Here’s your daily Reinsurance News for Wednesday 22nd February 2017:
SCOR ready to leverage “positive prospects” in reinsurance
Despite the soft and challenging reinsurance market environment French reinsurer, SCOR, has reported a net income of €603 million and a return on equity of 9.5% for 2016.
Interest rates cause sharp increase in longevity reinsurance: Bank of England
Interest rate sensitivity could be driving an uptick in the use of longevity reinsurance, according to Executive Director of Insurance Supervision at the UK’s Bank of England, David Rule.
World Bank, Swiss Re backed Kenya livestock index insurance pays out
Kenya’s Livestock Insurance Programme (KLIP), which is backed by the World Bank and with reinsurance from Swiss Re, has been triggered and will payout $2 million to farmers.
PartnerRe reports Q4 net loss as cat losses rise
Reinsurer PartnerRe has reported its fourth-quarter 2016 results, posting a net loss of $191 million for the period, driven by the impact of hurricane Matthew.
Transatlantic reinsurance deal to create a “level playing field”
Members of the U.S. Financial Services Housing and Insurance Subcommittee recently discussed the transatlantic reinsurance deal, saying that the agreement will help to “level the playing field.”
Premium volumes stagnant as global trade levels shrink: Munich Re
Reinsurer Munich Re has said that a two-year drop in global trade levels has impacted insurance premium income, citing concern that the current downtown could be exacerbated by rising nationalism.
Modernisation, Brexit are top priorities for Lloyd’s Market Association (LMA)
The CEO of the Lloyd’s Market Association (LMA), David Gittings, has said that modernisation and Brexit are top concerns and priorities for the LMA.
AXIS names Brown to lead growth at London professional lines MGA
Global insurer and reinsurer AXIS has announced the appointment of Julian Brown as Vice President and Underwriter within its insurance division, focused on professional lines MGA business.
Kuwait Re’s profit falls to $6.4 million in 2016
Kuwait Re, the national reinsurance company of Kuwait, has reported a 39% profit dip in 2016 to $6.4 million, driven by foreign exchange losses and lower investment income.
Ironshore increases Terrorism & Sabotage programs capacity to $400 million
Insurer and reinsurer Ironshore has increased its Terrorism & Sabotage programs capacity to $400 million in response to civil unrest and increasing terror events across the globe.
United suffers loss on catastrophes, reinsurance & ILS to take share
The reinsurance providers, which includes ILS players, are set to take a significant share of United Insurance Holdings’ catastrophe losses from 2016, as the firm reported a Q4 2016 loss.
Suncorp looks to beat Fairfax to Tower in New Zealand
According to reports Suncorp Group has made an effort to acquire Tower Insurance of New Zealand, looking to beat Prem Watsa’s Fairfax to the deal.
IAG has reported its results for the first-half of 2017, posting an insurance profit of AU$571 million, down on the AU$610 million reported a year earlier.
RMS Colombia Earthquake Model approved by regulator
Catastrophe risk modeller RMS has received approval from the Colombian insurance regulator for its Colombia Earthquake Model to be used in the region for domestic and international re/insurers.
RPA Insurance names Kowalczyk Retail Client Service Leader, U.S.
RPA Insurance Services has announced the appointment of Joanne Kowalczyk as Retail Client Service Leader for the company’s U.S. operations.
Severe weather in 2016 hits Universal Insurance’s Q4 results
Universal Insurance Holdings has reported its Q4 2016 financials, reporting that its net income decreased to $13.7 million, as catastrophe losses increased during the period.
Profits up in H12017 for IAG NZ despite Kaikoura quakes cost of AU$117mn
The New Zealand unit of insurer IAG reported increased profit in the first-half of 2017 despite tough market conditions. The unit reported that the Kaikoura earthquakes cost the firm AU$117 million.
Tom Ridge’s cyber advisory firm to partner with Risk Cooperative
Ridge Global has announced plans to form a strategic and leadership partnership with Risk Cooperative, aimed to deliver a mix of advisory, education, technology and risk-transfer solutions.
HCI Group’s Q4 net income down as Matthew & Hermine drive higher losses
HCI Group has reported its fourth-quarter 2016 results, posting a net income of $4.6 million, compared with $11.1 million a year earlier. Losses in the quarter increased to $45.4 million as a result of hurricane Matthew and Hermine.
China launches first mutual insurer
Zhonghui Property Mutual Insurance, China’s first mutual insurer, recently opened for business in Beijing, with a working capital of $146 million to start its operations.
M&A activity important to the growth of MENA region insurance market
In order for the MENA region’s insurance market to progress M&A activity might be required to improve efficiency levels, according to speakers at a recent industry event.
MAS calls on insurers to develop sound risk culture
Director and Insurance Department Head of the Monetary Authority of Singapore, Lee Keng Yi, has called on insurers to develop sound risk cultures in order to better manage existing and emerging exposures.
NZ-based Directors highlight concerns with rising cyber attacks
A survey recently conducted by Marsh, reveals that Directors of New Zealand firms believe that cyber attacks will be the biggest threat to the country in the months ahead.
Argo increases cash dividend by 23%
Argo Group International Holdings, Ltd. has announced that its Board of Directors has declared a 23% increase in its quarterly cash dividend.
Liam Fox and Lloyd’s meet in Singapore to discuss regional trade
Britain’s Secretary of State for International Trade, Liam Fox, recently met with Lloyd’s at its underwriting hub in Singapore, to discuss the enhancement of regional trade.
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