Here’s your daily Reinsurance News for Wednesday 26th October 2016:
Guy Carpenter’s Q3 revenue flat at $260 million
Marsh has released its third-quarter 2016 results, revealing that its reinsurance arm, Guy Carpenter, recorded revenue of $260 million, so just slightly down on the $261 million reported a year earlier. Overall, Marsh reported revenue of $1.4 billion in the quarter.
GC report highlights P&C insurers divergent reinsurance utilisation
A new report from reinsurance broker Guy Carpenter states that the size and geographical reach of U.S. P&C insurers contributes to firms reinsurance utilisation in order to reduce underwriting volatility.
W.R. Berkley reports increased net income in Q3
Insurer and reinsurer W.R. Berkley has reported its third-quarter results, posting net income of $221 million, an increase from the $153 million reported a year earlier. The firm recorded a combined ratio of 93.9% in the quarter.
Efficient reinsurance & ILS capital benefits U.S. homeowners market: Aon
The efficient wealth of traditional and non-traditional reinsurance capital is enabling U.S. homeowners insurers to pursue growth opportunities and navigate the testing marketplace, according to Aon Benfield.
Hannover Re US and Ladder collaborate to close life insurance gap
Reinsurance giant Hannover Re US has partnered with Ladder to utilise technology in an effort to close the reported $16 trillion life insurance gap.
President and Deputy CEO Casserley to leave WTW at the end of 2016
Willis Towers Watson (WTW) has revealed that President and Deputy CEO, Dominic Casserley, is to retire from the position at the end of 2016.
Chubb reports impressive third-quarter results, including P&C combined ratio of 86%
Chubb has reported its Q3 2016 financials, posting a P&C combined ratio of 86%, and net income of $1.36 billion, compared with $528 million a year earlier.
Aon Benfield launches Managed Care Services scheme, announces three appointments
Reinsurance broker Aon Benfield has launched a Managed Care Services platform and announced several appointments, in Christina Mendez, Thomas Sass, and Tom Leonard, to help drive the new scheme.
Qatar Re helps QIC record strong premium growth in 2016
Qatar Insurance Company has reported its nine-month 2016 results, revealing that its reinsurance unit, Qatar Re, helped the firm record impressive growth of 44% in the quarter, taking its GWP to $2.1 billion.
Public entities use of ILS to grow as new structures emerge: WTW
Mark Goode of Willis Towers Watson (WTW) has said that public entities will likely use an increasing volume of alternative reinsurance capital and ILS capacity and features, as the space continues to expand.
Assurant’s net operating income down by roughly $44 million in Q3
Assurant’s third-quarter 2016 results reveal that the firm’s net operating income fell from $104.3 million in Q3 2015 to $60.7 million this quarter. The firm’s catastrophe losses in the quarter totalled $33 million.
Re/insurers must work to bridge protection gap: Nick Frankland, GC
At a recent reinsurance industry event Nick Frankland, CEO of EMEA operations for Guy Carpenter (GC), stressed the importance of the insurance and reinsurance industry working hard to close the protection gap.
Q3 2016 Cat Bond Report – Weather risk returns, private deals, market growth
Artemis has released its third-quarter 2016 catastrophe bond and ILS market report, that reveals over $1 billion of issuance from eight transactions during the quarter.
Insurers and non-traditional entities can thrive in Asian marketplace: Report
A new report states that insurers and non-traditional entrants can thrive in the Asian marketplace, where there are numerous opportunities for local and international firms.
July storm in Saskatchewa, Canada causes over $71 million in insured losses
The Insurance Bureau of Canada (IBC) has reported that a severe storm that impacted Moose Jaw, Saskatchewan in July has resulted in insured damages of more than $71 million, according to Catastrophe Indices and Quantification Inc. (CatIQ).
Political, economic, global and industry uncertainty a worry for insurers
Discussions from the PCI Annual Meeting in Dallas, Texas, reveal that economic, political, global, and industry uncertainty is a top concern for insurers around the globe.
U.S. Court of Appeals overrules decision PHH Corp’s captive reinsurance arrangement
According to reports the U.S. Court of Appeals for the District of Columbia Circuit as overruled a decision by the Consumer Financial Protection Bureau that prohibits PHH Corporation’s captive reinsurance arrangement.
22 re/insurers are taking climate change threats seriously: Report
According to a report, 22 of the top 148 re/insurers around the world now take climate change seriously and evaluate climate risk in their business operations compared with just nine in 2014.
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