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2016 was the costliest year for natural catastrophe losses since 2012, with $175 billion in damages, of which only 30 percent – or $50 billion – was insured, Munich Re claims in a new report. 5 January 2017
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The Federal Emergency Management Agency (FEMA) has finalised a deal involving some 25 reinsurers brokered by Guy Carpenter in order to secure more than $1 billion of reinsurance coverage for the National Flood Insurance Program (NFIP) for 2017. 4 January 2017
News
Johan Haggo has been appointed as a senior underwriter at specialist insurer Markel International’s personal accident, contingency and entertainment (PACE) team. 4 January 2017
News
RenaissanceRe has formed a new sidecar purposed to provide collateralized capacity from third party investors to Renaissance Reinsurance, the principal Bermuda-based reinsurance subsidiary of RenaissanceRe Holdings. 4 January 2017
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Arch Capital Group (ACGL) has finalised the acquisition of United Guaranty Corporation (UGC) from American International Group (AIG). 4 January 2017
ILS
Buyers managed to improve terms and pricing in the year-end renewals, with pricing stabilisation remaining a major challenge for re/insurers, according to the latest 1st View Renewals Report from Willis Re. 3 January 2017
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Bermuda legacy specialist Enstar has gone outside the world of insurance for the first time after buying Dana Companies, a subsidiary of an auto parts manufacturer. 3 January 2017
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Specialist insurer Markel International has appointed former XL Catlin underwriter Ryan Godfrey as senior underwriter and head of the cargo team within its marine, energy and property division. 3 January 2017
ILS
While 2016 will, in part, be remembered as the year that the industry looked to embrace technology and finally understood its transformative power for the risk transfer industry, 2017 could be the real game-changer as companies put words into action. 23 December 2016
News
The year 2016 may well be remembered for the depressed returns posted by many re/insurers as they continued to grapple with low investment returns and the soft market—and 2017 could bring more of the same if there is no change in the market. 23 December 2016
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