Here’s your daily Reinsurance News for Wednesday 27th July 2016:
Reinsurance increasingly the cheapest form of capital: JLT Re
Reinsurance broker JLT Re has said that reinsurance is now the cheapest and most efficient form of contingent capital, and that some cedents might not be making the most of the current opportunity.
Lancashire reports solid Q2 results in challenging conditions
Lancashire Holdings’ Q2 results reveal an operating profit of $25.6 million in the quarter, down from the $38.4 million reported a year earlier. The firm increased its GWP in the quarter to $199.8 million.
Bueler joins JLT Re from Guy Carpenter
JLT Re has announced the appointment of Aaron Bueler as EVP, Managing Broker, based in the firm’s Seattle office. Bueler joins the firm from broker Guy Carpenter.
RenRe improves net income despite $50mn cat losses in Q2
RenaissanceRe has reported its Q2 2016 results, posting a net income of $136.3 million, up from the $73.2 million reported a year earlier and despite $50 million of catastrophe losses.
European mutuals take advantage of soft reinsurance market: A.M. Best
Ratings agency A.M. Best has produced a new report that underlines how European mutual insurers are taking advantage of the soft reinsurance market and the glut of alternative capital.
Catastrophe losses dent Validus’ Q2 profits
Validus Holdings has today reported its second-quarter 2016 results, posting an improved net income of $95 million when compared to the previous year. Although catastrophe losses of just under $60 million saw its operating income decline to $55 million.
Brexit unlikely to be an issue for Bermuda: Childs, Hiscox
Chairman of insurer and reinsurer Hiscox, Robert Childs, has said that the firm is ready to restructure in response to the UK’s recent Brexit vote, and feels the move is ‘not a bad thing’ for Bermuda.
Axis Capital profits hit by high cat losses in Q2
Axis Capital has reported its Q2 2016 results, posting a net income of $119 million, compared with $63 million a year earlier. The firm’s combined ratio slipped to 102.2% in the quarter, as catastrophe losses of $109 million impacted profits.
SCOR sees net income decline in H1, increased catastrophe losses
SCOR reported its H1 2016 results today, posting a group net income of €275 million, a decline of almost 16% on the same period last year owing to high levels of catastrophe losses, of €65 million.
50% of alt capital could be wiped out by 1-in-200 hurricane: Deutsche Bank
According to a report from Deutsche Bank a 1-in-200-year U.S. hurricane event could wipe out 50% of alternative reinsurance capital in the sector, and 100% of U.S. wind focused ILS capital.
Chubb reports solid Q2 results in light of cat losses and market conditions
Chubb has announced its Q2 2016 financial results, posting an operating income of just over $1 billion, up from the $788 million reported a year earlier, and despite being hit by catastrophe losses in the quarter.
China Re opens Singapore branch
The only state-backed reinsurer in China, China Re, officially opened its first overseas office earlier this week, in Singapore. The establishment aims to strengthen bilateral trade relations between the two nations.
Catalina Holdings agrees takeover of Hartford Financial Products & Downlands Liability Management
Catalina Holdings division, Catalina Holdings UK has agreed to acquire Hartford Financial Products International Ltd., and Downlands Liability Management Ltd., via subsidiaries of The Hartford Financial Services Group Inc.
Big data could see some viewed as uninsurable
The utilisation of big data and more sophisticated analytics could risk creating an “underclass” of people that are viewed as uninsurable, and may be refused certain types of protection.
Marsh names new country head for New Zealand
Marsh has announced the appointment of Marcus Pearson as Country Head of New Zealand, effective 31st January 2017. He will report to Marsh’s CEO of the Pacific Region, Scott Leney.
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