Here’s your daily Reinsurance News for Wednesday 7th September 2016:
Global reinsurance industry returns will likely fall further in the coming months as the softening reinsurance market cycle has persisted longer than many in the space had anticipated, according to S&P.
International financial services ratings agencies have warned of lower reinsurance prices in 2017, owing to the benign catastrophe loss environment and continued competition.
The continued growth of alternative reinsurance capital in the global reinsurance market has pressured the sector to innovate in order to “charge less,” according to A.M. Best.
XL Catlin has announced the appointment of Lauren Tennant Pollock as VP, Emerging Markets. Based in the firm’s New York office, she will be involved in a number of innovative new projects.
Flood is a rapidly evolving and increasingly costly peril, yet in comparison to perils such as earthquake and windstorm, flood remains significantly underinsured. Executives came together with Artemis to discuss issues surrounding flood insurance and the resulting protection gap.
Fitch Ratings analyst Brian Schneider has said that the Bermuda reinsurance industry is ripe for further M&A activity, despite a slowdown in deals so far in 2016.
Everest Insurance has announced the appointment of Matt Murray as Regional Leader, Marketing and Distribution for the East region. He joins the firm from Marsh USA, and will be based in the firm’s New York City office.
A special report from ratings agency A.M. Best explores how large European cedants are taking advantage of cheaper reinsurance capital and securing more favourable terms and conditions.
JLT Re has announced that Matthew Carter has joined the firm as partner in its London Market & International Division, led by Bill Bennett.
Specialist reinsurance provider Beazley has announced the launch of Beazley Product Solutions, a new business unit that offers insurers with an efficient and convenient way to expand their product sets.
W. R. Berkley Corporation recently announced the formation of Berkley Transactional as a department of Berkley Professional Liability Underwriters. The new unit will underwrite a full suite of transactional insurance products.
Qatar Reinsurance Company recorded solid growth in the first six months of 2016, and the company has said that it’s confident of continuing to build on this and expand its capabilities.
U.S. commercial P&C rates declined by an average of 1% for the third consecutive month in August, as insurers continue to attempt to put a stop to falling prices.
A recent article explores whether Florida insurers and reinsurers are prepared for claims resulting from a major landfalling hurricane, with the 2016 season well underway.
GIC Bhutan Re continues to expand its services and broaden its reach across the world, now operating in the Middle East, Commonwealth of Independent States (CIS) and African regions.
Insurance and reinsurance software provider, Sapiens, has announced plans to offer true group, worksite and individual coverage to life and annuities carriers in the first-quarter of 2017.
The COO of ILS and reinsurance management, servicing, transformation and fronting specialist Horseshoe Group, Brent Slade, has described ILS as a “bright light” in the softening global reinsurance market.
Hudson Insurance Group has announced the launch of its new Commercial Excess and Umbrella business, that will provide cover on a non-admitted basis in all 50 states.
According to industry reports four candidates are hoping to become the next insurance commissioner of Delaware, with the election due to take place in two months.
Evolution Insurance has announced the appointment of Jeff Setterington as EVP, effective September 6th 2016. The company has said that his main role will be to focus on growth for the company.
Hannover Life Reassurance Company of America recently received “Most Transformative Solution” award for its automated underwriting solution hr | ReFlex, according to reports.
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