Here’s your daily Reinsurance News for Wednesday 24th August 2016:
M6.2 earthquake hits Umbria, Italy
A magnitude 6.2 earthquake has struck the Umbria region of Italy overnight, with early reports stating that 10 lives have been lost and that there’s widespread damage to buildings and structures. Italian earthquake catastrophe bond Azzurro Re I Limited, is not expected to be impacted by the quake.
AIG in discussions to sell Lloyd’s insurance operations to Canada’s largest pension fund
Reports claim that AIG is in the early stages of discussions surrounding the sale of insurance operations linked to Lloyd’s of London to Canada Pension Plan Investment Board, Canada’s largest pension fund.
P&C reinsurance combined ratios close to 100% as competition remains: Berkshire Hathaway
Manfred Seitz, managing director of reinsurer Berkshire Hathaway has said that P&C reinsurance is getting closer to reporting combined ratios of 100%, as competition continues to push down rates.
Willis Re names McDowell CEO of Bermuda, Harden President of APAC
Reinsurance brokerage Willis Re has announced two new senior appointments, including Chris McDowell as CEO of Willis Re Bermuda. Michael Harden has taken on the role of President of Willis Re Asia Pacific.
Argo Global reports growth in GWP during H1 2016
Argo Global has released its first-half 2016 results, revealing that its gross written premiums increased by 4.4% to $1.08 billion. The firm’s combined ratio increased slightly in the period when compared to last year, to 94.8%.
Reinsurance capital could pay for some of Louisiana flooding
The recent flooding in Louisiana could result in reinsurance capital footing a portion of the bill, despite the fact that the majority of U.S. flood events are paid for by the National Flood Insurance Program (NFIP) and primary insurers.
Xchanging reveals successful delivery of MGAs1 for Castel Underwriting
Insurance and reinsurance software provider Xchanging, has announced the successful delivery of Xuber for MGAs1 for Castel Underwriting Agencies Limited.
Belize gets parametric insurance payout for hurricane Earl rainfall from CCRIF
Demonstrating the value of a parametric insurance policy, the Government of Belize has received a payout of $261,073 from the CCRIF SPC, following torrential rainfall caused by hurricane Earl.
Sava Re Chairman sacked over real estate transaction controversy
The Chairman of reinsurer Sava Re, Zvonko Ivanušič, has been sacked from his position following controversy over a real estate transaction, after eight years in his position.
Reinsurers “well-equipped” to weather the storm, for now at least: S&P
S&P recently highlighted the strong ERM practices of reinsurers in the challenging market conditions, however, should market headwinds persist and margins continue to thin, it will be harder for firms to successfully navigate the market.
Allied World NA appoints Jason Glasgow head of U.S. cyber platform
Allied World North America has announced the appointment of Jason Glasgow as Head of its U.S. Cyber Platform. Glasgow will be responsible for the strategy, management and underwriting of the platform.
How Blockchain Could Really Change the Insurance Industry
Artemis has discussed the potential of Blockchain technology to change the insurance industry, as the benefits of such technology is beginning to be better understood.
London market adapting to changing landscape: A.M. Best
A new report from ratings agency A.M. Best highlights how London market insurers are adapting to the evolving operating environment, as challenges continues to threaten the market’s global position.
Insurance Council of Texas raises questions over TWIA’s vote not to raise rates
The Insurance Council of Texas has said the Texas Windstorm Insurance Association Board of Directors vote not to raise windstorm rates fails to protect the financial security of TWIA for its policyholders.
Reinsurers in Zimbabwe to consolidate
According to reports from the region reinsurers in Zimbabwe will look to consolidate into larger and stronger groups as the region will find it difficult to sustain a closed insurance market.
RGA Reinsurance releases report detailing high-cost specialty drugs
Reinsurance Group of America subsidiary, RGA Reinsurance Company, has released a report that identifies 183 high-cost specialty drugs.
Taikang Insurance aims for IPO within three years
China’s fifth biggest insurer in terms of premiums, Taikang Insurance Group, will work towards an IPO within three years, according to the group’s chairman, Chen Dongsheng.
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