Reinsurance News
Reinsurance News
Reinsurance industry news, analysis, insight and interviews.
Reinsurance market news coverage provided everyday, on the top reinsurers and insurers, covering news topics of relevance to the reinsurance sector, as well as commercial and specialty insurance.
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
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
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
Shree Khare joins Hiscox from RMS as Head of Catastrophe Research
9th March 2017
Global insurer and reinsurer Hiscox has announced the appointment of Shree Khare from RMS as Group Head of Catastrophe Research, a role that will see him work closely with the firm's reinsurance and London Market operations. Khare will be responsible for leading research that directly informs Hiscox's own view of risk ... Read the full article
Markel and Novae reveal Ogden rate impacts
9th March 2017
Re/insurers Markel and Novae have released statements announcing a blow to 2016 profits and changes to reserve level strategies after being hit by the dramatic Ogden rate decrease. Markel said as the company moves to rebalance its sheets in the first quarter of 2017, it expects to increase prior years’ loss reserves for its ... Read the full article
Driverless cars may increase cyber reinsurance demand: Fitch
9th March 2017
The adoption of driverless or autonomous cars and other vehicles will completely transform the motor insurance sector, according to a report from Fitch Ratings. The impact on reinsurance markets is as yet unclear, although many believe that a general shrinking of the motor insurance risk pool will occur, as accidents become ... Read the full article
Hannover Re focuses on profits not premium
9th March 2017
Reporting its results this morning, global reinsurance firm Hannover Re stressed that it is targeting profitability, not simply accumulating premiums, in the still challenging and soft reinsurance market environment. Hannover Re reported its fifth consecutive record result this morning, with net income across the reinsurer rising by 1.8% to EUR 1.17 ... Read the full article
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