Insurance news

• New $200mn sidecar Leo Re minted

  29-12-2016 16:34
  A $200mn reinsurance vehicle, Leo Re, has listed on the Bermuda
  Stock Exchange (BSX) in time for the 1 January renewals.
  The listing of the insurance-linked securities took place on 22
  December, although the entity behind the listing sponsor, Clarien
  BSX Services, could not be established.
  The securities are believed to be linked to a new sidecar.
  A number of reinsurers list sidecar debt notes on the BSX to
  suit investors with a preference for tradeable securities.
  Leo Re joins...
  
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• R&Q forges two captive legacy deals

  29-12-2016 13:57
  Randall & Quilter (R&Q) has struck deals to acquire a
  captive from the Coca-Cola Bottlers' Association and the UK
  captive of drugs manufacturer AstraZeneca.
  R&Q said yesterday it had struck a deal to buy policies from
  the bottler association's Bermuda captive, Georgia Atlantic
  Insurance.
  The agreement covers workers' compensation, general and auto
  liability and auto property damage reinsurance policies issued
  between 2002 and 2016.
  Georgia Atlantic's estimated undiscounted reserves f
  
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• Munich Re to gain India go-ahead

  29-12-2016 13:57
  Munich Re is to be awarded final approval from the Insurance
  Regulatory and Development Authority of India (Irdai) to establish
  a branch in the country.
  The reinsurer is understood to have received "R3"
  approval, but is awaiting final procedural clearance from the
  regulator.
  Earlier this week Hannover Re and Scor announced they had
  secured final approval to set up branch offices in India.
  US life reinsurer Reinsurance Group of America also confirmed it
  had its application to operate as a...
  
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• Gator Re exceeds trigger by $20mn

  29-12-2016 13:57
  American Strategic Insurance has told investors that 2016 storm
  losses covered by its Gator Re cat bond have reached $195mn,
  surpassing the bond's $175mn trigger point, sister title
  Trading Risk understands.
  The most recent loss report put claims at $195.2mn at the end of
  November.
  By the end of July, covered losses had reached $148.6mn. That
  figure had risen to between $164mn and $165mn at the end of
  September.
  American Strategic took significant losses earlier this year
  from several severe...
  
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• CIRC tightens insurer ownership regulations

  29-12-2016 13:57
  The China Insurance Regulatory Commission (CIRC) has tightened
  rules governing ownership of insurance companies and lowered the
  maximum ownership threshold for any single entity from 51 percent
  to one third.
  In an announcement today the regulator said the change was
  designed to prevent improper transfer of benefits.
  The CIRC has also introduced more stringent access standards for
  shareholders to ensure those entering the industry are focused on
  conducting insurance business and have the necessar
  
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• Europe: How to spot online insurance opportunities

  29-12-2016 08:00
  
  More than 400 online channels of insurers in Europe are currently doing business and this number is increasing. However, not all of these online channels are successful.
  
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