industry loss of more than $34 million.
The International Association of Insurance Supervisors (IAIS) has called for input on the matter of determining credit risk charges for collateralised reinsurance, as part of its drive to create a Risk-based Global Insurance Capital Standard.
RLI Corp. has reported its second-quarter 2016 results, posting operating earnings of $27.3 million, compared with $34.1 million a year earlier. The firm reported an underwriting income of $26 million, and a combined ratio of 85.5%.
A new survey from reinsurance giant Munich Re states that most companies aren’t prepared for the emergence of autonomous cars, with roughly 64% of risk managers warning that their companies have not prepared for it.
AIG has announced the launch of CyberEdge Plus, a standalone product that protects a broad range of cyber property and liability exposures.
European insurance company DARAG, has announced the acquisition of ERGO Assicurazioni S.p.A from ERGO Italia S.p.A, subject to regulatory approval. Terms of the transaction are yet to be disclosed.
Qatar Insurance Company (QIC) has reported its Q2 2016 results, posting a net income of $169 million and a GPW of $1.5 billion, compared with $163 million and $1 billion in Q2 2015, respectively.
Insurance Europe has welcomed the opportunity to offer technical assistance to the International Association of Insurance Supervisors (IAIS), regarding its consultation on proposed global Insurance Capital Standard.
According to reports Germany and Switzerland are the latest European countries to open up their banking and insurance sectors to Islamic finance, suggesting potential growth for takaful and retakaful business.
Willis Towers Watson recently said that the appetite among institutional investors for insurance and reinsurance linked investments is here to stay, suggesting further growth for the sector.
American Integrity Insurance has announced the appointment of Gloria Hendrickson as SVP, Risk Management. She has previously worked for Munich Re, and XL Catlin.
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