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Reinsurance News – Wednesday 7th December 2016

7th December 2016 - Author: Luke Gallin

Here’s your daily Reinsurance News for Wednesday 7th December 2016:

Enstar enters into $919 million QBE Legacy deal

Enstar Group has revealed that one of its subsidiaries has entered into an agreement with a division of QBE Insurance Group, to reinsure U.S. P/C business, assuming gross reinsurance reserves of roughly $919 million.

Mike Hudzik to head Swiss Re’s North American Casualty Hub

Reinsurance giant Swiss Re has announced that Mike Hudzik has been named as the new Head of its North American Casualty Hub, reporting to Swiss Re’s Global Head of Casualty Underwriting, Steve Arora.

PERILS puts October Italy quake insured loss estimate at EUR31m

PERILS AG has estimated that the series of earthquakes that hit Central Italy between the 26th and 30th October 2016 have caused property re/insurance market loss of just EUR 31 million.

Shenzhen Tempus completes reinsurance JV establishment

According to industry reports, Shenzhen Tempus Global Business Service Holding Ltd has completed the establishment of reinsurance JV with partners.

Growing threat of climate change a challenge for insurers’ risk management: Report

A new report has highlighted the growing impacts of climate change and the challenges this creates for insurers in their fight to manage risks. Experts have warned of a $100 billion protection gap in the international insurance sector.

Twelve Capital in $30m private debt deal for United, placed by BMS

Insurance and reinsurance linked investment manager Twelve Capital has reportedly invested in a $30 million private debt issuance from United Insurance Holdings.

O’Donnell to replace Catlin as Chair of the ABIR

The Association of Bermuda Insurers and Reinsurers (ABIR) has announced that Kevin O’Donnell, President and CEO of RenRe, has been elected Chair of the ABIR for a two-year term.

Insurer profits & broker expertise emerge as driver of customer satisfaction: Survey

The 2016 J.D. Power 2016 Large Commercial Insurance Study reveals that insurer profitability and broker expertise emerged as key drivers of customer satisfaction.

Tech innovation to streamline life insurance issuance: Munich Re survey

A recent survey by reinsurance giant Munich Re reveals that 55% of life insurance brokers, carriers, and vendors predict technological innovation will increase the speed of life insurance policy issuance.

U.S. commercial P&C rate declines return to 1% in November

U.S. commercial P&C rates fell by an average of 1% during the month of November, compared with an average 2% decline the previous month, reports MarketScout and KBW.

Louisiana Citizens Property policies count to fall below 60k

According to the Louisiana Insurance Commissioner, Jim Donelon, the total policy count for the state’s property insurer is to drop below 60,000, following the most recent depopulations.

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.

Infrastructure-based economy can boost Indonesia’s insurance industry

A new report from ratings agency Fitch Ratings claims that Indonesia’s increased infrastructure budget that has been announced for 2017, can boost its insurance industry.

Royal Bank of Canada unit Rochdale launches ILS & reinsurance interval fund

A Royal Bank of Canada unit has launched a prospectus for the City National Rochdale Reinsurance Premium Fund, which is a new ILS and reinsurance interval investment fund.

ZEP-RE names new MD

Reinsurance company ZEP-RE has announced that Hope Murera has been named as the company’s new Managing Director (MD), effective January 1st 2017.

Marsh shows expansion ambitions with recent acquisitions

Marsh & McLennan Companies, Inc has announced two acquisitions, including that its Mercer unit acquired the business of Sirota Consulting LLC. A unit of the firm also acquired Benefits Resource Group, and the firm recently announced three buyouts.

Lexon and Ironshore terminate 80% equity purchase agreement

Lexon Surety Group recently announced that along with Ironshore it has terminated their agreement that would have seen Ironshore acquire an 80% equity interest in Lexon.

CEA might return to cat bond market in 2017: CEO

The California Earthquake Authority (CEA) recently expressed praise for the execution of its $500 million Ursa Re Ltd. (Series 2016-1) catastrophe bond, stating that it might explore the cat bond market again in 2017.

Iran’s government to promote insurance sector competition

Iran’s Minister of Economic Affairs and Finance, Ali Tayyebnia, has said that the region’s government will work to increase and promote competition in its insurance sector.

MAS, FSISAC to establish APAC cyber threat intelligence and analysis centre

The Monetary Authority of Singapore (MAS), along with the Financial Services Information Sharing and Analysis Center (FS-ISAC), is to establish an Asia Pacific (APAC) Regional Intelligence and Analysis Centre in Singapore.

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Mike Hudzik to head Swiss Re’s North American Casualty Hub

Reinsurance giant Swiss Re has announced the appointment of Mike Hudzik as Head of its North American Casualty Hub, a...

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