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Sydney storms could further strain IAG’s peril costs budget

22nd February 2017

Insurance Australia Group (IAG) has received over 13,000 claims, predominantly motor, after the severe February 18th Northern Sydney hailstorm; the costs of these rising claims could place the insurer's already strained 2017 fiscal year budget under further pressure, making a fall-back on reinsurance cover increasingly likely as the year rolls ... Read the full article

AMTrust appoints Underwriting Director of ANV Global Services

22nd February 2017

North American Managing General Underwriter (MGU), ANV Global Services, owned by multinational insurance and reinsurance group AmTrust Financial Services, has appointed James Pittinger to the role of Underwriting Director, effective immediately. In his New Jersey-based role, Pittinger will be responsible for the North American MGU business, Management Liability and Professional Lines ... Read the full article

Suncorp looks to beat Fairfax to Tower in New Zealand

22nd February 2017

Australia and New Zealand based insurer Suncorp Group has made a counter-offer to acquire Tower Insurance of New Zealand, seeking to beat Prem Watsa's Fairfax to the deal. Prem Watsa's Fairfax Financial made an all cash offer at $1.17 per share, so valuing Tower at $197 million, which was a ... Read the full article

PartnerRe investment loss triggered by U.S. risk-free rate change

22nd February 2017

PartnerRe, the reinsurance firm acquired by the Italian conglomerate EXOR, reported a fourth-quarter net loss as it suffered significant investment losses on fixed income securities following on from the increase in U.S. risk-free rates. The increase in risk-free rates was expected to negatively impact some reinsurers in late 2016, although to ... Read the full article

SCOR ready to leverage “positive prospects” in reinsurance

22nd February 2017

French reinsurance company SCOR has delivered another strong result this morning despite the softened state of the reinsurance market, reporting EUR 603 million of net income and a return on equity of 9.5% for 2016. Those figures are down slightly on 2015, but that is to be expected given the state ... Read the full article

Reinsurance News – Wednesday 22nd February 2017

22nd February 2017

Here’s your daily Reinsurance News for Wednesday 22nd February 2017: SCOR ready to leverage “positive prospects” in reinsurance Despite the soft and challenging reinsurance market environment French reinsurer, SCOR, has reported a net income of €603 million and a return on equity of 9.5% for 2016. Interest rates cause ... Read the full article

Ironshore increases Terrorism & Sabotage programs capacity to $400 million

21st February 2017

Bermuda domiciled specialty insurance and reinsurance holding company, Ironshore International, has announced that it's increased its Terrorism & Sabotage programs capacity to $400 million, effective immediately. The new $400 million capacity level represents growth of roughly 6.7% from the previous $375 million limit, and is in response to a rise in ... Read the full article

Modernisation, Brexit are top priorities for Lloyd’s Market Association (LMA)

21st February 2017

Modernisation of the Lloyd's and London insurance and reinsurance market, as well as the impact of Brexit on the market are considered top priority for 2017 at the Lloyd's Market Association (LMA). Speaking to chief executives from the Lloyd’s of London managing agency community, LMA CEO David Gittings said that as ... Read the full article

Tom Ridge’s cyber advisory firm to partner with Risk Cooperative

21st February 2017

Former U.S. Homeland Security Secretary Tom Ridge’s cyber advisory firm, Ridge Global, has announced plans to form a strategic and leadership partnership with Risk Cooperative to offer a new blend of advisory, education, technology and risk-transfer solutions. The firms will be led by Tom Ridge, who will serve as Chairman, and ... Read the full article

Swiss Re backed livestock insurance scheme to payout $2 million

21st February 2017

Swiss Re has announced the Kenyan Livestock Insurance Programme (KLIP) will be making a payout of about $2 million to 12,000 Kenyan farmers at the end of February, with index-based payments pegged to satellite measurements of data set to roll out with the average payout at $170 per household. The innovative insurance programme collects ... Read the full article

AXIS names Brown to lead growth at London professional lines MGA

21st February 2017

Insurer and reinsurer AXIS Capital Holdings Limited has announced the appointment of Julian Brown Vice President and Underwriter in its insurance unit, tasked with driving growth and product development at the firm’s London market Managing General Agency (MGA) unit. Brown has over 20 years’ experience in the re/insurance industry joins AXIS ... Read the full article

Interest rates cause sharp increase in longevity reinsurance: Bank of England

21st February 2017

David Rule, Executive Director of Insurance Supervision at the UK's Bank of England, said this morning that interest rate sensitivity has helped to drive an uptick in longevity reinsurance usage. Speaking at an Association of British Insurers event today, Rule discussed Solvency II as a regime, with a particular focus on ... Read the full article

China launches first mutual insurer

21st February 2017

China’s first mutual insurer, Zhonghui Property Mutual Insurance, has opened recently in Beijing, with a  working capital of $146 million to begin its operations. The mutual will offer credit insurance to small and medium-sized businesses and short-term health and personal accident insurance. It's the first to be launched out of three mutual ... Read the full article

RMS Colombia Earthquake Model approved by regulator

21st February 2017

International catastrophe risk management and modelling firm, RMS, has received approval from the Colombian insurance regulator to provide catastrophe modelling services for earthquake risks in the region. Colombian insurance regulator, Superintendencia Financiera de Colombia (SFC), has given approval for the RMS Colombia Earthquake Model to be utilised by national and global ... Read the full article

Premium volumes stagnant as global trade levels shrink: Munich Re

21st February 2017

Reinsurance giant Munich Re has pointed to how a two-year drop in global trade levels has hit insurance premium income, over fears this downturn could be exacerbated by an era of nationalism that pushes the globe towards economic decline. After several decades of global trade moving towards steady growth, 2015 and 2016 ... Read the full article

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