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Reinsurance News

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

Reinsurance News – Friday 10th March 2017

10th March 2017

Here’s your daily Reinsurance News for Friday 10th March 2017: Validus finds up to 15% of NFIP flood policies attractively priced Insurer and reinsurer Validus has revealed that after analysing the National Flood Insurance Program’s risk profile, it deems it would underwrite as much of 15% of the risk on ... Read the full article

Validus finds up to 15% of NFIP flood policies attractively priced

9th March 2017

Bermudian insurance and reinsurance company Validus Group has said that after analysing the National Flood Insurance Program's risk profile, the re/insurer deems that it would underwrite as much of 15% of the risk on its own balance-sheet. It's a clear indication that the private insurance and reinsurance market is ready and ... Read the full article

Qatar Re positioned well for growth after successful capital raise

9th March 2017

Bermuda headquartered Qatar Reinsurance Co. (Qatar Re), the reinsurance subsidiary of Qatar Insurance Co. (QIC), has said the successful completion of its significantly oversubscribed $450 million perpetual bond debt issuance positions it well for future expansion. The issue attracted more than 290 orders for more than $6.5 billion, oversubscribing by roughly ... Read the full article

AXA expands parametric cover solutions with new entity

9th March 2017

Insurer AXA has expanded its range of parametric insurance offers to small and medium enterprises (SMEs) and individuals with the launch of a new entity, AXA Global Parametrics - a move that builds on previous success to target greater potential for this product. Driven by the success of AXA's current parametric ... Read the full article

Munich Re Syndicate CUO, Hoare elected to the Council of Lloyd’s

9th March 2017

Dominick Hoare, the Chief Underwriting Officer (CUO) for the Munich Re Syndicate Ltd, has been elected unopposed as Corporate-External member to the Council of Lloyd's, effective April 19th, 2017. Representing Munich Re Capital Limited, Hoare will take up the seat until 31st January 2020. The seat was previously held by Catlin Syndicate ... Read the full article

CEO Hancock resigns from AIG, citing lack of support

9th March 2017

American International Group's President and Chief Executive Officer Peter Hancock has handed in his resignation, citing a lack of support for his tenure. Following difficult times at AIG, which has seen the company downsizing and seeking to get activist shareholders on-board with Hancock's strategy, it appears he's had enough and ... Read the full article

Brit expands use of capital markets reinsurance capacity

9th March 2017

Global insurer and reinsurer Brit has announced the expansion of its collateralised reinsurance sidecar vehicle, Versutus Ltd. to $150 million, as the firm looks to accommodate protection for its U.S. property binder insurance exposures. Effective January 1st, 2017, Versutus grew the volume of capital deployed through a number of segregated accounts to collateralise its ... Read the full article

Grinnell Mutual Reinsurance promotes Jeff Menary to CEO

9th March 2017

Grinnell Mutual Reinsurance Company has selected Jeff Menary as its new President and Chief Executive Officer (CEO), succeeding Larry Jansen upon his retirement. Menary has served the firm for an impressive 37 years, and has worked as Executive Vice President (EVP) of Line Operations since July 2014. Chairman of the Grinnell Mutual Board ... Read the full article

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