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Regulatory equivalence, new trade deal are key Brexit concerns: LMG

9th March 2017

The London Market Group (LMG), an independent UK and London insurance and reinsurance market lobby group, has called for the UK government to assure regulatory equivalence is maintained after Brexit and that a new trade deal is secured with the EU. The LMG has published a report full of recommendations for ... Read the full article

Reinsurance News – Thursday 9th March 2017

9th March 2017

Here’s your daily Reinsurance News for Thursday 9th March 2017: Regulatory equivalence, new trade deal are key Brexit concerns: LMG The London Market Group (LMG) has called for the UK government to ensure regulatory equivalence is maintained following Brexit, asking for a new trade deal to be secured with the EU. Read the full article

Re/insurance industry losses from severe weather in Feb at $1bn+, says Aon

8th March 2017

Aon Benfield’s latest monthly Global Catastrophe Recap report shows a continuation of an active start to the year for insurers and reinsurers as severe weather events in February drives billion dollar losses across the globe. The U.S. was hit by five severe weather outbreaks in February, one in which a tornado touched down 60 ... Read the full article

Floridian insurers resilient despite tough environment: Demotech

8th March 2017

Demotech recently said Florida insurers have boosted their financial stability and reassessed capital reserves after the agency suspended previously applicable guidance and warned carriers to take stock of their rating adequacy, or face potential downgrades due to a change in the Floridian operating environment. The announcement comes after Demotech’s review of ... Read the full article

Warren Buffett’s Gen Re receives R2 approval for launch of Indian business

8th March 2017

One of Warren Buffett's flagship international reinsurers, Gen Re has received second level, or R2 regulatory approval from the Insurance Regulatory and Development Authority of India (IRDAI) to begin operations in the region. After new regulatory laws and guidelines were implemented last year to bolster the Indian insurance and reinsurance industry, ... Read the full article

MENA re/insurers expect insurance premiums to outgrow GDP

8th March 2017

A MENA Insurance Pulse 2017 survey conducted with senior re/insurance executives operating throughout the Middle East and North Africa, reveals an optimistic outlook within industry circles with 76% of participants expecting insurance premiums to outgrow the regions GDP. This forecast comes despite increasing geopolitical instability and continued economic slowdown. The survey is ... Read the full article

Profits fall further for U.S. reinsurers in 2016: RAA

8th March 2017

Data and Analysis on the performance of 18 U.S. reinsurers in 2016, by the Reinsurance Association of America (RAA), reveals that profit margins declined further in the year as combined ratios surpassed or weakened closer to 100%, despite writing more business. The analysis explores the performance of a group of 18 ... Read the full article

Technology and getting closer to the risk key for Munich Re: Doris Höpke

8th March 2017

Doris Höpke, Munich Re’s Management Board member responsible for Special and Financial Risks, discussed notable trends in the reinsurance space, as well as strategies for negotiating the fast-changing market, in a recent interview with Reinsurancene.ws. Höpke discussed the rise of insurtech, reinsurers increasingly moving closer to direct and primary sources of risk, ... Read the full article

Croatia Osiguranje receives approval to absorb reinsurer Croatia Lloyd

8th March 2017

Croatia domiciled insurance company, Croatia Osiguranje, has announced that it received approval to complete the takeover of local reinsurance entity Croatia Lloyd. The reinsurer has been operating in the region for more than 45 years and, following approval from HANFA, the region's financial services supervisory agency, Croatia Osiguranje can now complete its proposed transaction, and absorb ... Read the full article

SCOR targets move into Iran with reinsurance negotiations

8th March 2017

SCOR’s Global P&C CEO Victor Peignet, met the President and Head of High Council of Insurance of Bimeh Markazi Iran Central Insurance, Abdolnaser Hemmati last Sunday in Tehran, to negotiate potential for collaboration. The meeting follows the removal of sanctions against Iranian companies, which has seen world-leading re/insurers move in to ... Read the full article

Reinsurance News – Wednesday 8th March 2017

8th March 2017

Here’s your daily Reinsurance News for Wednesday 8th March 2017: Ogden rate change further pressures unprofitable UK motor sector: A.M. Best Rating agency A.M. Best has warned that UK motor insurers and reinsurers are likely to experience the greatest impact from the reduction to the Ogden discount rate, with a number ... Read the full article

Lloyd’s syndicates eager to expand presence in India

7th March 2017

Lloyd's of London syndicates are looking to expand their presence in India and are keen to increase their participation in regional reinsurance business, after Lloyd's confirmed that it will establish a reinsurance branch in the country prior to the April renewal season, according to Vineet Aneja of Clasis Law. "The establishment ... Read the full article

Swiss Re Corporate Solutions opens Malaysia office, names Country Head

7th March 2017

Swiss Re Corporate Solutions has expanded operations in Malaysia, with the launch of a new local office in Kuala Lumpur. The office, which began operations on March 1st, 2017, will service large and upper mid-sized Malaysian businesses through broking partners and intermediaries, and will function under a Labuan FSA reinsurance license. Fred ... Read the full article

International Group of P&I Clubs experience favourable reinsurance renewal: A.M. Best

7th March 2017

Members of the International Group of P&I Clubs, which dominate the marine protection and indemnity (P&I) industry, experienced a favourable reinsurance renewal for the 2017/2018 policy year, according to international rating agency, A.M. Best. Both within the International Group and an expanding fixed premium market, rates in the marine P&I sector ... Read the full article

Locke Lord hires Montgomery to build London re/insurance team

7th March 2017

International law firm Locke Lord has set out to build its first London re/insurance team with newly hired insurance consultant expert Nigel Montgomery set to take the reins. Nigel Montgomery, who has been recognised by The Legal 500 UK as a leading individual in insurance and restructuring, brings extensive experience in ... Read the full article

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