Third-party reinsurance capital news

International reinsurance broker JLT Re has announced the appointment of Stephen Punch as its Managing Director (MD) for Asia Pacific for Regional Clients and Retrocession, effective from early 2017.

Verisk Analytics, Inc. has announced the acquisition of Analyze Re, a specialist provider of software analytics tools and services for the insurance, reinsurance and insurance-linked securities (ILS) industries.

Protectionist restrictions on allowing foreign insurance and reinsurance players into local markets are hindering market development, creating barriers to economic growth and risking the build-up of concentrations of risk, according to Insurance Europe.

As the European reinsurance industry meets in Baden-Baden, to discuss the upcoming January renewal season, the focus is not solely on pricing and some are highlighting the positive contribution that reinsurance and risk capital can make to society.

The Arcus 1856 Lloyd’s of London syndicate, which is backed by capital from funds managed by the Credit Suisse ILS investment management team, has announced the hiring of a new underwriter, the first new underwriting addition to the team since the syndicate’s launch.

The insurance and reinsurance industry could face losses from hurricane Matthew of up to $5 billion for damage in the U.S. and up to $3 billion for damage across the Caribbean, according to risk modelling firm RMS.

ILS, catastrophe and weather risk-linked investment fund manager Nephila Capital is set to participate in another takeout of insurance policies from Florida’s Citizens Property Insurance Corporation, alongside its MGA, Velocity Risk Underwriters LLC.

Verto Syndicate 2689, a newly approved “in principle” Lloyd’s of London syndicate, aims to ease access to the returns of Lloyd’s underwriting business for private capital investors through proportional quota share reinsurance of other syndicates.

The continued evolution of producer owned reinsurance companies (PORCs) enables increased access to the “wonderful” pot of alternative capital, helping insurance-linked securities (ILS) build a closer relationship with the ultimate risk buyer, according to Oliver Schofield.

RBC Capital Markets feels it’s too early to hold a positive stance on the European reinsurance sector as rates are expected to continue declining into 2017 and the potential for catastrophe losses persists, with hurricane Matthew highlighting the significant impact such an event could have on the market.