Reinsurance News
VIG Re adds new board director
23rd January 2017
Vig Re has announced Tomasz Rowicki as its new board director, as the reinsurer seeks to further strengthen the experience of its board. Rowicki, who has over 15 years experience in the reinsurance and insurance industry, currently serves as a Member of the Managing Board of Compensa Non-Life Lithuania and is responsible for underwriting, reinsurance, claims ... Read the full article
SCOR & ChainThat test blockchain proof-of-concept for reinsurance
23rd January 2017
French reinsurance giant SCOR has been working on testing a blockchain based proof-of-concept for digitalising certain reinsurance market processes with start-up ChainThat. As the insurance technology (InsurTech) trend continues to accelerate, the majority of major reinsurance firms have been involved in testing blockchain technology (the distributed ledger style database that underpins ... Read the full article
Reinsurance News – Monday 23rd January 2017
23rd January 2017
Here’s your daily Reinsurance News for Monday 23rd January 2017: Swiss Re gets India reinsurance branch license Reinsurance giant Swiss Re has announced that it will open its new branch in India effective February 1st, 2017, after receiving final approval from the regulator. The reinsurer has also announced that Kalpana Sampat ... Read the full article
Suncorp exceeds catastrophe budget again
23rd January 2017
Suncorp Group, the Australian and New Zealand general insurer, has exceeded its catastrophe loss budget in the second-half of 2016, repeating a trend that has dogged the insurer since 2013. The insurer reports a number of major claims in H2 2016, including the Kaikoura, New Zealand earthquake which it has set ... Read the full article
Swiss Re gets India reinsurance branch license
23rd January 2017
The Insurance Regulatory and Development Authority of India (IRDAI) has given Swiss Re approval to open a branch in Mumbai, making it among the first five foreign reinsurers to operate in India. The Mumbai branch will be effective from February 1st, enabling Swiss Re to offer both non-life and life and ... Read the full article
Competition, not Brexit, biggest threat to UK re/insurance: CBI/PwC
23rd January 2017
Competition, not Brexit, is named the biggest challenge to the re/insurance industry in the UK in a CBI/PwC Financial Services survey released today. Despite changing political and economic factors making for complex navigation of the British insurance and reinsurance market, stiff competition from new entrants and other areas of financial services ... Read the full article
Challenges and opportunities for insurtech start-ups: A.M. Best
20th January 2017
After witnessing the fintech revolution transform the finance world, re/insurers are moving quickly to invest in insurtech start-ups - a technological revolution pushed by tough market conditions and pulled forwards by massive possibilities. The huge influx of capital means carriers are coming under increasing pressure to find more ... Read the full article
Cayman captive insurer registrations almost double in 2016
20th January 2017
Growth figures for captive insurance, reinsurance, life and annuity company formations in the Cayman Islands nearly doubled in 2016. The Cayman Islands insurance management industry has reported figures rising from 22 new formations in 2015 to 39 in 2016. Total premiums written for the sector were at $14.6 billion, up from U.S. ... Read the full article
AIG gets adverse development reinsurance from Berkshire Hathaway
20th January 2017
American International Group, Inc. (AIG) has entered into a $9.8 billion adverse development reinsurance agreement with Berkshire Hathaway subsidiary, National Indemnity Company (NICO), effective January 1st, 2016. The $9.8 billion transaction covers 80% of substantially all of AIG's U.S. commercial long-tail exposures for accident years 2015 and prior, and this includes the ... Read the full article
Soft re/insurance market conditions now main obstacle to MGA growth
20th January 2017
Soft re/insurance market conditions have replaced regulation and compliance as the main factor impacting growth of managing general agents (MGAs), according to a survey released yesterday by MGA start-up specialists, Castel Underwriting Agencies Limited (Castel). The Managing General Agents’ Association (MGAA), a Castel research-based partnership, surveyed its members to identify factors ... Read the full article
Brexit uncertainty to challenge UK re/insurers: A.M. Best
20th January 2017
International rating agency A.M. Best has again discussed the UK's vote to leave the EU following British Prime Minister, Theresa May's 12-point Brexit speech. A.M. Best said that while it doesn't anticipate any rating actions, broad uncertainty makes it challenging for the London and broader UK insurance and reinsurance marketplace. Despite ... Read the full article
Reinsurance News – Friday 20th January 2017
20th January 2017
Here’s your daily Reinsurance News for Friday 20th January 2017: Lloyd's get final approval, to launch in India before April renewals The Lloyd's of London insurance and reinsurance marketplace has received final approval from the IRDAI to establish a branch in India, and plans to launch before the April reinsurance ... Read the full article
SCOR provides reinsurance for streamlined longevity hedge
20th January 2017
French reinsurance firm SCOR has participated in a UK£300 million longevity swap transaction, providing reinsurance capital to back 80% of the transaction, while insurer Zurich retained the remaining longevity risk. It's the first so-called streamlined longevity swap deal that SCOR has participated in, with the transaction having been facilitated through a ... Read the full article
EU, U.S. reinsurance deal could boost business, but hinder profits: Fitch
20th January 2017
International financial services rating agency, Fitch Ratings, has commented on the recently announced EU/U.S. transatlantic reinsurance agreement. Fitch says that while the proposed deal could boost the attractiveness of transatlantic reinsurance business, it could also result in some additional pricing pressure in the space. At the end of last week ... Read the full article
GIC Re doubles growth due to government crop insurance scheme
19th January 2017
Indian state backed reinsurance firm General Insurance Corporation of India (GIC Re) has been able to double its growth thanks to the roll-out of a government backed crop and weather-index insurance scheme. As the state-backed reinsurer, GIC Re has priority on re/insurance schemes such as the Pradhan Mantri Fasal Bima Yojana, ... Read the full article
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