Here’s your daily Reinsurance News for Wednesday 2nd November 2016:
New Zealand quake settled insurance claims tally hits $19bn
The Insurance Council of New Zealand has reported that claims paid by private insurers in relation to the Canterbury earthquakes have now hit $19 billion, highlighting the longer-tail nature of some earthquake loss events.
TransRe’s reinsurance growth drives Alleghany results
Growth in reinsurance premiums written and profitability of subsidiary TransRe helped to drive strong quarterly results for Alleghany in Q3.
Aeolus majority stake to be sold to hedge fund Elliott Management
$29bn hedge fund manager Elliott is set to acquire a majority stake in collateralized reinsurance and retrocession ILS manager Aeolus Capital Management.
AIG to sell Bulgarian insurance business
International insurer AIG has announced that it will sell its Bulgarian insurance business as part of its strategy to exit a number of insurance markets.
RMS appoints ex-Benfield capital markets head Steel to executive team
Risk modeller RMS has announced a new senior appointment, in Michael Steel, previously of AXIS. Steel has been added to the firm’s executive team in the position of Global Head of Solutions.
Aspen acquires Marine MGA Blue Waters Insurers, Corp.
Aspen Insurance has acquired Puerto Rico based marine managing general agency Blue Waters Insurers, Corp. as the firm seeks to expand its marine business by opening access to the Puerto Rican and Caribbean markets.
Harrington Re integral to AXIS’ alternative capital strategy: Benchimol
President and CEO of AXIS Capital Holdings, Albert Benchimol, has described the firm’s total-return reinsurance vehicle, Harrington Re, as an integral part of the firm’s broader alternative capital strategy.
RenaissanceRe Q3 net up, but operating income down on less favorable reserves
Bermudian reinsurer RenRe reported $146.8 million of net income in the third quarter of 2016, compared to $75.5 million in the prior year, as it continues its careful navigation of the soft market conditions. But operating income fell year-on-year, as less favorable reserve releases eroded profits.
David Brown to replace Pete Cangany as Senior Partner in Bermuda for EY
After 37 years with the firm Pete Cangany is to retire from EY in the summer of 2017, and will be replaced as Senior Partner in Bermuda by David Brown. The firm has also revealed that Jessel Mendes has been named regional growth markets leader.
Aon Risk Solutions completes Stroz Friedberg acquisition
Aon subsidiary Aon Risk Solutions has announced the acquisition of risk management firm Stroz Friedberg, although financial terms of the deal are yet to be disclosed.
Gator Re losses near trigger, now over 94% of attachment point
The latest loss report for the Gator Re Ltd. catastrophe bond transaction shows that qualifying losses have risen further, now over 94% of the way to the trigger attachment point.
Todd Jones to replace Tim Wright at Willis Towers Watson
Willis Towers Watson has revealed that head of corporate risk broking, Tim Wright, is set to leave the firm and will be replaced by Todd Jones, previously co-Head of North America.
Italian government sets aside $44 million for immediate quake costs: Reports
According to reports, the Italian government set aside $44 million for immediate costs in relation to widespread damages caused by recent earthquake events.
Monte Carlo Rendezvous Executive Roundtable 2016
Participants discussed areas where ILS could play a greater role and explored potential features of the space that could facilitate increased influence across the risk transfer world, including weather risk, cyber, and terror.
Argo Group reports improved quarterly results
Argo has reported stronger underwriting and investment results, helping the re/insurer to beat its prior year quarter income while gross premiums written were also up by 10%.
United sees underwriting loss on higher catastrophes, adverse development
United Insurance Holdings has suffered an underwriting loss due to frequency cat loss events during Q3 2016 and a deterioration of loss reserves for loss events in Florida from 2015.
Adverse reserve development impacts Markel’s quarter
Markel reported that its underwriting results for Q3 were adversely impacted by unfavorable development on its medical malpractice and specified medical product lines of business.
Arch and American Specialty team up on sports, recreation and entertainment risks
Arch Insurance Group and American Specialty Insurance and Risk Services, Inc. (a division of Brown & Brown) announced an underwriting partnership on customized insurance programs for the Sports, Recreation and Entertainment industries.
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