Reinsurance News

A.M. Best Places 2 Chinese Insurers’ Ratings Under Review After Tianjin Blast

As a result of losses resulting from the recent explosions at Tianjin port, A.M. Best has placed under review with negative implications the financial strength rating of two Chinese insurers, which have large exposures to the losses of their motor vehicle …

S&P: ILS Investors Could Get Burned as Covered Perils Expand, Terms Widen

The catastrophe bond market will continue to grow by 10 to 20 percent per year, driven in part by the increase in covered perils and the broadening of event definitions, according to a report published by Standard & Poor’s. But …

UPDATE: Tianjin Blast Claims Could Top Estimates, Strain Chinese Insurers

Insurance claims from the devastating explosions at the Chinese port of Tianjin last week could exceed initial estimates and strain the finances of regional insurers, credit ratings agency Fitch said on Tuesday. Credit Suisse analysts estimated that total insurance losses …

Einhorn’s Greenlight Re May Gain $30.4M From China’s Currency Devaluation

With U.S. equities declining in the wake of China’s currency devaluation, hedge fund manager David Einhorn may be one of the few stock pickers to get a direct boost from the yuan’s sudden decline. Greenlight Capital Re Ltd., an insurer …

A.M. Best: Sanctions Removal to Attract Re/Insurers to Iranian Market

The lifting of trade restrictions placed on Iran may present significant opportunities for the Middle East and North African (MENA) re/insurance market, with European participants also expected to re-engage and seek a foothold in the country, according to research published …

Gallagher Plans to Buy Controlling Stake in Colombian Broker Guianza

Arthur J. Gallagher — the international division of Arthur J. Gallagher & Co. – has signed an agreement to acquire a controlling stake in Colombian retail insurance broker Guianza S.A. Corredores de Seguros, subject to regulatory approval. The remaining shares …

Third Point Re Reports Q2 Net Income of $15.7M, 49.9% Decline From 2014

Third Point Reinsurance Ltd., headquartered in Bermuda, reported net income of $15.7 million, or $0.15 per diluted common share, for the second quarter of 2015, compared with net income of $31.3 million, or $0.29 per diluted common share, for the second quarter of 2014, a decrease …

Munich Re Q2 Net Income Rises to $1.14 Billion on Lower Catastrophe Claims

Munich Re, the world’s biggest reinsurer, raised its full-year profit target after net income beat analyst estimates on lower catastrophe claims. The shares rose. Net income rose to 1.07 billion euros [$1.14 billion] in the second quarter from 758 million …

Hannover Re Q2 Profit Rises 19% on P&C Earnings

Hannover Re, the world’s third-largest reinsurer, said second-quarter profit rose 19 percent, as lower catastrophe claims helped a surge in earnings from property and casualty. Net income increased to 252.2 million euros ($274 million) from 211.5 million euros a year earlier, …

Greenlight Re Reports Q2 Net Loss of $39.6M on Investments, Legacy Business

Cayman Islands-based Greenlight Re reported a net loss of $39.6 million for the second quarter of 2015, compared to net income of $109.6 million for the same period in 2014. The net loss per share for the second quarter of …