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Reinsurance News – Wednesday 29th March 2017

29th March 2017 - Author: Luke Gallin

Here’s your daily Reinsurance News for Wednesday 29th March 2017:

Risk knowledge key, as reinsurers shift to become less traditional: Swiss Re

The CEO of reinsurance giant Swiss Re, Christian Mumenthaler, announced in the firm’s annual report that the company will focus on risk knowledge and invest in risk pools with long-term growth potential.

Pool Re appoints Donaldson as Deputy Head of Risk Analysis

Pool Re has announced the appointment of Andrew Sean Donaldson as Deputy Head of Risk Analysis, effective immediately.

U.S. Treasury yet to make decision on transatlantic reinsurance agreement

The U.S. Treasury remains undecided on the proposed transatlantic reinsurance agreement between the U.S. and the EU, according to a recent letter obtained by Bloomberg.

2016 global insured losses at $54 billion: Swiss Re

Reinsurance giant Swiss Re has said that insured losses from natural disasters in 2016 amounted to $54 billion, almost double compared with the previous year. Swiss Re’s latest Sigma report shows that the U.S. experienced the most losses, driven by a record number of convective storms.

Cyclone Debbie strikes Queensland, threat woke up live cat market

Industry sources suggested that in the hours before cyclone Debbie made landfall and re/insurers were preparing for the impact, the live-cat market woke up to the threat.

First run-off portfolio transfer insurer established in Rhode Island

The first insurance license enabling a company to undertake run-off portfolio transfer solutions has been granted in Rhode Island, a first for the state.

IUA calls for UK discount rate reforms

The International Underwriting Association (IUA) has written to the Lord Chancellor proposing reforms to the UK discount rate, which was recently cut to -0.75%.

Mortality rate observations place longevity market in a state of flux: Aon Hewitt

The pension longevity swap and reinsurance market is in a state of flux in response to changing mortality rate observations, according to Aon Hewitt.

SCOR’s Isa Ennadifi joins XL Catlin’s Structured Risk Solutions team

Insurer and reinsurer XL Catlin has hired Isa Ennadifi from SCOR, as Senior Underwriter, Structured Risk Solutions (SRS), effective March 28th, 2017.

Re/insurers warned to assess competition law compliance after IBER lapse

Insurers and reinsurers have been warned by the Lloyd’s Market Association (LMA) to self-assess compliance with competition law after the European Commission announced the lapse of the Insurance Block Exemption Regulation (IBER).

Continental Re’s profit up 60% in 2016 

Continental Reinsurance Plc recorded growth of 60% in its profit before tax in 2016, and also reported that its gross premiums increased by 14% in 2016, when compared with the previous year.

Coastal MGA Orchid announces new CEO and Chairman

Specialty underwriter Orchid has promoted Brad Emmons to CEO and Steven Carlsen as the new Board of Orchid Chairman, the company has announced.

Peak Re’s profit falls to $6.9 million in 2016

Peak Reinsurance recorded premium growth to $698.2 million in 2016, although its net profit declined to $6.9 million in the period. The firm reported a combined ratio of 97.6%.

Emerging economies face climate change and nat cat challenge

The Philippines Energy Secretary, Alfonso Cusi, has highlighted the challenges facing the developing world from climate change and natural disasters, calling for greater action from the public and private sector.

Central Bank of Ireland establishes new teams to handle Brexit queries

The Central Bank of Ireland is reportedly setting up new teams to deal with Brexit-related queries from insurers, investment firms, and the banking community.

Myanmar opens special economic zone to foreign insurers

Myanmar’s Thilawa special economic zone (SEZ) is to open to foreign insurance companies, in an effort to expand and modernise the market.

Kenya to draft takaful guidelines to boost Islamic finance

The Insurance Regulatory Authority (IRA) of Kenya is planning to draft new guidelines enabling takaful business to be transacted in the country, as it looks to become a regional Islamic financial hub.

India looks to increase motor insurance penetration

The Indian insurance regulator and General Insurance Corporation (GIC Re) are working together to establish a policy that makes motor insurance mandatory when purchasing a new vehicle.

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