Here’s your daily Reinsurance News for Wednesday 4th January 2017:
FEMA secures $1.042bn of flood reinsurance for NFIP
FEMA has expanded on its test 2016 reinsurance arrangement, transferring $1.042 billion of risk from the NFIP to 25 reinsurance carriers for its 2017 program.
2016 global nat cat losses highest in four years: Munich Re
Global natural catastrophe losses in 2016 were the highest of the last four years. Economic losses totalled $175 billion, with insured losses amounting to $50 billion, according to Munich Re.
IAG renews $7 billion catastrophe reinsurance program
Australian insurer IAG has successfully renewed its catastrophe reinsurance program for 2017, at a static size of $7 billion, with the addition of multi-year coverage from a range of counterparties.
Berkshire Hathaway in $1.5bn reinsurance agreement with The Hartford
National Indemnity Company (NICO), a division of Warren Buffett’s Berkshire Hathaway, has entered into a $1.5 billion aggregate excess of loss reinsurance agreement with The Hartford.
Munich Re to serve P/C, L&H reinsurance markets with Mumbai branch
Reinsurance giant Munich Re recently announced that it will open a branch in Mumbai, India, to serve the property/casualty (P/C), and life and health (L&H) reinsurance markets.
JLT Re targets Latin American growth with latest acquisition
Reinsurance broker JLT Re has announced the acquisition of Risk and Re-Insurance Solutions Corp (RRiSC), a Florida-based reinsurance intermediary.
RenRe responsible for $140m Fibonacci Reinsurance Ltd.
It’s been revealed that Bermuda’s RenRe is responsible for the establishment of special purpose insurer Fibonacci Reinsurance Ltd., a recently announced collateralised reinsurance sidecar.
Arch completes acquisition of mortgage insurer United Guaranty
Bermudian insurer and reinsurer Arch Capital Group has completed the acquisition of United Guaranty Corporation (UGC) from American International Group (AIG).
India an opportunity for foreign reinsurers: Clyde & Co
Analysts at Clyde & Co have discussed the outlook of the insurance sector in 2017, underlining an opportunity for foreign reinsurers in markets such as India, and increased regulatory scrutiny in Asia.
QBE signs deal to licence RMS Cyber Accumulation Management System
Insurer QBE has signed a multi-year deal to licence the RMS Cyber Accumulation Management System, with catastrophe risk modeller RMS.
Gienal steps down as Head of Group Strategy at Zurich
The Head of Group Strategy at Zurich Insurance, Claudio Gienal, has left the company according to industry reports. Gienal has been replaced by Giovanni Giuliani, who will also retain his role as head of group innovation, business development and global lines.
New industry standards for ships in polar waters a “game changer,” says Lloyd’s
Lloyd’s of London has described new industry standards for ships operating in polar waters as a “game changer,” saying that it helps to mitigate marine risks for insurers and create underwriting opportunities.
JLT Specialty names Paul Cohen SVP
JLT Specialty has announced the appointment of Paul Cohen as SVP. Cohen brings more than 20 years of Specie insurance expertise to the role.
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.
Fairfax-Allied World deal reflects views of more favourable U.S. tax environment: WTW
In a new report, Willis Towers Watson (WTW) suggests that the Fairfax-Allied World deal supports the view that “the new U.S. government may provide a more favorable corporate tax environment.”
Brown & Brown acquires commercial MGA operations of The Insurance House
Brown & Brown Inc has announced the acquisition of the commercial managing general agent business of The Insurance House Inc., although terms of the deal were not disclosed.
CIRC establishes new rules for property insurance solutions
China’s insurance regulator, the CIRC, has established a set of new rules aimed to mitigate risks associated with property insurance products.
Stone Ridge ILS & reinsurance assets surpass $5 billion
Stone Ridge Asset Management has increased its ILS and reinsurance linked assets under management by more than 2% by the end of October 2016, to $5.054 billion.
Indian Cabinet to finalise public insurer listing norms by end of January
Reports from India claim that the country’s Cabinet is to finalise listing norms for public insurers in the region by the end of January 2017.
Reduced profits for Chinese insurers in 2017
Chinese insurers are set for a challenging year with tighter profit margins as low interest rates and heightened regulation continues to reshape the marketplace.
BGC Partners acquires Besso Insurance Group
BGC Partners, Inc. has announced the acquisition of Besso Insurance Group Limited, an independent Lloyd’s of London insurance brokerage.
Six local insurers that form the National Insurance Consortium (NIC) have won the majority share of an insurance contract for works in relation to the construction of stadiums for the 2022 FIFA World Cup in Qatar.
Laura Foggan joins Crowell & Moring as Partner, insurance and reinsurance
A leading insurance defence attorney, Laura Foggan, has joined law firm Crowell & Moring L.L.P. as a partner in its insurance and reinsurance group, according to reports.
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