Here’s your daily Reinsurance News for Wednesday 25th January 2017:
Reinsurers to use up Q4 cat budgets: Deutsche Bank
The large European reinsurers are expected to either use or exceed their fourth-quarter 2016 catastrophe budgets, according to analysts at Deutsche Bank.
Reinsurance price declines moderated at 1/1: JLT Re
Reinsurance pricing moderated at the key January 1st 2017 renewals across the majority of business lines, but the marketplace remains overcapitalised and challenging, says JLT Re.
Steve McGill, Aon President & CEO of Risk Solutions, to depart
President of Aon Plc and Chairman and Chief Executive Officer (CEO) of the firms Risk Solutions unit, Steve McGill, has reportedly stepped down from the position.
EU, U.S. reinsurance deal positive for EU reinsurers: Deutsche Bank
Analysts at Deutsche Bank have said that the recently announced transatlantic reinsurance agreement between Europe and the U.S. is positive for European reinsurance companies.
Fairfax to tap Omers pension fund to finance Allied World buy
Market reports state that Fairfax Financial Holdings is looking to secure as much as $1 billion from the OMERS pension fund to help pay for its acquisition of Allied World Assurance Company Holdings.
Bermuda re/insurance market still viable despite declining profits: Fitch
Despite profits declining in most areas Fitch Ratings has said that the Bermudian insurance and reinsurance market is still viable, but conditions are to remain challenging.
Aon Global Risk Consulting launches Cyber Captive Program
Insurance and reinsurance broker Aon’s Global Risk Consulting unit recently announced the launch of its Cyber Captive Program, which aims to assist companies with identifying their cyber exposures.
Munich Re U.S. adds InsurTech innovation role, appoints Mozeika
Reinsurance giant Munich Re has appointed Robert Mozeika in the newly created role of Innovation Executive at Munich Reinsurance America, Inc.
Law firms form alliance to service multinational re/insurers
A group of insurance law firms have combined to establish Legalin, an alliance that aims to serve multinational insurers and reinsurers and their other clients across the globe.
BDO USA to expand re/insurance advisory services
BDO USA, a company that offers professional services in finance and re/insurance, is looking to expand its Insurance Advisory Service, appointing James Evans to lead the operation.
Travelers reports strong Q4 results, net income of $943mn
Travelers has reported its fourth-quarter 2016 financial results, posting net income of $943 million, and a combined ratio of 90%. The firm reported an operating income of $919 million in the period.
Hong Kong sets out rules for insurance risk transfer to capital markets
The Hong Kong Office of the Commissioner of Insurance has announced some new rules that aims to stimulate insurance risk transfer to the capital markets, reports Artemis.
CCR Re adds three to Board of Directors
French domiciled reinsurer CCR Re has added three new members to its Board of Directors, in Patrick Cerceau, Charles Levi and Antoine Mantel.
EPA amends U.S. Risk Management Program
In response to a number of catastrophic events in the U.S. the Environmental Protection Agency (EPA) is seeking to amend parts of its Risk Management Program.
XL Catlin bolsters underwriting teams in Dallas & Kansas City
Insurer and reinsurer XL Catlin has announced that Byron D. Goebel and Eric Buttner has been appointed to its Dallas division as Senior Underwriters, and Alan F. Short is to be a Senior Underwriter in Kansas City.
Reports claim Generali CFO Minali is to resign
According to industry reports the Chief Financial Officer (CFO) of Italian insurer Generali, Alberto Minali, is planning on resigning from the role.
ACORD adds nine to Board of Directors
International insurance sector data standards and technology company, ACORD, has announced the appointment of nine new Directors to its Board.
Allied World enhances cyber liability services in 365Complete®
Allied World Assurance Company Holdings has released cyber liability enhancements for its U.S. managed care package policy, 365Complete®.
Zurich reorganises commercial units in U.S. and Canada
Zurich’s North American division recently announced that it’s reorganised and rebranded its commercial and large corporate insurance operations for the U.S. and Canada, as North America Commercial Insurance.
Global instability to increase: Verisk Maplecroft
International risk consultancy firm, Verisk Maplecroft, has released a new report that warns of increased global instability in the coming months.
Chile wildfires destroy more than 100,000 hectares of forest
According to reports from the region the wildfires in Chile have destroyed over 100,000 hectares of forest, so far, as strong winds and a heat wave continue.
IRDAI issues draft stewardship code for insurers
India’s insurance regulator, the IRDAI, has issued a draft stewardship code for insurance companies, in an effort to increase their role as institutional investors.
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