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Kenya Re reveals plans to move into North Africa

20th March 2017

Kenya Re has revealed plans to open a regional hub in Sudan or Egypt as North Africa becomes its next target market after having successfully consolidated Southern and Western African lines of business, the Star reported. Kenya Re managing director Jadiah Mwarania, told the Star the 60% state-owned company was aiming ... Read the full article

Global re/insurance M&A activity forecast to increase: KPMG

20th March 2017

Financial advisory firm, KPMG, said insurance industry mergers and acquisitions could see a hike this year after 84% of companies surveyed said they had 1-3 M&As in the pipeline. Out of the 200 global insurance industry leader survey participants surveyed, one-third said adapting their business model to deal with the emerging ... Read the full article

European insurers reinsurance use up, but at a more cautious pace; A.M. Best

20th March 2017

Europe’s 20 largest cedants have significantly increased reinsurance purchases in the last two years as soft market conditions drive insurers to pass on higher levels of risk, according to A.M. Best analysis of market trends in its newly released report. The agency said Solvency II requirements and carriers expanding into new ... Read the full article

Structured reinsurance – the big growth opportunity: Fitch

20th March 2017

Amidst a "negative outlook" backdrop for the reinsurance sector, with Fitch expecting profitability to sink further this year, structured reinsurance has been highlighted as one of the few lighthouses for the strained industry, named by the rating agency as a reinsurance growth area for 2017. The surplus relief quota share reinsurance ... Read the full article

Re/insurers must embrace myriad of opportunities: GC’s Carter

17th March 2017

Insurance and reinsurance companies around the world have an opportunity to take advantage of the evolving risk landscape and the rapidly changing economic environment, according to Victoria Carter, Vice Chairman of Global Strategic Advisory for Guy Carpenter. Insurers and reinsurers in all parts of the world must adapt to the myriad ... Read the full article

M&A more expensive as Asian reinsurers seek diversification: Fitch

17th March 2017

M&A activity became more competitive last year, with valuation multiples shooting up as Chinese and Japanese reinsurers follow international earning diversification strategies, according to Fitch's newly released study on reinsurance market trends. Fitch said valuation multiples for M&A activity had risen last year to nearly 2.0x due to the influx of Asian ... Read the full article

SpaceX insurance requirements for rockets see fivefold increase

17th March 2017

The U.S. Federal Aviation Administration (FAA) has mandated Elon Musk's SpaceX to obtain insurance up to five times higher than in previous years, before being given a license to launch his new Falcon 9 rocket, the Wall Street Journal reported. Under the FAA’s new liability coverage mandate SpaceX is now required to ... Read the full article

European reinsurers disciplined in a tough market: Fitch

17th March 2017

Large European reinsurers continued to show discipline in a very challenging marketplace and broader economic environment in 2016, as reserve releases declined and companies reported a reduction in renewed business, according to the latest European reinsurance market report from Fitch Ratings. The profitability of European reinsurers remained pressured throughout 2016, with Fitch ... Read the full article

Reinsurance operating at margins of profitability: Lancashire CEO

17th March 2017

Specialty insurer Lancashire said the carrier was bracing for a market cycle reversal with the reinsurance industry operating on the margins of profitability and slowing price declines indicating an upturn on the horizon. Lancashire Group Chief Executive Officer (CEO), Alex Maloney, said; “I firmly believe that the insurance business is cyclical. ... Read the full article

NAIC urges more work on ‘covered agreement’

17th March 2017

The National Association of Insurance Commissioners (NAIC) has commented on the proposed covered insurance and reinsurance agreement between the U.S. and the European Union (EU), highlighting areas of ambiguity and calling for more work to be done to ensure a fair, and positive outcome. In January 2017 it was announced ... Read the full article

Harnessing big-data essential for re/insurers

17th March 2017

Learning to harness big-data to their benefit is essential for insurers and reinsurers looking to maintain and increase their market shares and profitability, according to Fitch Ratings. The rating agency explains in a new report that those failing to keep pace with technological change and innovation, such as how to leverage ... Read the full article

Pool Re cyber risk coverage to incentivise cyber-resilience

17th March 2017

Pool Re, the UK government and industry backed terrorism reinsurance scheme, is ploughing ahead with its plans to add property coverage for terror-related cyber events to its offering. According to its Chief Executive Officer (CEO), Julian Enoizi who spoke with Reuters last week, the coverage arrangements will include incentives to ... Read the full article

Reinsurance News – Friday 17th March 2017

17th March 2017

Here’s your daily Reinsurance News for Friday 17th March 2017: Major reinsurers combined ratios over 100% on normalised basis: Fitch Analysis from rating agency Fitch claims that on a normalised basis the combined ratios of some of the largest European reinsurers exceeded 100% in 2016. Trump’s budget proposes scrapping ... Read the full article

Guernsey and Beijing sign MoU for captive business expansion

16th March 2017

Guernsey's Finance Chairman Lyndon Trott  has finalised a Memorandum of Understanding (MoU) with Beijing Airport Economic Core Zone, BAECZ, to expand its captive business in China. Under the MoU, both parties have agreed to cooperate in captive insurance market development, financial innovation, and information exchange. The move is intended to aid Chinese captive market development both ... Read the full article

Indian government agriculture insurance could add 3 million farmers

16th March 2017

Weather Risk Management Services (WRMS), a pioneer for the Indian weather insurance market, has announced plans to connect 3 million farmers across 150 districts to the Pradhan Mantri Fasal Beema Yojana (PMFBY)- the Prime Minister’s Crop Insurance Scheme, BusinessLine reported. The climate risk management firm works with farmers across the country, ... Read the full article

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