Reinsurance News
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
At least ten insurers signal post-Brexit move to Ireland
10th March 2017
Ireland’s head of insurance regulation said ten insurers have set their sights on Ireland as their post-Brexit base with five insurers submitting applications for Central Bank insurance authorisation, and a further five signalling a firm intention to apply, the Irish Times reported. Director of insurance supervision at the bank, Sylvia Cronin, ... Read the full article
XL Catlin promotes Strack to Global Risk Management, regional leadership role
10th March 2017
Insurer and reinsurer XL Catlin has announced the promotion of Angie Strack to Senior Vice President and Underwriting Manager of Global Risk Management, North Central Region. Strack joined XL Catlin in 2011 bringing more than 17 years of experience in underwriting and broker management, which includes ten years of casualty underwriting at ... Read the full article
Prudential & Rothesay Life in $1.2bn longevity reinsurance deal
10th March 2017
Prudential Financial has completed its sixth major longevity reinsurance transaction with Rothesay Life since 2011, announcing a $1.2 billion (£960 million) deal covering the liabilities associated with 22,500 pensioners, from eight pension plans. The latest longevity reinsurance transaction between the pair sees Prudential Retirement, a unit of Prudential Financial, assume the ... Read the full article
Romania’s national insurance pool could expand reinsurance cover
10th March 2017
PAID Romania, the country's national pool for disaster insurance, has been considering extending its reinsurance programme as it assesses the sufficiency of its premium and reserve strength in the case of a major natural disaster. PAID announced its strategic priorities for expansion at a recent reinsurance conference in Bucharest, according to ... Read the full article
Pacific Life Re strengthens Asia unit with two hires
10th March 2017
Pacific Life Re has announced two new appointments at its Asia operation, in Navarat Kriausakul (Pi) and Nuttanate Pongpipatpaiboon (Nueng). Pi has been named Director, Product Development, a newly created role, while Nueng has been appointed Director, Projects and Pricing, both will be based in the company's Singapore office. Reporting to Jeff Cook, Head of ... Read the full article
RFB raises tax for nonresident admitted reinsurers in Brazil
10th March 2017
The Brazilian Tax Authority (RFB) has released a private letter ruling on January 20th stating nonresident reinsurers operating in Brazil through representative offices should be taxed on an equal basis to reinsurers incorporated in Brazil, accounting firm EY reported. The ruling takes immediate effect in Brazil as a private letter ruling ... Read the full article
Ogden rate cut could raise reinsurance pricing & demand: Moody’s
10th March 2017
Moody’s Investors Service said in a recent report that the Ogden rate cut could raise prices and demand for reinsurance, as insurers raise premiums in response to rising claims costs and prior year reserves see a one-off increase. On February 27, the UK government announced a 325 basis points fall in the ... Read the full article
Reinsurer profitability dependent on attritional loss activity: KBW
10th March 2017
Reinsurers' profitability is expected to remain under pressure in the coming months but returns could improve on 2016 if attritional losses from catastrophe events remain low, according to analysts at Keefe, Bruyette & Woods (KBW). According to analysis and commentary from KBW reinsurers produced an average return on equity (ROE) of 8.1% ... Read the full article
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