Here’s your daily Reinsurance News for Wednesday 30th November 2016:
Arch Capital to raise $950 million to help finance United Guaranty deal
Arch Capital Group Ltd. is looking to raise $950 million in debt to help finance its acquisition of AIG’s United Guaranty division. The firm also revealed that some of the funds from the sale will be used to support growth in its mortgage business.
Reinsurance helps Bermudian insurers resilience, but ILW use drops
A report from the Bermuda Monetary Authority (BMA) on the resilience of Bermudian insurers against natural catastrophes, underlines the benefits reinsurance provides such companies.
Egypt in urgent need of disaster risk insurance pool
Insurance industry experts have called for plans to establish a disaster risk insurance pool in Egypt to be accelerated, following the impacts of recent flooding in the region.
Reinsurers remain optimistic in a challenging market: Industry leaders
Despite the ongoing challenging operating environment and softening market cycle, reinsurers remain optimistic thanks to rational behaviour and continued innovation, according to industry leaders.
Aetna to establish innovation hub in Singapore for Asian markets
Aetna has announced that it will establish an innovation hub for Asia, that will be based in Singapore. The hub will focus on the healthcare sector in regional Asian markets.
Pakistan’s National Disaster Risk Management Fund receives $200 million loan
The Asian Development Bank (ADB) has approved a $200 million loan for Pakistan’s National Disaster Risk Management Fund (NDRMF), improving the region’s resilience against natural disasters.
Latin American countries seek joint cat bond cover for quakes
The group of Latin American countries that make up the Pacific Alliance, in partnership with reinsurance giant Swiss Re, are looking at utilising joint cat bond cover for earthquake risks.
CIRC calls for Asian countries to increase cooperation around solvency regulations
The Chinese insurance regulator, the CIRC, has proposed that Asian countries increase cooperation regarding insurance solvency supervision.
Aspen Insurance and DUAL Commercial partner to enhance DUAL’s management liability offering
Aspen Insurance and DUAL Commercial have partnered to enable the latter to offer a broader and more comprehensive management liability product.
ILS NYC 2017 conference – Feb 3rd, New York
A thoughtfully curated annual insurance-linked securities event in New York City from Artemis. Featuring ILS & reinsurance industry leaders speaking on forward-thinking, engaging topics.
India’s insurance premiums to reach $378 billion by 2020
Total premiums for the life and non-life insurance industry in India is expected to reach $378 billion by 2020, claims a report from the Confederation of Indian Industry and KPMG in India.
Hanover Insurance Group enhances equipment breakdown offering
The Hanover Insurance Group has announced substantial updates to its equipment breakdown protection, to include modern technology equipment that includes cloud computing services.
Israel wildfire to cost more than $500 million
According to reports from the region a forest fire that impacted Israel recently has resulted in losses of more than $500 million, with damages to homes making up roughly $182 million of the loss.
Federated National Board approves $10 million share repurchase program
Federated National Holding Company has revealed that its Board of Directors has approved an additional share repurchase program that will see the firm repurchase up to an additional $10 million of its outstanding common stock.
Insurance agents in developed Asian markets to halve in next few years: Aviva
The CEO of Aviva, Mark Wilson, has said that the number of insurance agents in the more developed Asian markets could halve over the next few years, as digital sales continues to take business.
Indian insurers to pay rail disaster claims within three to four days
All three of India’s non-life insurance companies have said that all valid insurance claims from the recent rail disaster in the country would be paid within three to four days.
U.S. farmers wary of further attacks on crop insurance
With discussions in Congress about a new crop insurance bill ongoing, farmers in the U.S. have warned against further attacks on crop insurance.
Majority of Japan’s life insurers report profit dip April – September
Reports from Japan reveal that seven out of eight major life insurers reported that their year-on-year profits in their core insurance operations fell April through September.
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