Here’s your daily Reinsurance News for Wednesday 8th February 2017:
SCOR finds U.S. reinsurance growth at 1/1
Insurer and reinsurer SCOR has revealed that it found opportunities for reinsurance premium growth at the recent January renewals, despite continued market pressures.
Enstar in £957m legacy reinsurance deal with RSA
A subsidiary of run-off specialist Enstar Group has entered into a reinsurance agreement with RSA Insurance Group PLC to reinsure £957 million of its legacy UK employers’ liability business.
Argo to retain Ariel Re brand, names Mather Global Head of Reinsurance
Following its takeover of Ariel Re, Argo Group has revealed that it will retain the Ariel Re brand and has named Ryan Mather as its Global Head of Reinsurance.
Munich Re expects more softening, Q4 combined ratio hit by cats
Reinsurance giant Munich Re reported its Q4 results recently, and said that it expects more softening and that rates will decline so long as there is an absence of major losses.
$332m insurance loss reported for Address Hotel, Dubai fire
The property developer of the Address Hotel in Dubai, which caught fire on New Year’s eve of 2015, has said that the fire is expected to result in an insurance claim of more than $332 million.
Floridians may turn to reinsurance as Demotech highlights concerns
Floridian primary insurers may increase their use of reinsurance as they look to offset capital pressures that could be driven by rating pressure after the assignment of benefits (AOB) claims escalation.
Markel appoints Towner as reinsurance placement head
The insurance and reinsurance division of Markel Corporation, Markel International, has announced the appointment of Warren Towner as its new head of underwriting management and reinsurance placement.
Tokio Millennium Re licenses Praedicat’s Oortfolio for casualty analytics
Tokio Millennium Re announced recently that it’s signed up to license Praedicat’s casualty catastrophe risk modelling solution, Oortfolio.
U.S. & Indonesian scientists develop improved tsunami detection system for Indonesia
Scientists from Indonesia and the U.S. have reportedly developed a new prototype for Indonesia’s tsunami detection system, which could help save lives as people are warned about a tsunami quicker.
Charles Taylor launches catastrophe deductible scheme for LatAm SMEs
Insurance company Charles Taylor has launched an innovative Insurance & Asset Protection Program for Latin American Small and Middle Sized Enterprises (SMEs), aimed to help protect catastrophe deductibles.
Validus Re credit ratings unchanged after CRS announcement: A.M. Best
Following the announcement from Validus Reinsurance that it will acquire Crop Risk Services (CRS), A.M. Best has said that the reinsurer’s credit ratings remain unchanged.
ILS market could challenge record issuance in 2017: Swiss Re
According to reinsurance giant Swiss Re strong investor and sponsor appetite for ILS and alternative reinsurance structures could see issuance levels break records in 2017.
Beazley hires new underwriters in Dallas & Los Angeles
Beazley has announced the appointment of new underwriters in Dallas and Los Angeles, as it looks to bolster its underwriting teams in certain areas.
White Mountains Insurance reports a loss in Q4 2016
White Mountains Insurance Group, Ltd has reported its fourth-quarter 2016 financials, posting a loss of $34 million, compared with a gain of $259 million in the same period in 2015.
AXIS Insurance strengthens international cyber team
AXIS Capital Holdings Limited recently announced the appointment of Neil Arklie as Vice President, Financial Lines, and Lead Underwriter, International Cyber Insurance.
Cyber attacks cost UK retail industry $125mn a year: Report
Cyber attacks on the UK retail industry cost up to $125 million a year according to a recent study, underlining the need for adequate and effective risk transfer solutions.
Experts share opinions on Brexit’s impact on UK’s ILS ambitions
Insurance, reinsurance, and ILS market experts have discussed the UK’s ambition of developing a competitive ILS regime, highlighting the importance of speed to market and other factors.
Insurance industry urged to embrace technology
During a recent re/insurance industry event, one speaker urged the risk transfer industry to embrace technology as advances look set to reshape the sector moving forward.
International insurers look to benefit from India’s demonetisation
Global insurers such as Axa and Generali, are reportedly looking at ways to benefit from the flurry of Indians entering the region’s formal banking sector.
Jordan insurance market grows by nearly 6% in 2016
During 2016 insurers in Jordan recorded premiums of $823 million, an increase of 5.8% on the previous year and that is expected to continue growing.
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