S&PGlobal Market Intelligence offers our top picks of insurance news stories andmore published throughout the week.
* Significant over-capacity and competitive pricingconditions will weigh on the global reinsurance market for the rest of 2016,according toWillis Towers WatsonPlc unit Willis Re's April 2016 Reinsurance Market Report.The absence of large catastrophe losses helped reinsurers maintainstrong capital levels in 2015, although their underlying performancedeteriorated due to further rate weakening.
*SCOR SE CEO DenisKessler predictedtough times for reinsurers as central banks in Europe and the U.S. show nosigns of making big adjustments to their monetary policies. Thecompany unaudited consolidated netincome group share of €170 million for the first quarter, compared to €175million a year ago. 's gross writtenpremiums for the quarter dropped on a yearly basis to €1.38 billion from €1.40billion, while SCOR Global LifeSE's gross written premiums rose to €1.91 billion from €1.73billion.
*Swiss Re Ltd.reportedfirst-quarter net income attributable to common shareholders of $1.23 billion,down from $1.44 billion a year ago, reflecting "solid" underwriting.Attributable netincome from the firm's property and casualty reinsurance division dropped on ayearly basis to $587 million from $808 million.
*Aon Plc first-quarter netincome attributable to shareholders of $315 million, down 4% from $328 million,in the year-ago period. Thecompany repurchased 7.7 million class A ordinary shares for approximately $750million in the first quarter.
* Storebrand ASA's first-quarter profit attributable toshareholders roseyear over year to 302 million Norwegian kroner from 246 million kroner, helpedby a boost to profits at its division that handles defined contributionpensions. The group's total premium incomefor the quarter was 8.29 billion kroner, compared to 8.23 billion kroner in theyear-ago period.
*Gjensidige ForsikringASA recorded a year-over-year rise in first-quarter profit attributable to thecompany's owners to 1.11 billion kroner from 748.1 million kroner. CEO HelgeLeiro Baastad said: "The results are driven by solid growth in premiums,cost efficient operations, and good control of risk selection and risk pricing."
* MunichRe CEO Nikolaus von Bomhardreportedly expectsthe company to post a lower-than-expected first-quarter profit, which will alsobe lower on a year-over-year basis. However, he confirmed theinsurer's full-year profit target of between €2.3 billion and €2.8 billion,excluding restructuring costs at primary insurance unit Ergo, despite callingit an "ambitious" target.
*AXA will to U.K.-basedLife Co. Consolidation GroupLtd. in a transaction expected to conclude in the second half.
* Paying £2.5 million plus net assets,Australia-based PSC InsuranceGroup Ltd. completed its acquisition of , the parent of Lloyd's of London broker John Holman & Sons Ltd.,via unit Insurance HoldingsLtd.
*MAA Group receivedapproval from the Malaysian central bank to sell Malaysia's MAA Takaful toZurich Insurance GroupLtd. The acquisition would allow Zurich Insurance to enter theIslamic insurance market.
* AEGONNV boughta minority stake in ROMEO Financial Services, a financial technology.
* Arthur J. Gallagher & Co.-owned U.K. broker networkCompass is reportedly intalks with its parent to create an independent network through amanagement buyout.
*UnipolSai AssicurazioniSpA's board of directors appointed Carlo Cimbri chairman as part of itsmanagement team overhaul. Cimbri, formerly CEO of the company, was also named directorin charge of internal control and risk management.
*Swiss Re named MosesOjeisekhoba CEO of reinsurance and Jayne Plunkett regional president and CEO ofreinsurance in Asia, effective July 1.
Featuredduring the week on S&P Global Market Intelligence
Goodnews, bad news for insurers as ECB steps up bond-buying: Insurerswill benefit in the short term from the ECB's decision to step up itsbond-buying program, but in the longer term it will put pressure on theirinvestment results.
Lloyd's ofLondon chairman calls quick post-Brexit deals 'a fantasy': Lloyd'sof London Chairman John Nelson described as "a complete fantasy" anyexpectation that the U.K. government would quickly make European tradeagreements following a British exit from the EU.