Here’s your daily Reinsurance News for Wednesday 8th March 2017:
Ogden rate change further pressures unprofitable UK motor sector: A.M. Best
Rating agency A.M. Best has warned that UK motor insurers and reinsurers are likely to experience the greatest impact from the reduction to the Ogden discount rate, with a number of firms already announcing their expected financial impact.
Swiss Re Corporate Solutions opens Malaysia office, names Country Head
Global reinsurance giant Swiss Re’s Corporate Solutions unit has announced the launch of a new office in Malaysia, and named Juerg Stoll as Country Head for the region.
Lloyd’s syndicates eager to expand presence in India
According to Vineet Aneja, a partner at law firm Clasis Law, a number of Lloyd’s syndicates are eager to expand their presence in India following Lloyd’s receiving approval to establish a local branch before the April 2017 renewals.
1347 / Maison targets Florida market, goes for total-return
Property insurer 1347 Property Insurance Holdings and its property underwriting insurer Maison are to expand into the Florida homeowners and wind-only market, which is expected to result in additional reinsurance demand.
International Group of P&I Clubs experience favourable reinsurance renewal: A.M. Best
Members of the International Group of P&I Clubs experienced a favourable reinsurance renewal for the 2017/2018 policy year, according to A.M. Best.
Locke Lord hires Montgomery to build London re/insurance team
Global law firm Locke Lord has looked to expand its London insurance and reinsurance team with the appointment of insurance consultant expert Nigel Montgomery.
XL Catlin launches enhanced family-friendly leave benefits initiative in India
Insurer and reinsurer XL Catlin recently launched enhanced family-friendly leave benefits and workplace initiative for Indian employees, supporting up to 26 weeks of fully-paid maternity, adoption and surrogacy leave.
Nuclear liability risks ILS deal transacted on a direct insurance basis
According to Artemis, an insurance-linked securities (ILS) transaction has been completed featuring nuclear plant liability risks being transferred direct to an investor.
Affordable Care Act reforms need to include reinsurance: Aetna
Aetna has said that the Trump administration’s changes to the Affordable Care Act are a step in the right direction, but stressed the need for the programme to include reinsurance protection.
Qatar Re raises $450 million with perpetual bond issue
Qatar Reinsurance Co. (Qatar Re) has successfully raised $450 million through a debt issuance in the form of a perpetual bond, a move that should help the reinsurer expand further.
CPA Protector & Aspen Insurance partner to offer professional liability Solutions
Aspen Insurance Holdings has partnered with CPA Protector Plan to offer professional liability insurance products to CPA owned companies on an admitted basis.
Singapore to launch Cybersecurity scheme to attract & retain talent
The Singapore government is to launch a Cybersecurity Professional Scheme in an effort to attract young talent to the sector.
John Sutton and Toby Humphreys leave Integro
Integro Insurance Brokers today revealed that John Sutton and Toby Humphreys have left the firm. The pair have been with the firm since 2005, helping to guide Integro’s UK operations.
Allied World launches three new professional liability solutions in Australia
Allied World Assurance Company Holdings has launched three new Professional Liability products in Australia, the company has announced.
Senior executives expect MENA region insurance premiums to outgrow GDP in 2017
Senior insurance and reinsurance executives in the MENA region expect insurance premiums to outpace the region’s GDP over the next 12 months.
Singapore insurers urged to do more than just be compliant
The Monetary Authority of Singapore (MAS) has said that insurers in Singapore must do more than just comply with rules and guidelines, and make sure their operating environment encourages all parts of the value chain to do the right thing.
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