Reinsurance News
Berkshire Hathaway gains reinsurance license for Malaysia market
17th January 2017
Warren Buffett's Berkshire Hathaway is set to enter the Malaysian reinsurance market, having received a license from Labuan FSA to provide non-life products in the country, through its Berkshire Hathaway Specialty Insurance Company (BHSI) arm. Berkshire Hathaway has been expanding steadily into Asian and Pacific insurance and reinsurance markets, as the ... Read the full article
XL Catlin names Anne Middleton to lead ceded reinsurance
16th January 2017
Anne Middleton has been named by XL Catlin's P&C Underwriting Capital Management operation as its new Global Head of Placements, Ceded Reinsurance. In the role, Middleton will manage the firm's ceded reinsurance arrangements taking responsibility for overseeing the program, negotiating the terms, structure and pricing of XL Catlin's reinsurance. In the role ... Read the full article
BIBA calls for continued EU market access after Brexit
16th January 2017
The British Insurance Brokers’ Association (BIBA) has called for the UK government to negotiate for continued and uninterrupted access to the European single market access after Brexit. BIBA’s Chief Executive Steve White explained that more than 2,700 UK insurance intermediaries benefit from passports that enable them to access EU states and ... Read the full article
UBS turns more negative on European reinsurance sector
16th January 2017
Equity analysts at investment banking group UBS say they are now more negative on the European reinsurance sector, after January renewals saw prices decline further than expected and with fundamentals across the sector looking shaky. With risks on the horizon for the major European reinsurance firms and the London market players, ... Read the full article
Dublin possible new base for Lloyd’s EU subsidiary
16th January 2017
Lloyd’s of London is seriously considering setting up a subsidiary in Dublin to safeguard its access to European markets, the Irish Times revealed today. The insurer will present a proposal to its members to establish a branch in an EU country next month, and Dublin remains one of the key shortlisted ... Read the full article
Insurtech Bought By Many raises £7.5m, Munich Re to provide capacity
16th January 2017
Insurance technology (insurtech) start-up Bought By Many has raised a £7.5 million (US$9.5 million) Series A venture round, and reinsurance firm Munich Re is one of the backers. Bought By Many uses social media and search data in order to provide insight-driven insurance to customers. Through the addition of this insight, ... Read the full article
“Too early to see a turn in the market,” says RBC
16th January 2017
The RBC Capital Markets analysts concluded after their sixth annual London Market trip meeting that despite pricing declines beginning to slow, 2017 would be too soon to see a turn in the market. Insurers still turned a profit in 2016, but results have begun to deteriorate, RBC reported. Overall prices fell by around ... Read the full article
Reinsurance News – Monday 16th January 2017
16th January 2017
Here’s your daily Reinsurance News for Monday 16th January 2017: EU, U.S. reach agreement on transatlantic insurance & reinsurance market The European Union (EU) and the United States (U.S.) last week agreed on a deal that aims to boost the $3 billion transatlantic insurance and reinsurance industry. SCOR ... Read the full article
Munich Re makes new supervisory board appointment
16th January 2017
Global reinsurance firm Munich Re has made a new appointment to its supervisory board, to replace Wolfgang Mayrhuber, who resigned his seat on after 14 years on the board in December 2016. Renata Jungo Brüngger (aged 55) has been appointed to the Supervisory Board of Munich Re with effect from 3rd ... Read the full article
Swiss Re names Daftari as Country Manager, Germany in Corporate Solutions
16th January 2017
Reinsurance giant Swiss Re has named Bijan Daftari as Country Manager for Germany in its direct commercial and corporate insurance unit Swiss Re Corporate Solutions. In the role of Country Manager in Swiss Re Corporate Solutions, Daftari will be expected to take responsibility for strategy, development and performance of the firm's ... Read the full article
SCOR makes senior Group appointments
16th January 2017
Global reinsurance players SCOR has announced a number of senior appointments, naming heads of its Americas and Asia Pacific hubs, as well as changes in its technology and public affairs functions. All the new appointments are immediately in effect and sit in Group level functions within the French headquartered reinsurance firm. Paul ... Read the full article
Insurance highlighted as top strategy to combat climate change
13th January 2017
The Geneva Association has stressed the importance of insurance - integrated disaster risk management and transfer - to mitigate the impact of climate change in a report on global extreme events and climate risk management released yesterday. Improving risk knowledge and assessment capacities, an integrated approach to disaster management, innovation in ... Read the full article
Upturn in reinsurance pricing unlikely: Morgan Stanley
13th January 2017
Equity analysts Morgan Stanley believe a meaningful upturn in reinsurance pricing is now remote with the market not likely to turn in the event of a large loss (~$50bn+). Morgan Stanley said a combination of reserve deterioration, large catastrophes, and unmodeled losses were needed for material changes to prices in the ... Read the full article
EU, U.S. reach agreement on transatlantic insurance & reinsurance market
13th January 2017
After formally negotiating the terms for more than 12 months, the European Union (EU) and the United States (U.S.) today agreed on a deal that aims to boost the $3 billion transatlantic insurance and reinsurance industry. Discussions of a proposed deal had been ongoing for some time between the EU and ... Read the full article
Insurance premium growth could lead to greater reinsurance demand in China
13th January 2017
A sharp rise in insurance premium growth in China, as reported by Chinese insurance regulator the CIRC, could result in an increased demand for reinsurance protection in the region. Insurers in China during 2016 made 3.1 trillion yuan ($448.6 billion) in premium income, up nearly 30% on the previous year, with ... Read the full article
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