Here’s your daily Reinsurance News for Wednesday 29th March 2017:
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 has announced the appointment of Andrew Sean Donaldson as Deputy Head of Risk Analysis, effective immediately.
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.
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.
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.
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.
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%.
The pension longevity swap and reinsurance market is in a state of flux in response to changing mortality rate observations, according to Aon Hewitt.
Insurer and reinsurer XL Catlin has hired Isa Ennadifi from SCOR, as Senior Underwriter, Structured Risk Solutions (SRS), effective March 28th, 2017.
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 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.
Specialty underwriter Orchid has promoted Brad Emmons to CEO and Steven Carlsen as the new Board of Orchid Chairman, the company has announced.
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%.
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.
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’s Thilawa special economic zone (SEZ) is to open to foreign insurance companies, in an effort to expand and modernise the market.
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.
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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