Here’s your daily Reinsurance News for Wednesday 9th November 2016:
Reinsurance giant Munich Re has released its Q3 results, posting a net income of €684 million, and €2.1 billion for the first nine months of the year. Low cat losses saw the firm’s operating profit jump to €1.01 billion.
According to broker Willis towers Watson (WTW) alternative reinsurance capital continues to expand its remit, and is being seen in the middle market commercial insurance space.
Insurer and reinsurer SCOR has been granted R2 authorization by the Insurance Regulatory and Development Authority of India (IRDAI) to open a composite branch office in India.
According to Taoufik Gharib, a senior director at S&P Global Ratings, the mortgage reinsurance sector is serving as a bright spot in a challenging marketplace, and growth in the segment is set to continue.
Reinsurance Group of America, Incorporated and AXA France have entered into a longevity reinsurance agreement that covers more than 15,000 annuitants and related commitments of almost €1.3 billion.
There’s ample capacity and skills in the global capital market to assume the growing international disaster gap with “relative ease,” according to Fermat Capital Management LLC’s John Seo.
Heritage Insurance Holdings has reported its third-quarter 2016 results, posting an operating revenue of $109.3 million, compared with $89.2 million a year earlier. The firm also reported that its net GWP fell by roughly 1%, to $147.2 million.
After receiving regulatory approval, Allianz has completed the acquisition of 98.9% of Zurich’s Moroccan insurance business for $272 million.
Bermudian reinsurer RenRe has continued to expand its Medici ILS fund offering which now has AuM of $284 million, however, the firm’s Upsilon retrocessional reinsurance fund shrank in Q3 in response to market conditions.
According to reports Travelers Companies, Inc. has agreed to a settlement with a defendant in a previous reinsurance dispute, and expects to receive payment for the settlement in the fourth-quarter.
Willis Towers Watson has announced that Pam Ferrandino, executive vice president and senior principal of its national casualty broking team, has left the firm.
Monte Carlo Rendezvous Executive Roundtable 2016
Participants discussed areas where ILS could play a greater role and explored potential features of the space that could facilitate increased influence across the risk transfer world, including weather risk, cyber, and terror.
Insurance and reinsurance broker RFIB Group Ltd. has announced the appointment of Paul Leith-Smith, Giles Penfold and Will Hawkins to its new Southeast Asia marine cargo team.
According to Lloyd’s of London Australia is exposed to a potential $16 billion damage bill from cyber attacks, as the threat of cyberattacks grows around the globe.
China’s first online insurer, ZhongAn, has announced recently that it has launched a new fintech innovation company, called ZhongAn Information and Technology Services.
Want to receive this news by email every morning? Just fill out the form below.