Here’s your daily Reinsurance News for Wednesday 20th July 2016:
Memories are short, but paybacks can be long in reinsurance
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.
Berkshire Hathaway unit to insure reps in corporate mergers
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 establishes Canada wildfire loss reserve
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’s reinsurance segment declines in Q2, group net income up
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.
Q2 cat losses likely to exceed reinsurers’ budgets: J.P. Morgan
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.
June storms in Canada to cost insurers beyond $34 million: CatIQ
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.
IAIS seeks input on credit risk for collateralised reinsurance
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 reports lower underwriting income and combined ratio of 85.5% in Q2
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%.
Most companies not prepared for autonomous cars: Munich Re
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 launches CyberEdge Plus cover
AIG has announced the launch of CyberEdge Plus, a standalone product that protects a broad range of cyber property and liability exposures.
Insurer DARAG acquires ERGO Assicurazioni S.p.A
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.
QIC reports solid second-quarter, grows GPW and net income
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 welcomes IAIS’ proposed global insurance Capital Standard
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.
Germany & Switzerland look to support Islamic finance in banking and insurance
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.
Demand for insurance-linked investments here to stay: Willis Towers Watson
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 hires experienced Risk Management SVP
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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