Reinsurance News
China ramps up regulation for offshore reinsurers
14th March 2017
China has set up an offshore reinsurance credit risk deposit scheme, requiring offshore reinsurers to hold credit with a domestic company to protect against what it sees as high offshore credit risk. The Chinese insurance and reinsurance industry regulator, the CIRC, introduced the scheme in a statement released yesterday after labelling ... Read the full article
NAICOM urged to level playing field for Nigerian reinsurers
14th March 2017
Pan-African reinsurance company Africa Re has an unfair, dominant share of the Nigerian reinsurance market, which is causing local reinsurance companies to perform below expectations, according to reports from the region. This is according to online Nigerian insurance and pension news reporting website Inspenonline, which, citing an unnamed industry expert, says that Africa ... Read the full article
Philippines to chair APEC Disaster Risk & Insurance strategy
14th March 2017
Philippines Finance Secretary Carlos G. Dominguez III has accepted Peru’s offer to act as chairman of the Asia-Pacific Economic Cooperation’s (APEC) Disaster Risk Finance and Insurance strategy (DRFI), Business World reported this morning. The DRFI is responsible for developing financial protection strategies to improve government’s resilience and quick-response measures to disasters ... Read the full article
Tax reforms not expected to result in onshore reinsurance moves (yet)
14th March 2017
The expectation that tax reforms may be coming that affect the offshore reinsurance industry does not necessarily mean that a wave of reinsurers will be moving to set up in the U.S., according to Credit Suisse analysts. Discussing insights learned at a recent conference and citing RenaissanceRe President and CEO Kevin ... Read the full article
Reinsurance News – Tuesday 14th March 2017
14th March 2017
Here’s your daily Reinsurance News for Tuesday 14th March 2017: Warren Buffett’s Berkshire Hathaway should buy AIG Meyer Shields of Keefe, Bruyette & Woods recently said that Warren Buffett's Berkshire Hathaway should buy insurance giant AIG. Flood risk privatisation back on the U.S. political agenda The U.S. Housing and Insurance Subcommittee ... Read the full article
Indonesia issues operating license for new reinsurance brokers
13th March 2017
Indonesian government agency, the Financial Services Authority of Indonesia (OJK), has granted operational licenses to two new reinsurance brokerage companies, PT JLT Reinsurance Brokers and PT Inare Proteksi International, earlier this month, according to industry reports. The operational license allows the two brokers to commence operations beginning last week. OJK director for non-bank financial ... Read the full article
Fairfax to pay more cash for Allied World
13th March 2017
Fairfax Financial Holdings Limited has exercised its option to increase the cash consideration element of its offer to acquire Allied World by $18 per ordinary share, which, combined with a $5 special dividend takes the cash consideration component of the offer to $28 per share. Fairfax and Allied World recently announced that ... Read the full article
Aggregation of U.S. storm losses could threaten reinsurance programmes: RMS
13th March 2017
Reinsurance programmes in the U.S. could by threatened by sky-high losses as damages from early year heavy storms continue to aggregate, catastrophe risk modeller RMS has warned. Striking results from early year weather report reviews show that tornado, hail and straight-line wind have more than doubled their averages for the last ... Read the full article
Flood risk privatisation back on the U.S. political agenda
13th March 2017
The Housing and Insurance Subcommittee met recently to discuss the state of the U.S. National Flood Insurance Program (NFIP) and potential reforms, including the opportunity for the private sector to develop an effective private flood risk insurance market. The development of a private flood risk insurance and reinsurance market in the U.S. ... Read the full article
Hong Kong government urged to support reinsurance industry growth
13th March 2017
As Hong Kong reinsurance placements see losses to China and other competitors, the government has been advised by the Financial Services Development Council (FSDC) to take measures such as tax incentives, talent development or preferential rental prices, to support the local reinsurance industry. A member of the FSDC, Winnie Wong, told a press ... Read the full article
Warren Buffett’s Berkshire Hathaway should buy AIG: KBW analyst
13th March 2017
Keefe, Bruyette & Woods analyst Meyer Shields offered Warren Buffett some bold advice on Friday, laying out the case for Berkshire Hathaway buying insurance giant AIG. Shields and his fellow KBW analysts said that Peter Eastwood, the current head of Berkshire Hathaway Specialty Insurance (BHSI) and formed AIG CEO of Property ... Read the full article
RMS releases new India and China agriculture risk models
13th March 2017
Catastrophe risk modeller, RMS, has launched new agricultural risk models for India and China and plans to expand coverage further into Asia-Pacific and the Americas as part of a strategic focus to help clients close the coverage gap. RMS also announced plans to reveal a series of risk models and updates ... Read the full article
CEA to put Lloyd’s syndicates on level playing field for reinsurance renewals
13th March 2017
The California Earthquake Authority (CEA), the main earthquake insurance provider in the State of California, is set to put Lloyd's of London syndicates on a level playing field for its future reinsurance renewals. The CEA has a strict set of guidelines for acquiring risk transfer and reinsurance, which see different providers ... Read the full article
Reinsurance News – Monday 13th March 2017
13th March 2017
Here’s your daily Reinsurance News for Monday 13th March 2017: FEMA to build on “cornerstone” NFIP flood reinsurance placement The Federal Emergency Management Agency (FEMA) will reportedly look to build on its “cornerstone” flood reinsurance placement, in an effort to better protect the NFIP. Ogden rate cut could raise ... Read the full article
Pool Re hopeful to include terror-related cyber for property cover: CEO, Enoizi
10th March 2017
Pool Re, the UK government and industry backed terrorism reinsurance scheme, is planning to extend its coverage to include cyber attacks on property, says the entities Chief Executive Officer (CEO), Julian Enoizi. Speaking to Reuters, Enoizi said "Insurance is there for the unimaginable - we're here to insure the unforeseen," and revealed that ... Read the full article
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