Here’s your daily Reinsurance News for Wednesday 21st December 2016:
FEMA’s 2017 NFIP flood reinsurance purchase underway
The U.S. Federal Emergency Management Agency (FEMA) has started its procurement process for a 2017 flood reinsurance program for the NFIP.
Reinsurer Brexit planning to accelerate in 2017
Insurance and reinsurance companies across Europe are expected to accelerate their plans for Brexit in the new year, as firms look to ensure continuity in operating models.
London re-insurance market softening to continue in 2017: PwC
The London insurance and reinsurance marketplace is expected to see further, albeit reduced, price softening in 2017, according to analysts at PwC.
Re/insurance M&A could slow on Trump uncertainty
According to Vikram Sidhu, of Clyde & Co. in New York, uncertainty surrounding Donald Trump’s incoming Presidential administration could lead to a slowdown in U.S. M&A activity in the first-half of 2017.
January 2017 renewals “orderly but delayed”
Analysts at KBW have said that the January 1st reinsurance renewals are taking longer to come to market and close, which has led to a more delayed renewal than witnessed in recent years.
Foreign reinsurers may need to restructure South African operations
Changes brought about by a new Insurance Bill in South Africa suggests that reinsurers that operate in the country might need to restructure their operations and the way they access the marketplace.
Karen Clark launches CATLAB™ Workshops
Karen Clark & Company (KCC) has announced the launch of CATLAB™ Workshops, in an effort to support insurers that utilise “next gen” catastrophe modelling.
Asian insurance market poised for growth
Low insurance penetration combined with a growing middle class suggests that Asia will become one of the biggest insurance markets in the new year, according to reinsurance giant Swiss Re.
Challenges for U.S. P/C sector to persist in 2017: Kroll Bond Rating Agency
Kroll Bond Rating Agency (KBRA) has released its outlook for the U.S. P/C industry in 2017, citing a continuation of market pressures for insurers and reinsurers.
ILS NYC 2017 conference – Feb 3rd, New York
A thoughtfully curated annual insurance-linked securities event in New York City from Artemis. Featuring ILS & reinsurance industry leaders speaking on forward-thinking, engaging topics.
A.M. Best places Allied World’s Financial Strength Rating under review
Following the announced merger agreement between Allied World and Fairfax Financial, ratings agency A.M. Best has placed under review with negative implications the Financial Strength Ratings of Allied World.
China’s Zhongan Online cancels plans to list in Hong Kong
China domiciled insurance company Zhongan Online P&C Insurance has reportedly decided against its plan to list in Hong Kong, and will instead look to list in mainland China.
Liberty Mutual announces over $108mn in debt repurchases
Liberty Mutual Group recently disclosed that from September 30th 2016 through December 19th 2016 it repurchased $108,681,000 in principal of its 10.75% Series C Junior Subordinated Notes.
EU insurers paid out an estimated €2.7bn a day in 2015: Insurance Europe
Figures released by Insurance Europe, the European insurance and reinsurance federation, claims that European insurers paid out roughly €2.7 billion a day in claims and benefits throughout 2015.
Singapore seeks feedback to improve ElderShield insurance scheme
Singapore’s Ministry of Health (MOH) recently announced that it is looking for feedback from residents on improving and enhancing the insurance scheme ElderShield, which helps the disabled cope with financial demands of daily care.
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